Raditya Ardianwiliandri, Sandra Hasanefendic, Bart Bossink
This study examines how technological capabilities drive value creation in technology startups under turbulence. Using market and technological turbulence as proxies and survey data from 404 tech startups in the United Kingdom, Germany, and the Netherlands, the findings reveal that human capital development through expert talent acquisition and continuous technical training is more impactful than traditional R&D investment in fostering value creation. This study also highlights the strategic value of incremental innovation over radical innovation. Furthermore, market turbulence weakens the positive effect of technological capabilities on value creation, whereas technological turbulence has no significant moderating effect. This study advances theory by unpacking which specific technological capabilities matter for value creation and offer insights into how tech startups should prioritize capabilities under turbulence, contributing to the literature on strategic agility and innovation management in turbulent environments. © 2025 The Authors
Breakthrough Tech Innovation Research Group, Faculty of Science, Vrije Universiteit Amsterdam, Netherlands; Department of Industrial Engineering, Faculty of Engineering, Universitas Brawijaya, Indonesia
