Entrepreneurial Judgment and Value Capture, the Case of the Nascent Offshore Renewable Industry

Truls Erikson, Nicolai S Løvdal and Arild Aspelund
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Truls Erikson: University of Oslo, Gaustadalleen 21, 0318 Oslo, Norway
Nicolai S Løvdal: University of Oslo, Gaustadalleen 21, 0318 Oslo, Norway
Arild Aspelund: Department for Industrial Economics and Technology Management, Norwegian University of Science and Technology, 7491 Trondheim, Norway

Sustainability, 2015, vol. 7, issue 11, 1-14

Abstract: Entrepreneurship may be regarded as the mechanism of change towards sustainability. Any entrepreneur that seeks to start a new venture in an emerging industry will face resource and time constraints. The question we raise here is how the entrepreneur should prioritize use of time and resources to increase likeliness of success. To address this question we depart from a theoretical perspective of entrepreneurship seen as judgment, and bridges it over to entrepreneurship seen as co-creation. In other words, we combine the subjective with the intersubjective, and explore the effects of the actions successful green technology entrepreneurs in the emerging offshore renewable energy industry make in building their new ventures in nascent markets. Inspired by earlier studies on market entry, combined with new ways to understand new venture emergence, we find that independent entrepreneurs benefit from leapfrogging typical stages in the technology development process and rather devote time and efforts on resource acquisition. We also find that the most important value-capturing, decision-making heuristics are those related to “hybrid governance”. We discuss implications for theory, practice, and policy.

Keywords: heuristics; uncertainty; unpredictive strategy; marine renewable energy; international entrepreneurship; sustainability; greentech (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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