IDEAS home Printed from https://ideas.repec.org/a/eee/tefoso/v208y2024ics0040162524004736.html
   My bibliography  Save this article

A blueprint for success? Exploring business models of additive manufacturing ventures

Author

Listed:
  • Stojkovski, Isabella
  • Jarchow, Svenja
  • Huber, Alexander
  • Thies, Ferdinand

Abstract

Additive Manufacturing (AM) was expected to be the next great technological revolution, yet the predicted market growth has fallen short by 40%. Using a proprietary, cross-sectional data set of 350 ventures in the AM field founded between 2000 and 2017, this study analyses AM companies from a business model perspective. Specifically, we explore which value delivery and value capture mechanisms are decisive for AM venture success, measured via their operational and ownership state. We reveal that targeting the B2B market and selling via partner networks significantly increases firm survival likelihood. Further, applying a recurring revenue model increases the likelihood of an IPO. Our main contributions are two-fold: first, our research complements the business model literature by evaluating value delivery and capture in the AM entrepreneurial space, revealing that customer segments, sales channels, and revenue models are key to venture success. Second, we provide business model design guidelines to entrepreneurs as well venture capitalists in the AM field.

Suggested Citation

  • Stojkovski, Isabella & Jarchow, Svenja & Huber, Alexander & Thies, Ferdinand, 2024. "A blueprint for success? Exploring business models of additive manufacturing ventures," Technological Forecasting and Social Change, Elsevier, vol. 208(C).
    • Handle: RePEc:eee:tefoso:v:208:y:2024:i:c:s0040162524004736
    DOI: 10.1016/j.techfore.2024.123675
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0040162524004736
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.techfore.2024.123675?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Bogers, Marcel & Hadar, Ronen & Bilberg, Arne, 2016. "Additive manufacturing for consumer-centric business models: Implications for supply chains in consumer goods manufacturing," Technological Forecasting and Social Change, Elsevier, vol. 102(C), pages 225-239.
    2. Ferdinand Thies & Alexander Huber & Carolin Bock & Alexander Benlian & Sascha Kraus, 2019. "Following the Crowd—Does Crowdfunding Affect Venture Capitalists’ Selection of Entrepreneurial Ventures?," Journal of Small Business Management, Taylor & Francis Journals, vol. 57(4), pages 1378-1398, October.
    3. Duchesneau, Donald A. & Gartner, William B., 1990. "A profile of new venture success and failure in an emerging industry," Journal of Business Venturing, Elsevier, vol. 5(5), pages 297-312, September.
    4. Marco Cantamessa & Valentina Gatteschi & Guido Perboli & Mariangela Rosano, 2018. "Startups’ Roads to Failure," Sustainability, MDPI, vol. 10(7), pages 1-19, July.
    5. Julien Gardan, 2016. "Additive manufacturing technologies: state of the art and trends," International Journal of Production Research, Taylor & Francis Journals, vol. 54(10), pages 3118-3132, May.
    6. Jiang, Ruth & Kleer, Robin & Piller, Frank T., 2017. "Predicting the future of additive manufacturing: A Delphi study on economic and societal implications of 3D printing for 2030," Technological Forecasting and Social Change, Elsevier, vol. 117(C), pages 84-97.
    7. Jarkko Tapani Pellikka & Pasi Malinen, 2014. "Business Models In The Commercialization Processes Of Innovation Among Small High-Technology Firms," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 11(02), pages 1-20.
    8. Michael Ewens & Matt Marx, 2018. "Founder Replacement and Startup Performance," The Review of Financial Studies, Society for Financial Studies, vol. 31(4), pages 1532-1565.
    9. Rémi Mencarelli & Arnaud Riviere, 2015. "Perceived value in B2B and B2C: A comparative approach and cross-fertilization," Post-Print halshs-01157807, HAL.
    10. Maresch, Daniela & Gartner, Johannes, 2020. "Make disruptive technological change happen - The case of additive manufacturing," Technological Forecasting and Social Change, Elsevier, vol. 155(C).
    11. John Stayton & Vincent Mangematin, 2016. "Startup time, innovation and organizational emergence: A study of USA-based international technology ventures," Journal of International Entrepreneurship, Springer, vol. 14(3), pages 373-409, September.
    12. Berman, Barry, 2012. "3-D printing: The new industrial revolution," Business Horizons, Elsevier, vol. 55(2), pages 155-162.
    13. Raphael Amit & Christoph Zott, 2001. "Value creation in E‐business," Strategic Management Journal, Wiley Blackwell, vol. 22(6‐7), pages 493-520, June.
    14. Oliver Alexy & Joern Block & Philipp Sandner & Anne Ter Wal, 2012. "Social capital of venture capitalists and start-up funding," Small Business Economics, Springer, vol. 39(4), pages 835-851, November.
    15. Jeffrey E. McGee & Michael J. Dowling & William L. Megginson, 1995. "Cooperative strategy and new venture performance: The role of business strategy and management experience," Strategic Management Journal, Wiley Blackwell, vol. 16(7), pages 565-580.
    16. West, Joel & Kuk, George, 2016. "The complementarity of openness: How MakerBot leveraged Thingiverse in 3D printing," Technological Forecasting and Social Change, Elsevier, vol. 102(C), pages 169-181.
    17. Lilien, Gary L., 2016. "The B2B Knowledge Gap," International Journal of Research in Marketing, Elsevier, vol. 33(3), pages 543-556.
    18. Thies, Ferdinand & Huber, Alexander & Kraus, Sascha & Bock, Carolin & Benlian, Alexander, 2019. "Following the crowd – Does crowdfunding affect venture capitalists’ selection of entrepreneurial ventures?," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 108756, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    19. Attaran, Mohsen, 2017. "The rise of 3-D printing: The advantages of additive manufacturing over traditional manufacturing," Business Horizons, Elsevier, vol. 60(5), pages 677-688.
    20. Ungerer, Christina & Reuther, Kevin & Baltes, Guido, 2021. "The lingering living dead phenomenon: Distorting venture survival studies?," Journal of Business Venturing Insights, Elsevier, vol. 16(C).
    21. Nizar Abdelkafi & Sergiy Makhotin & Thorsten Posselt, 2013. "Business Model Innovations For Electric Mobility — What Can Be Learned From Existing Business Model Patterns?," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 17(01), pages 1-41.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Marić, Josip & Opazo-Basáez, Marco & Vlačić, Božidar & Dabić, Marina, 2023. "Innovation management of three-dimensional printing (3DP) technology: Disclosing insights from existing literature and determining future research streams," Technological Forecasting and Social Change, Elsevier, vol. 193(C).
    2. Florinda Matos & Radu Godina & Celeste Jacinto & Helena Carvalho & Inês Ribeiro & Paulo Peças, 2019. "Additive Manufacturing: Exploring the Social Changes and Impacts," Sustainability, MDPI, vol. 11(14), pages 1-18, July.
    3. Jaya Priyadarshini & Rajesh Kr Singh & Ruchi Mishra & Surajit Bag, 2022. "Investigating the interaction of factors for implementing additive manufacturing to build an antifragile supply chain: TISM-MICMAC approach," Operations Management Research, Springer, vol. 15(1), pages 567-588, June.
    4. Naghshineh, Bardia & Ribeiro, André & Jacinto, Celeste & Carvalho, Helena, 2021. "Social impacts of additive manufacturing: A stakeholder-driven framework," Technological Forecasting and Social Change, Elsevier, vol. 164(C).
    5. Culot, Giovanna & Orzes, Guido & Sartor, Marco & Nassimbeni, Guido, 2020. "The future of manufacturing: A Delphi-based scenario analysis on Industry 4.0," Technological Forecasting and Social Change, Elsevier, vol. 157(C).
    6. Caviggioli, Federico & Ughetto, Elisa, 2019. "A bibliometric analysis of the research dealing with the impact of additive manufacturing on industry, business and society," International Journal of Production Economics, Elsevier, vol. 208(C), pages 254-268.
    7. Naghshineh, Bardia & Carvalho, Helena, 2022. "The implications of additive manufacturing technology adoption for supply chain resilience: A systematic search and review," International Journal of Production Economics, Elsevier, vol. 247(C).
    8. Kleer, Robin & Piller, Frank T., 2019. "Local manufacturing and structural shifts in competition: Market dynamics of additive manufacturing," International Journal of Production Economics, Elsevier, vol. 216(C), pages 23-34.
    9. Marco Savastano & Carlo Amendola & Francesco Bellini & Fabrizio D’Ascenzo, 2019. "Contextual Impacts on Industrial Processes Brought by the Digital Transformation of Manufacturing: A Systematic Review," Sustainability, MDPI, vol. 11(3), pages 1-38, February.
    10. Matthias M. Meyer & Andreas H. Glas & Michael Eßig, 2021. "Systematic review of sourcing and 3D printing: make-or-buy decisions in industrial buyer–supplier relationships," Management Review Quarterly, Springer, vol. 71(4), pages 723-752, October.
    11. Bonnín Roca, Jaime & Vaishnav, Parth & Morgan, Granger M. & Fuchs, Erica & Mendonça, Joana, 2021. "Technology Forgiveness: Why emerging technologies differ in their resilience to institutional instability," Technological Forecasting and Social Change, Elsevier, vol. 166(C).
    12. Mariani, Marcello & Borghi, Matteo, 2019. "Industry 4.0: A bibliometric review of its managerial intellectual structure and potential evolution in the service industries," Technological Forecasting and Social Change, Elsevier, vol. 149(C).
    13. Li, Wei & Sun, Hui & Tong, Meng & Mustafee, Navonil & Koh, Lenny, 2024. "Customizing customization in a 3D printing-enabled hybrid manufacturing supply chain," International Journal of Production Economics, Elsevier, vol. 268(C).
    14. Dustin Bauer & Sebastian Junge & Tobias Reif, 2024. "May the resources be with you: a systematic review and framework of startup funding options," Management Review Quarterly, Springer, vol. 74(3), pages 1365-1396, September.
    15. Nazanin Hosseini Arian & Alireza Pooya & Fariborz Rahimnia & Ali Sibevei, 2021. "Assessment the effect of rapid prototyping implementation on supply chain sustainability: a system dynamics approach," Operations Management Research, Springer, vol. 14(3), pages 467-493, December.
    16. Maresch, Daniela & Gartner, Johannes, 2020. "Make disruptive technological change happen - The case of additive manufacturing," Technological Forecasting and Social Change, Elsevier, vol. 155(C).
    17. Holzmann, Patrick & Breitenecker, Robert J. & Schwarz, Erich J. & Gregori, Patrick, 2020. "Business model design for novel technologies in nascent industries: An investigation of 3D printing service providers," Technological Forecasting and Social Change, Elsevier, vol. 159(C).
    18. Giacosa, Elisa & Crocco, Edoardo & Kubálek, Jan & Culasso, Francesca, 2024. "Additive manufacturing in international business: Bridging academic and practitioners' perspectives," Journal of International Management, Elsevier, vol. 30(3).
    19. Wang, Lili & Jiang, Shan & Zhang, Shiyun, 2020. "Mapping technological trajectories and exploring knowledge sources: A case study of 3D printing technologies," Technological Forecasting and Social Change, Elsevier, vol. 161(C).
    20. Rayna, Thierry & Striukova, Ludmila, 2021. "Assessing the effect of 3D printing technologies on entrepreneurship: An exploratory study," Technological Forecasting and Social Change, Elsevier, vol. 164(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:tefoso:v:208:y:2024:i:c:s0040162524004736. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.sciencedirect.com/science/journal/00401625 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.