Entrepreneurial Performance of New Ventures in the Sustainable Open Innovation Paradigm

The entrepreneurial performance of new ventures operating within the sustainable open innovation paradigm remains underexplored, particularly in terms of how specific sustainability-oriented practices translate into measurable performance outcomes. Prior research has largely examined sustainability, entrepreneurship, and open innovation in isolation, offering limited empirical evidence on their combined effects at the early venture stage. To address this gap, this study analyzes panel data from 407 new ventures incubated in science and technology parks, employing regression-based panel data analysis to examine the relationships between sustainable practices, open innovation engagement, and entrepreneurial performance. The findings suggest that new ventures widely adopt sustainable materials and energy as key strategies, which significantly influence entrepreneurial performance. In contrast, support from local communities does not have a statistically significant impact. Among the sociodemographic factors tested, only the number of years participating in open innovation networks shows a significant effect on entrepreneurial performance. Theoretically, this study advances sustainable open innovation literature by empirically integrating sustainability practices into entrepreneurship performance models. From a managerial perspective, the findings offer actionable insights for entrepreneurs and incubator managers, highlighting which sustainability strategies and network engagements are most likely to yield performance benefits in new ventures.