Abstract

Discoveries and opportunities create economic value when they bring new products, processes, and ways of organizing into existence. Because opportunities are defined on a post hoc basis, entrepreneurs, investors, and executives are uncertain (ex ante) whether launching a new venture— based on a particular opportunity—would yield desired returns (an ex post event). As a consequence, researchers rely on hindsight and discuss opportunities as a post hoc phenomenon. Specific research on what constitutes a discovery, how to measure its distinct characteristics, or what its longevity might be is scarce. Assuming that worthy or vital discoveries last longer, we advance a typology consisting of three attributes: newness, scope, and accreditation.

Share

COinS