An image of industry: exploring the effects of knowledge sources in the medical imaging industry

Author:

Park U David1,Rha Youngsir2,Shah Sonali K3,Chattopadhyay Shinjinee4

Affiliation:

1. Department of Entrepreneurship & Emerging Enterprises, Whitman School of Management, Syracuse University , 721 University Avenue, Syracuse, NY 13244-2450, USA . e-mail: udpark@syr.edu

2. Gies College of Business, University of Illinois at Urbana–Champaign , 1206 South Sixth Street, Champaign, IL 61820, USA . e-mail: ysrha2@illinois.edu

3. Gies College of Business & Carle Illinois College of Medicine, University of Illinois at Urbana–Champaign , 1206 South Sixth Street, Champaign, IL 61820, USA . e-mail: sonali@illinois.edu

4. Gies College of Business, University of Illinois at Urbana–Champaign , 1206 South Sixth Street, Champaign, IL 61820, USA . e-mail: schattop@illinois.edu

Abstract

Abstract Scholars have long been interested in understanding how a firm’s “pre-history” shapes its behavior and performance, with recent scholarship highlighting the fact that industry entrants stem from different knowledge sources. Knowledge sources, the context in which entrants develop the knowledge they bring as they enter an industry, are argued to be important, because they may have differential effects on firm strategy and performance. We explore the effects of five different knowledge sources on firm behavior and survival using a mixed-methods approach. Survival analysis shows that user-founded new ventures outsurvive academic-founded new ventures, employee-founded new ventures, related diversifying entrants, and unrelated diversifying entrants. Qualitative analysis suggests that user-founded new ventures often enter niche markets defined by the clinical expertise of their founders and remain in these markets over time, honing their product offerings to specific clinical needs. Our analyses are based on novel, hand-collected archival data on the population of entrants in the modern medical imaging industry. We discuss the implications of these findings for the evolutionary theory, strategic management, and entrepreneurship literatures.

Publisher

Oxford University Press (OUP)

Subject

Economics and Econometrics,General Economics, Econometrics and Finance,Management of Technology and Innovation

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