On the entrepreneurial genesis of new markets: effectual transformations versus causal search and selection
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Authors
Dew, Nicholas
Read, Stuart
Sarasvathy, Saras D.
Wiltbank, Robert
Subjects
Entrepreneurship
Transformation
Industrial dynamics
New market creation
Transformation
Industrial dynamics
New market creation
Advisors
Date of Issue
2011
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Abstract
The generation of new markets is an emerging area of interest among
researchers working in the traditions of evolutionary economics. And true
to those traditions, the current study incorporates empirical evidence from
psychology and cognitive science to develop micro-foundations for evolutionary
theories of new market generation. In this paper we present an indepth
analysis of how expert entrepreneurs use effectual logic to conceptualize
the creation of new markets. Our results challenge received wisdom based
on search and selection processes and move beyond combinatorial ideas to
develop instead a “transformational” view of market genesis.
Type
Article
Description
The article of record as published may be located at http://dx.doi.org/10.1007/s00191-010-0185-1
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Citation
Journal of Evolutionary Economics, Volume 21, pp. 231-253, 2011.
Distribution Statement
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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.