Entrepreneurial opportunity incubation : a micro-process view

Abstract

The ability of entrepreneurs to incubate new venture opportunity remains an under-researched area of entrepreneurship studies. When engaged actors are motivated to pursue such activity venturing action is invigorated. This bridges the gap between believing in an idea and developing personal capacity to translate that belief into viable venturing. However, it has remained unclear how successful entrepreneurs have navigated this complex phase. This study therefore advances empirical insight into the iterative character of new venture opportunity incubation as enacted by seasoned entrepreneurs. Building on existing scholarship the study promotes a lived experience-led conceptualisation of key constructs and their relationships. Longitudinal data gathering from purposively selected case studies enabled the capture of qualitative data. Computer aided data analysis and coding (CADAC) revealed underling themes, thus illuminating meaningful pattern recognition. Deductive analysis of cross sectional interview data substantiated findings. Triangulation analysis revealed the activities, cognitions and behaviours which characterise opportunity incubation, as the subjects converted ideas into new venture concepts. These findings contribute to existing knowledge at a theoretical level: firstly, by identifying and describing the micro-processes that constitute new venture opportunity incubation. Secondly, the granular level of activation that the study accessed, revealed entrepreneurs’ cognitive and behavioural competencies in driving enactment. Finally, the study identified the venture concept artefacts that seasoned entrepreneurs’ prioritise when shaping new venture concepts.