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We provide greater theoretical precision to the concept of productive opportunities of Penrose. We show firm emergence as a recursive cycle of changing productive opportunities. We show how those opportunitiesresult from the technological base of the firm and are associated with the particular characteristics of the technology.We also show how productive opportunities require the assembly of different internal and externalresources, and therefore partners. We address explicitly how the firm and its potential partners perceive uncertainty and single out the different mechanisms used by the firm to address uncertainty—envisioning, pooling, and staging—to secure resources from external partners and exploit the identified productive opportunities in a timely manner.
The paper explores the process of early growth of entrepreneurial science-based firms. Drawing on case studies of British and Dutch biopharmaceutical R&D firms, we conceptualize the speed of early growth of science-based firms as the time it takes for the assembly (or combined development) of three types of critical resources - a functionally-diverse management team, early fundraising and development of technology. The development of these resources is an unfolding and interrelated process, the causal direction of which is highly ambiguous. We show the variety of paths used by science-based firms to access and develop these critical resources. The picture that emerges is that the various combinations of what we call "assisted" and "unassisted" paths combine to influence the speed of firm growth. We show how a wide range of manifestations of technology development act as signaling devices to attract funding and management, affecting the speed of firm development. We also show how the variety of paths and the speed of development are influenced by the national institutional setting.
We examine the ways in which a hidden crisis can be exposed from a communication point of view. In which way can organisations create general awareness of a crisis and try to understand the dynamic nature of interactions? With the help of discourse analysis, we have examined the interactional achievements of two crisis entrepreneurs in the domain of education in the Netherlands: a rector of a secondary school and the founders of BON, a social movement aimed at improving the quality of education. In this way, we will illustrate the discursive practices that play an active role when certain players signal a crisis.