New market creation through transformation |
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Authors: | Saras D Sarasvathy Nicholas Dew |
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Institution: | (1) University of Virginia, Darden Graduate School of Business Administration, PO Box 6550, VA 22906 Charlottesville, USA;(2) Naval Postgraduate School, 1 University Circle, CA 93943 Monterey, USA |
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Abstract: | Is new market creation a search and selectionprocess within the theoretical space of all possible markets? Or is it the outcome of a process of transformation of extant realities into new possibilities? In this article we consider new market creation as a process involving a new
network of stakeholders. The network is initiated through an effectual commitment that sets in motion two concurrent cycles of expanding resources and convergingconstraints that result in the new market. The dynamic model was induced from two empirical investigations, a cognitive science-based
investigation of entrepreneurial expertise, and a real time history of the RFID industry.
JEL Classification:
M13, M31, D4, D52, D71, D72, L1, L2, P42
We would like to thank the Batten Institute at the Darden Graduate School of Business Administration, University of Virginia,
for supporting this research. We would also like to thank the following on specific contributions to our thesis: Anil Menon
for his relentless insistence on more precise formulations of effectual reasoning; Jim March for his conversation and for
inspiring us to dig into Type I and Type II errors; Rob Wiltbank for firming up the section on opportunity costs; and Stuart
Read for helping us clarify our writing.
Correspondence to: S.D. Sarasvathy |
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Keywords: | New market creation Effectuation Networks Entrepreneurship |
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