Figure 1.
The diagram is a flowchart illustrating two hypotheses. The first box on the top left is labeled startup performance, and the second box below it is labeled digitalization capability. Both boxes have arrows pointing right toward a third box labeled lower business model adaptation. The top arrow is marked H1 and represents the hypothesized effect of startup performance on business model adaptation. The bottom arrow is marked H2 and represents the hypothesized effect of digitalization capability on the same outcome.Conceptual model
Source: Authors’ own work