Opportunity identification redux

Twenty-one years ago (1997), the entrepreneurial revolution, both academic and actual, was just beginning. Entrepreneurial opportunities represent both the core theoretical construct and the plethora of products, services, processes, and business models, which dramatically changed daily life. This chapter examines key developments, which have emerged in the scholarly investigation of the opportunity identification process during the intervening years: what fundamentally is an opportunity; what socio-cognitive processes are involved; what is the role of time, of meaning, of context; and finally, what is the relationship between the academic and practitioner. In addition, exemplary research work is highlighted and guidelines for future academic efforts are offered.