Business model innovation (BMI) has garnered substantial academic and corporate attention in recent decades. Researchers have not yet agreed on the most complicated BMI practices in the high-tech startups (HTS). Despite being the second-biggest economy in the world today, China has done little research on the practice of business model innovation in China’s high-tech startups. This study addresses the factors that impact the business model innovation of high-tech startups in China. Our study aims to fill the research gap by visualising and analysing, using systematic literature review (SLR) analyses and reviewing 36 in-depth articles, from 688 academic literature sources. Relevant publications from Scopus, Springer, ScienceDirect, Web of Science, IEEE Xplore, and the JDM e-library expose the current research status from 2013 to December 2023 without bias. We conducted a literature-based investigation to identify essential insights on the BMI factors in the literature and derived a high-tech startup’s BMI critical factor. Our study shows that three main factors affect the innovation of business models in high-tech startups in China. The findings raise managers’, entrepreneurs’, and executives’ knowledge of corporate resource bricolage and cognitive style constraints in business model innovation and their pros and cons. The findings will help Chinese academics understand enterprises’ institutional environment and resource bricolage as final suggestions and proposals for corporates, regulators, and policymakers are presented.

Ahlin, B., Drnovšek, M., & Hisrich, R. D. (2014). Entrepreneurs’ creativity and firm innovation: The moderating role of entrepreneurial self-efficacy. Small Business Economics, 43(1), 101–117. https://doi.org/10.1007/s11187-013-9531-7

Akter, B., & Iqbal, M. A. (2020). Failure Factors of Platform Start-ups: A Systematic Literature Review. Nordic Journal of Media Management, 1(3), 433–459. https://doi.org/10.5278/njmm.2597-0445.6090

Amit, R., & Zott, C. (2001). Value Creation In E-Business. Strategic Management Journal, 22(6–7), 493–520. https://doi.org/10.1002/smj.187

Andersen, O. J. (2008). A bottom-up perspective on innovations: Mobilizing knowledge and social capital through innovative processes of bricolage. Administration and Society, 40(1), 54–78. https://doi.org/10.1177/0095399707311775

Anwar, M., & Ali Shah, S. Z. (2020). Managerial networking and business model innovation: empirical study of new ventures in an emerging economy. Journal of Small Business and Entrepreneurship, 32(3), 265–286. https://doi.org/10.1080/08276331.2018.1490509

Baker, T., & Nelson, R. E. (2005). Creating Something from Nothing: Resource Construction through Entrepreneurial Bricolage. Administrative Science Quarterly, 50(3), 329–366. https://doi.org/10.2189/asqu.2005.50.3.329

Bandara, W. M. F. (2011). A Systematic, Tool-Supported Method For Conducting Literature Reviews In Information Systems. In: Proceedings of the19th European Conference on Information Systems.

Bandura, A. (1986). The Social Foundations of Thought and Action. Prentice Hall.

Banerjee, P. M., & Campbell, B. A. (2009). Inventor bricolage and firm technology research and development. R and D Management, 39(5), 473–487. https://doi.org/10.1111/j.1467-9310.2009.00572.x

Bashir, M., & Verma, R. (2019). Internal factors & consequences of business model innovation. Management Decision, 57(1), 262–290. https://doi.org/10.1108/MD-11-2016-0784

Berends, H., Smits, A., Reymen, I., et al. (2016). Learning while (re)configuring: Business model innovation processes in established firms. Strategic Organization, 14(3), 181–219. https://doi.org/10.1177/1476127016632758

Bignotti, A., & le Roux, I. (2020). Which types of experience matter? The role of prior start-up experiences and work experience in fostering youth entrepreneurial intentions. International Journal of Entrepreneurial Behaviour and Research, 26(6), 1181–1198. https://doi.org/10.1108/IJEBR-10-2019-0577

BMI Lab. (2024). Business model creation and innovation in China: not just copycats. Available online: https://bmilab.com/blog/2018/1/26/business-model-creation-and-innovation-in-china-not-just-copycats (accessed on 2 June 2023).

Bouncken, R. B., & Fredrich, V. (2015). Business model innovation in alliances: Successful configurations. Journal of Business Research, 69(9), 3584–3590. https://doi.org/10.1016/j.jbusres.2016.01.004

Bucherer, E., Eisert, U., & Gassmann, O. (2012). Towards Systematic Business Model Innovation: Lessons from Product Innovation Management. Creativity and Innovation Management, 21(2), 183–198. https://doi.org/10.1111/j.1467-8691.2012.00637.x

Buliga, O., Scheiner, C. W., & Voigt, K. I. (2016). Business model innovation and organizational resilience: towards an integrated conceptual framework. Journal of Business Economics, 86(6), 647–670. https://doi.org/10.1007/s11573-015-0796-y

Chen, C. H. (2023). Exploring the indirect effects of innovation policy and innovation culture on business model innovation: a moderated mediation analysis. International Journal of Innovation Science. https://doi.org/10.1108/IJIS-06-2022-0105

Chesbrough, H. (2010). Business model innovation: Opportunities and barriers. Long Range Planning, 43(2–3), 354–363. https://doi.org/10.1016/j.lrp.2009.07.010

Chung, C. C., Xiao, S. S., Lee, J. Y., et al. (2016). The Interplay of Top-down Institutional Pressures and Bottom-up Responses of Transition Economy Firms on FDI Entry Mode Choices. Management International Review, 56(5), 699–732. https://doi.org/10.1007/s11575-015-0256-5

Churchill, N. C., & Lewis, V. L. (1983). The Five Stages of Small Business Growth. Harvard Business Review, 61(3), 30–50. https://doi.org/10.1016/0024-6301(87)90071-9

Clauss, T. (2016). Measuring business model innovation : conceptualization, scale development, and proof of performance. R and D Management, 47(1), 1–19. https://doi.org/10.1111/radm.12186

Cools, E., & Van Den Broeck, H. (2007). Development and validation of the cognitive style indicator. Journal of Psychology: Interdisciplinary and Applied, 141(4), 359–387. https://doi.org/10.3200/JRLP.141.4.359-388

Cui, M., & Pan, S. L. (2015). Developing focal capabilities for e-commerce adoption: A resource orchestration perspective. Information and Management, 52(2), 200–209. https://doi.org/10.1016/j.im.2014.08.006

de Visser, M., & Faems, D. (2015). Exploration and Exploitation within Firms: The Impact of CEOs’ Cognitive Style on Incremental and Radical Innovation Performance. Creativity and Innovation Management, 24(3), 359–372. https://doi.org/10.1111/caim.12137

Donbesuur, F., Ampong, G. O. A., Owusu-Yirenkyi, D., et al. (2020). Technological innovation, organizational innovation and international performance of SMEs: The moderating role of domestic institutional environment. Technological Forecasting and Social Change, 161, 0–41. https://doi.org/10.1016/j.techfore.2020.120252

Dopfer, M. (2018). Why business model innovation matters to startups. In: Entrepreneurial Innovation and Leadership: Preparing for a Digital Future. Springer International Publishing.

Dornberger, U., & Zeng, X. (2009). The locational factors and performance of the high-tech startups in China. International Journal of Entrepreneurship and Small Business, 7(3), 312–323. https://doi.org/10.1504/IJESB.2009.023022

Egan, E. J. (2022). A framework for assessing municipal high-growth high-technology entrepreneurship policy. Research Policy, 51(9), 104292. https://doi.org/10.1016/j.respol.2021.104292

Fan, G., Ma, G., & Wang, X. (2018). Institutional reform and economic growth of China: 40-year progress toward marketization. Acta Oeconomica, 69, 7–20. https://doi.org/10.1556/032.2019.69.S1.2

Ferneley, E., & Bell, F. (2006). Using bricolage to integrate business and information technology innovation in SMEs. Technovation, 26(2), 232–241. https://doi.org/10.1016/j.technovation.2005.03.005

Fischer, B., & Simon, D. (2016). How Chinese companies disrupt through business model innovation. Harvard Buiness Review, 2–5.

Florek-Paszkowska, A., Ujwary-Gil, A., & Godlewska-Dzioboń, B. (2021). Business innovation and critical success factors in the era of digital transformation and turbulent times. Journal of Entrepreneurship, Management and Innovation, 17(4), 7–28. https://doi.org/10.7341/20211741

Franco, M., Minatogawa, V., Duran, O., et al. (2021). Opening the Dynamic Capability Black Box: An Approach to Business Model Innovation Management in the Digital Era. IEEE Access, 9, 69189–69209. https://doi.org/10.1109/ACCESS.2021.3077849

Goldsmith, R. E. (1984). Personality characteristics associated with adaption-innovation. Journal of Psychology: Interdisciplinary and Applied, 117(2), 159–165. https://doi.org/10.1080/00223980.1984.9923672

Griffith, E. (2014). Why startups fail, according to their founders. Available online: https://fortune.com/2014/09/25/why-startups-fail-according-to-their-founders/ (accessed on 2 June 2023).

Guo, B., Pang, X., & Li, W. (2018). The role of top management team diversity in shaping the performance of business model innovation: a threshold effect. Technology Analysis and Strategic Management, 30(2), 241–253. https://doi.org/10.1080/09537325.2017.1300250

Guo, H., Guo, A., & Ma, H. (2022). Inside the black box: How business model innovation contributes to digital start-up performance. Journal of Innovation and Knowledge, 7(2), 100188. https://doi.org/10.1016/j.jik.2022.100188

Guo, H., Su, Z., & Ahlstrom, D. (2016). Business model innovation: The effects of exploratory orientation, opportunity recognition, and entrepreneurial bricolage in an emerging economy. Asia Pacific Journal of Management, 33(2), 533–549. https://doi.org/10.1007/s10490-015-9428-x

Guo, L., Wei, S. Y., Sharma, R., et al. (2017). Investigating e-business models’ value retention for start-ups: The moderating role of venture capital investment intensity. International Journal of Production Economics, 186, 33–45. https://doi.org/10.1016/j.ijpe.2017.01.021

Hayes, J., & Allinson, C. W. (1994). Cognitive Style and its Relevance for Management Practice. British Journal of Management, 5(1), 53–71. https://doi.org/10.1111/j.1467-8551.1994.tb00068.x

Hou, D., Xiong, A., & Lin, C. (2022). Executive cognitive ability and business model innovation in start-ups: The role of entrepreneurial bricolage and environmental dynamism. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.978543

Hou, F., Qi, M. D., Su, Y., et al. (2022). Trickle-Down Effects of Entrepreneurial Bricolage and Business Model Innovation on Employee Creativity: Evidence From Entrepreneurial Internet Firms in China. Frontiers in Psychology, 12, 1–15. https://doi.org/10.3389/fpsyg.2021.801202

Hu, B., Zhang, T., & Yan, S. (2020). How corporate social responsibility influences business model innovation: The mediating role of organizational legitimacy. Sustainability, 12(7), 2667. https://doi.org/10.3390/su12072667

Isabelle, D. A. (2016). Business incubation and business model innovation. In: Proceedings of the 4th International Conference on Innovation and Entrepreneurship.

Jian, Z., & Hongxia, L. (2023). Business models and the performance of Chinese high-tech service firms: the role of the technological innovation mode and technological regimes. Heliyon, 9(7), e17797. https://doi.org/10.1016/j.heliyon.2023.e17797

Jiang, G., Ji, X., & Zhang, A. (2023). Novelty and Sustainability: The Generation Process of Original Business Model Innovation. Sustainability, 15(19). https://doi.org/10.3390/su151914182

Johnstone, M. L., & Hooper, S. (2016). Social influence and green consumption behaviour: a need for greater government involvement. Journal of Marketing Management, 32(9–10), 827–855. https://doi.org/10.1080/0267257X.2016.1189955

Keiningham, T., Aksoy, L., Bruce, H. L., et al. (2020). Customer experience driven business model innovation. Journal of Business Research, 116, 431–440. https://doi.org/10.1016/j.jbusres.2019.08.003

Kitchenham, B. A., & Charters, S. (2007). Guidelines for performing Systematic Literature Reviews in Software Engineering. Available online: https://legacyfileshare.elsevier.com/promis_misc/525444systematicreviewsguide.pdf (accessed on 2 June 2023).

Kumar, V., & Srivastava, R. (2020). New perspectives on business model innovations in emerging markets. Journal of the Academy of Marketing Science, 48(5), 815–825. https://doi.org/10.1007/s11747-019-00713-2

Lee, Y., Shin, J., & Park, Y. (2012). Technological Forecasting & Social Change The changing pattern of SME’s innovativeness through business model globalization. Technological Forecasting & Social Change, 79(5), 832–842. https://doi.org/10.1016/j.techfore.2011.10.008

Levy, Y., & Ellis, T. J. (2006). A systems approach to conduct an effective literature review in support of information systems research. Informing Science, 9, 181–211. https://doi.org/10.28945/479

Li, X., Wang, N., Jiang, B., et al. (2023). Institutional pressures and proactive environmental strategy: The mediating effect of top managerial environment attitude and the moderating effect of new media pressure. Business Strategy and the Environment, 32(8), 6106–6123. https://doi.org/10.1002/bse.3475

Li, Y., Li, B., & Lu, T. (2022). Founders’ Creativity, Business Model Innovation, and Business Growth. Frontiers in Psychology, 13, 1–14. https://doi.org/10.3389/fpsyg.2022.892716

Li, Y., Li, Y., & Qiu, S. (2023). Analysis on the Effectiveness and Mechanisms of Public Policies to Promote Innovation of High-Tech Startups in Makerspaces. Sustainability, 15(9). https://doi.org/10.3390/su15097027

Liang, T. P., & Turban, E. (2011). Introduction to the special issue social commerce: A research framework for social commerce. International Journal of Electronic Commerce, 16(2), 5–13. https://doi.org/10.2753/JEC1086-4415160201

Liao, S., Wei, J., & Hu, Q. (2023). Politics or markets: The dual role of the motivation to achieve organizational legitimacy in the development of knowledge management capabilities and business model innovation. Frontiers in Psychology, 14, 1–16. https://doi.org/10.3389/fpsyg.2023.1112240

Long, D., Liu, Q., & Wei, Y. (2022). Review on Cognitive Style in the Field of Entrepreneurship. Accounting and Corporate Management, 4(1), 62–74. https://doi.org/10.23977/acccm.2022.040109

Luo, Y., & Bai, Y. (2021). Business model innovation of technical start-ups in emerging markets. Journal of Industrial Integration and Management, 6(3), 319–332. https://doi.org/10.1142/S2424862221500202

Luong, H., Moshirian, F., Nguyen, L., et al. (2017). How Do Foreign Institutional Investors Enhance Firm Innovation? In Journal of Financial and Quantitative Analysis, 52(4), 1449–1490. https://doi.org/10.1017/s0022109017000497

Markides, C. (2006). Disruptive innovation: In need of better theory. Journal of Product Innovation Management, 23(1), 19–25. https://doi.org/10.1111/j.1540-5885.2005.00177.x

Massa, L., & Hacklin, F. (2020). Business Model Innovation in Incumbent Firms: Cognition and Visual Representation. Business Models and Cognition, 203–232. https://doi.org/10.1108/s2397-521020200000004010

Milei, P. (2022). The nature of business model innovation in start-up companies. International Journal of Entrepreneurial Venturing, 14(1), 1–15. https://doi.org/10.1504/IJEV.2022.122014

Millman, C., & Li, Z. (2017). Establishing a viable institutional environment for entrepreneurship in China: A case study of Zhejiang province. Strategic Change, 26(3), 237–242. https://doi.org/10.1002/jsc.2124

Minatogawa, V. L. F., Franco, M. M. V., Pinto, J. D. S., et al. (2018). Business model innovation influencing factors: an integrative literature review. Brazilian Journal of Operations & Production Management, 15(4), 610–617. https://doi.org/10.14488/bjopm.2018.v15.n4.a14

Montermann, A. L. (2019). Estimating the Relation of Big Data on Business Model Innovation: A qualitative research [Master’s thesis]. Universidade NOVA de Lisboa.

North, D. C. (1990). A transaction cost theory ofpolitics. Journal of Theoretical Politics, 2(4). https://doi.org/10.1177/0951692890002004001

Nunes, A. K. da S., Morioka, S. N., & Bolis, I. (2022). Challenges of business models for sustainability in startups. Rausp Management Journal, 57(4), 382–400. https://doi.org/10.1108/RAUSP-10-2021-0216

Öndas, V., & Akpinar, M. (2021). Understanding high-tech startup failures and their prevention. In: Proceedings of the Research in Entrepreneurship and Small Business Conference.

Peng, M. W. (1997). Firm growth in transitional economies: Three longitudinal cases from China, 1989-96. Organization Studies, 18(3), 385–413. https://doi.org/10.1177/017084069701800303

Qian, C., Cao, Q., & Takeuchi, R. (2012). Top Management Team Functional Diversity And Organizational Innovation In China: The Moderating Effects Of Environment. Frontiers in Psychology, 12, 1–16. https://doi.org/10.3389/fpsyg.2021.744237

Riding, R., & Agrell, T. (1997). The Effect of Cognitive Style and Cognitive Skills on School Subject Performance. Educational Studies, 23(2), 311–323. https://doi.org/10.1080/0305569970230213

Ritala, P., Huotari, P., Bocken, N., et al. (2018). Sustainable business model adoption among S&P 500 firms: A longitudinal content analysis study. Journal of Cleaner Production, 170, 216–226. https://doi.org/10.1016/j.jclepro.2017.09.159

Roessler, M., & Velamuri, V. K. (2015). Corporate Incubation as a Tool to Foster Business Model Innovation. In: Proceedings of the XXVI ISPIM Conference—Shaping the Frontiers of Innovation Management.

Roessler, M., Schneckenberg, D., & Velamuri, V. K. (2022). Situated Entrepreneurial Cognition in Corporate Incubators and Accelerators: The Business Model as a Boundary Object. IEEE Transactions on Engineering Management, 69(4), 1696–1711. https://doi.org/10.1109/tem.2019.2955505

Roth, A. (2016). This Is Why So Many Startups Aren’t Successful. Available online: https://fortune.com/2016/01/06/why-startups-arent-successful/ (accessed on 2 June 2023)

Sadler-Smith, E., & Badger, B. (1998). Cognitive style, learning and innovation. Technology Analysis and Strategic Management, 10(2), 247–266. https://doi.org/10.1080/09537329808524314

Saemundsson, R. J., & Candi, M. (2014). Antecedents of innovation strategies in new technology-based firms: Interactions between the environment and founder team composition. Journal of Product Innovation Management, 31(5), 939–955. https://doi.org/10.1111/jpim.12133

Santoso, S., Sutedjo, B., & Oetomo, D. (2018). Influence of Motivation and Self-Efficacy on Entrepreneurial Intention to Run a Business. Expert Journal of Marketing, 6(1), 14–21.

Sarkis-Onofre, R., Catalá-López, F., Aromataris, E., et al. (2021). How to properly use the PRISMA Statement. Systematic Reviews, 10(1), 13–15. https://doi.org/10.1186/s13643-021-01671-z

Schunk, D. H., & Pajares, F. (2009). Self-Efficacy Beliefs. International Encyclopedia of Education, 668–672. https://doi.org/10.1016/B978-0-08-044894-7.00620-5

Silva, D. S., Ghezzi, A., Aguiar, R. B. de, et al. (2020). Lean Startup, Agile Methodologies and Customer Development for business model innovation: A systematic review and research agenda. International Journal of Entrepreneurial Behaviour and Research, 26(4), 595–628. https://doi.org/10.1108/IJEBR-07-2019-0425

Silva, E., Beirão, G., & Torres, A. (2023). How Startups and Entrepreneurs Survived in Times of Pandemic Crisis: Implications and Challenges for Managing Uncertainty. Journal of Small Business Strategy, 33(1), 84–97. https://doi.org/10.53703/001c.72084

Snihur, Y., & Zott, C. (2020). The genesis and metamorphosis of novelty imprints: How business model innovation emerges in young ventures. Academy of Management Journal, 63(2), 554–583. https://doi.org/10.5465/amj.2017.0706

Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, 104(August), 333–339. https://doi.org/10.1016/j.jbusres.2019.07.039

Soluk, J., Miroshnychenko, I., Kammerlander, N., et al. (2021). Family Influence and Digital Business Model Innovation: The Enabling Role of Dynamic Capabilities. Entrepreneurship: Theory and Practice, 45(4), 867–905. https://doi.org/10.1177/1042258721998946

Steinhauser, S. (2019). Network-Based Business Models, the Institutional Environment, and the Diffusion of Digital Innovations: Case Studies of Telemedicine Networks in Germany. Schmalenbach Business Review, 71(3), 343–383. https://doi.org/10.1007/s41464-019-00076-9

Su, J., Zhang, S., & Ma, H. (2020). Entrepreneurial orientation, environmental characteristics, and business model innovation: a configurational approach. Innovation: Organization and Management, 22(4), 399–421. https://doi.org/10.1080/14479338.2019.1707088

Teece, D. J. (2006). Reflections on “Profiting from Innovation.” Research Policy, 35(8), 1131–1146. https://doi.org/10.1016/j.respol.2006.09.009

Tian, Q., Zhang, S., Yu, H., et al. (2019). Exploring the factors influencing business model innovation using grounded theory: The case of a Chinese high-end equipment manufacturer. Sustainability, 11(5), 1455. https://doi.org/10.3390/su11051455

Torraco, R. J. (2005). Writing Integrative Literature Reviews: Guidelines and Examples. Human Resource Development Review, 4(3), 356–367. https://doi.org/10.1177/1534484305278283

Tullett, A. D. (1997). Cognitive Style. European Psychologist, 2(3), 258–267. https://doi.org/10.1027/1016-9040.2.3.258

Valley, K., Kit, C. W., Nadzri, S., & Balakrisnin, S. R. (2022). Factors Influencing Online Purchasing Intention in. Asian Journal of Social Science Research (e-ISSN:, 4(1), 17–31. https://doi.org/10.5281/zenodo.8062394

Van Den Heuvel, C., Kao, P. J., & Matyas, M. (2020). Factors driving and hindering business model innovations for mobility sector start-ups. Research in Transportation Business and Management, 37, 100568. https://doi.org/10.1016/j.rtbm.2020.100568

Velu, C., & Jacob, A. (2014). Business model innovation and owner-managers : the moderating role of competition. R&D Management, 46(3), 451-463.

Velu, C., & Stiles, P. (2013). Managing decision-making and cannibalization for parallel business models. Long Range Planning, 46(6), 443–458. https://doi.org/10.1016/j.lrp.2013.08.003

Wang, H., & Kimble, C. (2016). How External Factors Influence Business Model Innovation: A Study of the Bosch Group and the Chinese Automotive Aftermarket. Global Business and Organizational Excellence, 35(6), 53–64. https://doi.org/10.1002/joe.21712

Wang, X., Sun, J., Tian, L., et al. (2021). Environmental dynamism and cooperative innovation: the moderating role of state ownership and institutional development. Journal of Technology Transfer, 46(5), 1344–1375. https://doi.org/10.1007/s10961-020-09822-5

Wang, X., Yu, X., & Meng, X. (2023). Entrepreneurial Bricolage and New Product Development Performance in New Ventures: The Contingent Effects of Founding Team Involvement. Entrepreneurship Research Journal, 13(4), 813–839. https://doi.org/10.1515/erj-2020-0485

Wang, Y., Sukpasjaroen, K., Moudsong, P., et al. (2022). The Effects of Entrepreneurial Learning and Entrepreneurial Bricolage on the Startup Performance of Small and Medium-Sized Platform Enterprises (SMPEs). International Journal of Operations and Quantitative Management, 28(2), 525–548. https://doi.org/10.46970/2022.28.2.7

Wang, Z., & Zhou, Y. (2021). Business model innovation, legitimacy and performance: social enterprises in China. Management Decision, 59(11), 2693–2712. https://doi.org/10.1108/MD-05-2019-0678

Watson, R. T., & Webster, J. (2020). Analysing the past to prepare for the future: Writing a literature review a roadmap for release 2.0. Journal of Decision Systems, 29(3), 129–147. https://doi.org/10.1080/12460125.2020.1798591

Webster, J., & Watson, R. T. (2002). Analyzing the Past to Prepare for the Future: Writing a Literature Review. MIS Quarterly, 26(2), xiii–xxiii. https://doi.org/10.1.1.104.6570

Wei, J., Chen, Y., Zhang, Y., et al. (2020). How Does Entrepreneurial Self-Efficacy Influence Innovation Behavior? Exploring the Mechanism of Job Satisfaction and Zhongyong Thinking. Frontiers in Psychology, 11, 1–15. https://doi.org/10.3389/fpsyg.2020.00708

Wu, S., Luo, Y., Zhang, H., et al. (2024). Entrepreneurial bricolage and entrepreneurial performance: The role of business model innovation and market orientation. Heliyon, 10(4), e26600. https://doi.org/10.1016/j.heliyon.2024.e26600

Wu, X., Zhao, Z., & Zhou, B. (2018). Legitimacy in Adaptive Business Model Innovation: An Investigation of Academic Ebook Platforms in China. Emerging Markets Finance and Trade, 55(4), 719–742. https://doi.org/10.1080/1540496X.2018.1429261

Wu, Y., Eesley, C. E., & Yang, D. (2016). Entrepreneurial Strategies During Institutional Changes: Evidence from China’s Economic Transition. Social Science Research Network, 1–46.

Xavier, R., & Pereira, R. (2023). Exploring the Drivers of Business Model Innovation: Insights from a Single-Case Study in Agribusiness. Proceedings of the European Conference on Innovation and Entrepreneurship, 18(2), 913–921. https://doi.org/10.34190/ecie.18.2.1437

Xu, S., He, J., Morrison, A. M., et al. (2023). The role of bricolage in countering resource constraints and uncertainty in start-up business model innovation. European Journal of Innovation Management. https://doi.org/10.1108/EJIM-11-2022-0632

Xu, S., Wu, X., He, J., et al. (2024). Turning entrepreneurial networks into business model innovation for start-ups. Management Decision, 62(4), 1395–1423. https://doi.org/10.1108/MD-04-2023-0558

Xue, L. L., Shen, C. C., Lin, C. N., et al. (2019). Factors affecting the business model innovation employed by small and micro travel agencies in the internet + era. Sustainability, 11(19). https://doi.org/10.3390/su11195322

Yakut, E. (2019). Social Cognitive Theory Perspective on Marketing Studies: A Literature Review (Turkish). Journal of Yaşar University, 14, 18–33. https://doi.org/10.19168/jyasar.631019

Yan, S., Hu, B., Liu, G., et al. (2020). Top management team boundary-spanning behaviour, bricolage, and business model innovation. Technology Analysis and Strategic Management, 32(5), 561–573. https://doi.org/10.1080/09537325.2019.1677885

Yang, C., Bossink, B., & Peverelli, P. (2023). The influence of government affiliations on firm product innovation in a dynamic institutional environment: insights from China. International Journal Of Emerging Markets. https://doi.org/10.1108/IJOEM-04-2021-0622

Yang, D., Wang, A. X., Zhou, K. Z., et al. (2019). Environmental Strategy, Institutional Force, and Innovation Capability: A Managerial Cognition Perspective. Journal of Business Ethics, 159(4), 1147–1161. https://doi.org/10.1007/s10551-018-3830-5

Yu, X., & Wang, X. (2021). The effects of entrepreneurial bricolage and alternative resources on new venture capabilities: Evidence from China. Journal of Business Research, 137, 527–537. https://doi.org/10.1016/j.jbusres.2021.08.063

Zeng, S., Qin, Y., & Zeng, G. (2019). Impact of corporate environmental responsibility on investment efficiency: The moderating roles of the institutional environment and consumer environmental awareness. Sustainability, 11(17), 1–21. https://doi.org/10.3390/su11174512

Zhang, D., Zheng, W., & Ning, L. (2018). Does innovation facilitate firm survival? Evidence from Chinese high-tech firms. Economic Modelling, 75, 458–468. https://doi.org/10.1016/j.econmod.2018.07.030

Zhang, D., Zhuge, L., & Freeman, R. B. (2020). Firm dynamics of hi-tech start-ups: Does innovation matter? China Economic Review, 59, 101370. https://doi.org/10.1016/j.chieco.2019.101370

Zhang, H., Sun, X., & Lyu, C. (2018). Exploratory orientation, business model innovation and new venture growth. Sustainability, 10(1), 1–15. https://doi.org/10.3390/su10010056

Zhang, K., Feng, L., Wang, J., et al. (2022). Start-Up’s Road to Disruptive Innovation in the Digital Era: The Interplay Between Dynamic Capabilities and Business Model Innovation. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.925277

Zhang, L., Yang, X., Zhu, S., et al. (2023). Business Model Innovation and Performance of Startups: The Moderating Role of External Legitimacy. Sustainability, 15(6), 5351. https://doi.org/10.3390/su15065351

Zhang, S. I. (2019). The business model of journalism start-ups in China. Available online: https://eprints.nottingham.ac.uk/55484/1/The%20Business%20Model%20of%20Journalism%20Startups%20in%20China_For%20Library.pdf (accessed on 2 June 2012).

Zhao, W., Yang, T., Hughes, K. D., et al. (2021). Entrepreneurial alertness and business model innovation: the role of entrepreneurial learning and risk perception. International Entrepreneurship and Management Journal, 17(2), 839–864. https://doi.org/10.1007/s11365-020-00637-2

Zhao, X., Peng, B., Zheng, C., et al. (2022). Business model innovation risk factors based on grounded theory: A multiple-case analysis of cold chain logistics companies in China. Managerial and Decision Economics, 43(6), 2108–2118. https://doi.org/10.1002/mde.3512

Zheng, J., Qiao, H., Zhu, X., et al. (2021). Knowledge-driven business model innovation through the introduction of equity investment: evidence from China’s primary market. Journal of Knowledge Management, 25(1), 251–268. https://doi.org/10.1108/JKM-02-2020-0158

Zhou, J., Liu, Y., Yang, P., et al. (2022). How to Realize Business Model Innovation for New Ventures? Psychological Capital and Social Capital Perspective. Frontiers in Psychology, 13, 1–14. https://doi.org/10.3389/fpsyg.2022.707282

Zhou, J., Yang, J., Sun, H., et al. (2021). The Influence of Entrepreneurial Cognition on Business Model Innovation: A Hybrid Method Based on Multiple Regressions and Machine Learning. Frontiers in Psychology, 12, 1–16. https://doi.org/10.3389/fpsyg.2021.744237

Zhou, M., & Brown, D. (2017). Educational Learning Theories. In: Instructional Design: International Perspectives I, 2nd ed. Routledge.

Zhou, Z., Zhou, Z., Pei, Z., et al. (2019). Research on Innovation and Entrepreneurship Education System under the New Business Background. In: Proceedings of the 2019 5th International Conference on Social Science and Higher Education. https://doi.org/10.2991/icsshe-19.2019.183

Zott, C., & Amit, R. (2010). Business model design: An activity system perspective. Long Range Planning, 43(2–3), 216–226. https://doi.org/10.1016/j.lrp.2009.07.004