New market creation through exaptation: The role of the founding team's prior professional experience |
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| Institution: | 1. Grenoble Ecole de Management, F-38000, Grenoble, France;2. IREGE, Université Savoie Mont Blanc, Annecy-le-Vieux, France;1. Faculty of Economics and Business, Department of Innovation Management and Strategy, University of Groningen, Nettelbosje 2, Groningen, AE 9747, the Netherlands;2. Max Planck Institute for Innovation and Competition, Marstallplatz 1, 80539 Munich, Germany;3. Rotterdam School of Management, Department of Strategic Management and Entrepreneurship, Erasmus University Rotterdam, Burgemeester Oudlaan 50, 3062 PA Rotterdam, the Netherlands;1. Birmingham Business School, University of Birmingham, United Kingdom;2. University of York Management School, University of York, Church Lane Building, York YO10 5DF, United Kingdom;1. Institute of Management Research, Radboud University Nijmegen, Heyendaalseweg 141, 6525 AJ, Nijmegen, the Netherlands;1. Department of Economics, Kemmy Business School, University of Limerick, Ireland;2. Spatial and Regional Economics Research Centre, Department of Economics, Cork University Business School, University College Cork, Cork, Ireland;3. Enterprise Research Centre and Warwick Business School, Coventry, United Kingdom;1. McCombs School of Business, The University of Texas at Austin, 2110 Speedway Stop B6500, Austin, TX 78712, United States;2. Dyson School of Applied Economics and Management, Cornell University, 137 Reservoir Avenue, Ithaca, NY 14853, United States;3. McCombs School of Business, The University of Texas at Austin, 2110 Speedway Stop B6500, Austin, TX 78712, United States |
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| 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 influences 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. |
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