Opportunity Recognition, identification, and development of business opportunity are the most important activities in Venture firms. And there have been many studies for opportunity recognition, but most studies fall short of offering comprehensive perspectives.
This study aims to propose successful opportunity development process. An in-depth case study research on the 10 Korean ventures sheds light on understanding how venture firms find, commit and realize new business opportunity among many others. I thought this is important in the one reason. The Opportunity development process of venture firm is critical engine where the competitive advantage comes from.
Through longitudinal and in-depth case studies on 10 high-tech venture firms, opportunity development process and factors affecting them are analyzed qualitatively based on interview data.
The major findings are as follows. First, the strategic intent and the alertness of chief executive officer (CEO) are associated with successful opportunity recognition and development. Second, for successful opportunity recognition and development, a convergence of the core competence of firm's- resource, network and knowledge - is critical. Without this convergence there is a lower probability of such success. Third, rapid changes in situation of external environment and inner part circumstances are related to successful opportunity search, recognition, and identification. The results of this thesis are derived from 15 observations through 10 case studies and the integration of case studies. In addition, three hypotheses are generated.
Finally, the theoretical and practical implications of the study are discussed, and the further issues are identified.
