Technology convergence in the Internet of Things (IoT) startup ecosystem: A network analysis

The role of investors in the growth of startups has been continuously studied. Our paper complements this stream of research by adding a new role of the investor in the Internet of Things (IoT) field, as a channel of knowledge sharing among startups. The relationship between "Internet of Things" startups located in the US and its investors leads to technology convergence as a result of knowledge sharing from investors. Using network analysis and a co-occurrence method, we find that investors in the IoT field play an intermediate role connecting startups by forming an ideal topology for knowledge sharing among them in the IoT industry. IoT startups having investors and more connections to other startups show greater technology convergence. Based on the above findings, this study argues that technology convergence occurs in the venture network as a result of investors playing the role of a channel of knowledge flow.