在再生能源政策快速演變與市場競爭日益激烈的情境下，新創企業如何在資源有限的條件下推動有效成長，已成為策略管理與創新實踐中的關鍵議題。過去相關研究多聚焦於大型企業的資源整合模式，或僅片段探討新創企業的成長因素，較少有文獻系統性結合資源協調理論（Resource Orchestration Theory, ROT）與第一性原理思考（First-Principles Thinking, FPT），以分析企業在成長歷程中動態調整策略與資源配置的機制。針對此一學術缺口，本文提出一綜合性研究架構，期能補足理論應用與實務操作之間的連結空白。
研究旨在探討新創太陽光電企業於高度競爭與政策快速演變的環境中，如何透過資源協調理論（ROT）與第一性原理思考（ FPT）建立有效的成長策略與營運模式。為深入理解理論應用之實踐邏輯，本文選擇茂鴻電力為研究個案，採質性研究取向，透過歷程分析法與多階段深度訪談，解析其自「策略成形階段」、「規模化前的布局」、「品牌形象確立與組織轉型」至「售電導向的商模深化」等四個階段的資源配置行動與策略演進脈絡。
研究發現，茂鴻電力於「策略成形階段」即展現強烈之「去中間化」行動邏輯，透過問題本質拆解建構出「循線找地」的開發模式，並善用有限資源精準布局關鍵併接點；進入「規模化前的佈局」階段，企業進一步以滾動式調整與內部能力養成為策略主軸，逐步擴大組織規模，並將茂鴻電力導向品牌形象化經營，以強化市場識別度與地主信任；在「形象確立與組織轉型」階段，組織進行部門專業化與流程標準化，進一步深化資源整合與品牌建構；最終於「售電導向的商模深化」階段，轉向智慧電網與售電市場之佈局，完成從開發商到綜合能源平台的角色轉型。整體而言，ROT 與 FPT 並非彼此獨立，而是形成一套由「問題重構」驅動「資源行動」的滾動式策略架構。
本研究不僅補充了 ROT 與 FPT 理論於新創企業成長脈絡下的應用內涵，亦提供綠能產業中相關企業實務運作之行動參考，對未來策略管理與創新思維研究具有理論與實務雙重價值。

The rapid evolution of renewable energy policies and intensifying market competition have posed significant challenges for emerging solar photovoltaic ventures. However, existing literature often focuses on established enterprises or singular aspects of startup growth, lacking a systematic exploration of how new entrants navigate resource constraints through integrative strategic frameworks. To fill this gap, this study investigates how entrepreneurial solar PV firms leverage both foundational thinking and dynamic resource orchestration to achieve sustainable competitive advantage.
This research explores how a newly established solar photovoltaic enterprise navigates a highly competitive and rapidly evolving policy environment by applying the Resource Orchestration Theory (ROT) and First‑Principles Thinking (FPT) to formulate effective growth strategies and operational models. Using Taiwan-based startup Mao‑Hong Power as the focal case, this study adopts a qualitative approach, employing process analysis and multi‑phase in‑depth interviews to examine the firm’s strategic and resource orchestration decisions across four developmental stages: “Strategy Formation Stage,” “Pre‑Scaling Deployment,” “Brand Consolidation and Organizational Transformation,” and “Business Model Deepening toward Electricity Sales.”
Findings indicate that in the Strategy Formation Stage, MaoHong Power demonstrated a strong commitment to disintermediation, constructing a “grid‑first, land‑second” site selection model based on essential problem decomposition, while deploying limited resources with precision to secure critical interconnection points. During the Pre‑Scaling Deployment stage, the company prioritized iterative adjustments and in‑house capability building, gradually expanding its organizational structure and establishing a recognizable brand image to strengthen market credibility. In the Brand Consolidation and Organizational Transformation stage, Mao‑Hong formalized departmental functions and optimized cross‑functional workflows, further integrating external and internal resources. Finally, in the Business Model Deepening phase, the company entered the electricity sales and smart‑grid domains, completing its transition from a developer to an integrated energy platform operator.
ROT and FPT are not treated as isolated frameworks in this study; rather, they function as a unified, dynamic strategy system in which “problem reconstruction” drives “resource orchestration.” This research enriches the theoretical application of ROT and FPT within uncertain startup growth contexts, while also offering practical insights for entrepreneurs and policymakers in the green energy sector. It contributes a dual‑lens analytical model that merges strategic resource mobilization with foundational problem rethinking, providing both theoretical depth and actionable relevance. This research enriches the theoretical application of ROT and FPT within the context of startup growth under uncertainty, while also offering practical insights for entrepreneurs and policymakers in the green energy sector. It contributes a dual-lens analytical model that merges strategic resource mobilization with foundational problem rethinking, providing both theoretical depth and actionable relevance.

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