Governing the entrepreneurial discovery of blockchain applications
Journal of Entrepreneurship and Public Policy
ISSN: 2045-2101
Article publication date: 14 October 2019
Issue publication date: 19 June 2020
Abstract
Purpose
The purpose of this paper is to examine the institutional context of the entrepreneurial discovery of blockchain applications.
Design/methodology/approach
This paper draws on institutional and entrepreneurial theory to introduce the economic problem entrepreneurship in the early stages of new technologies, examines the diversity of self-governed hybrid solutions to coordinating entrepreneurial information and draws policy implications.
Findings
To perceive a valuable and actionable market opportunity, entrepreneurs must coordinate distributed non-price information under uncertainty with others. One potential class of transaction cost economising solution to this problem is private self-governance of information coordination within hybrids. This paper explores a diverse range of entrepreneurial hybrids coalescing around blockchain technology, with implications for innovation policy.
Originality/value
This paper points to the problem of how the defining of the innovation problem as either choice-theoretic or contract-theoretic changes the remit of innovation policy. Innovation policy and blockchain policy should extend beyond correcting sub-optimal investments or removing barriers to action, to incorporate how polices impact entrepreneurial choices over governance structures to coordinate information.
Keywords
Citation
Allen, D.W.E. (2020), "Governing the entrepreneurial discovery of blockchain applications", Journal of Entrepreneurship and Public Policy, Vol. 9 No. 2, pp. 194-212. https://doi.org/10.1108/JEPP-03-2019-0017
Publisher
:Emerald Publishing Limited
Copyright © 2019, Emerald Publishing Limited