Technology-push and market-pull strategies: the influence of the innovation ecosystem on companies' involvement in the Industry 4.0 paradigm

Abstract

Purpose

This study analyzes how the innovation ecosystem helps integrate technology-push and market-pull strategies in the Industry 4.0 paradigm.

Design/methodology/approach

This study investigates companies' involvement in the Industry 4.0 paradigm through technology-push strategies, and through both technology-push and market-pull strategies. The authors perform two econometric logit models to test the influence of collaborations with heterogeneous actors, research and university relationships, and relations with business incubator (the pivot actor) on companies' involvement in Industry 4.0.

Findings

The study empirically shows that developing relationships with a greater diversity of actors, collaborating with university and research laboratories, and developing intense relationships with business incubator increase the likelihood for companies to integrate both technology-push and market-pull strategies in companies' involvement in the Industry 4.0 paradigm.

Practical implications

This study provides insights to practitioners who are interested or involved in the new Industry 4.0 paradigm. The authors' study explains how specific features of an innovation ecosystem, such as complex interactions among actors, can stimulate creative ideas and successfully implement innovations to address Industry 4.0 challenges.

Originality/value

First, the authors confirm the role of the innovation ecosystem on companies' involvement in the Industry 4.0 paradigm. Second, the authors study highlights that the innovation ecosystem is a new relevant framework that enables companies to integrate both technology-push and market-pull strategies. Third, we provide empirical evidence about the role of business incubator on firms' strategies to get involved in the Industry 4.0 paradigm.

Citation

Boyer, J. and Kokosy, A. (2022), "Technology-push and market-pull strategies: the influence of the innovation ecosystem on companies' involvement in the Industry 4.0 paradigm", Journal of Risk Finance, Vol. 23 No. 5, pp. 461-479. https://doi.org/10.1108/JRF-12-2021-0193