The Effect Of Improvisation Competency And Technology Commercialization On Performance Of New Venture

Improvisation is common in business management.Limited by resources and conditions,the living environment of venture is very dynamic.If managers rely too much on planning or experience,it will seriously hinder the development of enterprises,and even lead to failure.In this context,how the managers of new venture,especially those of science and technology,should be prudent in the current situation,change their thinking and adapt to the market so as not to be eliminated is a common problem in the current management field.Improvisation is a common heuristic approach to organizing crisis management,emphasizing the spontaneous and creative capabilities of organizations or internal members in the face of sudden or time pressures.However,the existing research is not known about how improvisation capability play a role in new businesses to promote performance outcomes,and their associated intermediaries and regulatory conditions.This paper focuses on the emerging and rapidly developing research on the improvisation capability in the field of entrepreneurship,and systematically combs the historical origin,connotation,characteristics,inducing factors and current theoretical research status of the improvisation capability.Based on the research logic of "capability-behavior-output",this paper regards technology commercialization as the mediating factor between improvisation capability and performance,and introduces the situational factor of work passion to construct a theoretical model between new venture improvisation capability,technology commercialization,performance and managers' work passion,aiming at exploring the positive impact of new venture improvisation capability and technology commercialization on performance.The mediating effect of relationship and the moderating effect of managers' work passion.Based on the survey data of 221 ventures,this paper validates the research hypothesis and theoretical model.The findings are as follows: 1)Organizational improvisation ability is positively affecting the performance of venture.Improvisation ability is the key driving force for venture performance,and it is the important foundation for ventures to survive and grow.2)Technology commercialization is an important guarantee for the performance of ventures.Rapid commercialization of technology is a key driver of venture performance.3)Technology commercialization plays a mediating role between improvisation ability and venture performance,and is the key path for the venture improvisation ability to be transformed into performance.That is,improvisation ability positively affects venture performance through technology commercialization.The theoretical contributions of this study are as follows.1)It reveals the importance of improvisation in ventures.And empirical research can help us to understand more clearly the role of improvisation ability in technology-based ventures,provide more convincing empirical research conclusions,and complement and improve the relevant theories in the field of entrepreneurship.2)The background of venture characteristics is used to reveal the impact of technology commercialization process on performance.Venture have weak resources/capabilities and need to quickly transform technology into products and services to improve performance,which highlights the important role of commercialization of technology.Based on the characteristics of ventures,this study explores the role of technology commercialization in the performance of ventures,and better compensates for the lack of theoretical research.3)It reveals that technology commercialization is an important path for improvisation to transform into venture performance.Although the current research explores the impact of contextual factors such as environmental characteristics,internal and external resource bases,and institutional support on the effects of organizational improvisation,there is still a lack of research on the mechanism by which improvisation capabilities create performance.The conclusion of this study has certain practical guiding significance.1)Reveal the important role of improvisation in ventures,so that improvisation can be further valued by corporate managers.This conclusion helps to guide new ventures to actively cultivate,develop and utilize their improvisational capabilities in the process of growth to respond quickly to environmental changes,creatively address threats in the operating environment of ventures,and enhance support for enhancing effective competitiveness and performance returns.2)It pays attention to the mechanism of improvisation ability in new ventures,and plays an important guiding role in how ventures can promote performance through technology commercialization.In the context of the shortage of resources,lack of experience and environmental turmoil,the new technology-based ventures should pay attention to the use of organizational improvisation in the process of technological commercialization.The technology commercialization process is used as an important mediator variable to explore the impact of improvisation on performance output.