Top management support and business model impact on biotechnology venture performance: highlighting mediation of company culture and moderation of innovation

Abstract

The biotechnology industry is geared towards continuous innovation and a need to reinvent its processes due to emergent developments within the industry. However, the performance of the biotechnology ventures is seemingly dependent on the top management support and the company’s innovation culture. The present study investigated these factors within the context of Australia. A quantitative study was designed, and the variable associations were studied through structural equation modeling. The data against top management support, business model innovation, company culture, and biotechnology venture performance were collected from 250 employees from the biotechnology sector in Australia. The application of PLS-SEM showed that the performance of ventures is influenced by top management support. The findings also showed that company culture positively mediated the association between TMS and VP. The findings of the study hold theoretical, practical, and managerial implications. The managers and policymakers from the industry could use the study's findings to develop innovation-oriented and management-support-intensive policies to improve performance in the future.