Embryonic tech ventures’ orientation and performance





market orientation, entrepreneurial orientation, tech venture, venture performance


Introduction and objectives: A broad body of knowledge is developing around the influence of market and entrepreneurial orientation on business performance. However, high-tech firms in the embryonic (R&D and start-up) phase of development have stayed off the research radars. Taking a resource-based view, this study examined the role of market and entrepreneurial orientation on the performance of new ventures within a growing entrepreneurial ecosystem of Serbia. Methods: The study is based on primary data gathered via a questionnaire and examined tech ventures founders from Serbia whose ventures are in either research and development or start-up phase. Results: The findings confirm that both market and entrepreneurial orientation play an immense role in the embryonic phase and throughout the process of launching a new tech firm. Conclusion: The study found that market orientation primarily influences problem discovery, value proposition and product designing, as well as team gathering. Entrepreneurial orientation more significantly affects performance in the context of MVP creation, first customer acquisition, initial revenue stream and investment for the next phase of tech venture development. Implications and research limitation: The study suggests that new ventures leaders have to develop both market and entrepreneurial competences. At the beginning, they should invest more into the activities related to market orientation, and during the further tech venture development, entrepreneurial orientation leads to finalization of a product/service development and its commercialization. Even though this study provides useful and valuable insights, it does not reflect all concepts of entrepreneurial success and a larger sample size from other geographical regions would be more suitable for the generalizability of study findings. Yet, the implications of the study are highly relevant for Serbian ecosystem as the business environment is not stimulating enough for growth and development of new ventures, and consequently founders have to rely on their own competencies and knowledge.

Author Biographies

Milan Okanović, University of Belgrade, Faculty of Organizational Sciences, Serbia

Milan Okanović is an assistant professor at the University of Belgrade, Faculty of Organizational Sciences. He was also a visiting lecturer at the universities in Slovenia, Croatia and North Macedonia. His scientific and research work primarily focuses on the application of marketing in entrepreneurship, the development of innovations and startups, as well as corporate and digital communications. He has authored over thirty scientific papers that have been published in national and international scientific journals and presented at conferences. As a consultant, he was mainly engaged in market research projects, digital communications campaigns, design and branding. He is also a co-founder in one early-stage startup and consultant in two established tech startup companies.

Miloš Milosavljević, University of Belgrade, Faculty of Organizational Sciences, Serbia

Miloš Milosavljević is an associate professor at the University of Belgrade, Faculty of Organizational Sciences. Miloš has more than 14 years of general professional experience in higher education, scientific work and business consulting with specific expertise in financial management. He teaches financial management at undergraduate, MBA and doctoral level. His research interest covers financial management, financial technologies and quantitative analysis. Miloš has published more than 100 articles, books and conference papers related to financial management, public finance, strategy and financial technologies.

Slavica Cicvarić Kostić, University of Belgrade, Faculty of Organizational Sciences, Serbia

Slavica Cicvarić Kostić is a full professor at the University of Belgrade, Faculty of Organizational Sciences. She is an international visiting professor at the University of Bologna, and at several universities and business schools throughout Europe. She has focused mainly on areas such as brand management, corporate and digital communications. She was Director of Business Development at the international consulting firm, Hauska&Partner International Communications, and Public Relations Manager at the investment company MPC Properties. Slavica works as a consultant in marketing and communications for profit, public and non-governmental organizations.

Jasmina Dlačić, University of Rijeka, Faculty of Economics and Business, Croatia

Jasmina Dlacic is Associate professor of Marketing at the Faculty of Economics and Business, University of Rijeka, Croatia. Currently she is Department chair of the Academic unit for Marketing and the Director of Postgradaute specialist studies Marketing management. Her research interest is in value co-creation in services, relationship marketing and ecological consumer behavior. Her research was published in several journal such as Journal of Business Research, Economic Research, British Food Journal, and Total Quality Management & Business Excellence.




How to Cite

Okanović, M., Milosavljević, M., Cicvarić Kostić, S., & Dlačić, J. (2023). Embryonic tech ventures’ orientation and performance. Management:Journal of Sustainable Business and Management Solutions in Emerging Economies, 28(3), 87–99. https://doi.org/10.7595/management.fon.2023.0008




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