The Entrepreneurial Journey of High-Tech Venture Creation

Abstract

Entrepreneurial opportunities and the entrepreneurial process have long been understood as the foundation and heart of entrepreneurship. In this article, using systems thinking and a systems approach, we reshape the dynamic stage model of the entrepreneurial process to create a novel method for the configuration and metrics of progression of the entrepreneurial journey. To this end, we justified venture maturity as the generalised dimension that characterises entrepreneurial journey in the temporal scale. Until the venture launch, perceived (by the entrepreneur) venture maturity describes the progression of the entrepreneurial journey. The artefacts generated within the stages of the entrepreneurial process serve as the markers of progression of the journey. We also suppose the combination of the discrete and continuous character of the entrepreneurial journey trajectory between the edges bordering the corridors of opportunity space. This article contributes to existing approaches that facilitate better understanding of the entrepreneurial journey and process concepts by examining the interconnections between entrepreneurial process, journey, venture maturity, time and space. ResumenLas oportunidades emprendedoras y el proceso emprendedor se han entendido durante mucho tiempo como la base y el corazón del emprendimiento. En este artículo, utilizando el pensamiento The entrepreneurial journey of venture creation: reshaping process and space SECCIÓN ESPECIAL -62-sistémico y un enfoque sistémico, reformamos el modelo dinámico de etapas del proceso emprendedor para crear un método novedoso para la configuración y las métricas de progresión del viaje emprendedor. Con este fin, hemos justificado que la madurez del proyecto se corresponde con la dimensión generalizada que caracteriza el viaje emprendedor en la escala temporal. Hasta el lanzamiento de la empresa, la madurez percibida (por el empresario) de la empresa es la que describe la progresión del viaje emprendedor. Los artefactos generados dentro de las etapas del proceso emprendedor sirven como marcadores de la progresión del viaje. También suponemos la combinación del carácter discreto y continuo de la trayectoria del viaje emprendedor entre los confines que delimitan los corredores del espacio de oportunidad. Este artículo contribuye a los enfoques existentes que facilitan una mejor comprensión del viaje emprendedor y los conceptos de proceso al examinar las interconexiones entre el proceso emprendedor, el viaje, la madurez de la empresa, el tiempo y el espacio.

Relationships between the Big-5 Model and Effectuation versus Causation Logics of Entrepreneurs in New Ventures: The Estonian IT Sector

“…Recently, Mets et al (2019) have examined the interconnections between entrepreneurial process, entrepreneurial journey, venture maturity, time, and space. Furthermore, Mets (2015) and Mets et al (2019) suggested "replacing multiple dimensions of the entrepreneurial process by using the concept of maturity (of the process of venture creation) and process stages' outcomes (artefacts) as milestones and measures of that" (Mets 2021, p. 58). According to Mets's (2021) definition, "the entrepreneurial process is described by the stages' propositions, idea development, concept development and business development.…”

The entrepreneurial journey of a global start-up: the case of the open innovation platform GrabCAD

“…The number of dimensions needed to define an entrepreneurial journey remains unanswered. Mets (2015) and Mets et al (2019) suggest replacing multiple dimensions of the entrepreneurial process by using the concept of maturity (of the process of venture creation) and process stages' outcomes (artefacts) as milestones and measures of that. The process is described by the stages propositions, idea development, concept development and business development.…”

“…Their entrepreneurial journey is also a start-up journey. The entrepreneurial journey, as a process approach with specific characteristics, is still theoretical (see, e.g., Sørensen et al, 2007;McMullen and Dimov, 2013;Mets et al, 2019) and does not address the development trajectory of any specific start-up. This empirical study is targeted to both testing previous theoretical approaches and to finding areas uncovered by the theory.…”

“…The entrepreneurial journey has generally been used as a metaphor for describing a venture development trajectory. The first theoretical approaches to opening up the entrepreneurial journey, as a research construct and concept, have been made mainly in the last 12 years (McMullen and Dimov, 2013;Sørensen et al, 2007;Mets et al, 2019). The concept complements and enriches the understanding progression of the entrepreneurial process developed over a more extended period (e.g., Bhave, 1994;Sarasvathy, 2008;Cunneen and Mankelow, 2007).…”

Untitled

“…Entrepreneurial opportunity is an entrepreneur's ability to undertake an entrepreneurial journey [Mets et al, 2019], to transform an idea into specific results, bring an idea to life and create new value. This topic is replete with debated questions.…”