ROLES OF ENTREPRENEURIAL MINDSET AND BUSINESS MODEL INNOVATION TO PRODUCT INNOVATION OF TECH-BASED FIRMS

Abstract

This study is designed to validate the impact of entrepreneurial mindset on product innovation outcomes in technology-based enterprises while concurrently examining the mediating influence of business model innovation. Anchored in the opportunity innovation theory, the model and research hypotheses underwent empirical testing through a structured questionnaire survey conducted in technology-based businesses across Vietnam. The dataset, derived from 163 valid responses obtained from mid to senior-level managers, facilitated a robust analysis. Employing a partial least squares structural equation modeling approach, the study meticulously investigates the managerial interplay among entrepreneurial mindset, business model innovation, and product innovation outcomes. The results unequivocally demonstrate a positive influence of entrepreneurial mindset on product innovation, with business model innovation playing a partial mediating role in this relationship. This research underscores the pivotal roles played by entrepreneurial mindset and business model innovation in shaping product innovation outcomes within technology-based enterprises in developing nations. Furthermore, these businesses are encouraged to implement the research findings for practical application actively.