Abstract
An historical case analysis of the American film industry is undertaken to gain a better understanding of the co-evolutionary processes of entrepreneurial careers, institutional rules and competitive dynamics in emerging industries. The study compares technology and content-focused periods, which were driven by entrepreneurs with different career histories and characterized by distinct institutional rules and competitive dynamics. Archival data and historical analysis is used to trace how entrepreneurial careers, firm capabilities, institutional rules, and competitive dynamics co-evolved. A co-evolutionary perspective is integrated with insights from institutional and resource-based theories to explain how the American film industry emerged, set an initial trajectory with specific institutional rules and competitive dynamics, and then changed.
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