加速器型創投的角色重塑與策略演化：以台灣 AppWorks 為例

Abstract

本研究旨在探討加速器型創投於新創環境中的角色重塑與策略演化。相較於傳統創投僅提供資金支持，加速器型創投逐漸轉變為兼具平台治理與資源協調功能的混合型組織。本文以具代表性的台灣加速器型創投為研究對象，透過個案研究法，分析其自創立以來在面對技術發展與區域整合趨勢下的組織調整與策略演進。研究發現，加速器型創投已不再僅扮演單一加速服務的提供者，而是透過制度設計、平台邏輯與網絡互動機制，引導新創資源的有效配置，並促進跨區域的創業活動連結。從動態能力與平台治理的理論觀點出發，本研究指出加速器型創投正逐步成為新創環境中的關鍵樞紐角色，不僅提供創業支持，更參與整體新創條件與支持體系的建構與調整。本研究有助於釐清此類新型創投組織在數位經濟環境中的功能轉變與策略定位，亦可作為相關政策與產業實務的重要參考。

This study investigates the role transformation and strategic evolution of accelerator-venture capital hybrids within emerging startup environments. Unlike traditional venture capital firms that focus solely on funding, accelerator-VC hybrids have evolved into hybrid organizations that integrate platform governance and resource coordination functions. Using a representative case from Taiwan, this research adopts a case study approach to examine how such organizations respond to technological shifts and regional integration through organizational restructuring and strategic reorientation. The findings suggest that accelerator-VC hybrids have moved beyond their original acceleration roles by actively shaping startup environments through institutional design, platform-based logic, and cross-regional coordination mechanisms. Drawing on the theoretical frameworks of dynamic capabilities and platform governance, the study argues that accelerator-VC hybrids are becoming key coordinating agents within entrepreneurial systems—contributing not only to startup support but also to the development and adjustment of broader startup infrastructures and conditions. This research offers theoretical insights into the changing nature of venture organizations in the digital economy and provides practical implications for policy-making and industry practices.