Market (Re)creation Through Innovation and Entrepreneurship

In this special session we reconsider how innovation and entrepreneurship influence the (re)creation of new markets by exploring and extending a service ecosystems approach, based on service-dominant (S-D) logic (Vargo and Lusch 2004, 2008). Importantly, S-D logic has been connected with emerging entrepreneurial theories (Read et al. 2009) and aligns with a focus on the creation of opportunities under conditions of uncertainty (Alvarez and Barney 2005, 2007, 2011). In addition, a service ecosystems view points toward institutionalization (i.e., (re)formation of institutions) as an underlying process that drives innovation, or development of new technologies and markets (Vargo et al. 2014). Based on this, markets are defined as “institutionalized solutions” that emerge and evolve (and dissolve) over time and space. In this light, we integrate emerging views on markets, innovation and entrepreneurship to address the questions: (1) What are markets? (2) Where do markets come from? and (3) How do markets evolve?