Table 2. Market development, technical... | Emerald Publishing

Table 2.

Market development, technical efficiency and business sustainability challenges and management strategies

Perspective	Issues and challenges	References	Management strategies
Market development	Market uncertainty	Jalonen (2012), Sadeh and Dvir (2020)	Validated learning: experimentation, data collection and validation of assumptions (Ries, 2011)
	Insufficient user adoption	Verdegem and De Marez (2008), Schiavone and MacVaugh (2009), Knight and Burn (2011)	Niche market positioning (Slater and Mohr, 2006; Pascaris et al., 2023)
	Difficulty in gaining customer trust	Obal (2015)	Strategic partnership (Hashai and Markovich, 2017), development of business cases (Kruachottikul et al., 2023)
	Regulatory hurdles	Bezzina and Terrab (2005), Hoppner and Gubanova (2015), Isasi et al. (2016), Mossberg et al. (2018), Oluleye et al. (2021)	Product integration strategy (Nambisan, 2002), new policies and regulations (Hoppner and Gubanova, 2015)
Technical efficiency	High development cost	Isasi et al. (2016), Mossberg et al. (2018), Alhaj and Al-Ghamdi (2019), Bhattacharjya et al. (2019), Oluleye et al. (2021)	Government grants and funding (Islam et al., 2018; Zhao and Ziedonis, 2020), co-sharing and strategic partnership (e.g. university–industry collaboration) (Schiuma and Carlucci, 2018)
	Scalability and economies of scale	Isasi et al. (2016), Li and Mupondwa (2021), Alhaj and Al-Ghamdi (2019)	Outsourcing (Steinbruch et al., 2022), scalable production process (Mossberg et al., 2018), pricing strategy (Gómez-Prado et al., 2022)
	Technical feasibility	Isasi et al. (2016), Mossberg et al. (2018), Bhattacharjya et al. (2019), Li et al. (2019)	Prototyping and testing (Kruachottikul et al., 2023)
Business sustainability	Financial	Damodaran (2009), Ferrucci et al. (2023), Saleem and Atiq (2023)	Bootstrapping (Smith, 2009), raising investment (Nanda and Rhodes-Kropf, 2013), revenue generation (Laitinen, 2019)
	Team	Isasi et al. (2016), Mossberg et al. (2018), Hossinger et al. (2020)	Cross-complementary skills and expertise (Clarysse and Moray, 2004), motivation and sharing the same end goals (Clarysse and Moray, 2004; Vanaelst et al., 2006)
	Business model viability	Nunes et al. (2022)	Lean model canvas (Ries, 2011), Business model canvas (Osterwalder and Pigneur, 2010)

Perspective	Issues and challenges	References	Management strategies
Market development	Market uncertainty	Jalonen (2012), Sadeh and Dvir (2020)	Validated learning: experimentation, data collection and validation of assumptions (Ries, 2011)
	Insufficient user adoption	Verdegem and De Marez (2008), Schiavone and MacVaugh (2009), Knight and Burn (2011)	Niche market positioning (Slater and Mohr, 2006; Pascaris et al., 2023)
	Difficulty in gaining customer trust	Obal (2015)	Strategic partnership (Hashai and Markovich, 2017), development of business cases (Kruachottikul et al., 2023)
	Regulatory hurdles	Bezzina and Terrab (2005), Hoppner and Gubanova (2015), Isasi et al. (2016), Mossberg et al. (2018), Oluleye et al. (2021)	Product integration strategy (Nambisan, 2002), new policies and regulations (Hoppner and Gubanova, 2015)
Technical efficiency	High development cost	Isasi et al. (2016), Mossberg et al. (2018), Alhaj and Al-Ghamdi (2019), Bhattacharjya et al. (2019), Oluleye et al. (2021)	Government grants and funding (Islam et al., 2018; Zhao and Ziedonis, 2020), co-sharing and strategic partnership (e.g. university–industry collaboration) (Schiuma and Carlucci, 2018)
	Scalability and economies of scale	Isasi et al. (2016), Li and Mupondwa (2021), Alhaj and Al-Ghamdi (2019)	Outsourcing (Steinbruch et al., 2022), scalable production process (Mossberg et al., 2018), pricing strategy (Gómez-Prado et al., 2022)
	Technical feasibility	Isasi et al. (2016), Mossberg et al. (2018), Bhattacharjya et al. (2019), Li et al. (2019)	Prototyping and testing (Kruachottikul et al., 2023)
Business sustainability	Financial	Damodaran (2009), Ferrucci et al. (2023), Saleem and Atiq (2023)	Bootstrapping (Smith, 2009), raising investment (Nanda and Rhodes-Kropf, 2013), revenue generation (Laitinen, 2019)
	Team	Isasi et al. (2016), Mossberg et al. (2018), Hossinger et al. (2020)	Cross-complementary skills and expertise (Clarysse and Moray, 2004), motivation and sharing the same end goals (Clarysse and Moray, 2004; Vanaelst et al., 2006)
	Business model viability	Nunes et al. (2022)	Lean model canvas (Ries, 2011), Business model canvas (Osterwalder and Pigneur, 2010)

Source: Authors’ own work