New market creation through transformation

Saras Sarasvathy () and Nicholas Dew ()

Journal of Evolutionary Economics, 2005, vol. 15, issue 5, 533-565

Abstract: Is new market creation a search and selectionprocess within the theoretical space of all possible markets? Or is it the outcome of a process of transformation of extant realities into new possibilities? In this article we consider new market creation as a process involving a new network of stakeholders. The network is initiated through an effectual commitment that sets in motion two concurrent cycles of expanding resources and convergingconstraints that result in the new market. The dynamic model was induced from two empirical investigations, a cognitive science-based investigation of entrepreneurial expertise, and a real time history of the RFID industry. Copyright Springer-Verlag Berlin/Heidelberg 2005

Keywords: New market creation; Effectuation; Networks; Entrepreneurship (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (119)

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DOI: 10.1007/s00191-005-0264-x

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