Abstract: Under the background of digital economy, value network is an important external environment that affects the business model innovation of high-tech start-ups and its dynamic influence mechanism is one of the hot research topics at present. From the perspective of system management, based on business model iceberg theory and value network theory, and by use of the analysis framework of CET@I methodology, this paper constructs the system dynamics model of value network influencing business model innovation of high-tech start-ups, and uses the Vensim PLE software to conduct simulation and sensitivity analysis. The simulation results show that the institutional environment, structural characteristics and resource conditions of value network affect the business model innovation by influencing the value proposition, creation and realization. When the main parameters in the value network change, the influence mechanism and degree of effect on business model innovation are different. The research results further enrich the research category of business model iceberg theory and value network theory, having a significant guidance for high-tech start-ups to deepen the cognition of the role of value network and to promote the business model innovation.

Key words: value network, business model innovation, iceberg theory of business model, system dynamics, high-tech start-ups