Measuring the market newness of new ventures |
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Authors: | Jonas Dahlqvist Johan Wiklund |
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Affiliation: | 1. Centre for Innovation Systems, Entrepreneurship and Growth (CISEG), Jönköping International Business School, Box 1026, SE-55111 Jönköping, Sweden;2. Department of Entrepreneurship and Emerging Enterprises, Whitman School of Management, Syracuse University, Syracuse, NY 13244-2450, USA |
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Abstract: | The present lack of instruments for measuring entrepreneurial opportunity is hampering progress in entrepreneurship research and fundamental hypotheses about opportunity variance are not being tested. This paper sets out to validate a measure of market newness in new ventures based in Austrian Economics, assuming a view of opportunity as objective and discoverable. Empirically, a sample of 250 new internal ventures in gestation was examined regarding to whom these ventures presented something new in terms of geographical extension or new customer groups. The measure improves on existing instruments by providing more intrinsic range while being firmly anchored in an Austrian Economics framework. |
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Keywords: | entrepreneurial opportunity individual-opportunity nexus Austrian economics Kirzner measurement theory |
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