策略發展具有濃厚的複雜演化特性，複雜演化深受起始條件影響，然而過去的策略研究偏向策略演化後期的時間橫斷分析，很少針對演化初期的時間縱貫分析，此一研究缺口在理論上以及實證上都亟待補全。本文試圖了解新創事業在草創時期的策略演化對其創業表現的影響，實證工作採用文本基礎的認知圖分析法(Text-based Cognitive Map, TBCM) 針對Healtheon 以及Medscape 兩家個案公司1995-2001 年間的發展進行對比分析。先利用四本專書發展出電子商務經營模式元件架構作為對比個案的共通參考平台，再利用此平台搭配TBCM 法分析主要新聞資料庫的相關內容，確認兩家個案公司在這一段期間的策略軌跡。本研究發現兩家個案公司展現類似的主導邏輯，但是關鍵活動的優先順位不同影響了策略演化的結果；其次，佈建經營模式的活動深度也會影響演化結果；最後，關鍵時刻如IPO 之前的密集佈建有助於達成策略衝量。

It is widely recognized that initial conditions may shape subsequent complexity evolution. However, the effect of initial conditions of new ventures was quite scarcely known. This research aims to grasp the strategic scripts of new ventures during their early stage. To meet this challenge, a text-based cognitive map (TBCM) method was employed to analyze both Healtheon and Medscape (1995-2001) cases. The first TBCM
process came out with a 21-component-framework. The second TBCM process traced both cases' initial strategic scripts. This research observed that the priority setting of critical components might decide their configurations of business model although both cases employed similar ominant logic. Finally, ventureteam intensively configures business model before critical moments such as IPO could help attain a strategic
momentum.