New Firms Evolving in the Knowledge Economy ;problems and solutions around turning points

This paper explores and explains the emergence and growth of new firms in the knowledgeeconomy. The resource-based view, capabilities approach, and evolutionary economics are usedas a foundation for a developmental approach. The development of the firm is conceptualized interms of processes that include opportunity recognition, resource mobilization, resourcegeneration and resource accumulation, which lead to the development of competences and capitalin a base made up of productive, commercial and financial resources. Problems originating withinor outside the firm may deplete the productive, commercial and asset base, leading to turningpoints in the life course of these firms. These have negative consequences when problems are notsolved, but positive consequences when they lead to new solutions and the development of newcompetence...