Revisiting business development: a review, reconceptualization, and proposed framework

Wei, Yu-Min; Lin, Hsin-Mei Article Revisiting business development: a review, reconceptualization, and proposed framework Cogent Business & Management Provided in Cooperation with: Taylor & Francis Group Suggested Citation: Wei, Yu-Min; Lin, Hsin-Mei (2024) : Revisiting business development: a review, reconceptualization, and proposed framework, Cogent Business & Management, ISSN 2331-1975, Taylor & Francis, Abingdon, Vol. 11, Iss. 1, pp. 1-30, https://doi.org/10.1080/23311975.2024.2351475 This Version is available at: https://hdl.handle.net/10419/326280 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. 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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/ Cogent Business & Management ISSN: 2331-1975 (Online) Journal homepage: www.tandfonline.com/journals/oabm20 Revisiting business development: a review, reconceptualization, and proposed framework Yu-Min Wei & Hsin-Mei Lin To cite this article: Yu-Min Wei & Hsin-Mei Lin (2024) Revisiting business development: a review, reconceptualization, and proposed framework, Cogent Business & Management, 11:1, 2351475, DOI: 10.1080/23311975.2024.2351475 To link to this article: https://doi.org/10.1080/23311975.2024.2351475 © 2024 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group Published online: 04 Jun 2024. Submit your article to this journal Article views: 2337 View related articles View Crossmark data Citing articles: 1 View citing articles Full Terms & Conditions of access and use can be found at https://www.tandfonline.com/action/journalInformation?journalCode=oabm20 EntrEprEnEurship & innovation | rEviEw articlE Cogent Business & ManageMent 2024, VoL. 11, no. 1, 2351475 Revisiting business development: a review, reconceptualization, and proposed framework Yu-Min weia and hsin-Mei linb aPhD Program in strategy and Development of emerging industries, national Chi nan university, Puli, taiwan; bDepartment of international Business studies, national Chi nan university, Puli, taiwan ABSTRACT Business Development (BD) activities have become prevalent in practice, and prior research has demonstrated their potential to enhance and complement the core competencies of enterprises. however, the limited and fragmented existing literature on Business Development highlights the need for a comprehensive integration effort to reassess the theoretical foundation and overall concept. this article comprehensively reviews 125 papers on Business Development, investigates enterprises’ responses to business environment changes (which encompass environmental adaptation and resource leverage, environmental management and resource allocation, environmental creation and resource alignment, and environmental exploration and resource development), and clarifies the evolutionary trajectory of the Business Development literature research stream. Furthermore, we advance a comprehensive conceptual framework and theoretical model to identify a network of constructs and their connections with crucial dimensions of Business Development. the findings of this study significantly contribute to understanding Business Development and provide valuable insights for future research and practice. 1. Introduction Many enterprises commonly experience the mature period of the product life cycle, which leads to decreasing market demand, intensifying competition, and technical difficulties. as business growth decelerates, enterprises may experience a slowdown in the growth rate of sales (littler & sweeting, 1983a, 1983b). in the 1950s and 1960s, many enterprises recognized the need to adapt to these challenges. consequently, enterprises have implemented various organizational strategies to stimulate innovation and creativity so they can explore and capitalise on new business opportunities (pearson, 1976; wilemon & hulett, 1972). these types of investment, innovation, and risk-taking activities are commonly referred to as new ‘Business Development (BD)’, which involves investigating new products or services, launching © 2024 the author(s). Published by informa uK Limited, trading as taylor & Francis group CONTACT Yu-Min Wei [email protected]; [email protected] PhD Program in strategy and Development of emerging industries, national Chi nan university, Puli, taiwan https://doi.org/10.1080/23311975.2024.2351475 this is an open access article distributed under the terms of the Creative Commons attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. the terms on which this article has been published allow the posting of the accepted Manuscript in a repository by the author(s) or with their consent. ARTICLE HISTORY received 7 December 2023 revised 8 april 2024 accepted 28 april 2024 KEYWORDS Business development; business environment; strategic innovation; corporate entrepreneurship; dynamic capability; social network; knowledge management REVIEWING EDITOR Jeffrey Muldoon, Emporia state university, united states SUBJECTS Business history; Entrepreneurship and small Business Management; international Business; organizational studies; research Methods in Management; strategic Management; Management of technology and innovation; critical Management studies; Business, Management and accounting; public and nonprofit Management 2 Y.-M. wEi anD h.-M. lin new technologies, and commercialising start-ups to create new growth opportunities (Fast, 1979). Galvin (1966) indicated that changes in enterprise or market goals can trigger a complex organisational restructuring that differs from the standard growth process. these emerging Business Development approaches are integral to the process of enterprise restructuring. when changes in the market, technology, or competitive landscape pose a threat to an existing business, Business Development is the most challenging and difficult option an enterprise can choose. Moreover, Business Development is a philosophy of business management that seeks to help organisations optimise their search for growth opportunities. it should be the essential core competence of modern businesses, a long-term proposition that requires a structured implementation approach (adams, 1969; Bakker et al., 1994). previous literature estimates indicate that Business Development activities originated in the 1950s and 1960s (hamilton, 1974; stevens & Burley, 2003). this study traces the history of academic research on Business Development, dating back to the 1960s. today, the Business Development concept has extensive applications in various industries and enterprises of different sizes. prior research has shown it is suitable for different development stages of an enterprise, from start-up to maturity. we can apply the Business Development concept to various types of organisations, such as government organisations, communities, social enterprises, npos, nGos, and so on. Decision-makers can integrate these principles into organisational systems to address limited growth opportunities. the current academic literature still lacks a consistent definition and clear scope of responsibilities for ‘Business Development’. Giglierano etal. (2011) contend that the ambiguity surrounding the concept and scope of Business Development originates from the initial stages of scientific research. Furthermore, Business Development activities within or among companies lack a high degree of standardisation; Business Development routines and practices vary significantly across different companies (Eidhoff & poelzl, 2014). these discrepancies contribute to the challenge of defining ‘Business Development’. Despite this, scholars have achieved a minimal consensus regarding the objectives of business expansion, focusing on identifying growth potential to establish a competitive advantage and ensure long-term economic success (littler & sweeting, 1987; sørensen, 2012). to comprehend the nature and connotation of Business Development, previous research has investigated the relevant concepts and methods of Business Development and provided rich academic information by clarifying its content field to establish a reliable, effective, and unique Business Development academic realm (e.g., Burgelman, 2002; McGrath, 2001; nag et al., 2007; roberts & Berry, 1985; van den Bosch et al., 1999). however, the existing literature lacks a coherent and comprehensive framework for integrating and perceiving its scattered research results. this circumstance isolates individual studies, hindering their connection to each other. it poses a challenge to knowledge accumulation and creates an obstacle to interdisciplinary communication. in light of the existing challenges and academic gaps within the field of Business Development, the primary motivation of this study is to explore how Business Development research can strategically overcome these bottlenecks. By addressing these gaps, the research aspires to contribute significantly to the enhancement of the academic landscape in the domain of Business Development. this perspective article presents the entire Business Development concept to the wider community of international business scholars and provides a guiding framework for future Business Development research. our research objectives seek to chart the trajectory of past research in Business Development and construct a comprehensive conceptual framework. this endeavour aims to enhance interconnection and coherence among individual studies, promote knowledge accumulation, and advance academic development within this domain. hence, our research questions envelop several aspects: what are the research streams in previous Business Development research? how do these streams connect individual studies? in what way do they contribute to the formation of coherent knowledge? lastly, how does this knowledge culminate in the development of a comprehensive conceptual framework? we investigate the different streams in broader Business Development literature and discuss their significance for research on open issues of Business Development. considering the importance of the Business Development concept to scholars and practitioners, it is essential to summarise the existing knowledge concerning this concept as the foundation for advancing research. therefore, this research contributes to Business Development literature in three significant respects. Firstly, we concentrated on enterprises’ responses to business environment changes (which encompass environmental adaptation coGEnt BusinEss & ManaGEMEnt 3 and resource leverage, environmental management and resource allocation, environmental creation and resource alignment, and environmental exploration and resource development), clarified the evolutionary trajectory of the Business Development literature research stream, investigated the underlying causes of the Business Development phenomenon, and provided an advanced framework for the conceptual discussion surrounding Business Development. secondly, we construct a comprehensive conceptual framework to explain the operation principle of Business Development. Future research will be able to investigate these constructions in a multitude of different research settings. Finally, the analysis enhances Business Development research by outlining a network of constructs and their connections with crucial dimensions. this improves our understanding of the core effects of theoretical constructions in the Business Development framework. this paper aims to integrate the relevant literature on Business Development themes in a distinct manner. it provides a comprehensive conceptual framework that can serve as a sufficient interpretation of the Business Development whilst offering a disparate research perspective to open new pathways for future research. 2. Open issues and review approach Business developers, commonly known as BDs, play integral roles within enterprises akin to professionals in accounting, finance, human resources, or research and development (r&D). these individuals boast a concrete background and expertise in their specific domains. Despite the increasing significance of this position in enterprise settings, a sizable portion of individuals still lack familiarity with the precise responsibilities undertaken by business developers. the term ‘Business Development’ transcends its original connotation as a mere vision or concept, but embodies specific missions and objectives. Business Development activities are the implementation process of specific strategies of enterprises to respond to changes in the organizational environment. leveraging the enterprise’s social relationship network, it engages in proactive endeavours to pursue and construct new resources, augment dynamic capabilities, and create novel business opportunities. Essentially, Business Development is an execution strategy for organizations to explore, construct, and exploit business opportunities. regarding responsibility scope, we should avoid conflating Business Development with the original functions of the enterprise. For example, the marketing department manages new market development, while new product development is the responsibility of the product development or r&D department. while these activities may align with the concept of the business development vision, they are merely ancillary responsibilities for business developers. although distinct, these tasks within the foregoing departments maintain mutual relationships and influence with Business Development. when these departments necessitate new resources or breakthroughs, they can initiate new Business Development projects for implementation, with Business Development projects likewise necessitating the support of these departments. Berends et al. (2007), Karol et al. (2002), and uittenbogaard et al. (2005) have provided insightful illustrations of the boundaries of Business Development in their studies. in this pivotal research, we conduct an in-depth investigation of the core subject, revealing implicit open issues in the landscape of Business Development research. the intricate tapestry of challenges and gaps within the field forms the foundation of our study. as we navigate through the uncharted territories of these open issues, we employ a meticulous comprehensive review approach to scrutinize existing literature. 2.1. Open issues in BD research Despite the significant progress in the previous literature on Business Development, consensus on its definition and essence remains under debate and discussion (achtenhagen et al., 2017; Davis & sun, 2006; uittenbogaard etal., 2005). several constraints and unresolved issues remain due to an incomplete theoretical basis. Firstly, the complexities within the context of Business Development pose a fundamental challenge. according to Berends et al. (2007), Business Development comprises new products, markets, customers, technologies, applications, and other modes or combinations of these modes. wilemon and hulett (1972) 4 Y.-M. wEi anD h.-M. lin argued a wide range of options are available for developing new businesses, which include considering the external acquisition of new businesses or internally creating new products and businesses through a new product or new Business Development programme. the selection of Business Development implementation strategies by enterprises has several options, all within the scope of Business Development activities (roberts & Berry, 1985). Due to the diverse strategic intentions of enterprises, varying implementations and objectives of Business Development result in different morphologies. therefore, experts tend to have inconsistent views on the essence and interpretation of Business Development, making it challenging to reach a consensus on its specific connotation. Furthermore, BD’s intricacy may escalate as enterprises vary in size and growth stages, constituting the primary obstacle to achieving consensus on the concept of Business Development (Bagchi-sen & scully, 2004; uittenbogaard et al., 2005). secondly, uncertainties surround the theoretical foundations of Business Development. according to voeth et al. (2018), research in Business Development still lacks a comprehensive and cohesive theoretical foundation, with comprehensive research lacking, and no single theory offering a systematic explanation for all Business Development activities and phenomena. various scholars have proposed different theories, including noda and Bower’s (2007) ‘resource allocation’, Davis and sun’s (2006) ‘corporate Entrepreneurship’, Berends etal.’s (2007) ‘Knowledge Management’, Bröring and herzog’s (2008) ‘innovation’, and Enkel and sagmeister’s (2020) ‘Dynamic capabilities’. Despite the specific conclusions drawn in these studies, they still fall short of providing a comprehensive overview of Business Development due to different discussion themes and research perspectives. this incomplete understanding of Business Development poses challenges in reaching a consensus on its definition and essence. thirdly, a lack of amalgamation of diverse perspectives from related fields. as mentioned in the second point, previous research has concentrated on various themes and sample combinations, resulting in fragmented and scattered literature lacking comprehensive research. while previous studies have delved into different Business Development realms and laid a solid foundation, presenting a panoramic view is challenging. improved integration of these diverse literature viewpoints is necessary to establish a collaborative network and framework that can advance the academic development of Business Development. this integration will aid in clarifying the boundaries of Business Development, formulating consistent definitions, and promoting academic research in the Business Development domain. these open issues have resulted in a stagnation in Business Development research, as varied perspectives hinder consensus on the nature of Business Development. this study seeks to overcome this challenge by constructing a comprehensive conceptual framework and identifying the diverse streams within Business Development research to establish a clearer theoretical foundation for Business Development. 2.2. Overview of the review approach academic research on Business Development is still in the exploratory stage. previous scholars, including Eisenhardt (1989) and Mccutcheon and Meredith (1993), have proposed that, in the absence of a complete theoretical foundation in a specific knowledge field, theoretical construction should rely on qualitative research methods. consequently, researchers in Business Development have historically favoured qualitative research approaches, including multiple case studies, questionnaire surveys, and expert interviews. these academic documents in Business Development draw on various theories to elucidate different aspects of Business Development. while each study reaches distinct conclusions, the diverse perspectives contribute to dispersed and fragmented understandings, making comprehensive mastery of Business Development challenging. to address this gap, we conducted a comprehensive literature review and content analysis, involving tasks, such as reading, organising, describing, classifying processes, and interpretation (neuman, 2014). to construct a comprehensive conceptual framework for Business Development, we conducted a thorough literature review of pertinent academic publications. throughout this process, we executed an extensive search targeting peer-reviewed journals renowned in the field. Employing the terms ‘Business Development’ or ‘new Business Development’ in the title, keyword, or abstract, we aimed to ensure the quality of our research. this encompassed searches across eleven reputable databases, including EBsco, Emerald, Jstor, proQuest, saGE, scienceDirect, springerlink, ssrn, taylor & Francis online, web of science, and wiley online library. our search focused exclusively on literature indexed in the social coGEnt BusinEss & ManaGEMEnt 5 science citation index (ssci) and science citation index (sci), implementing exclusion criteria for book chapters, reviews, working papers, conference papers, and dissertations. we limited our sample collection to literature citing ‘Business Development’ and ‘new Business Development’ to ensure precision and avoid interference from the widespread use of the term. this deliberate approach prevents potential overlapping meanings, maintaining a focused approach on the Business Development research topic. For instance, while new product development is a facet of Business Development activities, distinct differences exist in the roles of new product developers and business developers. anticipate similar scenarios happening in emerging technologies, novel processes, and new market developments, alongside other business domains. Distinctions abound in Business Development activities, and adopting this sampling method contributes to a clearer trajectory for research. implementing targeted sample collection strategies can create favourable conditions for future studies in the broader field of Business Development. the following outlines the criteria and steps for screening the literature sample: 1. articles must contain the terms ‘business development’ or ‘new business development’ for inclusion. researchers conduct meticulous scrutiny of each article using the pDF format’s search function to determine the frequency of the terms’ usage, ensuring their relevance to the research topic. 2. the researcher conducts an initial examination of the title, abstract, and conclusion of each literature piece to evaluate its alignment with the study’s theme. this step serves to initiate screening of the literature samples related to the research topic, categorizing them into three groups: irrelevant, suspected relevant, and relevant. 3. after eliminating literature irrelevant to the research topic, the researchers review the main contents of suspected relevant and related literature. they engage in iterative elimination of irrelevant literature and retain the relevant literature as the research sample. this step ensures the precise alignment of the selected literature sample with the attributes of the research topic. 4. repeat the prior steps for the references to the selected sample literature, ensuring the researchers have made no omissions of any significant relevant literature. after three years of collecting and filtering through over 4,952 articles (number of references for all sample literature), we gathered 125 sample papers from 55 journals. these journals cover a 64-year period, spanning from 1960 to 2023. Key publications in our selection include the academy of Management perspectives, administrative science Quarterly, california Management review, Journal of Business venturing, Journal of Management, Management science, organization science, strategic Management Journal, and technology analysis and strategic Management. to enhance the rigour and validity of our study, we conducted a comprehensive review of selected articles and conducted a citation analysis to identify the most cited and influential sources in the Business Development domain. three business journals accounted for 30.4% of articles on Business Development: research-technology Management (16.8%), long range planning (7.2%), and industrial Marketing Management (6.4%). other journals that publish articles on Business Development include technology analysis and strategic Management (5.6%), strategic Management Journal (4.8%), creativity and innovation Management (4%), california Management review (3.2%), academy of Management perspectives (2.4%), administrative science Quarterly (2.4%), Journal of Business research (2.4%), Journal of Business venturing (2.4%), Management Decision (2.4%), and r&D Management (2.4%). the distribution of Business Development research across journals suggests a greater level of fragmentation than that seen in the general management field. applying grounded theory methods, we analysed articles, identifying their theoretical foundations through iterative coding of sentences from sample literature. Finally, we categorised the theoretical basis of Business Development into three categories: strategic management, innovation theory, and knowledge management. while coding is a demanding task and prone to inaccuracies, the ample sample size compensates, ensuring the study’s reliability. 6 Y.-M. wEi anD h.-M. lin 3. Research streams in academia, the categorization of research streams serves several crucial purposes. it aims to efficiently organize and disseminate academic knowledge, foster interdisciplinary collaboration, and address contemporary social challenges. while the classification process lacks strict rules, researchers and academic institutions commonly adhere to established conventions within their specific disciplines and fields of study (e.g., cunha et al., 2014; li & cavusgil, 1995; raddats et al., 2019). Diverse critical factors contribute to the classification of research streams, encompassing theory-Driven methodologies, problem-oriented frameworks, Empirical streams, and interdisciplinary approaches, among others. this study in particular adopts a ‘problem-oriented’ research stream, prioritizing the exploration of specific problems or research questions over rigid disciplinary boundaries (Beck et al., 2022; Zierhofer & Burger, 2007). Building upon our comprehensive literature review and analysis, we generalize Business Development research as the multifaceted interplay amidst an enterprise’s organizational environment and its resource dynamics (i.e. problem-oriented). Environmental changes can trigger a misalignment of the enterprise’s resource requirements, necessitating adjustments in internal resource allocation or external resource acquisition strategies. subsequently, these adjustments impact the dynamic interaction of the organizational environment and resources, persisting until the enterprise discerns a sustainable pathway for long-term growth. hence, we can consider research streams as both driving factors and coping strategies for Business Development. Davis and sun (2006) argue that fostering growth through the establishment of new businesses is vital for enterprises. the Business Development function serves as a key driver of corporate growth. scholars identify two dimensions influencing corporate growth: the structure of the external environment and the strategic choices made by senior corporate managers (Eisenhardt & schoonhoven, 1990; Forsman, 2008; hambrick & Mason, 1984). responding to changes in the business environment establishes the legitimacy of Business Development activities. table 1 provides a breakdown of the focus, core concepts, and theoretical foundations associated with each research stream. these theoretical foundations stem from the coding and classification of the sample literature, supporting the rationale that each research stream drives Business Development activities. additionally, table 2 outlines the ideological schools of thought underpinning these theoretical foundations, along with key theories and concepts referenced in the Business Development realm. Table 1. the focus, core concepts, and theoretical foundations of the BD research streams. Research streams Focus, core concepts, and theoretical foundations environmental adaptation and resource leverage Focus: to explore how companies adapt to business environment changes and utilize their resources efficiently to overcome barriers and challenges. Core concepts: environmental dynamics, resource utilization, strategic adaptation. theoretical foundations: Resource dependency theory, institutional theory, strategic choice theory, environmental scanning and analysis, systems theory, contingency theory environmental management and resource allocation Focus: to investigate companies’ efficient resource allocation in response to environmental demands and opportunities through an examination of their management practices and strategies. Core concepts: environmental optimization, resource management, strategic resource allocation. theoretical foundations: Resource-based view (RBV), core competencies, dynamic capabilities theory, resource heterogeneity, resource complementarity, resource-based dynamic capabilities environmental creation and resource alignment Focus: to study the processes and strategies involved in creating favourable environmental conditions and aligning resources to support innovation, entrepreneurship, and Business Development. Core concepts: environment creation, resource alignment, strategic innovation. theoretical foundations: innovation theory, entrepreneurship theory, diffusion of innovations theory, social network theory, institutional theory environmental exploration and resource development Focus: to examine the exploration of new environmental opportunities, the identification of untapped resources, and the development of capabilities to leverage those resources for sustainable growth and competitive advantage. Core concepts: environmental exploration, resource development, strategic implementation. theoretical foundations: social network theory, social capital, organizational learning capability, knowledge transfer, learning organization, absorptive capacity, absorptive capacity framework, knowledge assimilation, knowledge brokering, external search and exploration, complementary assets coGEnt BusinEss & ManaGEMEnt 7 3.1. Categorization and developmental trajectory of business development research streams our investigation aims to comprehensively analyse the theoretical perspective of the Business Development paradigm, exploring its implications and interrelationships. Enterprises exhibit Business Development activities through their proactive response to the dynamic business environment and effective utilization of both internal and external resources. By conducting a thorough review and analysis of the literature, we cite the approach of Bolton and Dewatripont (2005) and hoenen and Kostova (2015) to categorize Business Development research streams as Environmental adaptation and resource leverage, Environmental Management and resource allocation, Environmental creation and resource alignment, and Environmental Exploration and resource Development. Figure 1 displays the developmental trajectory of the four Business Development research streams, highlighting their scope and complexity. the research stream of Environmental adaptation and resource leverage explores how enterprises adapt to business environment changes and leverage their resources efficiently to overcome barriers and challenges. originating from the 1960s to the 1990s in the field of strategic management, the classical version of the Business Development literature introduced key concepts, such as diversified ‘entry strategy mode’, ‘strategic selection’, and ‘strategic fit’ (Bakker et al., 1994; roberts & Berry, 1985; wilemon & hulett, 1972). creating a strategic system that could adapt to rapid business environment changes and overcome adaptive barriers within organisations due to resource and capability constraints was the objective of the Business Development process. this stream emphasised identifying a suitable strategy for entering a new business based on strategic intent and fit, taking into consideration a corporation’s resources, capabilities, and strategic importance (noda & Bower, 2007; vanhaverbeke & peeters, 2005). the research stream of Environmental Management and resource allocation investigates enterprise practices and strategies for efficient resource allocation in response to environmental demands and opportunities. a shift from adaptive management to resource reallocation triggers the progression of the research stream. some scholars argue that dynamic capabilities theory (Dct) serves as the theoretical foundation for Business Development, which emphasises the development of dynamic capabilities and the allocation of enterprise resources. according to achtenhagen et al. (2017), the pivotal Business Development activities encompass leveraging the corporation’s resource base, accompanied by efforts to Table 2. Research streams and theoretical foundations of BD activities. Research streams theoretical category Main school of though Key theories and concepts in BD activities environmental adaptation and resource leverage strategic management environmental school Resource dependency theory institutional theory strategic choice theory environmental scanning and analysis systems school systems theory Contingency theory environmental management and resource allocation strategic management Resource-based school Resource-based view (RBV) Core competencies Dynamic capabilities theory Resource heterogeneity Resource complementarity Resource-based dynamic capabilities environmental creation and resource alignment innovation theory schumpeterian school innovation theory entrepreneurship theory technology diffusion school Diffusion of innovations theory social network theory institutional theory environmental exploration and resource development Knowledge management Knowledge network school social network theory social capital organizational learning school organizational learning capability Knowledge transfer Learning organization absorptive capacity absorptive capacity school absorptive capacity framework Knowledge assimilation Knowledge brokering external search and exploration Complementary assets 14 Y.-M. wEi anD h.-M. lin 3.2.4. Environmental exploration and resource development 3.2.4.1. Social capital. li et al. (2013) assert that relational embeddedness, a component of social capital, streamlines the acquisition of scarce resources, yet their research cautions against its potential drawbacks. close ties, while fostering trust, can impose decision-making constraints on entrepreneurs. choi and lee (2016) contend that network closure, a hallmark of social capital, is vital for nurturing trust and reinforcing norms. they argue that when network closure functions as social capital, it serves as a conduit for vital information dissemination and norm enforcement, enabling individuals to mitigate risks and foster trust within the network. these insights significantly influence the cultivation of business development partnerships. 3.2.4.2. Organizational learning capability. McGrath’s (2001) research highlights a significant correlation linking adaptation theory in uncertain environments and organizational learning theory. it suggests that reduced oversight benefits when greater diversity requires, while heightened supervision is suitable when fewer changes are necessary. Baldwin et al. (1997) argue that certain multinational corporations, compelled to undergo profound transformations within their organizations, perceive learning as pivotal in reshaping business boundaries. central to this transformation is the development of suitable learning strategies that demonstrate the organization’s response to evolving business challenges. 3.2.4.3. Knowledge transfer. numerous studies associate entrepreneurial activities with knowledge transfer to take advantage of business opportunities within a relational sphere involving diverse actors and close business relationships (cantù, 2017). Yang et al. (2013) argues that while organizations can internally generate new knowledge through experiential learning activities, they play a vital role in facilitating its flow among different organizational units or across organizational boundaries (argote & ingram, 2000; Zahra et al., 1999). 3.2.4.4. Learning organization. the influence of learning organizations on business development is profound. through cultivating a culture of continuous learning, innovation, and adaptation, these organizations pave the way for sustained success in a dynamic business landscape. according to Baldwin et al. (1997), collaborative learning partnerships can generate greater insights than solitary efforts. in uncertain environments, seasoned learning organizations stand to benefit from collaboration. 3.2.4.5. Absorptive capacity. van den Bosch et al. (1999) suggests that absorptive capacity is a crucial moderating factor in assimilating new knowledge, enabling and constraining the extent and variety of exploratory adaptations. Berends et al. (2007) argue that previous research in innovation management indicates a significant influx of ideas and technical information from external sources. those in new business development rely on internal knowledge and absorptive capacity to utilize external ideas. 3.2.4.6. Absorptive capacity framework. the absorptive capacity Framework is a theoretical model that delves into an organization’s efficacy in acquiring, assimilating, and applying external knowledge. originating predominantly from the realms of innovation management and organizational studies, this framework elucidates how organizations glean insights from their surroundings (Kulkarni, 2015). it underscores the significance of an enterprise’s internal capabilities, including its existing knowledge base and expertise, in harnessing external knowledge to drive innovation and gain a competitive edge. For instance, when an enterprise investor engages with a startup in a related technology, its absorptive capacity enables it to grasp the venture’s technology and discern its business potential (van de vrande & vanhaverbeke, 2013). 3.2.4.7. Knowledge assimilation. Knowledge assimilation is the process through which individuals or organizations acquire, understand, and integrate new information or knowledge into their existing knowledge base. this process requires transforming external knowledge into internal knowledge that individuals or organizations can utilize for decision-making, problem-solving, innovation, and other purposes (cohen & levinthal, 1990). Engaging in this process entails frequent activities, such as learning, interpretation, sense-making, and applying new knowledge within the context of existing knowledge structures and frameworks. it is a crucial aspect of organizational learning and innovation, enabling organizations to remain competitive and adapt to changing environments by efficiently leveraging external knowledge. van de vrande (2013) underscores the importance of acquiring external knowledge as a core part of an enterprise’s overall strategy, offering various choices for enterprises regarding whom to acquire it from. coGEnt BusinEss & ManaGEMEnt 15 3.2.4.8. Knowledge brokering. Knowledge brokering plays a crucial role in business development by facilitating the exchange of knowledge and information among diverse individuals, organizations, or sectors. it acts as a bridge from knowledge sources to users or beneficiaries, helping connect people with relevant expertise, insights, or resources (ward et al., 2009). in business development, knowledge brokering enables organizations to access external knowledge, expertise, and opportunities that can drive innovation, enhance decision-making, and foster collaboration. By facilitating connections and interactions among diverse stakeholders, knowledge brokering contributes to the creation of new partnerships, the identification of market trends and opportunities, and the dissemination of best practices and lessons learned. Meulman etal. (2018) suggest that acquiring new knowledge from external sources is foundational to innovation, and partners’ innovativeness is crucial for reorganizing new knowledge into products or services. 3.2.4.9. External search and exploration. External search and exploration play a pivotal role in business development by enabling organizations to identify new opportunities, trends, technologies, and markets beyond their internal boundaries. this process involves seeking and analysing information from external sources, such as customers, competitors, suppliers, industry experts, and research institutions. By conducting external searches and explorations, businesses can gain valuable insights into emerging market needs, competitor strategies, industry trends, and technological advancements (Enkel & sagmeister, 2020). these insights can inform strategic decision-making, innovation efforts, product development, market positioning, and partnership opportunities, contributing decisively to the growth and competitiveness of the organization. additionally, external search and exploration facilitate networking and collaboration with external stakeholders, fostering knowledge exchange, partnerships, and business development opportunities (valkokari et al., 2012). 3.2.4.10. Complementary assets. Many enterprises lack all the necessary capabilities in-house, relying on frequent market transactions or cooperative arrangements to fill these gaps. without complementary assets and capabilities, enterprises may struggle to translate their scientific advancements into commercial success (teece, 1986; Zahra et al., 2018). collaborating with entrepreneurial enterprises allows for the integration of complementary assets through various governance models and facilitates knowledge exchange, enabling the efficient reallocation of enterprise resources (Enkel & sagmeister, 2020). Dyerson and pilkington (2005) emphasize the critical role of complementary assets in transitioning to innovative technologies (van Moorsel et al., 2012). 4. BD three-dimensional comprehensive conceptual framework (BD 3D-CCF) research streams and theoretical foundations contribute the knowledge and concepts essential for constructing a comprehensive framework. they facilitate integrating diverse principles and facets into a cohesive structure, enabling the synthesis of perspectives and insights into a model capturing the multidimensional Business Development’s nature. Deriving insights from Business Development research streams, theoretical foundations, and extant literature, we conduct a thorough scrutiny of three critical facets: the progression of implementing Business Development activities, the responsible entities overseeing their execution, and the achievable outcomes. this exhaustive examination aims to elucidate the primary dimensions influencing Business Development activities while endeavouring to encompass and interlink various aspects of Business Development. the objective is to establish a comprehensive conceptual framework capable of accommodating diverse phenomena within the realm of Business Development. 4.1. Develop a comprehensive conceptual framework højland and rohrbeck (2018) indicated that a nonlinear process, driven by feedback loops, characterises successful Business Development, highlighting the dynamic and adaptive nature of effective Business Development. Joyner (1968) employed a Departments-program areas-Funding phases approach to construct three-dimensional planning, defining each phase of Business Development and technology to ensure synchronisation with new technology development. our study integrates these analytical 16 Y.-M. wEi anD h.-M. lin concepts. leveraging the insights from stevens and Burley’s (2003) stages of the Business Development process, hofer and schendel’s (1978) strategy hierarchy, and Donada et al.’s (2016) three-phase sequence of a relational dynamic capacity-building process model, we applied these research concepts and synthesised insights from the past research literature. contributing to a nuanced understanding of the intricate dimensions of Business Development, we have constructed three dimensions and nine conceptual structures. the organisational operation of Business Development, as revealed in our study, exerts a significant influence on three dimensions. this culmination leads to the formation of a BD three-dimensional comprehensive conceptual Framework (BD 3D-ccF), which encompasses the three dimensions: the progress of Business Development implementation, the strategic level of Business Development, and the degree of improvement in new resources and dynamic capabilities. offering a comprehensive view of Business Development, the BD 3D-ccF interconnects dimensions rooted in distinct theoretical foundations and aligns them with specific research streams. these dimensions involve dynamic interactions, guided by an enterprise’s overarching strategic objectives, propelling Business Development advancement and fostering the accumulation of new resources and dynamic capabilities. this intricate interplay enhances organisational resilience and adaptability, contributing to the overall effectiveness of Business Development initiatives. For a detailed exploration of these concepts and relationships, refer to tables 7–9 in our comprehensive study, providing visual representations that illuminate the nuanced dynamics within the BD 3D-ccF. the first dimension on the X-axis represents the progress of Business Development implementation, including the three conceptual structures of exploration, recognition, and exploitation stages. Table 7. the first dimension (X) of progress of BD implementation. stages Concepts and contents Corresponding to research streams Corresponding to dimension (Y) Corresponding to dimension (Z) exploration stage Refers to the identification and experimentation with new ideas, technologies, or markets to uncover business growth and innovation opportunities, leveraging social networks, capacity for absorbing knowledge, and commercialization activities for novel avenues of business development. environmental exploration and resource development Functional level initial phase Recognition stage Harnesses innovation and entrepreneurship to identify and evaluate potential business opportunities that align with an organization’s strengths and capabilities, enabling organizations to concentrate their resources and efforts on the most promising opportunities. environmental creation and resource alignment Business level evolutionary phase exploitation stage optimizing and maximizing a validated business opportunity, efficiently utilizing available resources to drive business success, sustainable growth, and profitability through the implementation and scaling of the business model. environmental adaptation and resource leverage, environmental management and resource allocation Corporate level Consolidation phase Table 8. the second dimension (Y) of the strategic level of BD implementation. strategic level Concepts and contents Corresponding to research streams Corresponding to dimension (X) Corresponding to dimension (Z) Functional level Refers to utilizing the expertise and resources within each department to facilitate efficient integration and collaboration across departments and functions, which involves establishing external partnerships to explore and pursue new business opportunities. environmental exploration and resource development exploration stage initial phase Business level Verifying new business opportunities identified at the functional level and driving innovation and entrepreneurship programs to align BD activities with corporate-level objectives. environmental creation and resource alignment Recognition stage evolutionary phase Corporate level Centres on the organization’s comprehensive guidance and strategy, assessing opportunities for new market expansion, resource reallocation, and long-term strategic planning to ensure sustainable growth and success. environmental adaptation and resource leverage, environmental management and resource allocation exploitation stage Consolidation phase coGEnt BusinEss & ManaGEMEnt 17 During the exploration stage, enterprises strategically allocate limited resources to identify and explore new business opportunities, expanding external partnerships and absorbing external knowledge, subsequently internalising them into new resources and dynamic capabilities within the company. Business Development involves the screening and evaluation of expansion projects by the enterprise to decide whether to include them in the expansion project portfolio (westerlund & pöntiskoski, 2009). Most enterprises employ some form of formal analysis of new business propositions, which includes criteria related to assessing market and technical feasibility. when determining development options, business developers use many sources of information to identify business opportunities (Kind & zu Knyphausen-aufseß, 2007; littler & sweeting, 1983a). in the recognition stage, the enterprise recognises viable business opportunities and directions for growth and employs corporate entrepreneurship to materialise and commercialise the innovations, enabling the organisation to cultivate innovative growth environments. uittenbogaard etal. (2005) highlight that in internally oriented Business Development, opportunities arise from connections among various business units, market units, and the organisational environment. in r&D-oriented Business Development, the development of technological innovations generates business opportunities, necessitating the identification of corresponding market opportunities. at the exploitation stage, organisations strategically integrate novel internal and external resources and capabilities to optimise and maximise validated business opportunities, fostering business success, sustainable growth, and profitability through the implementation of innovative business models. regarding the exploitation of identified business opportunities, previous literature has examined various classic cases of success or failure (Bröring & herzog, 2008; Burgers et al., 2008; ito, 2018; Miller, 2011; Zahra etal., 2018). in practical implementation, accomplished business developers applying their professional experience, expertise, understanding of internal and external resources, and mastery of new knowledge. this involves a substantial amount of tacit knowledge, the utilisation of leverage, and the feasibility of trading structures. of these, corporate executives play a pivotal role (Baldwin et al., 1997; Duke, 2011; MacMillan, 1987). the second dimension on the Y-axis represents the strategic level of Business Development, encompassing the three conceptual structures of functional-level strategy, business-level strategy, and corporate-level strategy. this dimension delineates the hierarchy of organisational strategies in the Business Development implementation process. at the functional level, the organisation utilises limited departmental resources to acquire new knowledge and resources, facilitating the identification of novel business opportunities through external partnerships. while engaging in Business Development activities, such as establishing partnerships with local resources, collaborating with other enterprises, or exploring viable business opportunities, essential tasks rely on social network relationships. Business’ view interactions within business relationships as a means of acquiring resources and other enterprise capabilities (cantù, 2017). as technicians navigate the initial Table 9. the third dimension (Z) of the improvement of new resources and dynamic capabilities. Phases Concepts and contents Corresponding to research streams Corresponding to dimension (X) Corresponding to dimension (Y) initial phase establishing external partnerships, assimilation of external knowledge, incorporating and accumulating new resources, and cultivating dynamic capabilities with the overarching goal of uncovering untapped business opportunities. environmental exploration and resource development exploration stage Functional level evolutionary phase identifying and recognizing new business opportunities whilst fostering the creation of resources and capabilities through innovation and entrepreneurship to achieve the overarching goals. environmental creation and resource alignment Recognition stage Business level Consolidation phase incorporating fresh capabilities and resources into its overarching strategy and operations to generate and capture value, establish external partnerships, and optimize internal processes for innovation and growth. environmental adaptation and resource leverage, environmental management and resource allocation exploitative stage Corporate level 18 Y.-M. wEi anD h.-M. lin phases of promoting Business Development activities, encountering uncertainty regarding necessary knowledge may lead to unexpected problems. however, participation in a venturing investment in related technologies allows a company to leverage its absorptive capacity, assimilating the venture’s technology and grasping the business potential (Berends et al., 2007; van de vrande & vanhaverbeke, 2013), representing key responsibilities at the functional level. transitioning to the business level, the organisation’s primary strategy involves identifying and recognising new business opportunities and implementing innovation and entrepreneurship programmes to achieve corporate-level objectives. Business Development activities represent a crucial facet of innovation, having a direct impact on financial performance by fostering the creation of innovations spanning the entire enterprise value chain (choi & lee, 2016). in addition to conducting their own research, development, and innovation, enterprises can expedite access to required technologies through purchases or technology transfers, with Business Development activities serving as the instrumental force driving such endeavours (Bröring & herzog, 2008; vanhaverbeke & peeters, 2005). while innovation can arise from entrepreneurial actions, it’s important to note that this constitutes a component of Business Development activities rather than a mandatory prerequisite. Business Development isn’t an entrepreneurial endeavour but rather functions as the executor of corporate strategies at the business level. as the organisation transitions to the corporate level, it encompasses comprehensive guidance and strategic direction, which encompasses evaluating the potential for expanding into new markets, reallocating resources, and formulating a long-term strategic plan to ensure sustainable growth and success. noda and Bower (2007) indicated that the overall strategic direction of an enterprise, reflecting the broad strategic intent of top managers, significantly impacts new Business Development at the operational level of complex organisations. this strategic direction shapes the perception of managers responsible for operations or business units regarding new business opportunities, providing the foundation for specific and detailed strategic analysis of emerging ventures. when an enterprise’s strategy reveals a misalignment among current capabilities and those necessary for effective future competition, it enhances the legitimacy of Business Development. consequently, the development of new capabilities challenges existing strategies, opening up new strategic horizons (vanhaverbeke & peeters, 2005). the third dimension on the Z-axis represents the degree of improvement in new resources and dynamic capabilities, which consists of the conceptual structures of three phases: the initial phase, the evolutionary phase, and the consolidation phase. in the initial phase, the organisation ventures beyond the boundaries of its original environment and proactively initiates the establishment of external partnerships, assimilation of external knowledge, and accumulation of new resources, enabling the organisation to enhance and elevate its capabilities. the utilisation of social network relationships by Business Development is a vital resource for enterprises and contributes to their social capital (Behl etal., 2021; Maurer & Ebers, 2006). Entrepreneurs need to embrace and leverage all information from the external environment proactively. this enables them to create, shape, and maintain informational asymmetry, allowing the identification of new opportunities that might be invisible or overlooked by other groups. however, entrepreneurs need to adopt a selective approach, assimilating, organising, categorising, and prioritising information that aids in decision-making regarding emerging opportunities (Dutta & crossan, 2005). in the initial phase of Business Development, this selective process serves as a systematic means to accumulate enterprise’s resources and cultivate dynamic capabilities. subsequently, in the evolutionary phase, organisations utilise acquired resources and capabilities to identify emerging business opportunities and enhance their dynamic capabilities through the implementation of innovation and entrepreneurship initiatives. choi and lee (2016) indicate that, while achieving financial success is the paramount objective for an enterprise, Business Development serves as a crucial innovation benchmark for ensuring healthy business sustainability and acts as a practical force for enterprise innovation (Bröring & herzog, 2008; vanhaverbeke & peeters, 2005). in this context, enterprises can leverage the resources and capabilities accumulated in the initial phase to implement innovations and initiate new ventures, fostering growth. these actions denote the corporate resources and capabilities that the enterprise aims to achieve and accumulate in the evolutionary stage. Finally, during the consolidation phase, the organisation strategically integrates new capabilities and resources, facilitating the comprehensive evolution of its resources and capabilities to a higher level coGEnt BusinEss & ManaGEMEnt 19 through Business Development activities, thereby achieving innovation and growth. vanhaverbeke and peeters (2005) argue that a strategic vision guides the development of new capabilities while influencing the company’s risk-taking process and exploratory technology research. this positions Business Development as the primary organisational mechanism for enhancing corporate resources and capabilities over time. therefore, when an enterprise achieves initial Business Development milestones, it should consolidate both internal and external resources, involving knowledge internalisation and effective partner relationship management. transforming Business Development into a new driving force for enterprise growth represents the desired level of enterprise evolution in the consolidation phase. tables 7–9 imply that they can enhance the legitimacy of Business Development activity implementation across various levels and purposes. Based on this, we integrated these dimensions and theoretical foundations to create the BD 3D-ccF in Figure 2, which provides a comprehensive conceptual framework for Business Development. it demonstrates the feasibility and compatibility of integrating the entire Business Development activity panorama into the framework. this BD 3D-ccF allows mapping of the Business Development activities in one, two, or all three dimensions. Depending on the expressive depth or emphasis associated with a specific dimension, it can indicate the proximity to the relevant dimension. Given that we can fit most Business Development activities into this BD 3D-ccF, mapping demonstrates how the diverse parts of the activities interact and integrate into a coherent Business Development knowledge system. 4.2. Operating principles of the BD 3D-CCF research streams and theoretical foundations establish the legitimacy of each dimension of BD 3D-ccF. we employ research stream classification to explore the operational principles within each stage of the BD 3D-ccF in depth. 4.2.1. Environmental exploration and resource development in Figure 2, the depicted blue pillar represents the exploration stage of Business Development activities. During this stage, Business Development promotes the implementation of a functional-level strategic approach. the objective is to expand the social relationship network and acquire additional resources Figure 2. the BD 3D-comprehensive conceptual framework (BD 3D-CCF). 20 Y.-M. wEi anD h.-M. lin (ciabuschi et al., 2012). these resources may originate from external sources or through existing social capital within diverse organizational units, including latent internal resources (Behl etal., 2021). therefore, business developers initiate Business Development activities by first reviewing and inventorying the internal resources of the enterprise. at this stage, the strategic focus of the Business Development proposition aligns with the enterprise’s overarching objectives. For example, if the goal is to acquire new technologies or innovate products, the technology and r&D departments will play a crucial role. similarly, aspirations to penetrate new markets would require assistance from the marketing or business departments. when the company requires financing, the finance department will assist in planning a financing plan. thus, this phase embodies a functional-level strategy aimed at maximizing the accumulation of organizational resources, including personal networks, partnerships, informational assets, and intellectual capital, in anticipation of screening viable business opportunities for the next stage (Bjørgum & sørheim, 2015; Keil et al., 2008). with the expansion of social networks, customers, suppliers, or partners become significant sources of market information. schools, laboratories, or the enterprise’s scientific advisory board serve as valuable technology sources, while the board of directors and investor relations are crucial financing sources (Gurău & Dana, 2020; van de vrande, 2013). Business Development cultivates and engages with these relationships to identify viable business opportunities. therefore, the industry experience, connections, and communication skills of business developers play a vital role. 4.2.2. Environmental creation and resource alinement in Figure 2, the illustrated orange pillars delineate the recognition stage within Business Development endeavours. During this pivotal stage, Business Development endeavours prioritize the implementation of strategic methodologies at the business level. the overarching objective is to integrate resources from the exploration stage, emphasizing the generation and recognition of innovative business opportunities, thereby facilitating the progression of the overall enterprise into the evolutionary phase. these recognized opportunities undergo meticulous evaluation, scrutiny, and assessment across various organizational tiers to determine their viability for adoption. such opportunities encompass a spectrum of commercialization processes, operational approaches, and business models, including internal innovation, corporate entrepreneurship, venture capital, strategic alliances, cooperative development, joint ventures, mergers and acquisitions, franchising, technology licensing, spin-offs, agency agreements, and others (Bakker etal., 1994; Bröring & herzog, 2008; Mittra, 2007; van de vrande et al., 2006). on the manufacturing side, considerations may extend to original equipment manufacturing (oEM), original design manufacturing (oDM), and original Brand Manufacturing (oBM). this developmental phase may entail a myriad of equity transactions and corporate governance deliberations, necessitating the expertise of financial professionals (Gurău & Dana, 2020; van de vrande et al., 2006, 2009). Furthermore, rigorous negotiation processes and comprehensive due diligence are indispensable. thus, senior Business Development managers assume pivotal roles in both scrutinizing and crafting novel business opportunities, requiring them to possess a nuanced understanding of finance and adept negotiation skills. at this stage, which denotes the onset of organizational evolution, where enterprises should have a certain degree of available resources to create new business opportunities. achieving this necessitates the integration of both internal and external resources, coupled with comprehensive consultation and support across all facets (ciabuschi et al., 2012). 4.2.3. Environmental adaptation, management, and resource allocation and leverage in Figure 2, the illustrated green pillars symbolize the exploitation stage within Business Development initiatives. throughout this critical stage, Business Development endeavours are strategically oriented at the corporate level. the overarching objective is to leverage and allocate resources acquired from the preceding exploration and recognition stages efficiently. Emphasizing prudent integration and consolidation of organizational resources for judicious selection of entry strategies for new business opportunities and fostering sustainable long-term growth (Beckert, 1999; child, 1972; lee & lieberman, 2010). in this stage, the strategic intent exercised by pivotal decision-makers assumes a crucial role, synchronously with the imperative to appraise and utilize enterprise resources available to promote business coGEnt BusinEss & ManaGEMEnt 21 opportunities congruent with the overarching corporate strategy (Bracker, 1980). consequently, the optimization and consolidation of resources emerge as paramount imperatives for adapting to and manoeuvring through the intricate landscape of the contemporary business milieu. amidst the pursuit of these business opportunities, the potential trajectories for development may encompass related or unrelated paths beyond the enterprise’s current business domain. this strategic determination involves intricate interweaving with the organization’s nascent resources and capabilities, requiring meticulous evaluation. Most scholars recommend that enterprises commence new ventures in familiar territories to increase the likelihood of success (speckbacher et al., 2015). in the process of implementing Business Development activities, new resources and new business opportunities may, in turn, affect the re-formulation of the company’s overall strategy. this iterative loop and dynamic process tends to foster fit among the enterprise’s strategies, resources, and capabilities, thereby increasing success opportunities in new ventures. this stage embodies the pivotal process of strategic planning, delineating the strategic direction for both the exploration and recognition stages. ultimately, it facilitates the identification of new business opportunities crucial for the sustainable growth of the enterprise and the establishment of innovative ventures. after completing the mission, the business developer tends to transition to subsequent projects, foregoing direct involvement in the new ventures’ operations. 4.3. Discussion the BD 3D-ccF stands as a comprehensive and dynamic framework, offering a nuanced perspective on the intricacies of Business Development activities. Emphasising the vital element of continuity across different stages, this framework employs a strategic lens to ensure smooth transitions throughout the Business Development process. By doing so, it enhances our understanding of Business Development actions, illuminating the intricate interconnections among various dimensions. this versatile framework transcends limitations specific to any industry and various stages of business growth, serving as a flexible tool suitable for enterprises across diverse sectors. this research offers a comprehensive exploration of effective Business Development within the research realm. Drawing from essential theoretical concepts and insights in previous literature, it introduces the three-dimensional comprehensive conceptual Framework (BD 3D-ccF), encapsulating implementation progress, strategic aspects, and improvements in new resources and dynamic capabilities. the exploration reveals the multifaceted nature of Business Development, emphasizing its role as a strategic driver for organizational resilience, adaptability, and overall effectiveness. the framework integrates stages from exploration to exploitation, spanning functional, business, and corporate levels, providing a holistic perspective. Essentially, this research contributes to the evolving field of Business Development research by offering a robust and adaptable framework that synthesizes existing knowledge while providing a foundation for future exploration and application in the dynamic landscape of new business ventures. 5. Implications and future research 5.1. Implications this study synthesizes previous literature on Business Development, pioneering the establishment of research streams within this field. it explores the implicit theoretical foundations of these research streams and culminates in the construction of a comprehensive three-dimensional conceptual framework. the research enriches academic, theoretical, and managerial implications in the realm of Business Development, providing valuable insights for scholars and practitioners alike. 5.1.1. Academic implications Firstly, the establishment of research streams in Business Development represents a seminal and foundational contribution to the academic sphere. this endeavour synthesizes the richness of prior research in 22 Y.-M. wEi anD h.-M. lin the field and employs a systematic approach interconnecting diverse threads within the literature, fostering a coherent and interconnected narrative. such progress propels the cumulative knowledge base of Business Development, offering a nuanced understanding of its multifaceted dimensions. By significantly advancing academic research in the field and laying the groundwork for future interdisciplinary collaborations, it enhances the academic research potential and impact of Business Development as a discipline. secondly, the introduction of the BD 3D-ccF in this study stands as a seminal contribution to the academic discourse on Business Development. By integrating diverse dimensions and intricacies inherent in Business Development processes, the framework offers scholars a nuanced and holistic perspective for analysing and understanding this multifaceted domain. through its three-dimensional structure, the framework facilitates a comprehensive examination of critical aspects, such as implementation progress, strategic alignment, and the transformative potential of new resources and dynamic capabilities. this structured approach enhances the conceptual clarity surrounding Business Development and provides researchers with a robust analytical tool to navigate the complexities of this field. thirdly, the field of Business Development research currently exhibits a dearth of quantitative research literature. Expanding the operational definition of BD 3D-ccF provides an opportunity to establish measurable standards for associated dimensions. this has the potential to invigorate quantitative research efforts and greatly unlock the academic research potential in the field of Business Development. overall, this article elucidates the interconnectedness and broader implications of Business Development, catalysing the advancement of theoretical insights and academic research in the discipline. it offers a clear perspective on the complex systems of Business Development. 5.1.2. Theoretical implications this research organizes and categorizes existing literature within the realm of business development systematically, fostering the advancement and refinement of theoretical knowledge. in doing so, it helps achieve a comprehensive and nuanced understanding of the investigated phenomenon, thereby increasing its academic value. the theoretical implications in this article are significant and multifaceted: • advancing theoretical understanding: the article categorizes research streams and identifies key theoretical foundations driving Business Development activities, contributing to theoretical advancement. this categorization enhances the clarity and coherence of theoretical frameworks in the field. • integrating diverse theoretical perspectives: By integrating diverse theoretical perspectives, such as strategic Management, innovation theory, and Knowledge Management, the article offers a holistic view of Business Development processes. this integration enriches the theoretical landscape of the field and provides a comprehensive basis for analysing and understanding Business Development activities. • Enhancing interdisciplinary collaboration: the categorization of research streams and theoretical foundations in Business Development paves the way for enhanced interdisciplinary collaboration. By providing a structured framework that bridges different theoretical perspectives, the article facilitates collaboration among scholars from various disciplines, fostering an integrated approach to studying Business Development. • contributing academic knowledge base: the article’s theoretical implications contribute to enriching the academic knowledge base of Business Development by synthesizing prior research, identifying key theoretical concepts, and proposing a comprehensive framework for understanding the field. this contribution enhances the depth and breadth of academic discourse in Business Development. 5.1.3. Managerial implications For managers, this research emerges as a sophisticated and structured reflective instrument, elevating the strategic oversight and management of Business Development projects to a nuanced and comprehensive level. as Business Development activities unfold, the study provides detailed guidance on the critical tasks inherent in each phase, elucidating the specific operations that the strategic echelon should coGEnt BusinEss & ManaGEMEnt 23 orchestrate. Moreover, it provides a granular roadmap for the anticipated benefits that should manifest at each juncture, thereby serving as a prescriptive tool for effective project management. the BD 3D-ccF model developed in this study may function as a navigational compass for Business Development initiatives, ensuring a seamless alignment with organizational objectives and meticulous tracking of progress and outcomes. its intricate design allows for the optimization of strategic decision-making by delineating the key responsibilities and performance benchmarks throughout the project’s lifecycle. By doing so, the framework becomes an indispensable asset for managers, empowering them with actionable insights into the intricate workings of Business Development endeavours. as a multifaceted tool, the BD 3D-ccF transcends mere managerial guidance; it evolves into a planning and diagnostic powerhouse. Managers can leverage its capabilities to discern and categorize the strategic positioning of Business Development plans. this streamlines decision-making processes and equips managers with a diagnostic lens to identify potential challenges and roadblocks in the implementation of Business Development initiatives. in summary, this research provides valuable support for managers navigating the intricate landscape of Business Development. its in-depth guidance, nuanced insights, and diagnostic prowess significantly enhance managers’ approach to and navigation of the complexities inherent in Business Development projects within the broader organizational context. 5.2. Future research this study proposes a BD 3D-ccF model to enhance understanding of Business Development, given the limited and scarce prior research conducted in this area. the BD 3D-ccF is crucial for expanding Business Development implementation and understanding its impact on enterprise growth in an ever-changing world economy, providing multiple research opportunities in the field. additionally, we suggest exploring the following topics for future Business Development research opportunities (see Figure 3): 1. Future research should explore practical case applications of the proposed BD 3D-ccF in various industries, including social enterprises, npos, and nGos, which presents an opportunity to expand applicable research to the development of countries or other organisations. 2. Different industries have unique methodologies for Business Development based on their specific strategic intentions. hence, the future trend in Business Development is towards developing a specific planning roadmap for each sub-frame to increase the success rate of tasks based on the nature of actions. this will lead to the development of various Business Development research topics. 3. at least three crucial tasks within the financial functions of Business Development activities demand additional investigation. these tasks include aiding in constructing transaction conditions, conducting due diligence, and managing investor relations. strengthening the foundation and operational principles of Business Development, these areas play a pivotal role. presently, a limited body of research exists on the financial aspects of Business Development, suggesting considerable scope for additional exploration in this field. 4. the prevalent inadequacies of social networks highlight the BD implementation bottleneck, and the link prediction algorithm offers substantial support for the corresponding network organization mechanism (lü et al., 2015). this significance for advancing BD and social networks, both in theory and practical application, makes it a topic worthy of additional research. 5. contemporary, emerging multimedia poses challenges to Business Development, which emphasizes social network relationships. the interaction effect between Business Development and emerging multimedia is a new research topic that warrants studying in depth. additionally, contemporary blockchains, artificial intelligence, and corporate social responsibility relate to Business Development practice (e.g., oliinyk et al., 2023; wang et al., 2022). current Business Development academic research has yet to reach its full potential and requires input from numerous other scholars. we hope this research will contribute to research progress in this field. 30 Y.-M. wEi anD h.-M. lin van Moorsel, h., he, Z. l., oltmans, E., & huibers, t. 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