A central role of the entrepreneur-manager is assembling a strategic bundle of complementary assets and activities, either existing or foreseen, which when combined create value for the firm. This process of creating value however requires managers to assess which activities should be handled by...

In this paper we develop the outlines of a theory for the firm, in response to von Hippel and von Krogh’s (2015, henceforth Hippel-Krogh) critique of the problem solving perspective as a theory of value creation. Hippel-Krogh argue that (a) problems and solutions cannot always be separated as...

Lean startup and the idea of a business model have become popular in the context of startup experimentation, innovation and strategy. In this paper we discuss and critique the assumptions behind lean startup, specifically how the approach conceives of hypothesis development and startup...

More than sixty-five years ago Friedrich Hayek parenthetically remarked that while "man has learned to use [the market]...he is still very far from having learned to make the best use of it" (1945: 528). The ensuing years have seen significant innovation in the structure and use of markets,...