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Becoming One of the Most Valuable New Venture in the World

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Becoming One of the Most Valuable New Venture in the World Becoming one of the most valuable new venture in the world A study on how such ventures arise Final thesis, June 22nd, 2016 Name: Lisa Boschma Student number: 11092963 Qualification: MSc in Business Administration – Entrepreneurship & Innovation Institution: University of Amsterdam Supervisor: dr. Ileana Maris – de Bresser Second reader: dr. Wietze van der Aa Statement of originality This document is written by Student Lisa Boschma who declares to take full responsibility for the contents of this document. I declare that the text and the work presented in this document is original and that no sources other than those mentioned in the text and its references have been used in creating it. The Faculty of Economics and Business is responsible solely for the supervision of completion of the work, not for the contents. Table of contents Abstract .................................................................................................................................................. 5 1. Introduction ....................................................................................................................................... 6 2. Literature review .............................................................................................................................. 9 2.1 Nature of opportunities ................................................................................................................. 9 2.2 Entrepreneurial approaches ......................................................................................................... 14 2.3 Theoretical conclusion ................................................................................................................ 19 3. Research method ............................................................................................................................. 22 3.1 Research approach, type, strategy and time dimension .............................................................. 22 3.2 Sampling ..................................................................................................................................... 23 3.3 Data collection ............................................................................................................................ 24 3.4 Data analysis ............................................................................................................................... 25 3.5 Validity and reliability ................................................................................................................ 26 4. Research results .............................................................................................................................. 29 4.1 Snapchat case .............................................................................................................................. 29 4.2 Uber case ..................................................................................................................................... 32 4.3 Pinterest case ............................................................................................................................... 35 4.4 Airbnb case ................................................................................................................................. 39 4.5 Comparative analysis .................................................................................................................. 42 4.5.1 Opportunity nature ............................................................................................................... 42 4.5.2 Entrepreneurial ability.......................................................................................................... 42 4.5.3 Venture development ........................................................................................................... 43 4.5.4 Prior knowledge ................................................................................................................... 45 4.5.5 Social (network) ................................................................................................................... 46 4.5.6 Personality ............................................................................................................................ 47 5. Discussion......................................................................................................................................... 48 6. Conclusion ....................................................................................................................................... 54 References ............................................................................................................................................ 55 Appendices ........................................................................................................................................... 59 Appendix A – Overview sources used .............................................................................................. 60 Appendix B – Codebook ................................................................................................................... 62 Appendix C – Sources Uber ............................................................................................................. 69 Appendix D – Sources Pinterest ....................................................................................................... 86 Appendix E – Sources Airbnb ........................................................................................................ 101 Appendix F – Sources Snapchat ..................................................................................................... 125 Table of figures Table 2.1 Aspects exploitation versus exploration ............................................................................... 14 Table 2.2 Aspects causation versus effectuation .................................................................................. 18 Table 2.3 Aspects exploitation – causation versus exploration - effectuation ...................................... 19 Table 2.4 Conceptual model ................................................................................................................. 20 Table 3.1 Overview of cases selected ................................................................................................... 24 Table 3.2 Overview searched sources ................................................................................................... 25 Figure 5.1 Theoretical contribution ...................................................................................................... 51 Table 3.3 Overview sources used ......................................................................................................... 60 Table 3.4 Codebook data analysis......................................................................................................... 62 Abstract How the most valuable new ventures in the world came to existence, is academically limited supported. It is described that opportunities either are recognized or created, in that regard the entrepreneurial approaches such as causation and effectuation explain how ventures are developed. Scholars have established an unelaborated and empirically not well supported link between causation and opportunity recognition (exploitation), and between effectuation and opportunity creation (exploration). Secondary data is collected on four most valuable new ventures of the world to examine the link between the theories and to understand how such ventures came to being. The results reveal that regardless of the opportunity nature the ventures are explored-effectuated: the entrepreneur uses its vision and personal interest and the ventures are developed in a flexible way. It is also found that founders start to use causation over time if they do not know how to create a viable business. Still, the findings reveal that at first general prior knowledge is enough to recognize or create an opportunity. Furthermore, this study shows that the network is used to acquire more resources to develop the venture. Lastly, the personality traits found match with exploration-effectuation which could explain why the ventures are developed in such a way. 5 1. Introduction The idea of Airbnb, founded in 2008, was to provide a sleeping place for people joining a conference whilst hotels where fully booked. Their initial idea translated into building a platform for people that can rent the available space in their homes to others. This developed further into a venture that is today valued at approximately 24 billion dollars (Gallagher, 2015). Another example is Uber, founded in 2008, with the initial idea to serve people with a taxi on demand and now valued at 62.5 billion dollars (Effron, 2016; Feloni, 2014). Both Uber and Airbnb are considered as among the most valuable startups in the world (Austin, Canipe & Slobin, 2015; Kim & Kosoff, 2015; Picchi, 2015). A quick search reveals that there are many interviews, blogs and news articles which reveal how such ventures are founded and developed. Yet, it could be interesting to examine the founding and development of such valuable new ventures academically. In the academic literature concerning entrepreneurship there is an ongoing debate on how opportunities originate; they exist already versus they are created (Alvarez, Barney & Anderson, 2013; Shane, 2012). Creating opportunities could be more advantageous (Alvarez
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