Chapter 2 On the Recognition of Venturing Opportunities in Science and Technology

Abstract

This chapter seeks to understand the psychological mechanisms that support entrepreneurial opportunity recognition. That recognition is treated here from the perspective of Kirzner's (1979) entrepreneurial alertness, a perspective that calls attention to the unconscious processes of discovery. It begins with the proposition that a substantial fraction of opportunities recognised by nascent entrepreneurs are not conscious in the sense that they are not found through a process that is driven by rational search or even by the conscious focusing of one's attention. A cognitive theory of unconscious recognition and discovery is considered that might then explain this phenomenon, based on the proposition that individuals develop a directed attention through interest and experience to quite specific domains.

Citation

Lucas, W.A., Cooper, S.Y. and Rodriguez-Falcon, E.M. (2009), "Chapter 2 On the Recognition of Venturing Opportunities in Science and Technology", Oakey, R., Groen, A., Cook, G. and van Der Sijde, P. (Ed.) New Technology-Based Firms in the New Millennium (New Technology Based Firms in the New Millennium, Vol. 7), Emerald Group Publishing Limited, Leeds, pp. 7-21. https://doi.org/10.1108/S1876-0228(2009)0000007004