Surprisingly little effort has been made so far in entrepreneurship research to comprehend opportunity recognition as a process. While some studies addressed this question in a context of new venture creation, there is still very limited insight into how a process of opportunity recognition can occur within established businesses. In such a context, corporate entrepreneurs as agents of change have to permanently deal with unforeseen and unexpected events that open up a steady stream of opportunities for creative action and hence for innovation. However, creative ideas do not appear full-blown in the minds of individuals, but must be based in their existing knowledge and in the cognitive frameworks they possess. Acting creatively requires people to construct, formulate or otherwise define a problem at hand and to make sense of a given situation.