Governing the entrepreneurial discovery of blockchain applications

Darcy W.E. Allen

Journal of Entrepreneurship and Public Policy, 2019, vol. 9, issue 2, 194-212

Abstract: Purpose - The purpose of this paper is to examine the institutional context of the entrepreneurial discovery of blockchain applications. Design/methodology/approach - This paper draws on institutional and entrepreneurial theory to introduce the economic problem entrepreneurship in the early stages of new technologies, examines the diversity of self-governed hybrid solutions to coordinating entrepreneurial information and draws policy implications. Findings - To perceive a valuable and actionable market opportunity, entrepreneurs must coordinate distributed non-price information under uncertainty with others. One potential class of transaction cost economising solution to this problem is private self-governance of information coordination within hybrids. This paper explores a diverse range of entrepreneurial hybrids coalescing around blockchain technology, with implications for innovation policy. Originality/value - This paper points to the problem of how the defining of the innovation problem as either choice-theoretic or contract-theoretic changes the remit of innovation policy. Innovation policy and blockchain policy should extend beyond correcting sub-optimal investments or removing barriers to action, to incorporate how polices impact entrepreneurial choices over governance structures to coordinate information.

Keywords: Entrepreneurship; Blockchain; Cryptoeconomy; Innovation commons; Institutional economics (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:jepppp:jepp-03-2019-0017

DOI: 10.1108/JEPP-03-2019-0017

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