Technology ventures frequently employ not just one, but several revenue models in their business models. Yet, such revenue model diversification has not been subject of academic investigations so far. This study responds to the research question if and under which conditions revenue model diversification is a viable growth strategy for technology ventures. Specifically, this study maintains that the effect of revenue model diversification on venture growth is influenced by certain demand (i.e., demand heterogeneity) and supply-side factors (i.e., founder experience). The theory will be tested with a hand-collected survey and panel dataset as received from more than 150 Swiss and German ventures from the sectors of Fintech and Internet of Things, founded between 2014 and 2018.
