Identifying and modeling the key success factors for knowledge-based firms

Based on science and technology, the economy of today's world is prosperous and competitive. In the meantime, knowledge-based firms emerged with large profits and high added value; the firms that are founded on utilizing knowledge-based ideas, creativity, and innovation. Therefore, at the global level, firms adopt various strategies to increase the effectiveness of scientific and technological activities, improve performance, and transfer their achievements to the industry and market. Knowledge-based firms are considered research organizations that, to fulfill their mission, should provide a suitable platform to facilitate the commercialization of their research findings in addition to developing new technologies. Reviewing the studies conducted on the growth of knowledge-based firms reveals most of them have focused on internal factors of growth, while limited ones focused on identifying the success factors along with growth. Thus, the current research is to identify the factors affecting the success of knowledge-based firms and explain their relationships to success. This research is focused on Iranian firms because of specific social, political, and economic conditions in Iran (such as economic sanctions, dependence on oil, prevailing anti-capitalist spirit, etc.) and their impact on the business environment and sales markets which are dependent on the government.

 THEORETICAL FRAMEWORK:

In today's changing world, knowledge and innovation are considered the most fundamental factors for progress in the industrial and economic fields. The economy of a country flourishes when it provides the necessary platform for innovation and presence in the world's competitive markets. Moving towards innovation and making changes in the composition of products and services is in the realm of activities of knowledge-based firms. Therefore, they play an important role in the effectiveness of production, the occurrence of knowledge in new products and services, the improvement of the level of economy and well-being, and the production of wealth and added value in society. In addition to creating a competitive environment, such firms have appropriate adaptation and flexibility in facing emerging changes and developments in the economy. This is more important for countries under sanctions that need to adopt policies to strengthen their economy. By examining the countries' development trends, on the other hand, it is obvious that paying attention to knowledge-based firms is from success factors to deal with issues such as employment, innovation capacity, and exporting new products. Based on the above, it is important to study the reasons for the growth of knowledge-based firms in Iran. The current research is accordingly to identify and classify the key factors affecting the growth and success of this kind of firm. It is necessary to develop specific criteria for growth and success in order for determining when a company is considered as developed.

Identifying and modeling the key success factors of knowledge-based firms requires providing a detailed understanding of the subject. The qualitative method is the most appropriate way to achieve this goal. Furthermore, conducting an interpretive structural model will be useful to conceptualize and relate the constructs. In this regard, the current research conducts a thematic analysis and then interpretive structural modeling to explain associations between qualitative variables. The target population of this research is knowledge-based firms reported by the Vice President of Science and Technology. In the first stage of this research, an in-depth semi-structured interview was conducted with 25 CEOs of knowledge-based firms. The sample members were selected by conducting theoretical and opportunistic sampling in a completely purposeful manner based on the research objectives.

After environmental factors, the importance of providing and allocating appropriate financial resources (in terms of amount and time of allocation) and appropriate (educated, experienced, skilled, creative, and innovative) workforce is greater than the others. It was found that individual and organizational factors have a two-way interaction and the company's strategy has the most impact on them. Finally, employing managers to achieve success, growth, and development of knowledge-based firms was determined to be the best implementation method among the five.

CONCLUSIONS & SUGGESTIONS:

Reviewing the literature along with the results of interviews showed five main themes called the key success factors of knowledge-based firms, including individual, organizational, and environmental factors, the firm's strategy, and supplying and allocating resources. Based on the findings of the current research, future researchers are recommended to evaluate the characteristics and components of various scales and populations using other modern research methods and to examine the other aspects of the research model.