Abstract: In the context of the rapid development of digital economy, digital entrepreneurship has become a key way for enterprises to create value by using digital dividends. Accordingly the theory of digital entrepreneurship needs improvement to catch up. On the basis of literature review, this paper proposes the theoretical research framework of “MOA-Digital Entrepreneurship Network Building-Innovation Performance”. Taking the growth process of digital entrepreneurship of Hangzhou Yowant Network Co., Ltd. as the research object and adopting the longitudinal single case study method, this paper constructs the theoretical model of the growth mechanism of digital entrepreneurship. The research shows that, as far as the antecedent conditions of digital entrepreneurship are concerned, the motivation of digital entrepreneurship evolves from learning orientation to technology orientation and then to market orientation; opportunity comes from market matching, that is, the matching between digital business and market demand; ability comes from the realization of digital empowerment process through continuous innovation and improvement of digital platform and digital technology, so as to enable enterprises to obtain sustainable competitive advantage; growth process depends on multi-agent interaction in digital entrepreneurial network, and the network structure is initially composed of four basic actors: government, financial institutions, cooperative enterprises and digital users in the initial period, and gradually joined by incubators, universities and research institutions; the breadth, strength and diversity of digital entrepreneurial network increase with the growth of enterprise; and in terms of value growth, by resource accumulation and recycling, the innovation performance of each stage helps the enterprise gradually form mature digital technology and digital platform, maintain a stable digital user base, establish cooperation relations in many areas, form a whole industry chain based on diversified operation and drive the development of relevant industries.

Key words: digital start-ups, digital entrepreneurship, growth mechanism, case study