What an entrepreneurial opportunity is and where opportunities come from are questions at the heart of the entrepreneurial process and a centrepiece in entrepreneurship as a distinctive scholarly domain (Venkataraman, 1997; Shane & Venkataraman, 2000; Singh, 2001; Alvarez & Barney, 2005). In recent years, scholarly attention and emphasis has switched from a person-centric perspective that focuses on enduring differences among individuals to an opportunity-based approach, which situates the locus of interest on the opportunity and the individual-opportunity nexus (Eckhard & Shane, 2003). However, despite the general consensus on the importance of entrepreneurial opportunities for both research and practice, diverging definitions and perspectives abound and welcome further explorations and debate (Singh, 2001; Shane & Eckhard, 2005). Further, the opportunity-centred approach is in need of organizing frameworks that take stock of extant work and offer meaningful typologies.