Abstract
Ventures are pluripotent in their early years. Pluripotentiality refers to the absence of fixed developmental potentialities (i.e. ventures can take multiple paths to different outcomes). Entrepreneurs have to coordinate many choices across multiple domains to find product-market fit (PMF). While PMF has been discussed in the practitioner literature, it is not clear how ventures coordinate the market and product choices to find PMF in the early years. This is important given the degrees of freedom but limited resources early ventures have. Using a multiple-case study of five digital ventures in the U.S. healthcare ecosystem, our analysis reveals three paths ventures take to structure their search for PMF. We discuss the flexibility afforded by digital products and the duality between choice and commitment. We contribute to research on entrepreneurial choice in strategy formulation and link these observed paths to “adjacent conversations” in the broader strategy literature.
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