Microfoundations for New Market Creation: Differences Between Expert Entrepreneurs and Expert Managers
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Authors
Dew, Nicholas
Read, Stuart
Sarasvathy, Saras D.
Wiltbank, Robert
Subjects
creation
new market
cognition
executive
entrepreneur
decision-making
protocol analysis
expert
new market
cognition
executive
entrepreneur
decision-making
protocol analysis
expert
Advisors
Date of Issue
2018
Date
2018
Publisher
Senate Hall Academic Publishing
Language
Abstract
Within the growing literature on new market development, much work focuses on the
industry, competition and firm units of analysis. In this paper we complement these understandings
of how new markets unfold with research examining how individual decision-makers think about
the task of building new markets. We replicate an entrepreneurship protocol analysis study so we
can contrast entrepreneurs' results with a novel sample of experienced corporate executives. We find
these groups (a) employ significantly different heuristics that (b) generate different prospective
outcomes; (c) the different heuristics aggregate into substantively different processes and (d) the
heuristics and processes offer clear implications for theory in entrepreneurship, strategy and
innovation management. Our work contributes to the literature by providing prescriptions for new
market creation processes based on the cognitive microfoundations revealed in our study.
Type
Article
Description
Series/Report No
Department
Business & Public Policy (GSBPP)
Organization
Identifiers
NPS Report Number
Sponsors
Funder
Format
28 p.
Citation
Nicholas Dew, Stuart Read, Saras D. Sarasvathy, Robert Wiltbank "Microfoundations for New Market Creation: Differences Between Expert Entrepreneurs and Expert Managers." International Review of Entrepreneurship, Article #1571, 16(1): pp. 1-28.
Distribution Statement
Rights
This publication is a work of the U.S. Government as defined in Title 17, United States Code, Section 101. Copyright protection is not available for this work in the United States.