本研究探討新創企業如何運用服務主導邏輯 (S-D Logic)驅動商業模式創新(BMI)，以跨越新創常見的死亡之谷並實現永續發展。以台灣數位行銷服務龍頭一路科技為個案，採縱貫式個案研究法，結合創辦人深度訪談、內部文件與 Google Analytics 數據，分析其自 2008 年以來的四個商業模式演進階段。研究結果顯示，一路科技透過持續導入 S-D Logic，逐步由商品主導邏輯轉向價值共創：生存期 (利基切入) 以動態 SEO 服務建立利基，成長期 (價值延伸)。因應客戶網站瓶頸而擴展至網站建置與 UX，成熟期(制度化共創)以內容更新制度化為虛擬行銷部門，轉型期 (AI賦能)則運用 AI 作為提升共創效率的新資源，強化生態系治理。研究結論指出，S-D Logic 能有效引導新創動態調整商業模式，從而提升韌性與永續競爭力，並建議新創企業自創業初期即採取價值共創導向以順利跨越死亡之谷。

This study investigates how startups leverage Service-Dominant Logic (S-D Logic) to drive Business Model Innovation (BMI) and successfully overcome the “Valley of Death.” Using a longitudinal case study of Ezlook Technology, a Taiwanese digital marketing firm founded in 2008, the research draws on founder interviews, internal documents, and Google Analytics data, analyzed through triangulation and thematic coding. The findings show that S-D Logic enabled the firm to evolve across four stages: establishing survival through dynamic keyword-based SEO services, expanding into website development and UX optimization to remove value co-creation barriers, institutionalizing itself as clients’ virtual marketing department, and adopting AI as a new resource to enhance ecosystem-level value co-creation. The study concludes that embracing S-D Logic from the outset helps startups co-create value, adapt their business models dynamically, and improve their chances of achieving sustainable growth.

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