Expanding entrepreneurial solution spaces in times of crisis: Business model experimentation amongst packaged food and beverage ventures

Tua A. Björklund, Maria Mikkonen, Pauliina Mattila and Floris van der Marel

Journal of Business Venturing Insights, 2020, vol. 14, issue C

Abstract: Times of crisis require entrepreneurial responses to mitigate adverse effects and address new opportunities. This study focuses on how packaged food and drink entrepreneurs in Finland took action to create and capture new value during the Covid-19 crisis. Examining 844 social media posts of 66 ventures between March and May 2020 and interviewing 17 of these ventures, we found ventures to experiment with new business model variations, which not only expanded their set of solutions directly, but resulted in action-based learning leading to longer-term changes and increased capabilities for subsequent value creation. Furthermore, collaborative experiments and prosocial support increased the solution space through developing the capabilities of the ecosystem.

Keywords: Crisis; Entrepreneurship; Capabilities; Experimentation; Value creation (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (11)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jobuve:v:14:y:2020:i:c:s2352673420300536

DOI: 10.1016/j.jbvi.2020.e00197

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