New market creation through exaptation: The role of the founding team's prior professional experience

【Author】 Omezzine, Fakher; Freitas, Isabel Maria Bodas

【Source】RESEARCH POLICY

【影响因子】9.473

【Abstract】This paper focuses on the creation of new markets through technological exaptation i.e. the repurposing of existing technologies to serve new functions in a different market domain. We conceptualize the ability of new ventures to create new market applications for existing technologies as dependent on the knowledge, skills, and cognitive frames developed by the founding teams' members during their professional careers. Specifically, we hypothesize that the extent of the founding team's employment experience across different organizations in-fluences the probability that the new venture will create a new market through technological exaptation. We also explain why experience in entrepreneurially prominent organizations changes this relationship at various levels of prior employment experience. We test our arguments using data on blockchain startups (and their founders/ co-founders) in the worldwide energy sector established between 2010 and 2019. The results show that the likelihood that a new venture develops a new market application for blockchain technology in the energy sector is associated with the professional experience of the founding team members. We discuss the implications of these findings.

【Keywords】Technological exaptation; New market creation; Professional careers; Employment experiences; Prominent organizations; Blockchain

【发表时间】2022 JUN

【收录时间】2022-04-27

【文献类型】实证性文章

【主题类别】

区块链治理-市场治理-