Contextual influences on new technology ventures: A study of domestic firms in Ghana

Abstract

This study examines the mechanisms and processes that explain the contextual influences on the development of new technology ventures. Based on interviews with technology entrepreneurs in Ghana, we developed a three-phase dynamic process model that demonstrates how institutional factors interact with firm-specific factors to influence entrepreneurial development. We identified constraints such as lack of access to financial credit, inadequate infrastructure, and human capital and resource constraints in Phase I, followed by formulating post-formation strategy in Phase II. Phase III focused on strategies for overcoming the constraints through innovations, leveraging new technologies and different financing models to outwit incumbents. The implications of the analysis for the sector and promising opportunities for future research are also outlined.