The effect of learning orientation and business model innovation on entrepreneurial performance: Focused on South Korean start-up companies

Bae, Byungyun; Choi, Sungyong Article The effect of learning orientation and business model innovation on entrepreneurial performance: Focused on South Korean start-up companies Journal of Open Innovation: Technology, Market, and Complexity Provided in Cooperation with: Society of Open Innovation: Technology, Market, and Complexity (SOItmC) Suggested Citation: Bae, Byungyun; Choi, Sungyong (2021) : The effect of learning orientation and business model innovation on entrepreneurial performance: Focused on South Korean start-up companies, Journal of Open Innovation: Technology, Market, and Complexity, ISSN 2199-8531, MDPI, Basel, Vol. 7, Iss. 4, pp. 1-16, https://doi.org/10.3390/joitmc7040245 This Version is available at: https://hdl.handle.net/10419/274305 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. 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If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by/4.0/ Journal of Open Innovation: Technology, Market, and Complexity Article The Effect of Learning Orientation and Business Model Innovation on Entrepreneurial Performance: Focused on South Korean Start-Up Companies Byungyun Bae 1and Sungyong Choi 2,*   Citation: Bae, B.; Choi, S. The Effect of Learning Orientation and Business Model Innovation on Entrepreneurial Performance: Focused on South Korean Start-Up Companies. J. Open Innov. Technol. Mark. Complex. 2021,7, 245. https://doi.org/10.3390/ joitmc7040245 Received: 28 September 2021 Accepted: 6 December 2021 Published: 16 December 2021 Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affiliations. Copyright: © 2021 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https:// creativecommons.org/licenses/by/ 4.0/). 1Division of Global Business, College of Smart Mobility Convergence, Halla University, 28 Halladae-gil, Wonju 26404, Korea; [email protected] 2 Division of Service and Operations Management, School of Business, Hanyang University, 222 Wangsimni-ro, Seoul 04763, Korea *Correspondence: [email protected] Abstract: The purpose of this study is to empirically confirm the importance of learning orientation in the operation of start-up companies. In the literature, it is well known that this learning orientation plays a big role in improving the performance of start-ups by cultivating organizational members’ capabilities in detail, encouraging active learning, and creating new knowledge. To this end, a business model innovation framework for start-ups was established by empirically validating the theoretical research model. For the analysis, 139 questionnaires from start-ups with less than 7 years of business history in the incubation center were used. For the novelty of this work, it investigates the causal relationship between the learning orientation of start-ups, business model innovation, and start-up performance (technology acquisition and market expansion). Our research has contributed to the literature on entrepreneurship, innovation and strategy as follows. First, it contributed to the literature on entrepreneurship by redefining the performance of start-up companies as technology acquisition and market expansion through a review of previous studies and providing insight into the importance of learning orientation for start-ups through empirical studies. Second, it contributed to the innovation literature by confirming the importance of business model innovation for start-ups to achieve start-up performance through empirical research. Third, it contributed to the strategic literature by presenting and empirically confirming business model innovation through learningorientation improvement as a way to achieve the performance of start-up companies. Keywords: learning orientation; business model innovation; entrepreneurial performance; startup companies 1. Introduction 1.1. Motivation of the Study Entrepreneurship is the driving force for economic growth. Empirical research to elucidate the cause of the performance of start-ups is very important in a situation where the global economy is stagnating due to COVID-19. South Korea is undergoing rapid pursuit of new developing countries (China, India, Vietnam, etc.) [ 1 ]. In order to differentiate from new developing countries, Korea is required to shift its industrial paradigm from its role as a production base of advanced countries based on relatively low wages and imitation technology to an advanced start-up economy [ 1 ]. In other words, based on new ideas and technologies, the development of innovative products and services that can compete with developed countries was forced to shift to an entrepreneurial economy, which is an important element of competitiveness. The success or failure of a founding economy depends on the emissions of competitive founders who can create new value. Founding not only creates new companies through innovation, but also brings about industrial and J. Open Innov. Technol. Mark. Complex. 2021,7, 245. https://doi.org/10.3390/joitmc7040245 https://www.mdpi.com/journal/joitmc J. Open Innov. Technol. Mark. Complex. 2021,7, 245 2 of 16 economic development, develops the human resources needed for new industries and markets, and helps to develop industry and national competitiveness [2,3]. Learning orientation and innovativeness contribute to improving a company’s competitiveness and outcomes with systems and cultures that acquire, share, and disseminate market and environmental knowledge and information [ 4 – 7 ]. Innovation is a learning-based process that is a fundamental prerequisite for a founding economy, and organizational learning plays an important role in defining innovation [ 8 , 9 ]. Organizational learning enhances quality, strengthens customer relationships, and provides sustainable profitability through improved business strategies [ 10 ]. Sustainable profitability is achieved through learning and business model innovation through historical data and experience. Business model innovation refers to value-creating activities and plans for the development of new products and services with creative ideas [ 11 – 13 ]. Ref. [ 3 ] argued that iterative learning through innovation is important because the use of new knowledge is difficult with traditional methods. For this reason, companies should improve their business models and form an innovation-related process base through iterative learning to achieve business results. 1.2. Purpose of the Study Recently, research on business model innovation has been actively conducted. Business model innovation studies are conducted globally in management [ 13 ], innovation [ 14 , 15 ] strategy [ 16 , 17 ]. It is being carried out in various fields. However, research in the field of entrepreneurship is quite lacking. Business model innovation promotes the achievement of corporate strategic goals [ 18 ]. A start-up company should continuously conduct strategic management in a way to create performance by securing a competitive advantage. The basic purpose of strategic management is to create competitiveness [ 19 ]. To this end, start-up companies should actively encourage the learning of organizational members and strive to create new knowledge. In addition, start-up companies must innovate their business models in a way that newly connects technology and the market, not technology itself, to achieve start-up performance [ 20 ]. In addition, project management is relevant for the organizational members of start-up companies to achieve outcomes by innovating their business models through learning. For the development of differentiated products and services from existing companies in a rapidly changing market environment, project management tools and technologies enhance the innovation capabilities of start-ups [21,22]. The purpose of this study is as follows. First, it aims to empirically confirm the importance of learning orientation (LO), in which start-up companies cultivate the capabilities of organizational members, actively encourage learning, and strive to create new knowledge in order to produce entrepreneurial performance (EP). Second, based on prior research, entrepreneurship performance (EP) is defined as technology acquisition (TA) and market expansion (ME). Third, the theoretical LO-BMI-EP research model is empirically tested to advocate the mechanism for business model innovation (BMI). This study will be an important study in entrepreneurship, innovation, and strategy literature for the following reasons, and has practical significance. First, it will be possible to contribute to the entrepreneurship literature by defining the start-up performance of startup companies as start-up performance and securing technology through prior research, and by providing insight into learning orientation to start-up companies through empirical research. Second, it will be possible to contribute to the innovation literature by confirming the importance of BMI for start-ups to achieve start-up performance through empirical research. Third, it will be possible to contribute to the strategy literature by revealing strategies for start-up companies to achieve start-up performance of securing technology and market expansion through empirical analysis of the LO-BMI-EP research model. Although many studies have been conducted on learning orientation and innovation performance and management performance [ 2 , 8 , 23 – 25 ], the empirical research between learning orientation, business model innovation, and start-up performance for companies is still very lacking. Organizational learning, innovation, and performance-related studies were conducted mainly on companies with financial performance, such as large corpora- J. Open Innov. Technol. Mark. Complex. 2021,7, 245 3 of 16 tions and R&D companies [ 23 – 25 ]. The difference from these previous studies is that, first, the results that can be used for empirical studies of start-up companies that are not easy to achieve financial results are defined as the start-up performance of securing technology and market expansion [ 26 , 27 ]. Second, a structural model of learning orientation, business model innovation, and start-up performance (technology acquisition, market expansion) that can be applied to start-up companies was developed based on prior research. Third, in Korea, where a new industrial paradigm is being demanded with an advanced start-up economy, a survey was conducted on Korean start-ups to verify the hypothesis and present practical implications. 2. Theoretical Background 2.1. Learning Orientation Learning orientation is an internal process that encourages the learning activities of organizational members, shares a vision, and strives to create new knowledge [4–6,28,29]. The level of corporate learning orientation refers to the degree to which work-related knowledge is created and utilized, which is the level at which management encourages employees’ learning and development activities [ 5 ]. A firm’s learning orientation directly affects firm performance [5,30,31] and this is expected to be the same for start-up firms. A company with a high learning orientation can acquire and share information related to customers, competitors, technology and environmental changes, etc., and continuously launch new products and services to secure and maintain a competitive advantage [ 32 ]. In addition, start-up companies with high learning orientation will systematically acquire knowledge, information distribution, information interpretation, and organizational memory within the organization, so that high-level learning is possible and provides a foundation for innovation capability and entrepreneurial performance. Start-up companies have fewer opportunities to continue learning and systematic workrelated education systems compared to large companies. However, since the goals and visions of a company can be more deeply recognized by employees as the size of the company is smaller, education and learning based on the goals and vision of these start-ups are more important [ 33 ]. In particular, this means that the smaller the size of the company, the more flexible the organization and the ability to quickly respond to changes in the external environment through appropriate organizational strategies such as education and learning [33]. Ref. [ 34 ] emphasizes that organizations with high learning orientation not only learn naturally through work within the organization, but also emphasize future-oriented productive learning and creativity beyond the existing framework. Start-up companies with high learning orientation strive to ensure that members understand the purpose and strategy well, pursue continuous and systematic learning, promote knowledge accumulation, secure technology through innovation of new knowledge and business models or achieve start-up results of market expansion. In this study, learning orientation was defined as an activity that actively encourages learning and strives to create new knowledge in order to cultivate the capabilities of organizational members to strengthen the competitiveness of start-ups. 2.2. Business Model Innovation A business model is a way of describing how a company operates to explain value creation and capture of value [ 13 ]. Business model innovation refers to creating an innovative business model to acquire new value by developing a new business model that did not exist or did not previously exist. From this point of view, business model innovation refers to radical or disruptive innovation that affects the entire business rather than a gradual change in the business model [35]. As the conditions of competition between companies change and uncertainty grows, it is an era in which companies must create a business model suitable for their tangible and intangible assets in order to maintain their survival and competitiveness. Without its innovative business model, the results of innovation do not go back to the innovator or the J. Open Innov. Technol. Mark. Complex. 2021,7, 245 4 of 16 company. In other words, the inability of corporate members to create new business models means that they do not have the ability to create and acquire value. As a result, for a firm to acquire value, innovation must be combined with business model innovation [ 13 ]. Ref. [ 36 ] found that business model innovation is an important factor in corporate performance through a study of 376 Italian manufacturing SMEs. Business model innovation is a very important factor for start-ups [ 37 ]. The need for new business models to access new markets and new business models created by the combination of technology and market are stronger than ever [ 38 ]. For start-ups with limited resources, business model innovation can have a major impact on start-up performance. In this context, [ 39 ] we argue that innovation is an important factor that positively affects business performance and growth in order to maintain competitiveness in an increasingly rapidly changing business environment. On the other hand, since innovation requires human knowledge, and capital, it is a risky task for start-ups with limited resources. However, start-ups have a tendency to boldly and quickly adjust the challenging business model innovation process [ 40 ]. These entrepreneurial tendencies of start-ups are helpful in increasing the start-up performance of securing technology and expanding the market by rapidly applying the acquired knowledge to new products [ 28 ]. In addition, the knowledge acquired by start-ups improves production technology, creates business model innovation, and results in higher start-up performance [41]. In [ 13 ], a business model was defined as a value creation plan. In this study, based on previous studies, business model innovation was defined as an activity and value creation plan that encourages creative ideas for the development of new projects, new products, and new services [11–13]. 2.3. Entrepreneurial Performance A company’s performance is generally presented as financial performance, such as sales growth rate, investment return rate, and total asset growth rate. However, it is difficult to measure the performance of start-up companies only with numerical values in the financial statements due to the time lag between the initial investment and the generation of profits [ 27 ]. In addition, the establishment of the company’s information system was not completed in the early stage of the establishment, and the reliability of accounting data was insufficient, making it difficult to conduct an objective evaluation. Therefore, the necessity of subjective performance measurement is emphasized considering that subjective evaluation rather than objective evaluation can provide information suitable for the purpose, the reliability of information is relatively higher, and qualitative evaluation is more realistic than quantitative evaluation [ 27 ]. In their study, [ 27 ] used market expansion and perceived job performance satisfaction as subjective indicators other than financial indicators. Prior research on entrepreneurial performance uses various measurement indicators, but rather than financial indicators generally used in business performance, it is measured by securing technology and market expansion in the process of preparing for business performance [26]. In this study, start-up performance was defined as securing technology and expanding the market during the start-up process. Technology acquisition means that a start-up company has secured technological differentiation capabilities through item development capabilities and intellectual property rights during the start-up process. Market expansion means that start-up companies have improved their ability to enter the market and secure demand sources during the start-up process. 3. Theoretical Framework and Hypotheses Development 3.1. Learning Orientation and Business Model Innovation Learning orientation refers to the degree to which an organization receives and shares information about market changes, customer expectations and demands, competitive behavior, and development of new technologies to create new products or services that exceed competitive capabilities [ 42 ]. Learning-orientated firms learn faster than their competitors, J. Open Innov. Technol. Mark. Complex. 2021,7, 245 5 of 16 developing and implementing strategies that enable their products and services to gain a competitive advantage [43]. There are several previous studies that show that firms with high learning orientation are highly innovative [ 5 , 6 , 9 , 12 ]. It is said that a culture that values learning strengthens the relationship between the individual and the organization and leads to organizational commitment [ 8 ]. Farrell [ 19 ] confirmed through empirical studies that learning orientation has a positive effect on non-financial performance, such as organizational commitment and innovation. Learning orientation is associated with new product success, and groups with a culture that emphasizes learning and development are more innovative [ 12 , 44 , 45 ]. That is, the higher the learning orientation, the higher the influence of a company on innovation for value creation [ 12 , 23 ]. Since a business model can be defined as a value creation plan [ 13 ], a company with a high learning orientation will have a high impact on business model innovation. Through these prior studies, it is expected that start-up companies with high learning orientation will have a positive effect on business model innovation. Hypothesis 1. (H1). The learning orientation of start-ups will have a positive effect on business model innovation. 3.2. Business Model Innovation and Entrepreneurial Performance Business model innovation is a powerful factor in overcoming the COVID-19 crisis [ 18 , 46 ]. A business model is important when a company intends to commercialize innovation [ 13 , 47 ]. Business model innovation is a value creation activity and plan for the development of new products and services through creative ideas [11–13]. Ref [ 36 ] found that business model innovation is an important factor in corporate performance through a study of 376 Italian manufacturing SMEs. There is growing consensus that firms succeed when their business models are dynamic and that business model innovation is key to firm performance [36,48–50]. In addition, [ 38 ] developed a business model framework from a new perspective linking technology and market. The entrepreneurial performance of start-up companies can be explained as the process of expanding the market by securing technological differentiation ability, entering the market, and securing demand [ 26 , 27 ]. Through these prior studies, it is expected that business model innovation of start-up companies will have a positive effect on the start-up performance of technology acquisition and market expansion. Hypothesis 2. (H2). Business model innovation of start-up companies will have a positive effect on technology acquisition. Hypothesis 3. (H3). Business model innovation of start-up companies will have a positive effect on market expansion. 3.3. Learning Orientation and Entrepreneurial Performance Learning orientation provides a basis for achieving results by creating new knowledge and innovation by pursuing strategic learning and acquiring and sharing information related to customers, technologies, and markets [ 8 , 23 – 25 ]. Ref. [ 23 ] found that learning orientation had a significant effect on performance in a study of 187 US R&D companies. In addition, [ 24 ] found that organizational learning was found to have an impact on performance. Next, [ 8 ] found that organizational learning affects performance in a study of 408 large enterprises in Spain. Ref. [25] investigated the effects of knowledge sharing and performance on 200 female entrepreneurs in Indonesia. Ref. [ 38 ] conducted a study from a new perspective that connects the technology and the market in the business model framework through social experiments at DGIST from 2011 to 2015. Since there are many cases where there is no financial performance in the early stages of start-up business, entrepreneurial performance can be measured by securing technology and expanding the market, which are non-financial performance [ 26 , 27 ]. Through these J. Open Innov. Technol. Mark. Complex. 2021,7, 245 6 of 16 prior studies, it is expected that the learning orientation of start-up companies has a positive effect on the start-up performance of technology acquisition and market expansion, and that technology acquisition has a positive effect on market expansion. Hypothesis 4. (H4). The learning orientation of start-up companies will have a positive effect on technology acquisition. Hypothesis 5. (H5). The learning orientation of start-up companies will have a positive effect on market expansion. 3.4. Technology Acquisition and Market Expansion It is not easy for start-up companies to achieve sustainable financial results. For this reason, when measuring the performance of a start-up company, it is possible to measure the start-up performance by securing technology and expanding the market during the start-up process, which is a non-financial index rather than a financial index used for business performance [ 26 , 27 ]. Technology security refers to the ability to develop products and services in the process of starting a business, and it refers to securing technological differentiation factors compared to competitors [ 26 , 27 ]. Market expansion refers to the ability to enter the market and secure demand sources during the start-up process [ 26 , 27 ]. In general, start-up companies develop products and services by securing technology and expand the market through marketing. Through these preceding studies, it is expected that the acquisition of technology by start-up companies will have a positive (+) effect on market expansion. Hypothesis 6. (H6). The acquisition of technology by start-up companies will have a positive effect on market expansion. In the next session, we established a research model and tested the hypothesis of the effect of the learning orientation of start-up companies on business model innovation and start-up performance (technology security, market expansion) based on the previous research described above. 4. Research Methodology 4.1. Research Model H1. The learning orientation of start-ups will have a positive effect on business model innovation. H2. Business model innovation of start-up companies will have a positive effect on technology acquisition. H3. Business model innovation of start-up companies will have a positive effect on market expansion. H4. The learning orientation of start-up companies will have a positive effect on technology acquisition. H5. The learning orientation of start-up companies will have a positive effect on market expansion. H6. The acquisition of technology by start-up companies will have a positive effect on market expansion. This study aims to find the factors for achieving start-up performance for the survival of start-ups in the rapidly changing business environment and to reveal the relationship between these factors. Among the various factors for start-ups to achieve start-up performance, this study focused on learning orientation and business model innovation factors based on prior research and developed a research model as shown in Figure 1. Based on previous studies, six research hypotheses were established as follows. J. Open Innov. Technol. Mark. Complex. 2021,7, 245 7 of 16 Figure 1. Research model. 4.2. Measurement Variable The effect of learning orientation of South Korean start-ups on business model innovation and start-up performance was measured using a structured questionnaire. The questionnaire items and sources of the questionnaire are shown in Table 1. The internal consistency of each construct was confirmed through Cronbach’s alpha. The convergence validity of each construct was confirmed by performing confirmatory factor analysis (CFA) and calculating average variance extraction (AVE) and construct reliability (C.R.). And the discriminant validity of the construct was confirmed by comparing the AVE square root value of each variable and the correlation coefficient value. After checking the convergent validity and discriminant validity of each construct, the hypothesis was verified through structural equation modeling (SEM) analysis. Table 1. Measurement variable and questionnaire items. Construct Operational Definition Observed Variable Description Reference Learning orientation Activities that actively encourage learning and strive to create new knowledge to cultivate the ability of members of the organization to strengthen the competitiveness of start-up companies Le1 Our company is encouraged to actively utilize acquired new knowledge or new technology. [23,45] Le2 Our company shares and learns know-how with each other to improve business methods and procedures. Le3 Our company shares success or failure cases and uses them for learning. Le4 When introducing new equipment or equipment, our company encourages itself to learn and learn the contents quickly. Business model innovation Value creation activities and plans for the development of new products and services through creative ideas Bi1 Our company always devotes a lot of time to designing new ideas and items. [11–13] Bi2 Even if our company is prepared for failure, we are constantly making new changes in management. Bi3 Even if the existing ones are successful, I think that our company should boldly change the existing ones at some point. Bi4 Our company reflects the new ideas of employees well in management. J. Open Innov. Technol. Mark. Complex. 2021,7, 245 8 of 16 Table 1. Cont. Construct Operational Definition Observed Variable Description Reference Entrepreneurial performance Technology acquisition Securing technological differentiation capabilities through item development capabilities and intellectual property rights in the start-up process Te1 Our company’s technology is recognized as being unique in the market [26,27] Te2 Our company is focusing on developing its own technology rather than introducing external technology. Te3 The number of applications for intellectual property rights (patent rights, utility model rights, design rights, trademark rights, copyrights, etc.) of our company is increasing. Market expansion Market expansion such as market entry ability and ability to secure demand sources in the process of start-up Ma1 Our company intends to develop new items in addition to the existing items. Ma2 Our company’s overall ability to develop new products has improved. Ma3 Our company’s ability to secure customers has improved. 4.3. Data Collection In order to carry out this study, a questionnaire was collected for a total of 5 months from January to May 2021 targeting start-up companies that moved into business incubation centers in Korea. There are about 250 business incubation centers in Korea, and about 6000 start-up companies are located there. The questionnaire collection was conducted in parallel with the method of requesting questionnaires from start-ups by visiting business incubation centers in the metropolitan and non-metropolitan areas, and the method of conducting a questionnaire through e-mail. A total of 151 questionnaires were collected, and 139 questionnaires were used for the final analysis, excluding those that were insincere. In the Small and Medium Venture Business Act of the Republic of Korea, a start-up company is defined as having less than 7 years of business experience. In Korea, companies with less than 7 years of experience are not easy to achieve stable financial performance, so various start-up support policies are prepared and supported. In the 139 samples used in the final analysis, the start-up business history was less than 7 years. 4.4. Questionnaire Items and Operational Definitions The questionnaire of this study was composed of questionnaires to measure the learning orientation, business model innovation, and entrepreneurial performance of startups based on previous studies. The entrepreneurial performance of start-up companies was divided into technology acquisition and market expansion, and questionnaire items were constructed. Table 1below is the questionnaire for each variable according to the theoretical background. Learning orientation, an independent variable, consisted of four questionnaire items based on the studies of [ 43 , 45 ]. And the operational definition of learning orientation is an activity that actively encourages learning and strives to create new knowledge in order to cultivate the capabilities of organizational members in order to strengthen the competitiveness of start-ups. The parameter business model innovation consisted of 4 questionnaires based on the studies of [ 11 – 13 ]. And the operational definition of business model innovation is a value creation activity and plan for the development of new products and services through creative ideas. The dependent variable entrepreneurial performance consisted of 3 items of technology acquisition and three items of market expansion based on studies by [ 26 , 27 ]. And J. Open Innov. Technol. Mark. Complex. 2021,7, 245 15 of 16 4. Baker, W.E.; Sinkula, J.M. The Synergistic Effect of Market Orientation and Learning Orientation on Organization Performance. J. Acad. Mark. Sci. 1999,27, 411–427. [CrossRef] 5. Baker, W.E.; Sinkula, J.M. 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