80年代全球電腦資訊產業開始大幅起飛發展，台灣電腦產業外銷蓬勃成長，Comdex Fall主辦單位金沙集團所舉辦的展覽，皆為所有台灣電腦廠商競相參與！個案公司因而成為台灣展覽代理產業之首 但現在資訊爆炸、網路無國界的社會下，廠商辦展能力日趨獨立，展覽大會行銷管道增多且簡易，中間商角色漸漸薄弱！在雙方面夾擊下，展覽代理產業的生存就已日漸困難，加上台灣公協會的轉型，原本為展覽代理商合作伙伴的公協會，轉而成為競爭對手，讓展覽代理的困境雪上加霜。個案公司面臨到了轉型，開始思考如何能運用原本的核心能力與優勢，轉一時的機緣，成就百年盛時！

企業成長可能基於外部的機會或內部的資源能耐，需要有適當的配合條件才能成功。集團企業基於共通的能耐資源與經營邏輯，動態回應外部機會，若無法回應，需尋求外部資源或建構新的能耐，以延伸企業核心能耐來制定成長及新事業的投資策略，讓企業建立起持續成長的動力。企業藉由轉投資成立子公司帶來本業或新事業的發展機會，本研究以持有控制權的子公司為研究範疇，包含產銷型態之新事業、策略性投資的新事業及以財務獲利為目的的新事業，但排除控股型態的新事業。 另外，隨著公司股票上市，資本市場對企業有高成長動能的期望，因此，企業必須建立有效的新事業投資策略。本研究以國內製造業前一百大的技嘉科技企業集團為個案探討，針對其過去二十餘年的新事業發展歷程，進行深度的個案分析，期能對影響新事業投資策略的決策原因提出適當的解析與建議。 本研究發現，投資方向受到本業未來的成長空間、過去的經驗、環境變化等因素影響。科技產業以本業相關的投資為主，國際化多數的原因為尋找新市場及服務當地客戶，強調內部資源能耐的運用與建立，若結合原有的顧客關係，可降低新事業設立的風險。設立新事業有助於蒐集更多新產品與相關產業的機會、取得外部的資源能耐、強化與上下游的關係及呼應競爭對手的策略等。 本研究根據命題歸納，建議企業勿過度重視策略性價值而忽略對新事業獲利的要求，做好內部資源規劃，提早投入新領域研發的工作，自行培養人才，以利加速多角化進入新產品市場。強化對新科技能力的培養與通路及品牌的經營，改變產品服務的實用性、價值，貼近實際的社會與經濟需求。

創新事業是以價值創造為目的，有別於在既有產業環境下扮演「價值提供者」的角色，制度性創業者是基於「價值創造組織者」的思維，創意地塑造自身的角色定位，重構事業成員的價值活動或互動關係，以塑造新的價值創造系統。在以往的創業研究中，許多是圍繞著創業者本身的特質與外在環境的條件，探討導致創業行為或新資源組合出現的因素，較少被關注的研究取向則是描述創新事業的浮現過程，尤其是關於制度性創業者從如何激勵事業成員與影響外在環境，乃至於創造新的組織或利基的問題。本研究是以制度性創新事業作為研究對象，以探討浮現議題為核心的複雜科學觀點為理論基礎，旨在解釋在創新事業發展過程中，焦點廠商應考慮哪些關鍵因素，以發揮最大的成員吸引或網路連結效果，從而達到利基創造的目的。 研究結論指出：(1)遠離均衡狀態是促進制度性創新事業發展的外在條件：當情境條件符合遠離均衡狀態時，焦點廠商提出制度性創新事業與之呼應，事業成員將傾向於投入創新事業的發展，以舒解其所面臨的調適性張力；(2)吸子建構是啟動制度性創新事業發展的初始設計：吸子建構是焦點廠商提出制度性創新事業的構想，包括身份配適度與身份可信度兩方面，以吸引初期事業成員投入創新事業的發展；(3)自我組織是支撐制度性創新事業發展的內在動力：自我組織是當事業成員與焦點廠商達成網路連結，由於資源的承諾、資源的外溢或網路結構的改變，除了充實制度性創新事業的內涵之外，也直接或間接地強化創新事業的吸引力，以牽動潛在事業成員參與，並形成正向循環的發展；(4)宏觀浮現是制度性創新事業持續發展的結果：隨著網路連結循序地交互牽引，宏觀浮現象徵制度性創新事業的構想得到具體的實踐，進而融入整體環境的運作之中，創造相關事業族群發展的利基。

博士（商学） / viii, 123p / 一橋大学

隨著預防醫學的觀念興起，加上社會高齡化的現象，使得消費者越來越注重養生、保健，消費者更加追求年輕美麗，期望留住青春的腳步；在這股美容生技的熱潮帶動下，也促使生技化妝品市場的蓬勃發展，國內許多標榜生醫材料與奈米技術的生技公司紛紛加入化妝品產業的行列。化妝品製造業具有進入障礙低、研發投資成本低及附加價值高的特質，因此國內很多企業已開始創立自有品牌銷售生技化妝品，許多傳統企業也以生物科技為號召，多角化投入生技化妝品產業，例如台鹽綠迷雅 (Lu-Miel) 系列、台塑生醫芙堤 (FORTE)系列、台糖的膠原蛋白、台肥的魚鱗膠原胜肽等。這些傳統企業進入競爭激烈的化妝品領域，顯然必須具備特定的核心能力才能夠在國外知名品牌環伺的台灣化妝品市場中，仍佔有一席之地；因此，這些企業要如何運用組織內部的資源條件，持續創新，在動態的環境下建立特定的能力，是個值得探討的議題。 本研究採用Teece, Pisano & Shuen (1997) 提出的動態能力觀點作為理論基礎，來探討傳統企業多角化投入生技化妝品產業的歷程中，如何更新、建構新的能力以因應快速的環境變動。透過個案研究的方式，針對投入生技化妝品產業的傳統企業加以探討，期望能得到新的啟發，並提供實務界參考。 目前國內有關生技化妝品廠商的相關研究主要著重於行銷策略、經營策略、關鍵成功因素等方面之探討，尚無有關生技化妝品廠商在動態能力發展歷程的相關研究。本研究透過相關文獻的探討，包括多角化、動態能力等相關理論，以瞭解多角化進入新事業的動態歷程之相關文獻，並採取多重個案分析的個案研究法，藉由深度訪談及次級資料進行分析探討。本研究之發現如下： 1.傳統企業多角化投入生技化妝品產業的動機，主要為掌握市場新機會及充分利用企業剩餘資源。 2.傳統企業多角化投入生技化妝品產業時，因考量營運成本、風險以及新事業可共享母公司既有資源等因素，多角化進入方式以內部投資為主。 3.傳統企業多角化投入生技化妝品產業時，新事業在組織管理程序中的協調/整合方式與原企業一致，新事業於組織管理程序上若要改變母公司以往作法需要長時間慢慢改變。 4.傳統企業多角化投入生技化妝品產業時，新事業安排員工透過教育訓練的方式學習新事業所需之能力，且在人力建構上以沿用舊有員工為主。 5.傳統企業多角化投入生技化妝品產業時，原企業與新事業均能視外界環境變化，並配合公司經營策略，以隨時進行組織重整與轉型。 6.傳統企業多角化投入生技化妝品產業時，新事業傾向於有效運用原企業技術資產，以發展新產品。 7.傳統企業多角化投入生技化妝品產業時，新事業初期考量設備及成本限制，皆委託外界專業代工廠生產；之後隨著銷售量及產品品項的增加，則採取轉投資代工廠或自行設置自有製造廠的方式。 8.傳統企業多角化投入生技化妝品產業時，透過與外界合作有助於新事業技術資產、互補性資產的建立。 9.傳統企業多角化投入生技化妝品產業時，利用原企業聲譽及品牌形象有助於新事業的發展。 10.傳統企業多角化投入生技化妝品產業時，依循路徑相依的特質，與原企業的專屬資產位置及過去的經營策略均呈現關聯性。

觀察國內連鎖服務業近二十年來的發展，由於台灣生活水準的提高，服務業也更為精緻化、多元化，除了本土的連鎖服務業種類與品牌日亦增加，也有愈來愈多的跨國連鎖服務業透過合資、授權或在台設立分公司的方式進入台灣市場。以目前國內連鎖餐飲業的發展情況來看，已有不少跨國企業成功將餐飲文化與標準化餐飲管理技術帶入台灣，包括麥當勞與肯德基、T.G.I. Friday’s、摩斯漢堡、Afternoon Tea、Cold Stone，Burger King等，這些國外品牌成功的融合台灣在地文化在台灣市場穩定發展，並促使台灣餐飲業更注重消費者的感受與服務品質。 然而，國外企業要進入台灣市場必定會面臨一些環境差異的挑戰，因此許多國際品牌選擇以合資的方式和本地企業合作以順利擴張其品牌營運範圍。國內亦有不少企業集團以合資方式和名國際品牌合作發展新事業，一方面能學習到國外品牌企業之經營知識技術，並獲得品牌知名度的優勢；另一方面則可善用集團內部的資源。相較於自行發展品牌進入不熟悉的領域，此種做法能減少風險並增加效率。然而，由於合資的原故，新事業的發展必然也會受到國外企業的牽制與規範，從初期技術轉移、經營模式到未來的策略選擇方面，可能都會面臨一些困難與挑戰。 　　本研究以本地企業和國際品牌企業合資引進國外品牌，並建立新事業之過程做為主軸，以組織學習的觀點探究其新事業營運模式之建立過程。本研究主要獲得以下結論： 1. 台灣企業以國際合資方式引進國外品牌建之新事業，初期團隊的經營幹部大部分由台灣母公司指派，且組織扁平化。 2. 以合資方式引進國外品牌的新事業享有當地與海外母公司的雙重資源，在品牌理念方面深受外資企業的影響，但在經營管理方面則會融合兩方的特色。 3. 國際合資新事業的初期籌備著重於向品牌方學習相關的知識技術，是以模仿學習為主，之後則會從經驗中學習，配合環境做出調整。 4. 在新事業建立初期，若國外品牌方能夠提供教育訓練或提供人力於營運當地協助，將有助於合資新事業快速學習知識並建立營運模式。而長期經營則有賴良好的溝通機制使得雙方的知識交流能持續不斷。 5. 國際合資新事業由於引進品牌在當地經營，在不違背國外品牌企業的限制下，會做適度的在地化，也因產生創新。以相關多角化發展合資新事業的企業，由於集團內部的互補資源較多，將有助於合資新事業創新的產生。 / With the improving standard of living in Taiwan, the chain-store industry has become more delicate and more diverse. The number of local chain-store brands has increased, and more and more multinational chain services companies have entered Taiwan market with the forms of joint ventures, licensing or setting up branches. Many multinational companies have successfully brought the food cultures and the food management technology into Taiwan, such as McDonald's, Kentucky Fried Chicken, TGI Friday's, Mos Burger, Afternoon Tea, Cold Stone, Burger King, etc. These foreign brands have successful adapted the Taiwanese culture and have been developing stably in Taiwan. They also have inspired Taiwan's restaurants to pay more attention to the feelings of consumers and the service quality. However, due to the differences of market natures, foreign enterprises face some challenges as they enter the Taiwan market. For the reason, many international brands set up joint ventures with local enterprises to expand their business territory. Some domestic enterprises also develop their new businesses through international joint ventures. In this way, they not only can learn knowledge and skills from the foreign brands, but also can utilize their intra-group resources. By establishing international joint ventures reduce risk and increase efficiency, the domestic enterprises want to enter an unfamiliar area. New business development, however, will necessarily be restricted by the foreign enterprises, from the initial transfer of technology, operational strategy, and the future choice, and this development may face some difficulties and challenges. The study focuses on the process of the domestic enterprises when they build new business with international joint ventures. The main literature in this study includes international new business venture, organizational learning, and creative value. There are several conclusions from the study: 1. The organization of the initial team of the Taiwanese enterprises which builds the brand new business through international joint venture is flat. Most of the management cadres of the initial team come from the Taiwan’s parent company.   2. The new business which introduces foreign brand with international joint ventures enjoys the dual resources, the brand concept will influence deeply by foreign company, but the management will be integrated in the operating characteristics of the two sides. 3. International new business venture learn knowledge from the brand company at early stage, focusing on learning from imitation, but later would learn from experience, and adapt to the environment. 4. If the foreign brands are able to provide education, training or providing manpower to assistant in Taiwan, the new business venture will learn quickly and easy to establish the business model. The long-term business relies on good communication mechanism to allow the exchange of knowledge of both sides continuously. 5. International joint venture will localize, but not violate the constraints of foreign brands, so it produces innovation. The companies which develop joint new business ventures with related diversification are easy to produce innovation because there are more complementary resources in the companies.

台灣與歷史建築相關的討論開始於古蹟的專業保存，由1978年因都市計畫拓寬拆除的「林安泰古厝保存事件」以及官方1981年《文化資產保存法》的制訂與頒佈，至此傳統建築的保存有了上制度的支持。 1982~1994年之間對於古蹟的態度處於上對下的保存與修護時期；主導者為政府，採取凍結式的修護管制方法。此時，公有產權下的古蹟大多以延續原有使用方式或以展示為主，這些使用模式都是〝再利用〞發展的前端，另一方面關於私有產權下的古蹟，則囿於民眾對於古蹟保存觀念不了解並無太大發展。 1994年之後，學界對於古蹟（歷史建築）保存理論的研究逐漸開始發酵，加上許多醞釀已久的保存團體發起了老街保存推動事件；這些除了顯示出民間單位越發增加的保存共識外，亦可發現民間對於歷史建築的觀念由以往政府倡導的凍結式轉向多元再利用。 本研究主要在於探討「歷史建築再利用」之創新商業模式，利用Gary Hamel於啟動革命一書中所提出的四大要素作為分析項目，得到的發現如下：1.歷史建築再利用之創新事業模式中，「經營者」與歷史建築本身之『策略性資產』關連性強者，可讓事業本體的『核心策略』有效運用其『策略性資源』。2.歷史建築再利用之『價值網絡』若有效發揮，則為有助於本身『策略性資源』累積。3.歷史建築再利用與原建築用途二者之鍊結度強者，可較有效使用其『策略性資源』。4. 歷史建築再利用在事業模式中的『策略性資源』項目，並非如傳統認為的僅有〝建築〞部分，另外有著許多〝軟性意涵〞的項目；例如她本身所具有的歷史意義、地理意義、人文思維…等等。而這些唯有透過其『價值網絡』與『顧客介面』才可充分發揮。5. 以〝再利用〞為目標之歷史建築其重點在於〝與人的互動〞，否則將淪為單純的古建築保存。

科技的變遷常因新產品或新服務的出現，創造出全新的商業機會及市場，因此容易吸引創業家的加入。此階段通常代表產業位於萌芽期或新興期，是新事業較有機會成功的時期。不過，因預期市場的成長性高，相對來說競爭的對象也非常多。新事業必須發展出獨特的競爭優勢，才能在這樣的環境中存活下來。 　　競爭優勢源自企業的核心能耐，為組織日積月累的成果。視企業的性質而定，核心能耐可自企業的核心資源或智慧資本中發掘而出。目前國內研究與核心能耐相關的文獻，多集中在從現有企業的核心資源中辨識出特定產業的核心能耐；較少有文獻探討核心能耐的形成過程，及其是否受創業時期的管理工作所影響。 　　因此，為探討新事業的創業管理與其核心能耐間的關聯性，本研究希望藉由研究結果回答三點研究問題：(1) 創業家在創業階段應注意哪些管理上的事項？(2) 新事業的核心能耐如何發展而得？(3) 創業家的創業管理決策是否影響新事業核心能耐的形成？ 　　本研究以一家IC設計公司–群聯電子，作為研究訪談的個案，從收集到的次級資料及個案訪談的資料中，先試著整理出個案在創業階段的管理歷程，之後再調查個案在新事業各成長階段的智慧資本累積狀況並從中辨識出個案的核心能耐，最後則分析個案在創業階段的管理決策與其核心能耐形成過程的脈絡。從個案研究的結果得到初步的結論如下： 1.創業家需以階段性的方式思考新事業在各個階段的目標及所需的資源，並針對各階段的需求調整作法。 2.新事業的各種智慧資本會互相影響彼此的累積，創業家需注意智慧資本的平衡發展才能建構出最佳的競爭優勢。 3.創業家在創業階段的管理決策會影響新事業智慧資本的發展，進而影響累積出的核心能耐。 / Technological changes often generate new products or services, and create new business opportunities and markets that attract entrepreneurs. This phenomenon tends to occur at the budding or emerging stage of an industry, where new ventures have a better chance to survive. Since the market has potential high growth, one can expect there would be many contestants competing in it. New ventures must develop a sustaining competitive advantage to succeed in such a perilous environment. For a company, its competitive advantages normally come from its core competences, which were accumulated over time. Depending on the nature of the company, its core competence could be developed from its core resources or intellectual capitals. Studies on core competence conducted by local researchers mostly focused on identifying the core competence of a particular industry, based on the existing core resources of well-established companies. So far, no study had been found that explored the relevance of a company’s core competence formation and its management processes during the start-up stage. In order to understand if the managerial decisions undertaken during start-up stage have any effect on a company’s core competence accumulated, we’d like to use our research results to answer the following 3 questions: (1) What are the key management guidelines an entrepreneur should pay attentions to during the start-up stage of a new venture? (2) How are the core competences developed by a new venture? (3) If the decisions made by an entrepreneur during the start-up stage have any effect on the core competences a new venture develops? In this study, we chose an IC design house – Phison Electronics, as our study case. From the case interview and secondary data collected, we tried to reproduce the management processes in Phison’s start-up stage; then identified the core competences accumulated from the intellectual capitals in each growth stage; finally, by inspecting the results summarized above, we would determine if the core competences of Phison could be traced back to its managerial decisions made at start-up stage. Our preliminary conclusions are as follows: 1.The entrepreneurs need to think stage-wise of their new ventures, and define the corporate goals and resources required for each stage of growth, then make adjustments accordingly. 2.Different aspects of a new venture’s intellectual capitals would influence each other’s developments. Entrepreneurs need to maintain a balanced intellectual capital composition within the company to facilitate the formation of the new venture’s competitive advantage. 3.The management decisions entrepreneurs made in start-up stage would affect the development of intellectual capitals in later stages, thereby affecting the accumulation of core competences.

當企業面臨內部的規模與範疇擴張及外部的市場需求轉變時，在本業中的成長機會將日漸減少。因此，如何透過開創新事業來回應這些挑戰，往往是企業成長的重要課題。在推動新事業的過程中，如何調整組織架構，並從中萃取出深層的動態能力，以因應後續一波波的環境考驗、持續運用於下一個新事業，更是企業存亡的關鍵。然而，新事業的外部力量、內部變革、及動態能力形成的連結並未被過往研究有效建立。有鑑於此，本研究以明基材料為主軸，探討企業如何在引入外部合作下建構動態能力，並持續演進以因應外部挑戰。 明基材料由光碟事業起家，回應明基友達集團的面板原料需求，而發展偏光片事業。建立起深厚的技術與人才布局後，明基材歷經了偏光片的跌價趨勢及材質瓶頸，進而在金融海嘯後投入成長穩定的生醫產業。在生醫事業中所建構的堅實品牌與通路，更成為明基材後續投入隱形眼鏡事業的動能與後盾、進軍全球市場。本研究依光碟、偏光片、生醫、及隱形眼鏡四大階段作為產業及事業探討的架構，以解構出中每個新事業發展事件背後蘊藏的動態能力基礎。 本研究發現：在導入外部合作模式的情形下，動態能力的養成更能突破內部創新的限制及盲點。在引入垂直或水平的外部力量後，更須將力量挹注到組織內部，在結構、技術、任務、或人員等構面產生變革，方能進一步產生市場預測、技術製程、人才匯流、通路後勤、品牌行銷、及技術互補能力等六大動態能力。在早期的光碟及偏光片事業中，明基材倚重集團的垂直支援，養成了技術製程、技術互補、與人才能力，強調內部定位並掌握動、靜態程序，具有高度路徑相依性。於近期的生醫及隱形眼鏡事業中，明基材則更重視異業水平合作，更完整了品牌行銷、通路後勤、與市場預測能力，著重外部定位並協調動、靜態程序，更彈性掌握技術機會。透過動態能力在定位、程序、及路徑的持續演進，企業方能一次次化解產業危機，在新事業中穩健發展、開創新局。 / When confronted with internal expansion of scale and scope as well as external alteration of market demands, enterprises are bound to face fewer and fewer opportunities of growth in their original businesses. Hence, how to cultivate new businesses in reply to these challenges is usually a crucial issue for enterprise growth. In the process of new business development, the survival of the enterprise lies in the way of modulating organizational framework and extracting profound, dynamic capabilities therein to tackle subsequent environmental trials as well as to exert them on the next new business. Nonetheless, the connection among external strengths, internal organizational transformations, and the formulation of dynamic capabilities wasn’t effectively established in prior research. Accordingly, this study is rooted upon the case study of BenQ Materials Corp. in the aim of looking into how enterprises incorporate external collaborations to construct their dynamic capabilities, which can constantly evolve to cater to external challenges. BenQ Materials was initiated as a disc manufacturer, while differentiating into the polarizer business in response to the demand for panels of the BenQ Group. While establishing solid technical and personnel allocations, BenQ Materials underwent the price-declining trend and bottlenecks in textures, which make it in turn resort to the steadily growing biomedical industry after the financial tsunami. The robust channels and brands built in the biomedical business not only served as the backing and momentum, but further steering BenQ Materials into the contact lens industry and global markets. This thesis classifies both the industry and business analysis into four categories: discs, polarizers, biomedicine, and contact lens, which helps dissect every new business incident, excavate the foundation of dynamic capabilities behind. Throughout the research, this study reveals that under the introduction of external collaborations, the formulation of dynamic capabilities can further break though the blind spots and limits from internal innovations. After importing vertical or horizontal external forces, enterprises should then translate the external forces into internal organization changes in the aspects of the structure, techniques, tasks, and personnel, giving rise to the six dynamic capabilities: market predicting, technique procedural, talent streaming, channel logistical, brand marketing, and technique complementary capability. In the disc and polarizer business, BenQ Materials depended heavily on the vertical support from the BenQ Group and generated the technique procedural, technique complementary, and talent streaming capability, laying emphasis on internal positioning, dynamic and static processes, and high-level path dependency. While in biomedical and contact lens business, BenQ Materials further treasured inter-industry horizontal cooperation, from which the brand marketing, channel logistical, and more comprehensive market predicting capability were nurtured, valuing external positioning, dynamic and static processes coordinating, and elastic technological opportunity managing. The consecutive evolution of dynamic capabilities on positions, processes, and paths not only facilitates enterprises to get through industry crises time after time, but fuels new businesses’ sturdy growth and innovation.

本研究是針對原產業成長期創業差異化階段的探索性研究。原產業成長期創業可定義為：創業者或團隊離開原來的事業後，在原產業的成長期，獨立創立了一個新事業。例如，華碩、雅姿舞蹈社（亞力山大的前身）都屬於原產業成長期創業。 由於創業開始後，新事業要做出產品，然後才能產生後續績效，因此依照時間軸可以將創業理論分解為：初始因素→新產品→創業績效。現有創業理論對原產業成長期創業現象並沒有提供完整的解答，但已得出的部份結果可以引導我們對此現象進一步聚焦。第一，新事業策略層次的研究已發現，新事業產品的差異性和稀少性顯著影響新事業績效。由於上述因果關係的後段已解決，因此指導我們探索前段的問題：什麼初始因素產生差異性產品？即應該聚焦到產品差異化階段研究。第二，過去創業者層次的研究已發現，以相同產業「工作年數」代替的「產業特殊經驗」顯著影響創業績效的高低。因為經驗是實務的知識，因此這類研究結果顯示知識是一項初始因素，值得進一步研究創業者的初始知識。第三，奧地利經濟學者和一些創業學者指出，創業機會是影響創業成敗的一項初始因素，但迄今沒有學者清楚地描述出創業機會的樣子和它對績效的影響。這些文獻顯示應進一步探索初始創業機會和它對產品差異化的影響。文獻已顯示創業者知識和創業機會是解釋產品差異化的初始因素，但二者下層的因素仍未充分揭露出來。由於過去的創業研究沒有聚焦在差異化階段，仍存在許多未解開的問題，因此本研究聚焦在原產業成長期創業的主要產品差異化階段進行研究。 對於本研究聚焦的現象，本研究問題為：在原產業成長期創業的差異化階段，哪些知識和機會構念下層的因素透過差異化過程產生產品屬性與競爭優勢？本研究的目的為：經由對此現象進行深入的探索，揭露出影響產品差異化的知識與機會的深層原因，建立整合知識與機會解釋產品差異化及利潤的理論。 本研究採用Eisenhardt(1989)描述的探索性個案研究方法，從個案研究建立理論。本研究針對原產業成長期創業現象，聚焦在主要產品差異化過程。總分析單位是在主要產品線層次。本研究接觸到3家原產業成長期創業廠商，取得了3個成功個案和1個失敗個案資料。資料收集包含訪問二位以上創業團隊成員、競爭廠商中的管理者和收集產業次級資料。 本研究經由分析四個個案的主要產品線資料，得出以下命題與發現。 命題一：產品有價值的差異程度愈大、產品稀少程度愈大、產品需求強度愈大，則產品競爭優勢程度愈大。 命題Ⅱ：若創業者的產業內通用知識強度小，則有產品競爭劣勢。 本研究發現，原產業成長期的創業機會為產業環境中存在的一種情境結構，本研究定義並命名為「創業機會結構」，它由以下項目構成：(1) 存在上游差異性新要素；(2) 存在下游市場需求；(3) 存在有利的競爭情勢，包含(a)既有競爭廠商數量小，(b)既有競爭廠商利用程度小，(c)潛在競爭廠商延遲行動；(4)存在功能互補廠商。 創業者知識與創業機會對於產品差異化的影響關係如下： 命題二：在創業者的產業內通用知識強度大的條件下，若創業者有異質的知識，或產業環境中存在創業機會，或二者都存在，則新事業可推出差異性與稀少性的產品。 命題二A：在創業者的產業內通用知識強度大的條件下，若創業者僅有產業內通用知識，且產業環境中存在創業機會，則新事業可推出差異性與稀少性的產品。 命題二B：在創業者的產業內通用知識強度大的條件下，若創業者僅有產業內通用知識，且產業環境中不存在創業機會，則新事業不能推出差異性與稀少性的產品。 命題二C：在創業者的產業內通用知識強度大的條件下，若創業者有異質知識，且產業環境中存在創業機會，則新事業可推出差異性與稀少性產品。 命題二D：在創業者的產業內通用知識強度大的條件下，若創業者有異質知識，且產業環境中不存在創業機會，則新事業可推出差異性與稀少性產品。 創業者異質知識屬性對產品屬性的影響關係如下： 命題三A：異質知識有價值的差異程度愈大，則產品有價值的差異程度愈大。 命題三B：異質知識稀少程度愈大，則產品稀少程度愈大。 命題三C：異質知識難以模仿程度，正向調節產品競爭優勢程度與產品利潤間的正向關係。 命題三：創業者知識的有利程度愈大，則產品利潤愈大。 創業機會結構中各項目的屬性程度對產品屬性的影響關係如下： 命題四A：要素有價值的差異程度愈大，則產品有價值的差異程度愈大。 命題四B：整體市場需求強度愈大，則產品需求強度愈大。 命題四Ca：既有競爭者的數量愈小，則產品稀少程度愈大。 命題四Cb：既有競爭者資源利用程度負向調節，整體市場需求強度與產品需求強度的正向關係。 命題四Cc：潛在競爭者行動延遲程度，正向調節產品競爭優勢程度與產品利潤的正向關係。 命題四：創業機會結構的有利程度愈大，則產品利潤愈大。 本研究對創業理論的貢獻包含以下幾方面。主要貢獻包含：第一，建立了整合理論。本研究在原產業成長期創業情境對交集現象，建立了以創業者知識、創業機會解釋產品差異化與利潤的整合理論。本研究針對創業最核心的差異化階段，建立了整合理論，使創業理論有了核心。第二，發現了創業機會結構。本研究經由探索發現了創業機會結構，描述出了創業機會的樣子，並分析清楚了構成它的項目對差異化相關的產品屬性和競爭優勢的影響。第三，橋接了創業與策略，引導二個領域的學者對話。本研究運用策略理論觀引導分析資料與建立理論的過程，因此本研究橋接了創業與策略，引導二個領域的學者對話。次要貢獻包含：第一，釐清了產品層次的構念和構面。第二，本研究以資源基礎觀引導，釐清了創業者知識下層的概念，並分析清楚了它們對產品屬性和競爭優勢的影響。 本研究建立的理論有實務含義，可以使產業成長期的潛在創業者（既有企業管理者）的策略思考更有效，因此對企業實務界人士有價值。概括而言，本研究對實務人士的啟示如下：(1)創業者擁有夠強的產業內經營知識是能夠創業成功的基本條件；(2)在產業內通用知識強的條件下，若創業者有異質知識或外部存在創業機會能使差異化成功，因此值得投入創業；若創業沒有異質知識及外部不存在創業機會，則創業者不應投入創業(3)本研究提出的創業機會結構，可以協助潛在創業者在創業決策階段辯認是否存在創業機會，避免創業時沒有機會或利用的不是創業機會。 / Starting new businesses in the growth stage of an industry is a special type of entrepreneurship as identified in this study. The same industry-growth stage entrepreneurship is defined as the following: after an entrepreneur (or entrepreneurial team) leaves a prior business, he/she then founds a new venture in the same industry which his prior work is in and is in the growth stage. The cases of ASUS(?) and Alexander are examples. The life of a start-up, as depicted by entrepreneurial studies, can be decomposed as: initial factors→product→performance. Current entrepreneurship studies have offered some answers to this phenomenon. First, studies have shown that a product’s extent of differentiation and rarity can predict performance. These findings prompt us to explore the question of which initial factors producing differentiated products (i.e., focusing on the product differentiation stage). Second, previous studies have found that an entrepreneur’s industry experience or industry-specific experience (using the years of work as a proxy) significantly affects performance. Because experience is a kind of knowledge, these results point out that knowledge can be regarded as an initial factor and thus it highlights the importance of exploring an entrepreneur’s knowledge. Third, Austrian economists point out that entrepreneurial opportunity is an initial factor and it influences entrepreneurial success. Up to now no studies illustrates the shape of entrepreneurial opportunities and explain how it influences entrepreneurial performance. Thus further exploration of entrepreneurial opportunities and how they affect product differentiation is needed. Although we already known an entrepreneur’s knowledge and entrepreneurial opportunity are major initial factors, we have no knowledge of lower level factors. Because the researches have not focused on the product differentiation stage, this research will concentrate on the product differentiation stage. The research question of the study is: in the differentiation stage of the same industry-growth stage start-ups, what lower level factors of knowledge and opportunity produce product competitive advantages? The objective of the research is: by identifying the lower factors, entrepreneurs’ knowledge and opportunities can be integrated into theories of entrepreneurship to explain product differentiation and profits. This research adopted the exploring theory building case study proposed by Eisenhardt (1989). The level of analysis was the main product line of a start-up. The data of three firms, in the form of 3 successful cases and 1 failed case, were collected. In addition to secondary data, at least two executives, either were founding team members or high-level managers, were interviewed for gathering the primary data. Through data analysis enable us to offer the following propositions: Proposition 1: The higher the levels of the value of product differentiation, product rarity and product demand intensity, the higher the product competitive advantage. Proposition Ⅱ: The lower the level of an entrepreneur’s industry-specific knowledge, the lower the product competitive advantage. We discovered that entrepreneurial opportunity is a specific situational structure in an industry. We termed it ‘entrepreneurial opportunity structure’. It is composed of four items: (1) the existence of upstream differentiated and new factors; (2) the existence of downstream market demands; (3) the existence of favorable competitive situation, including few competitors, less extent of action by competitors, late actions by competitors and more availability of complementary firms. Relationships among entrepreneurs’ knowledge, entrepreneurial opportunity, and product differentiation are indicated below. Proposition 2: When an entrepreneur has a high level of industry-specific knowledge, higher level of heterogeneous knowledge or the existence of an entrepreneurial opportunity (or both) makes it possible to launch a differentiated and rare product. Proposition 2A: When an entrepreneur has a high level of industry-specific knowledge, industry-specific knowledge, coupled with the existence of an entrepreneurial opportunity, makes it possible to launch a differentiated and rare product. Proposition 2B: When an entrepreneur has a high level of industry-specific knowledge, industry-specific knowledge, coupled with the non-existence of an entrepreneurial opportunity, makes it impossible to launch a differentiated and rare product. Proposition 2C: When an entrepreneur has a high level of industry-specific knowledge, higher level of heterogeneous knowledge and the existence of an entrepreneurial opportunity makes it possible to launch a differentiated and rare product. Proposition 2D: When an entrepreneur has a high level of industry-specific knowledge, higher level of heterogeneous knowledge and the non-existence of an entrepreneurial opportunity makes it possible to launch a differentiated and rare product. The relationship between heterogeneous knowledge and product attributes are listed below: Proposition 3A: The higher the value of heterogeneous knowledge, the higher the valuable difference of a product. Proposition 3B: The higher the rarity of heterogeneous knowledge, the higher the rarity of a product. Proposition 3C: The level of difficulty of imitation of heterogeneous knowledge moderates the positive relationship between product competitive advantage and product profit. Proposition 3: The higher the usefulness of an entrepreneur’s knowledge, the higher the product profit. The relationships between attributes of entrepreneurial opportunity structure and product attributes are listed below: Proposition 4A: The higher the valuable difference of a factor, the higher the valuable difference of a product. Proposition 4B: The higher the market demand intensity, the higher the product demand intensity. Proposition 4Ca: The less the number of competitors, the higher the rarity of a product. Proposition 4Cb: The degree of exploitation of resource by competitors negatively moderates the positive relationship between the market demand intensity and product demand intensity. Proposition 4Cc: The extent of delayed actions by competitors positively moderates the positive relationship between product competitive advantage and product profit. Proposition 4: The higher the potential of profitability of entrepreneurial opportunity structure, the higher the product profit. The major contributions of the research to entrepreneurship theories include the following: First, we built a integrated theory including entrepreneurs’ knowledge and entrepreneurial opportunities to explain product differentiation and profit. Because differentiation is the core to entrepreneurship, our integrated theory emphasizes the core of the theory. Second, this research identified entrepreneurial opportunity structure, and illustrated that entrepreneurial opportunity structure influences product attributes and competitive advantage. Entrepreneurial opportunity structure reflects the shape of entrepreneurial opportunity. Third, this research bridged entrepreneurship and strategy strategies, making the conversion between the two streams of research possible. Fourth, we clarified the construct and dimensions of product in start-ups. Lastly, we clarified the sub-constructs under entrepreneurs’ knowledge and their impact on product attributes and competitive advantage. The findings of the research have practical implications. It can make strategic thinking of potential entrepreneurs in the same industry-growth stage more effective. The implications are: (1) It is a necessary condition that an entrepreneur has enough industry-specific knowledge to be successful; (2) When an entrepreneur has a high level of industry-specific knowledge, if entrepreneur have heterogeneous knowledge or there is an entrepreneurial opportunity in industry environment, then differentiation can success, thus he worth to take entrepreneurial action. If entrepreneur have not heterogeneous knowledge and there is not an entrepreneurial opportunity, then he should not take entrepreneurial action; (3) Discovered entrepreneurial opportunity structure can help potential entrepreneur identify entrepreneurial opportunity in entrepreneurial decision stage, and avoid exploiting a non-entrepreneurial opportunity.