Ferran Giones

Abstract

Digitalization is transforming the industrial landscape. Smarter products, data-based services, and new business models promise to reshape the whole manufacturing industry. However, below the visible excitement, unexpected tensions and challenges make the digital transformation an excruciating journey for industrial companies. In this article, we decipher the digital transformation strategy choices of leading industrial firms in a highly innovative country. Using their insights, we identify four dominant tensions that managers need to sort out. We provide guiding principles to select a digital transformation strategy that has the adequate configuration to overcome each of the identified tensions.

Abstract

For better or worse, digital technologies are reshaping everything, from customer behaviors and expectations to organizational and manufacturing systems, business models, markets, and ultimately society. To understand this overarching transformation, this paper extends the previous literature which has focused mostly on the organizational level by developing a multi-level research agenda for digital transformation (DT). In this regard, we propose an extended definition of DT as ?a socioeconomic change across individuals, organizations, ecosystems, and societies that are shaped by the adoption and utilization of digital technologies.? We suggest four lenses to interpret the DT phenomenon: individuals (utilizing and adopting digital technologies), organizations (strategizing and coordinating both internal and external transformation), ecosystems (harnessing digital technologies in governance and co-producing value propositions), and geopolitical frameworks (regulating the environments in which individuals and organizations are embedded). Based on these lenses, we build a multi-level research agenda at the intersection between the bright and dark sides of DT and introduce the PIAI framework, which captures a process of perception, interpretation, and action that ultimately leads to possible impact. The PIAI framework identifies a critical research agenda consisting of a non-exhaustive list of topics that can assist researchers to deepen their understanding of the DT phenomenon and provide guidance to managers and policymakers when making strategic decisions that seek to shape and guide the DT.

Abstract

Working with an open corporate accelerator program allows Mercedes to more quickly incorporate new technologies from startups.

Abstract

To provide further knowledge and technology transfer to society, universities are exploring new collaborative models. These new models are regarded as promising alternatives to the patent-centric linear model. However, their implementation requires revising the roles of the actors in the technology transfer process and their relationships. While collaborative models could indeed be an attractive option for universities, there is limited evidence on how these collaboration processes could be effectively introduced. We use a longitudinal embedded multiple case study to explore the contribution of knowledge interactions between scientists and students in the preliminary steps of the technology transfer process. We investigate the learning dynamics between the focal actor, i.e., the scientist, and the students in a university setting to decipher how the introduction of such collaborative processes can contribute to knowledge and technology transfer. Our results suggest that students enrolled in an educational program can contribute to the scientist’s interest and engagement in technology transfer. However, we find out that the extent of the students’ contribution depends on the shared consensus over the technology function and the openness of the scientist to reconsider the technology’s meaning. We contribute to the ongoing exploration of alternative models for technology transfer and the identification of additional roles that students can take in entrepreneurial university ecosystems.

Abstract

Artificial Intelligence (AI) is an emerging technological field with immense transformative potential. Within this context, we discuss the diverse ways AI is transforming innovation. We introduce a conceptual framework in which we argue AI plays the following two roles: originator and facilitator of innovation. Additionally, we discuss different applications and implications for innovation theory and practice using a reflection on the traditional innovation process and the front end of innovation perspective. For this, we use the perspectives of AI as technology push, AI as market pull, AI to advance steps in the innovation funnel as well as AI as a contributor to new product development. Finally, we discuss future directions for research in these fields.

Abstract

What drives entrepreneurial action to create a lasting impact? The creation of new ventures that aim at having an impact beyond their financial performance face additional challenges: achieving economic sustainability and at the same time addressing social or environmental issues. Little is known on how these new hybrid organizations, aiming for multiple impact dimensions, organize and prioritize for their social, environmental, and financial goals. A dataset of 4,125 early-stage ventures is used to gain insights into how blended values are converted into financial, social and environmental impacts, giving shape to different types of hybrid organizations. Our findings suggest new hybrid organizations might opt to sacrifice financial impact to achieve social impact, yet this is not the case when they aim to generate environmental or sustainable impact. Therefore, the tensions and sacrifices related to holding blended values are not homogeneous across all types of new hybrid organizations.

Abstract

The value of existent firm's resources in uncertain and dynamic contexts is unclear. It is difficult to determine whether starting a new firm with a strong resource position will give an advantage in technology-intense contexts. We propose a revision of the role of resources in new tech-based ventures. We adopt a mixed-method approach. We use the cases of 21 new technology firms to build propositions on what factors (resources) play a role in new venture emergence. We then test to what extent those resources make an effect on the new venture emergence using a longitudinal dataset of 400 new technology-based firms. The results show that not all resources matter equally in the early-stages of a new technology-based firm. We identify that specific combinations of entrepreneurial experience and industry knowledge has a positive impact, while other resources such as technology assets, surprisingly, do not generate a clear impact.

Abstract

We report the experience of the FucoSan InterReg project that had the ambition to generate commercialization opportunities for biotechnology research in a marine environment. Fucoidan, a promising biomarine polysaccharide extracted from seaweed, offers a broad array of potential applications; however, the supporting innovation value chain is still under development. We explore how the use of business modelling tools can contribute to building a shared understanding of commercialization opportunities across a diverse range of research and development actors. We analyze data (interviews, workshops, and surveys) from a German-Danish network of actors involved in the FucoSan InterReg project to identify how the tools contribute to setting up a base to support future activities across a potential innovation value chain. The results point towards the direct and indirect positive effects of engaging in the co-creation of a shared understanding of the functionality and possibilities of promising biomarine products. The findings support the idea that interdisciplinary and multilateral interactions help actors to identify the necessary connections and interdependencies to build a sustainability-driven innovation value chain.

Abstract

The engagement with industry actors is a key element in the transition towards an entrepreneurial university model. The purpose of this paper is to explore the university-industry collaboration (UIC) drivers from the industry side. It analyses how, and to what extent, policy interventions could increase the engagement of industry actors in UICs. An experimental research design involving a feasibility and pilot study (January to June 2018) with 36 firms. In a non-urban region context, with a satellite university campus. The pilot explores a randomized control trial (RCT) design, with a training intervention to a randomized group of participants in the pilot. Firms involved in universities' students (academic forms of UICs) might not necessarily consider the university as a research partner, even in a geographic proximity setting. In addition, there is a potential “dark-side” to proximity, when industry participants build their perceptions using second-hand experiences or indirect information. A training intervention facilitates to overcome pre-existing biases but does not trigger a substantial change in the UIC's behaviour of the firms in the short-term. The pilot study provides valuable insights for researchers interested in a larger randomized control trial. It also provides insights for university managers that want to understand the motivations of industry participants in UICs. The experimental approach of the research generates evidence on the feasibility to intervene in the activation of UICs from an industry perspective, a central aspect in transition towards an entrepreneurial university model.

Abstract

Most of the firms currently in the S&P 500 will probably not be part of this list in 15 years. In times of great uncertainty managers are called to make the right choices in their strategy, they are asked to preserve the core businesses, and to prepare their organizations for an unclear future. How can managers make the right choices when the whole industry is under transformation? In this light, we explore how the popular VUCA framework can help to make sense of turbulent contexts and drive the decision-making of managers. We study the case of the energy industry, where, in a short period of time, traditional business models eroded, and dominant players lost their positions in the industry. Based on personal interviews with the CEOs from RWE (Germany) and NRG (USA) we analyze how they led the transformation of their organizations. We get immersed in their decision- making processes and depict how the VUCA framework help them to identify, map and prepare their organizations to respond to the volatility, uncertainty, complexity, and ambiguity in their industry. We propose a guide for executive managers to navigate through VUCA contexts, taking into account the necessity to introduce short and long-term responses that prepare organizations and stakeholders for an uncertain future

Abstract

We use a longitudinal dataset on new ventures to assess the effects of human capital factors (education, work experience, and entrepreneurial experience) on new ventures’ performance. Our results show how the influence of human capital factors are dependent on the context (high vs. non-high technology industries) and illustrate the different effects of general and specific human capital factors. The findings help to clarify the existing debate on the influence of human capital where we introduce a longitudinal perspective that contributes to uncover the influence of factors such as prior experience, in particular if in the same industry, as a positive influence on new ventures’ future performance.

Abstract

We use a longitudinal dataset on new ventures to assess the effects of human capital factors (education, work experience, and entrepreneurial experience) on new ventures' performance. Our results show how the influence of human capital factors are dependent on the context (high vs. non-high technology industries) and illustrate the different effects of general and specific human capital factors. The findings help to clarify the existing debate on the influence of human capital where we introduce a longitudinal perspective that contributes to uncover the influence of factors such as prior experience, in particular if in the same industry, as a positive influence on new ventures' future performance.

Abstract

Technological innovations open opportunities for new entrants (techno-entrepreneurs) to transform and recreate industries, as they come as so called “innovation shocks”. These shocks can change technology trajectories and make irrelevant existing regulatory frameworks. It is unclear, however, what is the interplay between technology evolution, entrepreneurship, and regulation. We explore the case of the drone industry emergence to extract insights on how different profiles of new entrants respond to distinct regulatory frameworks, aiming to decipher the effect that those have on the exploration and development of new tech-based innovation opportunities. Our findings suggest that more attention should be given to the impact that regulatory responses can have on the short and long term development of emerging technological fields. We propose a process framework to make sense of the possible outcomes of distinct regulatory responses, elaborating on the consequences it has on entrepreneurial activity and overall market growth.

Abstract

Digitalization is transforming the industrial landscape. Smarter products, data services, and new business models promise to reshape all types of manufacturing industries. However, the excitement on the potential outcomes of industrial players’ digitalization is proportionate to the number of unexpected tensions and uncertainty that it generates. Much has been written on the potential benefits, but much less on the navigation strategies that could guide the transition for such types of firms. In our research, we draw from a multiple-case study with Danish industrial firms (Danfoss, Linak and Grundfos). The result is a nuanced description of the dimensions that associate industrial digitalization approaches with organizational characteristics and technological trajectories

Abstract

Understanding how a new digital technology can translate into a valuable innovation is a challenge for established players and new entrants. For industrial players in an ecosystem, it can be both a threat and an opportunity. Furthermore, the new technologies open collaboration opportunities between corporates and start-ups. But it remains unclear what are the consequences of opening up and whether it has an impact on the innovation dynamics in the industrial ecosystem. We use the case of the wind industry in Denmark, as a maturing industrial ecosystem, to study when and how the new entrants (technology entrepreneurs) have had an impact on the innovation dynamics. We first combine archival data with interviews to build a historical account of the evolution of the industrial ecosystem; then we incorporate data from the new entrants in the industry to specify the types of innovations that the most recent digital technology entrepreneurs have triggered. The results suggest differences in the innovation dynamics depending on the value chain position. While some activities have remained rather closed (for instance, the technological development of the core elements in the wind turbines), the operations and maintenance activities have profited from digital technologies introduced by new entrants. Using these insights, we present and discuss suggestions to institutional actors interested in protecting the innovation leadership of their regional industrial ecosystems.

Abstract

These days, crowdfunding has become an established tool for entrepreneurial financing. Beyond that, it also established a new way of innovation marketing, especially for high-tech products: using crowdfunding to find out if there is a market for the product. Without the goal of collecting money for the start-up, this approach makes a new strategic approach necessary how to setup entrepreneurial commercialization strategies. This chapter offers insights into such crowdfunding behavior, and how technology entrepreneurs can make use of it. For this, a market theory perspective is taken on crowdfunding platforms, with implications for theory and practice.

Abstract

Understanding how a new digital technology can translate into a valuable innovation is a challenge for established players and new entrants. For industrial players in an ecosystem it can be both a threat or an opportunity. Furthermore, the new technologies open collaboration opportunities between corporates and startups. But, it is remains unclear what are the consequences of opening up, and whether it has an impact on the innovation dynamics in the industrial ecosystem. We use the case of the Wind Industry in Denmark, as a maturing industrial ecosystem, to study when and how the new entrants (technology entrepreneurs) have had an impact on the innovation dynamics. We first combine archival data with interviews to build an historical account of the evolution of the industrial ecosystem, then we incorporate data from the new entrants in the industry to specify the types of innovations that the most recent digital technology entrepreneurs have triggered. The results suggest differences in the innovation dynamics depending on the value chain position. While some activities have remained rather closed (for instance the technological development of the core elements in the wind turbines), the operations and maintenance activities have profited from digital technologies introduced by new entrants. Using these insights, we present and discuss suggestions to institutional actors interested in protecting the innovation leadership of their regional industrial ecosystems.

Abstract

Capturing experts knowledge when evaluating new venture proposals in investment decisions is an active and ongoing area of research. Determining the agreement among experts on the importance of the variables involved in these decisions is crucial.This study presents a new approach to better under-standing the multi-criteria decision making process of expert investors that is based on a combination of the Order Preference by Similarity to an Ideal Solution method (TOPSIS) and a measure of consensus. A real case has been conducted among 28 experts to understand the relevant variables by obtaining their opinions by means of hesitant linguistic terms. Results provide not only a ranked list of variables obtained from the opinions of the group of experts and a measure of the consensus reached on their importance

Abstract

Convergent technologies, like biotechnology, rely on the contribution of multiple scientific disciplines and are applied to distant needs and markets. As such, the development of technologies and related applications fields require the evolution of ecosystems that involve multidisciplinary, previously unrelated, actors in collaborative exploration and exploitation processes. We know little on how these processes unfold, in particular in the early stages of the ecosystem development. Previous research suggests that human and social capital 1, patents and VC funding 2, or market orientation 3 among other factors, influence the development of biotechnology firms. But less is known on the earlier stages how application fields emerge from laboratory research 4 and how they shape technology commercialization opportunities 5. We address this gap exploring the antecedents and consequences of the loose connection between research and applications fields in an emerging biotechnology.The article aims to determine the nature of the co-evolution of the converging technology and the ecosystems requirements, including the analysis of key actors and their interactions over time. This helps us to generate an understanding of the pattern of technology convergence as well as of the drivers and barriers that affect the innovation process. In order to develop a holistic framework of the interplay between technology exploration and exploitation and the relevant ecosystem, we perform an explorative study using a case from marine biotechnology.

Abstract

We study the process of international diffusion, global contestation, and local deinstitutionalization of a controversial practice, identifying the mechanisms used by proponents and opponents of the practice across multiple institutional environments and constituents. We draw on international diffusion, deinstitutionalization, and power theory to study the emergence and diffusion of the third-party ownership practice in the soccer industry. We use an inductive case study combining archival and interview data to study the determinants of the international diffusion of the practice, the changes in the power structure in the market as the practice was adopted at a global scale, and finally the contestation and deinstitutionalization process that resulted from the ban of the practice. We find that the opacity of the practice can be a diffusion driver, locally and at the international level, nevertheless as the practice transforms the market structure and allows new actors to gain power, a global contestation is triggered through problematization and emotional resonance by insiders with institutional power positions in the market. This article advances in our understanding of the multilevel governance mechanisms and power dynamics that might support international diffusion but also contestation and eventual deinstitutionalization of a practice.

Abstract

Although technology entrepreneurship has recently received increased attention, the link between entrepreneurship education and the transfer and commercialization of technology has not been explored sufficiently so far. In this chapter the authors apply an explorative approach to investigate two cases of science and technology entrepreneurship education (STEE) by analysing documents and interviews regarding similarities and differences of the two educational programmes. Their findings suggest that open and problem-based pedagogical approaches are more applied in STEE-related courses compared to regular engineering courses. Additionally, STEE benefits greatly from taking place in a practical context with access to support structures that assist in developing technical and business aspects of start-ups. The findings hold implications for research, educational programmes, policy makers and entrepreneurs.

Abstract

Entrepreneurial behavior research has used intention models to explain how an individual's beliefs shape the attitudes and motivations that influence entrepreneurial intention. Nevertheless, as entrepreneurship promotion initiatives become global, it becomes relevant to explore the consequences of being engaged in entrepreneurial behavior on entrepreneurial intention. We aim to shed light on whether the direct experience reinforces an individual's entrepreneurial intention or reduces it. Building on an extended version of the planned behavior theory, we use the behavioral reasoning theory to propose a research design to study the influence of being currently engaged in entrepreneurial behavior on entrepreneurial intention. We introduce individual's age as an additional moderator of the effects of directly experiencing entrepreneurial behavior. We use PLS-MGA to complete a multi-group SEM analysis for different groups of individuals (from a sample of 430), comparing groups based on their entrepreneurial activity and age group. Results of this research work evidence that current engagement in entrepreneurship activities produces significant differences in the intention to start a new venture between older and younger participants. The results suggest that engagement in entrepreneurial activity modifies entrepreneurial intention and that these effects are contingent to the individual's age. This research work contributes to the extant call to explore reverse causality between actual behavior and an individual's intention by introducing behavioral reasoning theory. These results provide support to initiatives to adapt entrepreneurship promotion efforts to the specific characteristics of the participants.

Abstract

In this paper, we study the commercialization choices of new firms entering in high-tech industries. Research on technology commercialization differentiates between the market for products and the market for ideas. We explore the determinants and consequences of the commercialization choice for these different markets. We test our hypotheses on longitudinal dataset of 453 new firms started in 2004 in different high-tech industries in the US. We find that that technology and human capital resources favor the adoption of alternative commercialization strategies; nevertheless, we do not observe significant differences in the venture emergence or survival likelihood. Our findings offer a closer view of the venture emergence process of new firms, clarifying the causes and consequences of the technology commercialization choices.

Abstract

Technology entrepreneurship is an established concept in academia. However, recent developments in the context of digital entrepreneurship call for revision and advancement. The multiple possible combinations of technology and entrepreneurship have resulted in a diversity of phenomena with significantly different characteristics and socio-economic impact. This article is focused on the identification and description of technology entrepreneurship in times of digitization. Based on current examples, we identify and describe characterizations of technology entrepreneurship, digital technology entrepreneurship, and digital entrepreneurship. With this new delineation of terms, we would like to foster discussion between researchers, entrepreneurs, and policy makers on the impact of digitization on entrepreneurship, and set a future research agenda.

Abstract

We study the deinstitutionalization of a controversial practice that had previously reached a level of international diffusion. We draw on international diffusion and deinstitutionalization theory to study the emergence and diffusion of the third-party ownership practice in the soccer industry. We use an inductive case study combining archival and interview data to study the determinants of the international diffusion of a controversial practice at a global scale, the contestation, and finally the deinstitutionalization process that resulted from the ban of the practice. We find that the opacity of the practice can be a diffusion driver, locally and at the international level, nevertheless the opacity also may lead to different meaning creation attempts and potential discursive battles between actors, and eventually to deinstitutionalization of the practice. This article advances our understanding of how controversial practices fare in different institutional environments.

Abstract

There is undoubtedly hype around drones and their applications for private and professional users. Based on a brief overview of the development of the drone industry in recent years, this article examines the co-evolution of drone technology and the entrepreneurial activity linked to it. Our results highlight the industry emergence described as concept validation, including product as well as market growth with different phases of technological meaning change. We argue that further steps are needed to develop drones from nice toys to professional tools—from photography and filming applications to inspection services and large cargo logistics. For innovation managers and entrepreneurs, we describe what triggers the emergence of a technology and attracts the needed actors to unleash its transformative potential. Our research is based on industry reports, news, and market studies as well as interviews with four industry actors.

Abstract

New entrants in technology-intense industries are in a race to build legitimacy in order to compete with established players. Legitimacy has been identified as a driver of venture survival and growth; it helps mitigate third-party uncertainty and so facilitates access to resources, engagement with customers and other stakeholders. Nevertheless, we know little about how legitimacy is built and how new entrants build legitimacy in complex technology-intensive industries. In this research we explore how Norwegian cleantech firms use signaling and strategic actions to build legitimacy. We analyze five cases while investigating their actions in different phases of the venture's evolution. The results suggest that, contrary to signaling theory expectations, young clean-tech firms do not always build legitimacy by conveying information on their strengths. Instead, we observe that they use signaling strategies to address the specific concerns of different stakeholders. This is very much contingent upon the evolutionary stage of the venture and the firm's current weaknesses.

Abstract

Academic Spin-Offs (ASOs) are born with the mission to bring to market science and technology innovations. Nevertheless, their relative weak financial performance has been a focus of discussion. Prior research has explored factors that explain part of the performance diversity, including aspects related to the academic entrepreneur (e.g. human capital), organizational (e.g. team characteristics, board composition, network of partners), and institutional factors (e.g. university context, support mechanisms). We argue that the diversity of technologies that these firms are based on is an additional source of performance heterogeneity. Academic spin-offs transition from a research to a market context is complex. The technology novelty in ASOs generates a staged challenge for the academic entrepreneur. First, identifying a market and activating the first sale; second, generating a sustainable revenue stream that brings growth to the ASO. However, we have still a limited knowledge on the relationship between technology innovativeness and firm performance in the ASOs context. This study tests the relationship between innovativeness dimensions, across different industries, and the observed firm (ASOs) performance. A longitudinal sample, between 2000 and 2012, of 125 academic spin-offs of Norway provides valuable insights on how the origin and characteristics of the technology relates to differences in market performance. The results show how different dimensions of innovativeness have a different impact on ASOs’ market performance, offering a nuanced view of the relationship between innovativeness and performance in this context. The findings provide insights for policy makers and university managers interested in understanding the effects of their policy choices on academic spin-offs.

Abstract

Much has been discussed on the changing role of universities in society, in particular when examining the contribution of universities in the economic growth and societal development (Audretsch 2012). The transition from universities as research centers to universities as innovation drivers has left many co-existing models in place (Schmitz et al. 2016), making it difficult to identify and articulate valid response mechanisms to new societal challenges.The demand to respond to societal challenges contrasts with the research-focused nature of most of the universities, that has traditionally left the role of technology innovation and entrepreneurship to other agents. Thus, the function of science and technology commercialization has often required the activation of specific actors such as Technology Transfer Offices (TTOs) linked to the government, universities, or research centers (Fitzgerald and Cunningham 2015). Prior research has identified the existent constraints to activate academic engagement, highlighting the distance between science and technology research activities with industry related innovation and entrepreneurship initiatives (Perkmann et al. 2013).An alternative path to respond to the divergence between the new demands imposed by the societal challenges and the existing science and technology development focus of universities is to transform the educational programs being offered. Instead of aiming to transform consolidated structures through directed interventions, such as entrepreneurship incentives for established researchers; the attention would be given on building the student’s skills and capabilities for technology entrepreneurship and innovation.To study this alternative path, we explore the case of two European universities. Prior research has observed, compared to the USA, that in the European context there have been additional challenges and difficulties for successful academic entrepreneurship in the form of university spin-offs (Fini et al. 2016). Therefore, the exploration of alternative paths or mechanisms to promote technology entrepreneurship could be particularly relevant. We identified the engineering programs of two universities based in France and Denmark, these two cases serve the purpose of identifying responses to the demand of activating science and technology education with a focus on activating science-based entrepreneurial activity.The two cases of science and technology entrepreneurship education (STEE) share common elements, for instance there are similarities on the overall design, content, pedagogical methods, learning environment, and intended learning outcomes. Nevertheless, each program has specific elements related to outcomes assessment and to their integration processes with the regional actors. A comparative analysis of the two cases provides insights on potential guidelines to structure programs that foster technology entrepreneurship through education and training.Both programs, one at Lorraine University (UL) in France and the other at University of Southern Denmark (SDU) in Denmark, were developed as a response to a strong demand in their region for professionals with an entrepreneurial mindset and engineering capacities. The regional actors see the universities as a collaborative partner for research and education in the field of science and technology. The strong connection with the region’s industry becomes an influencing factor on the design and implementation of the STEE. The overall theme for the pedagogical model in UL and SDU is organized around the student-subject-project triangle. Supporting problem-based learning is the preferred approach. In more detail, the DSMI model (acronym for Den Syddanske Model for Igeniøruddlannelser) used at SDU requires that students work on problems proposed by companies in the region during their studies, introducing company visits and participation of company employees as guest lectures as part of the regular course activities.The development of attitudes towards entrepreneurial behavior is also activated through internal projects. For instance, as part of a master program, engineering students enroll in a business venturing course (the course receives different names in each institution), where researchers from the university pitch their ongoing projects, involving the TTO if necessary, to the students. The course offers a safe environment to put in practice technology commercialization practices through a real case exercise; although the learning outcomes of the course are focused on analyzing and applying methods, the real-life outcomes have been the creation of student-lead start-ups in the region.A significant catalyzer of the technology entrepreneurship education for both programs has been the creation of a specific learning environment. In the case of UL it has been the creation of Lorraine Fab Living Lab, and at SDU the Innovation Lab facility. These innovation spaces become a centerpiece of the training programs as they have different properties compared to other engineering or research labs. Instead of replicating industry labs at a smaller scale, they are a tangible representation of the often-abstract entrepreneurship process. The intense use of these facilities in the educational programs aim to modify the self-efficacy perception of the students regarding the entrepreneurial behavior.The aim of this paper is to provide illustrative examples that can be used as a guide to propose alternative paths to activate technology entrepreneurship. The cases of the engineering programs at two European universities are used to identify the common and specific elements that configure a response to the societal demands to the universities.

Abstract

What drives entrepreneurial action to create a lasting impact? The creation of new ventures that aim at having an impact beyond their financial performance face additional challenges: achieving economic sustainability and at the same time addressing social or environmental issues (Dean & McMullen 2007). These so-called hybrid organizations try to be congruent with their blended values, despite being under external pressure in the process of maturing the new venture (Mcmullen & Warnick 2016). This research explores not only the initial motivations of the entrepreneur as potential influence on the ventures’ blended values, but also the source of finance. A dataset of 4,125 early-stage ventures (Entrepreneurship Database Program; Emory University) has been explored to gain insights into how entrepreneurs' motives and external financing sources could influence on the impact dimensions being addressed. Social motives were found to go along with social impact targets. The results seem to support a resource dependence perspective (Drees & Heugens 2013): the more early-stage ventures rely on philanthropic support as an external funding source, the stronger they appear oriented towards social or environmental impact dimensions – thus they may have been willing to adapt their initial goals to match with different donors’ expectations. In the case of social impact ambitions, increasing profit margin targets and venture age have a negative effect on the prevalence of blended values. The research results hold implications for entrepreneurs and institutions interested in promoting new ventures with blended values.

Abstract

Academic Spin-Offs are given the mission to bring to society science and technology innovations. Nevertheless, the relative weak financial performance of these firms has recently been a focus of discussion. Prior research has explored factors that might explain the performance diversity, including aspects related to the academic entrepreneur (e.g. human capital), organizational (e.g. team characteristics, board composition, network of partners) and institutional factors (e.g. university context, support mechanisms). An under studied potential source of heterogeneity is the diversity of technologies that these firms are based on. Research has established that academic spin-offs exhibit a wide range of technologies, that novel technologies lead to the creation of new firms and that these firms are more innovative compared to their corporate counterparts. However, there is limited knowledge testing the relationship between innovativeness and firm performance. This study tests the relationship between innovativeness across different industries and future firm performance. This paper uses several market performance indicators to observe the variety of firm sales of academic spin-offs. A longitudinal sample, between 2000 and 2012, of 125 academic spin-offs of Norway provides valuable insights on how the origin of the technology impact differences in market performance. The results show how specific elements related to the ASOs’ product innovativeness contribute to its market performance. The findings provide insights for policy makers and university managers interested in understanding the effects of their policy choices on the underlying technological nature of academic spin-offs.

Abstract

The emergence of cleantech industry offers a unique context to explore and developentrepreneurship theories. Cleantech ventures are important agents of environmental innovation,they exploit technological knowledge contribute to an increased use of energy from renewablesources or to a more environmentally friendly handling of waste. They represent an extreme case oftechnology entrepreneurship: combining a strong focus on capital-intensive technologies withcomplex industrial markets.Cleantech ventures face greater firm and industry-level legitimacy challenges while accessingexternal resources, compared to high-tech ventures operating in more established (legitimized)industries. Zimmermann and Zeitz (2002) suggested that achieving a legitimacy threshold is relatedto the emergence of a new venture. However, from the stage-based theory perspective, gaininglegitimacy is associated with overcoming critical junctures (Vohora et al. 2004). Instead of a uniquethreshold, cleantech ventures might have to build and sustain legitimacy across different stages,overcoming legitimacy thresholds (Fisher et al. 2016). Our study examines how cleantech venturespursue the process of signaling towards external parties to reach important entrepreneurialmilestones in different development stages. We address the following research questions: • Whyand how do the cleantech ventures signal to gain legitimacy, and • What signals do they send in thestart-up and growth (late) stages?MethodologyWe use a multiple case-study of five cleantech firms. The selected companies started in Norway,but operate internationally, as evidence of the global nature of this emerging industry. We havecarried out personal in-depth interviews with the CEOs of the five ventures (signal senders) using asemi-structured interview guide in the spring 2016, and collected secondary data on the firms.Results and ImplicationsOur findings describe the motivations and distinctive characteristics of the signaling actions.Cleantech ventures pursue several parallel signaling strategies, shifting from resources to customers’acquisition. Furthermore, as cleantech ventures issue multiple signals to external partiessimultaneously, consistency and complementarity between the signals amplifies the positive effecton the firm’s legitimacy. We identify direct signals that reveal qualities of the firm, and derivativesignals that help to conceal perceived weaknesses. For cleantech entrepreneurs, having a focus ondirect signaling on how the technology performs and its market potential seems to be a more fruitfulstrategy than signaling the environmental impact of technology in the early stage. While having anexperienced board helps to issue derivative signals to conceal the limited reputation of the foundingteam.

Abstract

This paper builds upon the widely-used resource- based approach to explaining survival of new technology-based firms (NTBFs). However, instead of looking at the NTBF's initial resource configuration, a process-oriented perspective is taken by focusing on the entrepreneur's ability to transform resources in response to triggers resulting from market interactions. Transaction relations reflect these interactions and are thus operationalized with a suggested method for measuring the status of venture emergence (VE) applicable to early-stage NTBFs. NTBFs' value network maturity is reflected in the number and strength of their transaction relations in the four market dimensions customer, investor, partner, and human resource. Business plans of NTBFs represent the artifact that contains this data in the form of transaction relation descriptions. Using content analysis, a multi-step combined human and computer coding process has been developed to annotate and classify transaction relations from business plans in order to empirically determine NTBFs' status of VE. Results of the business plan analysis suggest that the level of transaction relations allows to draw conclusions on the VE status. Moreover, applying the developed process, first analysis of a business plan coding test shows that the transaction relation based VE status significantly relates to NTBF survival capability

Abstract

We use international diffusion, deinstitutionalization, and power theory to explain the diffusion and ban of the third-party ownership (TPO) practice in the soccer industry. We use an inductive case study combining archival and interview data to identify the mechanisms that lead to the diffusion, but also to the contestation and deinstitutionalization of TPO. The results suggest that the practice evolution can be explained as a process of layered escalation. Regardless of the economic benefits for the stakeholders that supported the diffusion of the practice, their nested position restricts their access and influence to the dominant stakeholders on the later stages, explaining the deinstitutionalization of an internationally diffused practice.

Abstract

University Technology Transfer Offices (TTOs) have become a well-established tool for universities to manage the commercialization of scientific knowledge. An important task for many TTOs is to facilitate the creation and development of academic spin-off firms. Nevertheless, while university support mechanisms in general are positively related to the creation of new ventures (Fini et al. 2009), TTOs' contributions to commercialization and spin-off foundation seem to be marginal and indirect (Muscio 2010, Clarysse et al. 2011). This paper adds to the debate on TTOs' raison d'être by looking at the long term performance of spin-offs reported by Norwegian TTOs and considering the ‘additionality effect' and specific contribution of the TTO to each spin-off. Prior studies addressing this phenomenon have attempted to examine TTOs' influence with quantitative measures of technology-transfer success. For example, in the U.S. researchers have observed that TTOs could be positively associated with the number of disclosures, patents, licenses, royalties, and start-ups (Siegel et al. 2002, Carlsson and Fridh 2002, Friedman and Silberman 2003). Similarly, in Italy it has been observed that TTO's staff can have a positive effect on the valorization of research results (Piccaluga et al. 2007, Algieri et al. 2011). At the same time, another research stream, suggests that TTOs are just another administrative barrier (Hülsbeck et al. 2011), and negatively effect on technology commercialization efforts (Kenney and Patton 2009). Having limited capabilities to support entrepreneurship and business development activities (Link et al. 2014, Lockett and Wright 2005, Markman et al. 2004). This paper explores the expected additionality effect of Norwegian TTOs in technology commercialization, in terms of the quality of the spin-off firms they nurture. We propose that since Norwegian TTOs are still relatively young and inexperienced, they might not have a limited direct additionality on academic entrepreneurship. However, we expect that additionality effects would come from other specific competencies, such as entrepreneurial experience and active industry partners. Another contribution of our paper is to depict how the TTO has been contributing on key activities(e.g. business development, incubation, networking, funding, IP protection, etc.) related to the birth and development of firms. We suggest that both the degree and type of contribution differ depending on spin-offs characteristics. We answer the research questions by combining cross-sectional and panel data on a sample of 155 spin-off firms that have been established with support from TTOs connected to universities and research institutes in Norway. We analyze spin-off founders' perceptions about the degree and type of contribution of the TTO to firm creation in relation to the growth and market performance of the venture. Associations between TTOs' productivity (number of spinouts) and the performance of the firms they nurture are also tested. Our paper contributes to the stream of literature related to the role of TTOs in technology commercialization and economic development, with important implications to innovation and entrepreneurship policies as well.

Abstract

Understanding the influence of resources on the new firm's growth remains a difficult challenge for scholars. Prior research has suggested that the impact of human capital or technological resources is limited and does not provide an explanation on why some new firms grow faster than others. In this research we propose to explore the complementary and substitution effects between these resources using Kauffman Firm Survey (KFS) Dataset. We also introduce market resources to further understand the influence dynamics of resources in early stage growth. We follow the evolution of a sample of firms in a high tech industry to test our hypotheses. The results show that besides the direct effects of human, technological and market resources, it is the complementary and substitution effects across them that provides additional valuable information to understand their impact on new firm's growth

Abstract

This paper broadens the resource-based approach to explaining survival of new technology-based firms (NTBFs) by focusing on the entrepreneur's ability to transform resources in response to triggers resulting from market interactions. Network theory is used to define a construct that allows determining the status of venture emergence (VE).The operationalization of the VE construct is built on the firm's value network maturity in the four market dimensions customer, investor, partner, and human resource. Business plans of NTBFs represent the artifact that contains this data in the form of transaction relation descriptions. Using content analysis, a multi-step combined human and computer coding process has been developed to empirically determine NTBFs' status of VE.Results of the business plan analysis suggests that the level of transaction relations allows to draw conclusions on the status of VE. Moreover, applying the developed process, a business plan coding test shows that the transaction relation based VE status significantly relates to NTBFs' survival capabilities.

Abstract

Although entrepreneurial behavior is proposed as part of the solution to fragile labor markets, in particular in periods of economic and social change, policy makers are struggling to find the right levers to promote it. Despite the extant prior research on entrepreneurial behavior, little is known on the entrepreneurial behavior drivers for the individuals of working age with experience. Prior research explores the influence of entrepreneurial knowledge to study the drivers of experienced individuals evaluating whether or not to engage in an entrepreneurial behavior. This research introduces entrepreneurial knowledge to study the impact of prior experience on entrepreneurial intention. Based on the theory of planned behavior (TPB), this research work analyzes the relationship between entrepreneurial knowledge and entrepreneurial intention, and the mediating effects of the TPB perceptual variables: personal attitude (PA), social norm (SN), and perceived behavioral-control (PBC). A structural equation model (SEM) has been used to analyze the responses of a sample of 431 experienced individuals of working-age that completed a questionnaire based on Liñan & Chen's (2009) Entrepreneurial Intention Questionnaire (EIQ). The results showed that entrepreneurial knowledge positively influences entrepreneurial intention and that this influence is mediated by the perceptual variables of the TPB model (PA, SN, PBC). These findings contribute to the understanding of the entrepreneurial intention for experienced individuals and consolidate the use of the TPB model to study individual entrepreneurial intention. The findings suggest that policy makers should pay more attention to individual entrepreneurial knowledge, and strengthen the attractiveness of an entrepreneurial career, if they are interested in fostering entrepreneurial behavior among individuals of working age with experience.

Abstract

The importance of clean-tech ventures lies in their mission to protect the environment by facilitating the increased use of clean energy and environmentally friendly solutions. At the same time, the entrepreneurial nature of many of these firms enables introduction of radical innovations necessary for making breakthroughs in the industries of renewable energy and environmental technologies. This study’s purpose is threefold. First, we review the existing research on clean-tech ventures published in major business, management and entrepreneurship journals. Second, we revise the literature on the performance determinants of new technology-based firms (NTBFs) and reflect on its applicability to the context of clean technology. Third, we identify future research directions to further develop this emerging research stream. Thus, our work contributes to multidisciplinary and highly relevant topic by collating different bodies of literature that could shed light on the important determinants of clean-tech venture performance and providing future research agenda.

Abstract

Understanding the criteria used by investors to evaluate new ventures' proposals remains an active area of research in entrepreneurship (Nunes et al. 2014). Prior research identifies that there are differences in the types and importance of criteria used to evaluate venture proposals (Streletzki & Schulte 2013), and suggests that in some cases just a few element define the criteria used to make investment decisions (Maxwell et al. 2011). Despite scholars' interest in understanding the evaluation criteria it is still remains unclear the criteria and order of importance (Franke et al. 2008; Nunes et al. 2014). We propose a method based on Fuzzy Order Preference by Similarity to an Ideal Solution (Fuzzy TOPSIS) to help entrepreneurs to analyze the evaluation, in terms of fuzzy opinions, of new ventures proposals. To this end a set of fuzzy linguistic terms based on triangular fuzzy numbers are considered. A group of investment experts has been considered to assess different factors and variables by means of linguistic terms with different levels of precision. Results provide not only a ranked list of variables obtained from the group of experts' opinion buy also a measure of the consensus reaches. A real example is presented to show the real applicability and efficiency

Abstract

Despite the remnant promises that sustained technological progress offers to entrepreneurs eager to introduce disruptive technological innovations, we observe that only few of them live up to the expectations. In fact, economic and social policy actors' interest in promoting technology entrepreneurship, contrasts with the limited evidences of successful policies for high-growth companies, and a limited understanding on the factors underlying the transformation of promising technologies into viable organizations, and how they influence the decisions to turn on, tune in with the market, and drop-out or continue with their organizing efforts. Prior entrepreneurship research has kept a focus on using the resource-based view to explore the influence of resources on new venture performance, in particular in situations where a demand already exists, and the entrepreneur takes the role of exploiting an opportunity to capture value as a new entrant. Nevertheless, when studying entrepreneurial activity built upon technology-based opportunities, we find difficulties to explain the venture performance only relying on initial resource combinations. In this sense, we propose to complement the understanding of the phenomenon from the resource-based view with additional perspectives that could help to identify factors that provide further understanding on the emergence of new technology-based firms. Building on the theoretical conceptualization of entrepreneurship as a process, we adopt a mixed-method approach to combine an exploratory qualitative field work with a quantitative research approach. First, we gather insights on the factors and actions that are seen to be influencing the technology entrepreneurship process, from the initial opportunity to the creation of a stable business, focusing in particular on the influence of resources and actions taken by the entrepreneur. Then, we extend our initial theoretical framework on the technology entrepreneurship process to support the qualitative findings and build propositions, these are tested as hypotheses on a larger sample of technology-based firms. Finally, we combine the findings from the qualitative field work with the findings from the hypotheses test. This research results suggest that technological resources have a complex influence on the emergence of technology-based ventures. Using the signaling theory we explain how some resources value goes beyond its direct impact on firm's performance, suggesting that they are also used for their symbolic value and the development of the initial market. In both, qualitative and quantitative results, we observe that technological assets need to be transformed in order to generate value for the potential customers of the new venture. In this type of situations, marketing and human capital theory insights provide an explanation on how experienced entrepreneurs and their effort intensity to build a market presence are observed to positively influence the venture emergence of the new technology-based firm. We contribute to the current understanding of new technology-based firms with the contributions from human capital, marketing and technology commercialization theory. Describing how the orientation of entrepreneur's actions and the early development of market capacities influence on the venture emergence of this type of firms. The results also have implications for entrepreneurs, investors in technology startups, and stakeholders in technology entrepreneurship; as they suggest that further attention should be given to the market actions of the entrepreneurs, regardless of their initial combinations of resources.

Abstract

The importance of clean-tech ventures lies in their mission to protect the environment by facilitating the increased use of clean energy and environmentally friendly solutions. At the same time, the entrepreneurial nature of many of these firms enables introduction of radical innovations necessary for making breakthroughs in the industries of renewable energy and environmental technologies. This study's purpose is threefold. First, we review the existing research on clean-tech ventures published in major business, management and entrepreneurship journals. Second, we revise the literature on the performance determinants of new technology-based firms (NTBFs) and reflect on its applicability to the context of clean technology. Third, we identify future research directions to further develop this emerging research stream. Thus, our work contributes to multidisciplinary and highly relevant topic by collating different bodies of literature that could shed light on the important determinants of clean-tech venture performance and providing future research agenda.

Abstract

Understanding the criteria used by investors to evaluate new ventures’ proposals remains an active area of research in entrepreneurship (Nunes et al. 2014). Prior research identifies that there are differences in the types and importance of criteria used to evaluate venture proposals (Streletzki & Schulte 2013), and suggests that in some cases just a few element define the criteria used to make investment decisions (Maxwell et al. 2011). Despite scholars’ interest in understanding the evaluation criteria it is still remains unclear the criteria and order of importance (Franke et al. 2008; Nunes et al. 2014).We propose a method based on Fuzzy Order Preference by Similarity to an Ideal Solution (Fuzzy TOPSIS) to help entrepreneurs to analyze the evaluation, in terms of fuzzy opinions, of new ventures proposals. To this end a set of fuzzy linguistic terms based on triangular fuzzy numbers are considered.A group of investment experts has been considered to assess different factors and variables by means of linguistic terms with different levels of precision. Results provide not only a ranked list of variables obtained from the group of experts’ opinion buy also a measure of the consensus reaches. A real example is presented to show the real applicability and efficiency of the proposed methodology.

Abstract

Technology commercialization is described as the most dreadful challenge for technology-based entrepreneurs. The scarcity of resources and limited managerial experience make it a daunting task, putting in danger the whole firm emergence. Prior research has often build upon the resource-based view to propose that the new firms' performance is dependent on their initial resource endowments and configurations. Nevertheless, little is known on how the early-stage decisions of the entrepreneur might influence on the growth of the firm. Scholars have suggested that both technology and market orientation actions could influence the performance and growth of firms in this context; nevertheless, there is limited empirical evidence of the influence of these different orientations in the context of new technology-based firms (NTBFs). In this study we propose to explore the influence of technology and demand creation actions adopting a demand-side view. We use a longitudinal study on a panel dataset (2004-2007) with 249 U.S. new high-technology firms to test our hypothesis. The results point towards a rather limited influence of initial resource configurations, as well as an unexpected influence of market and technology orientation in the growth dimensions of an NTBF. The research holds implications for the management of new technology-based firms and for those interested in supporting the development of technology entrepreneurship.

Abstract

Abstract Objectives: This paper uses data generated by users to reflect on the emergent paradigm of lifelogging or quantified self as a lifestyle. It analyses the social and technological aspects of this phenomenon, focusing on data management, and it describes how the principles of big data enable us to understand the opportunities and complexities that quantified self is responsible for. Methodology: The paper revises the bibliography published on lifelogging and quantified self from its beginnings to the present. The bibliographic search was completed using bibliographic databases for the articles and general search engines for information on products and applications and for news articles in the local and international press. Results: The result is a taxonomy of uses, applications and tools for lifelogging and quantified self. The researchers conclude that the ability to generate quality information from user-generated data will be key in the development of this paradigm. It will also be necessary to establish standards and protocols to organize, manage and analyse the data so that the potentially positive impact of quantified self on society can be optimized.

Abstract

This article studies how technology-based entrepreneurs manage to transform their ideas into viable businesses, regardless of their resource limitations and the complexity and dynamics of technology-intense contexts. To describe how entrepreneurs unlock the value proposition that makes a technology useful, we adopt a set of lenses that allow us to view what happens on both sides of the market. In this context, we need to look beyond the resources to explain the weight that entrepreneur’s actions carry on the technology entrepreneurship process. In this article, we use a multiple case study on three new technology-based firms to explore how their actions can be interpreted as valuable market signals. The results suggest that entrepreneurs strategically use market, technology, and social capital signalling to mitigate uncertainty and advance in the technology entrepreneurship process. This research holds implications for academic research on the integration of resource and demand-side views, as well as for entrepreneurs and practitioners interested in understanding the impact of visible actions in the early stages of a new technology-based venture.

Abstract

Objectives: This paper uses data generated by users to reflect on the emergent paradigm of lifelogging or quantified self as a lifestyle. It analyses the social and technological aspects of this phenomenon, focusing on data management, and it describes how the principles of big data enable us to understand the opportunities and complexities that quantified self is responsible for. Methodology: The paper revises the bibliography published on lifelogging and quantified self from its beginnings to the present. The bibliographic search was completed using bibliographic databases for the articles and general search engines for information on products and applications and for news articles in the local and international press. Results: The result is a taxonomy of uses, applications and tools for lifelogging and quantified self. The researchers conclude that the ability to generate quality information from user-generated data will be key in the development of this paradigm. It will also be necessary to establish standards and protocols to organize, manage and analyse the data so that the potentially positive impact of quantified self on society can be optimized.

Abstract

The possibility of studying entrepreneurial activity from a longitudinal perspective has only recently become a reality. The limited availability of panel data had hindered the study of the causes and consequences of entrepreneurial action. Fortunately, since the emergence of the PSED dataset in the late 90's, there have been several new attempts of panel data monitoring entrepreneurial activity around the world. However, in order to capitalize this substantial efforts on data collection, researchers need to have an understanding of the different datasets characteristics and the opportunities that they offer. This paper presents a review of the recent developments on new venture creation panel datasets (from 2009 onwards) and aims to provide a reference point for scholars and policy makers interested in gaining a further understanding on the underlying dynamics behind entrepreneurial activity. Details on the different panel structures, variables used and novel sample designs are provided.

Abstract

This article studies whether resource positions have an influence in the early value creation efforts of technology-based ventures. We complement the resource-based view expectation on the positive effects of holding unique resources, with demand-side views such as adopting a pull or push technology-market strategy. We use a sample from a longitudinal dataset (Kauffman Firm Survey) to test our hypotheses. The results show that technological resources alone do not positively influence on value creation, and that marketing resources could potentially have a stronger impact on value creation for new technology-based ventures in dynamic technology markets

Abstract

New technology-based firms have to deal with the technology development and market search challenges at the same time. The venture emergence in technology entrepreneurship symbolizes that the new venture has been able to find the right fit for its technology and becomes an operating business. The complex nature and dynamism of technology markets suggest the need to look beyond the venture resources in order to explain how new ventures overcomes the market uncertainty towards their technological products, and become operational businesses. We use a multiple case study of three new technology-based firms to explore the use of signals as market creation strategies in the context of venture emergence. The results suggest that entrepreneurs rely on market, technology and social capital signaling to reduce the uncertainty and advance towards venture emergence. This research holds implications for researchers interested in further exploring the integration of marketing, signaling and entrepreneurship theories and for entrepreneurs interested in overcoming the market uncertainty towards their technology, products and venture performance.

Abstract

How do technology-based entrepreneurs transform technological ideas into business opportunities? We explore how individual's self-regulatory focus and institutional forces influence in the opportunity construction process. This research addresses the apparent paradox between the exploration efforts of the entrepreneur to find a use for the technological idea, with the institutional pressure advance to opportunity exploitation. We use an inductive multiple- case study with a sample of three technology-based entrepreneurs to shed some light on the phenomena. The results suggest that there is a two-stage process in the transformation of an idea into an opportunity; entrepreneur's ability to moderate their self-regulatory focus is seen to play an important role in this process. These findings hold several implications for entrepreneurs and stakeholders interested in promoting technology-based entrepreneurship

Abstract

The transformation of business ideas into market opportunities is at the core of entrepreneurship. Nevertheless, the complexity of such a transformative process is seen to change depending on the variables influencing the opportunity-entrepreneur nexus. Although technology-entrepreneurship is regarded as a force of change and dynamism in socio-economic growth, it also depends upon an intricate process of opportunity development. The interest in understanding better how technology-based entrepreneurs simultaneously cope with technological uncertainty while trying to gain stakeholder support and access to resources, highlights a relevant research gap. The research described in this article uses the constructivist view to deepen our understanding of the technology-based entrepreneur's conceptualization of the opportunity as a process of social construction. Our results show how initial consensus-building efforts and iteration with knowledgeable peers are an essential part of the emergence of the opportunity, changing both entrepreneur's and stakeholders' perceptions of the early business idea. Consequently, our results provide evidence in support of policy programs and measures that favour social-construction sup- port mechanisms to foster technology-based entrepreneurship.

Abstract

The transformation of business ideas into market opportunities is at the core of entrepreneurship. Nevertheless, the complexity of such a transformative process is seen to change depending on the variables influencing the opportunity-entrepreneur nexus. Although technology-entrepreneurship is regarded as a force of change and dynamism in socio-economic growth, it also depends upon an intricate process of opportunity development. The interest in understanding better how technology-based entrepreneurs simultaneously cope with technological uncertainty while trying to gain stakeholder support and access to resources, highlights a relevant research gap. The research described in this article uses the constructivist view to deepen our understanding of the technology-based entrepreneur’s conceptualization of the opportunity as a process of social construction. Our results show how initial consensus-building efforts and iteration with knowledgeable peers are an essential part of the emergence of the opportunity, changing both entrepreneur's and stakeholders' perceptions of the early business idea. Consequently, our results provide evidence in support of policy programs and measures that favour social-construction support mechanisms to foster technology-based entrepreneurship.