The rise and decay of new high-technology ventures

This study is positioned at the intersection of legitimation and entrepreneurship theories with the aim to uncover the relationship between the process of legitimation and the process of emergence and discontinuous of a new venture. From the legitimation theory perspective, the paper is trying to explore how a new venture acquires cognitive legitimacy defined as knowledge about the new activity and what is needed to succeed in an industry, and socio-political legitimacy defined as the value placed on the new activity by various key stakeholders, as well as to explore the respective legitimation strategies. From the entrepreneurship theory perspective, the paper aims to explore the process of emergence (identification/creation of new business opportunity and its pursuit) of the new venture, and uncover the relationship between the legitimation of new technology and the new venture on one hand, and the emergence and discontinuous of the new venture on the other.