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Expanding entrepreneurial solution spaces in times of crisis: Business model experimentation amongst packaged food and beverage ventures

RESEARCH SUMMARY: Times of crisis require entrepreneurial responses to mitigate adverse effects and address new opportunities. This study focuses on how packaged food and drink entrepreneurs in Finland took action to create and capture new value during the Covid-19 crisis. Examining 844 social media...

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Autores principales: Björklund, Tua A., Mikkonen, Maria, Mattila, Pauliina, van der Marel, Floris
Formato: Online Artículo Texto
Lenguaje:English
Publicado: The Authors. Published by Elsevier Inc. 2020
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7516375/
http://dx.doi.org/10.1016/j.jbvi.2020.e00197
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author Björklund, Tua A.
Mikkonen, Maria
Mattila, Pauliina
van der Marel, Floris
author_facet Björklund, Tua A.
Mikkonen, Maria
Mattila, Pauliina
van der Marel, Floris
author_sort Björklund, Tua A.
collection PubMed
description RESEARCH SUMMARY: Times of crisis require entrepreneurial responses to mitigate adverse effects and address new opportunities. This study focuses on how packaged food and drink entrepreneurs in Finland took action to create and capture new value during the Covid-19 crisis. Examining 844 social media posts of 66 ventures between March and May 2020 and interviewing 17 of these ventures, we found ventures to experiment with new business model variations, which not only expanded their set of solutions directly, but resulted in action-based learning leading to longer-term changes and increased capabilities for subsequent value creation. Furthermore, collaborative experiments and prosocial support increased the solution space through developing the capabilities of the ecosystem. MANAGERIAL SUMMARY: The global lockdown measures in response to the coronavirus pandemic have disrupted supply, production, sales and consumption. Facing these constraints, entrepreneurs can respond quickly and experiment to create new liquidity and opportunities. Our analysis of packaged food and beverage entrepreneurs in Finland during the crisis shows how entrepreneurs leverage existing resources and acquire new ones to create new offerings, operations and partnerships. These initial actions serve as experiments to learn from in creating and revising business models, promoting a virtuous cycle of further action and expanding potential future solutions accessible to entrepreneurs. Importantly, opportunities available to the venture expand through both venture specific learning and through supporting other actors in the ecosystem.
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spelling pubmed-75163752020-09-25 Expanding entrepreneurial solution spaces in times of crisis: Business model experimentation amongst packaged food and beverage ventures Björklund, Tua A. Mikkonen, Maria Mattila, Pauliina van der Marel, Floris Journal of Business Venturing Insights Article RESEARCH SUMMARY: Times of crisis require entrepreneurial responses to mitigate adverse effects and address new opportunities. This study focuses on how packaged food and drink entrepreneurs in Finland took action to create and capture new value during the Covid-19 crisis. Examining 844 social media posts of 66 ventures between March and May 2020 and interviewing 17 of these ventures, we found ventures to experiment with new business model variations, which not only expanded their set of solutions directly, but resulted in action-based learning leading to longer-term changes and increased capabilities for subsequent value creation. Furthermore, collaborative experiments and prosocial support increased the solution space through developing the capabilities of the ecosystem. MANAGERIAL SUMMARY: The global lockdown measures in response to the coronavirus pandemic have disrupted supply, production, sales and consumption. Facing these constraints, entrepreneurs can respond quickly and experiment to create new liquidity and opportunities. Our analysis of packaged food and beverage entrepreneurs in Finland during the crisis shows how entrepreneurs leverage existing resources and acquire new ones to create new offerings, operations and partnerships. These initial actions serve as experiments to learn from in creating and revising business models, promoting a virtuous cycle of further action and expanding potential future solutions accessible to entrepreneurs. Importantly, opportunities available to the venture expand through both venture specific learning and through supporting other actors in the ecosystem. The Authors. Published by Elsevier Inc. 2020-11 2020-09-25 /pmc/articles/PMC7516375/ http://dx.doi.org/10.1016/j.jbvi.2020.e00197 Text en © 2020 The Authors Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active.
spellingShingle Article
Björklund, Tua A.
Mikkonen, Maria
Mattila, Pauliina
van der Marel, Floris
Expanding entrepreneurial solution spaces in times of crisis: Business model experimentation amongst packaged food and beverage ventures
title Expanding entrepreneurial solution spaces in times of crisis: Business model experimentation amongst packaged food and beverage ventures
title_full Expanding entrepreneurial solution spaces in times of crisis: Business model experimentation amongst packaged food and beverage ventures
title_fullStr Expanding entrepreneurial solution spaces in times of crisis: Business model experimentation amongst packaged food and beverage ventures
title_full_unstemmed Expanding entrepreneurial solution spaces in times of crisis: Business model experimentation amongst packaged food and beverage ventures
title_short Expanding entrepreneurial solution spaces in times of crisis: Business model experimentation amongst packaged food and beverage ventures
title_sort expanding entrepreneurial solution spaces in times of crisis: business model experimentation amongst packaged food and beverage ventures
topic Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7516375/
http://dx.doi.org/10.1016/j.jbvi.2020.e00197
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