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<p>Enrolling investors is often critical to new venture success. Complementing previous entrepreneurial finance studies, we highlight problems that relate to differences in beliefs and cognition—rather than incentives—among potential stakeholders in an entrepreneurial venture. Building on Austrian theories of uncertainty, subjective judgment, and exemplary goods, we focus on the challenges of communicating novel and complex projects under Knightian uncertainty. Examining the process of forming intersubjective agreements between entrepreneurs and financiers regarding the value of entrepreneurial projects, we describe two approaches—what we call an “opportunity discovery path” and an “effectuation/bricolage path”—that entrepreneurs and financiers can use to resolve alternative sources of uncertainty sequentially rather than simultaneously.</p>

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Entrepreneurial judgment, uncertainty, and resource mobilization

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2025年7月12日

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  • Nicolai J. Foss,
  • Peter G. Klein,
  • Samuele Murtinu

摘要

Enrolling investors is often critical to new venture success. Complementing previous entrepreneurial finance studies, we highlight problems that relate to differences in beliefs and cognition—rather than incentives—among potential stakeholders in an entrepreneurial venture. Building on Austrian theories of uncertainty, subjective judgment, and exemplary goods, we focus on the challenges of communicating novel and complex projects under Knightian uncertainty. Examining the process of forming intersubjective agreements between entrepreneurs and financiers regarding the value of entrepreneurial projects, we describe two approaches—what we call an “opportunity discovery path” and an “effectuation/bricolage path”—that entrepreneurs and financiers can use to resolve alternative sources of uncertainty sequentially rather than simultaneously.