Abstract
Literature on entrepreneurship research has shown surprisingly limited interest in the origin of ventures and discovery of opportunities for profit. Lately, however, this matter has been criticized and a more elaborate conception of how opportunities arise has been called for. The present investigation concerns how a business opportunity is discovered and exploited. An in-depth case study of a knowledge-intensive venture in the mobile Internet industry has been carried out, and our findings point to the need of reconceptualizing this phenomenon into opportunity development, carried out over time and involving several actors. The process observed was iterative in nature; the opportunity and venture were developed in parallel, thus contrasting with a traditional linear view. Furthermore, the business was extremely difficult to analyze ex ante, implying too strong a focus on up-front analysis in existing theory. Much interaction was evidenced as well, imposing difficulties to steer the venture.
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