A Study On The Impact Of Business Model Innovation On The Performance Of New Startups Based On The Perspective Of Value Network

With the development opportunities of the mobile Internet,the policy call of“mass entrepreneurship and innovation”,as well as the increased support of venture capital institutions,entrepreneurial enterprises take advantage of the online traffic dividend,ride the express train of technological development,and reconstruct the industry competition pattern through business model innovation.The past decade has witnessed the boom of China’s “new economy” entrepreneurship.But behind the glitz,the failure rate of entrepreneurship remains high.In the context of “new economy”entrepreneurship,the market demand is becoming more diversified and personalized,and the competitive environment faced by enterprises is increasingly complex and changeable.The business model innovation can no longer match the environment by relying solely on the resources and capabilities under their control.Therefore,based on the dynamic capability theory,it is particularly important for this paper to explore the logic and development path behind the business model innovation of start-ups in order to obtain sustainable competitive advantages under the background of “new economy”.Based on the entrepreneurial context of China’s "new economy" and the dynamic capability theory,this paper proposes a theoretical model of the impact of business model innovation on the performance of new start-ups from the perspective of value co-creation and value-exclusive co-evolution,and tests the validity of the theoretical model construction in combination with Xiaomi Technology’s business model innovation practice based on value network and performance index evaluation.The research shows that Xiaomi Technology’s business model innovation practice based on value network has a good performance in both value co-creation level and value-exclusive level.Therefore,in order to obtain sustainable competitive advantage,new start-ups need to build a business model value network model,and the construction of the value network should meet the dynamic balance and collaborative evolution requirements of value co-creation and value-exclusive.There are three specific points:First,based on the evolution of the strategic positioning of new start-ups,this paper divides their business model innovation process into three stages: single point breakthrough,scene extension and ecological collaboration.Each stage should achieve a dynamic balance between value co-creation and value-exclusive,and sustainable value-exclusive can feed back value co-creation,so as to form a self reinforcing closed-loop,which is reflected as a value network,and they are interlinked and progressive layer by layer.Among them,new start-ups in the stage of single point breakthrough lead value co-creation based on the changes of users’ needs,new start-ups in the stage of scene extension enrich the product categories based on the user resources accumulated in the previous stage and lead value-exclusive,while new start-ups in the stage of ecological collaboration realize value co-creation and value-exclusive collaboration based on the business benefits accumulated in the previous stage.Second,this paper divides dynamic capabilities into three dimensions:environmental perception,opportunity grasp and organizational restructuring,and integrates them into the construction process of business model value network of new start-ups,holds that different stages of the construction of business model value network require different enterprise capabilities to play its leading role.Among them,the single point breakthrough stage is dominated by the ability to perceive the environment,The scene extension stage is dominated by the ability to grasp opportunities,The ecological coordination stage is dominated by the ability to restructure the organization.Third,with the constant change of user needs and the increasingly fierce competition environment,the enterprise capability level corresponding to the different stages of the construction of business model value network also changes from low to high.In the single point breakthrough stage,new start-ups identify the entry point mainly by identifying the environment,and lead value co-creation through the launch of single product with the assistance of other capabilities,the accumulated user resources and economic benefits achieved in this stage promote the upgrading of the enterprise’s overall capability;The enterprise has successfully entered the stage of scene extension.In this stage,the new start-ups carry out product research and development and technology update mainly by acquiring external knowledge,and integrate internal and external resources to enrich the categories of products and service to seize opportunities to dominate value-exclusive.The cooperation between enterprises,online and offline knowledge,technical communication and economic benefits achieved further upgrade the overall ability of the enterprise;The enterprise has successfully entered the stage of ecological collaboration.In this stage,the organizational structure of new start-ups is rich and tend to be stable,and they achieve value co-creation and exclusive collaboration through the optimization of production process and the adjustment of industrial structure.On this basis,this study describes the theoretical framework of the impact of business model innovation on the performance of new start-ups from the perspective of value network value network,which not only provides theoretical contributions,but also provides theoretical and practical significance for China’s new start-ups to implement business model innovation to restructure the industry competition pattern.