Opportunity creaQon, and opportunity exploitaQon in creaQve

Opportunity crea.on, and opportunity exploita.on in crea.ve industries COB is a globally recognized heavy metal band, successful business venture for the
founders and the main employer for not only themselves, but also many of their
technicians and supportive staff. They are significant clients of their record labels,
management companies and booking agencies. They have also partnered with
instrument manufacturers and distributors and instructional video producers. By
2010 they have sold over one million records globally. Alexi Laiho’s guitar-playing
techniques have been recognized in the music media globally, leading to his
consecration in Guitar World magazine as the most promising young guitar player in
2006 and as the best metal guitarist in 2009 and 2011. COB has also been called
"technically dazzling" by the New York Times and “One of the most talented metal
bands of our time” by contemporary media conglomerate VICE.
ENTREPRENEURSHIP the process by which future goods and services come into being
Shane and Venkataraman's (2000) ENTREPRENEURIAL INTENT Is a self-acknowledged conviction by a person that they intend to
set up a new (business) venture and consciously plan to do so at
some point in the future. That point in the future might be imminent
or indeterminate, and may never be reached. Those with
entrepreneurial intent need not ever actually set up a new business
because myriad personal circumstances and environmental factors
may militate against this. (Thompson 2009) ENTREPRENEURIAL OPPORTUNITIES Entrepreneurial opportunities are those situations in which new
goods, services, raw materials, and organizing methods can be
introduced and sold at greater than their cost of production. (Shane
& Venkataraman 2000) User Entrepreneurship
Information Asymmetry
•Prior employment
•University-based
technology
Unique framing
•Prior employment
•University-based
technology
Opportunity
identification
Figure 1.
Feedback leads
to improvement
User’s unmet
Market feedback
leads to adaptation
Entrepreneur
experiments
and creates
solution to
perceived
needs
Entry into the
commercial
marketplace
Classic model of the entrepreneurial process
Community Interaction
•User s hares
innovation freely
within a community
•Collect ive creativity
User experiments
and creates a
Firm is
formed
(or not)
129
Information Asymmetry
•Need-related
knowledge
•System of use
perspective
•Recognition of demand
Opportunity
Identification
Unique framing
•Diversity of user
backgrounds
Market feedback
leads to adaptation
User
forms a
Entry into the
Firm is
formed
(or not)
Opportunity
identification
experiments
and creates
solution to
perceived
needs
Entry into the
commercial
marketplace
Figure 1. Classic model of the entrepreneurial process
Feedback leads
to improvement
User’s unmet
needs
Community Interaction
•User s hares
innovation freely
within a community
•Collect ive creativity
Information Asymmetry
•Need-related
knowledge
•System of use
perspective
•Recognition of demand
User experiments
and creates a
novel solution to
satisfy their own
needs
Feedback leads
to improvement
Unique framing
•Diversity of user
backgrounds
Opportunity
Identification
•User recognizes a
potential opportunity
Market feedback
leads to adaptation
User
forms a
firm
(or not)
Entry into the
commercial
marketplace
Public Interaction
•User e mploys
solution in public
and attracts
interest
Figure 2. Model of the end-user entrepreneurial process
of competitive advantage. Bhidé (2000) labels this
process ‘opportunistic adaptation.’ Although these
processes also occur in user-founded firms, the
gathering of feedback occurs earlier, before the
user even contemplates a commercial venture, as
described below.
neur take action such as developing prototypes.
Second, when users are embedded in user communities, the community can play a significant role in
the development and diffusion of the innovation.
While existing research emphasizes feedback and
adaptation, it is focused on change that occurs after
EFFECTUATION effectuation (decision) process takes a set of means as given and
focus on selecting between possible effects that can be created
with that set of means (e.g. Sarasvathy 2001). This kind of
decision-making is portrayed as a process of that takes a set of
means (e.g. traits, tastes, skills and networks) as given and focuses
on selecting between possible effects of the process. CAUSATION Causation takes a particular effect as given and focuses on “how to
achieve a preset goal” by selecting between means to create the
effect.
Laura Laaksonen / Aalto University School of Economics / IDBM Program / BogFires Research Project / Jan 19th 2011 Something different Laura Laaksonen / Aalto University School of Economics / IDBM Program / BogFires Research Project / Arts in Consumer Culture / Feb 26th 2010