Parallel Pathways to Resonance: How Parallel Innovation Ventures Drive Innovation Dynamics and Market Emergence

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Abstract
This study examines how parallel innovation ventures (PIVs), ventures characterized by parallel innovation pathways, shared technological foundations, and adjacent yet non-substitutable market segments, innovate and develop in an early-stage, fragmented industry without direct competition, deep cooperation, or centralized orchestration. Drawing on a multiple-case study of seven assistive technology ventures, we conduct phenomenon-based research to develop a framework that explains how PIVs advance their own innovation efforts while collectively contributing to market emergence through: (1) independent capability deployment, (2) innovation resonance activation, and (3) differentiated business model enactment. In particular, we theorize innovation resonance as a relational reinforcement mechanism rooted in PIVs’ structural alignment, amplifying their innovation efforts and collective momentum while anchoring relational proximity. We further show that innovation resonance is activated through reciprocal PIV-engagement, which, as a foundational relational capability in the PIV context, also enables the deployment of other capabilities and shapes PIVs’ business models. Together, these insights offer a novel perspective on relational innovation dynamics in emerging industries, with useful implications for innovation, policy, and practice.

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