Critical success factors for successful technology innovation development in sustainable energy enterprises

Energy technology plays a crucial role in driving innovative and sustainable solutions in the evolving energy sector. This study addresses the fragmented understanding of the regulatory, economic, environmental, and social enablers essential for technological development in sustainable energy enterprises (SEEs). The study addresses the gap in the literature concerning how social, economic, technological, and environmental factors interrelate to influence technology innovation development. This research aims to identify and rank critical success factors (CSFs), analyze their interdependencies, and examine their driving power and dependence. Data were collected from eleven energy entrepreneurs, and the relationships among eight factors were evaluated via total interpretive structural modeling (TISM), and cross-impact matrix multiplication applied to classification (MICMAC) was employed to categorize autonomous, driving, dependent, and linkage factors. The results highlight market dynamics as the foundation factor for technological development, whereas long-term sustainability emerges as the most dependent factor. Risk management, resilience, partnerships, and collaboration are identified as key linkage factors that influence SEE innovation. While the small sample size is a limitation, the findings provide valuable insights for energy entrepreneurs, practitioners, and policymakers by identifying CSFs that support informed decision-making, resource allocation, and strategy development for effective technology development. The study recommends fostering partnerships, adopting cost-reduction approaches to enhance performance, and investing in continuous research and development to ensure technological feasibility, differentiation, and market adaptability. The theoretical contribution lies in bridging research gaps through empirical insights, integrating existing theories, and paving the way for future studies in the growing field of sustainable energy innovation.