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Sustainability 2015, 7(11), 14859-14872; doi:10.3390/su71114859

Entrepreneurial Judgment and Value Capture, the Case of the Nascent Offshore Renewable Industry

1
University of Oslo, Gaustadalleen 21, 0318 Oslo, Norway
2
Department for Industrial Economics and Technology Management, Norwegian University of Science and Technology, 7491 Trondheim, Norway
*
Author to whom correspondence should be addressed.
Academic Editors: Yves Fassin, Mirjam Knockaert and Tom Vanacker
Received: 25 June 2015 / Revised: 25 October 2015 / Accepted: 30 October 2015 / Published: 6 November 2015
(This article belongs to the Special Issue Entrepreneurship and Sustainability)
View Full-Text   |   Download PDF [698 KB, uploaded 12 November 2015]

Abstract

Entrepreneurship may be regarded as the mechanism of change towards sustainability. Any entrepreneur that seeks to start a new venture in an emerging industry will face resource and time constraints. The question we raise here is how the entrepreneur should prioritize use of time and resources to increase likeliness of success. To address this question we depart from a theoretical perspective of entrepreneurship seen as judgment, and bridges it over to entrepreneurship seen as co-creation. In other words, we combine the subjective with the intersubjective, and explore the effects of the actions successful green technology entrepreneurs in the emerging offshore renewable energy industry make in building their new ventures in nascent markets. Inspired by earlier studies on market entry, combined with new ways to understand new venture emergence, we find that independent entrepreneurs benefit from leapfrogging typical stages in the technology development process and rather devote time and efforts on resource acquisition. We also find that the most important value-capturing, decision-making heuristics are those related to “hybrid governance”. We discuss implications for theory, practice, and policy. View Full-Text
Keywords: heuristics; uncertainty; unpredictive strategy; marine renewable energy; international entrepreneurship; sustainability; greentech heuristics; uncertainty; unpredictive strategy; marine renewable energy; international entrepreneurship; sustainability; greentech
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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MDPI and ACS Style

Erikson, T.; Løvdal, N.S.; Aspelund, A. Entrepreneurial Judgment and Value Capture, the Case of the Nascent Offshore Renewable Industry. Sustainability 2015, 7, 14859-14872.

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