Title: Cluster-based performance measurement system for emerging technology-based ventures

Authors: Artie W. Ng; W.M. Wang; Benny C.F. Cheung; Ricky Ma; Y.Y. Or

Addresses: School of Professional Education and Executive Development, College of Professional and Continuing Education, The Hong Kong Polytechnic University, Hong Kong ' Knowledge Management and Innovation Research Centre, Department of Industrial and Systems Engineering, The Hong Kong Polytechnic University, Hong Kong ' Knowledge Management and Innovation Research Centre, Department of Industrial and Systems Engineering, The Hong Kong Polytechnic University, Hong Kong ' Hong Kong Science and Technology Parks, Hong Kong ' Knowledge Management and Innovation Research Centre, Department of Industrial and Systems Engineering, The Hong Kong Polytechnic University, Hong Kong

Abstract: Performance assessment of technology-based ventures requires consideration of the nature of their businesses and the dynamics of their emerging industries. This paper explores the development of a cluster-based and quantitative measurement system for science and technology parks to evaluate the performance of technology-based ventures. The proposed method incorporates technique for order preference by similarity to ideal solution (TOPSIS) and weight allocation. It ranks the technology-based ventures in different technological clusters, based on a range of indicators pertinent to productivity, research and development (R&D) effort, R&D personnel percentage, time to market and financial performance. This method has been implemented through a trial study conducted within the Hong Kong Science and Technology Parks Corporation. The results indicate that R&D spending has a strong impact on a company's performance ranking. The performance of technology-based ventures should be measured with respect to their R&D investments and their pertinent efforts to commercialise products.

Keywords: technology clusters; performance measurement system; R&D; resource allocation; technology-based ventures.

DOI: 10.1504/IJEIM.2017.086939

International Journal of Entrepreneurship and Innovation Management, 2017 Vol.21 No.6, pp.485 - 508

Accepted: 04 May 2016
Published online: 03 Oct 2017 *

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