Opportunity type plays an important role in the formation processes of new firms. Research has assumed firms exploit homogeneous and exogenously determined opportunities, identified as discovery opportunities (Shane, 2003). Recent literature, however, specifies some opportunities are created endogenously and enacted in tandem with the firm’s formation processes (Alvarez & Barney, 2007). While theoretically postulated, this creation view of opportunities has been underexplored empirically. Employing assumptions about the nature of the opportunity, entrepreneur, and knowledge context (Alvarez & Barney 2007; Shane, 2003), this paper examines the emerging creation view of opportunity formation by studying the origins of the king crab industry.