Introduction
In today’s business landscape, technology drives firms toward continuous innovation and sustained growth. The proliferation of technology-based innovative enterprises has intensified competition in product markets. In such a dynamic environment, only those firms that adopt an appropriate strategy—balancing market positioning with ongoing innovation—achieve long-term success. A review of existing business strategy frameworks and strategic design schools reveals that none, in isolation, adequately addresses the unique strategic needs of innovators and technology-driven ventures. Indeed, contemporary business strategy appears to be a more complex and context-sensitive construct than what traditional strategic paradigms or expert prescriptions suggest. This underscores the necessity of identifying the key factors that shape effective business strategies for innovators. Although the growing number of innovative firms—particularly startups—might suggest a diminishing need for formal strategic planning, this view is misleading. Even as their numbers increase, these firms still require well-articulated business strategies to navigate growth trajectories and ensure sustainability. Thus, the need to identify contextually relevant business strategies for innovative enterprises remains strong (Fermihani Farahani et al., 2024; Farghani & Salehi, 2024). Currently, Iran hosts more than 7,000 knowledge-based companies, which collectively contribute approximately 60% to the national economy. These firms can achieve sustainable success only if they develop and implement sound commercial strategies that enable market entry and operational continuity. Consequently, it is both necessary and urgent to identify the factors that effectively shape business strategies for innovators in a manner aligned with their unique operational and competitive contexts. Over the past few decades, environmental disruptions, escalating complexity, and increasing dynamism have significantly shortened product life cycles and the useful lifespan of technologies. In this context, only firms that continuously innovate can ensure their survival. Moreover, innovative firms are not only growing in number but also account for a substantial share of new innovations introduced to the market—innovations that, in turn, demand strategic guidance for scaling and commercialization. If innovation is indeed a critical driver of competitive advantage, then failing to develop appropriate business strategies for innovators constitutes a fundamental oversight. Conventional strategic models—largely formulated during the second and third industrial revolutions, when circular economy principles, modern innovation ecosystems, and sustainability imperatives were not yet central to business discourse—are ill-suited to today’s entrepreneurial and technological realities. Addressing this gap is therefore a pressing theoretical and practical imperative. Given the evident lacuna in both academic literature and managerial practice regarding the determinants of business strategy for innovative firms, this study seeks to answer the following research questions: What is the conceptual framework of factors influencing the business strategy of innovative firms? What dimensions and components constitute this framework?
 
Materials and Methods
This study adopts an interpretive research philosophy, is applied in purpose, and employs a qualitative, inductive approach. In qualitative research, several methodological strategies are available—including case study, phenomenology, ethnography, and meta-synthesis (also referred to as thematic synthesis or systematic qualitative review). Given the research objective—to develop a comprehensive conceptual framework of factors influencing business strategy among innovative firms—the meta-synthesis approach was deemed the most appropriate methodological strategy. Participants were selected through purposeful sampling and comprised 15 key informants with strategic expertise in innovation and business development: four founders of innovative startups, four university professors specializing in strategy and entrepreneurship, three professional business strategists, and four senior executives from technology-driven innovative firms. Data were collected via semi-structured interviews, each lasting approximately 60 minutes on average. Theoretical saturation was achieved by the 15th interview, at which point no new themes or insights emerged, and further interviews were deemed unnecessary. Data analysis followed thematic analysis (Braun & Clarke, 2006), involving systematic coding and iterative refinement of emerging patterns. To ensure trustworthiness, we applied Krefting’s (1991) criteria for rigor in qualitative research, specifically:
Triangulation (methodological and data source),
Member checking (participant validation of interpretations), and
Audit trail (transparent documentation of analytical decisions).
Inter-coder reliability was assessed using a two-coder agreement procedure. Both the primary researcher and an independent co-coder independently coded the transcripts. Inter-coder agreement was calculated using the following formula:
Inter-coder agreement (%) = (2 × Number of agreements) / Total number of codes × 100
An agreement rate of 80% was achieved, which falls within the widely accepted threshold of 80–100% for qualitative reliability in social science research.
 
Findings
The end of the analysis process of themes and categories led to the extraction of 4 main categories, 65 themes and 118 primary codes. 4 dimensions of strategy, marketing, organization and environment are effective in the business strategy of innovators.
 
Discussion and conclusion
Innovators play a pivotal role in driving current economic activity, and supporting them to reach maturity—particularly by enabling sustainable revenue streams within a circular economy—requires focusing on the key factors that drive their business success. Findings highlight business strategy as the most critical dimension, consistent with Zangiyan (2021) and Kim (2016). Specifically, strategic agility, access to capital, and value creation emerged as core components—suggesting that innovators’ success hinges more on how flexibly they adapt their strategies than on rigid planning. Agile strategies streamline unnecessary processes and are especially effective in innovation-driven firms that co-create value with customers in real time. Marketing was identified as another vital dimension. Transforming novel technologies into impactful, user-friendly products or services requires deep alignment with customer needs and preferences—a finding echoed in Adelkhani & Kashani (2018). Thus, innovators must prioritize thorough market research before finalizing their strategies. On the organizational structure front, agility and structural integration are essential. Project-based teams outperform traditional bureaucratic, function-based hierarchies in fostering innovation—a conclusion supported by Keshavarz et al. (2021). Finally, participants emphasized market analysis as a key environmental factor, driven by the high volatility, short innovation life cycles, and growing competition in the tech sector. Effective use of modern market research tools to analyze target markets is not just advantageous—it’s critical for survival, aligning again with Keshavarz et al. (2021).