The double knot of technology and business-model innovation in the era of ferment of digital exchanges: The case of OM, a pioneer in electronic options exchanges

PublikationArtikel (med peer review)
Disruptiva innovationer, Finanssektor, Företagandets villkor, Innovation, Institutionell ekonomi, Kreativ förstörelse, Mirko Ernkvist, Teknikskiften, Teknologi

Sammanfattning

The discontinuous shift to an electronic exchange system has been a catalyst for extensive transformation of financial markets during the last decades. Previous research has proposed that there are prohibitive regulatory barriers for de novo entrants with limited resources to introduce discontinuous technological innovations and novel business models in finance. We challenge this notion by studying the techno-social transformative process of the first decade of OM, a Swedish de novo entrant that introduced the world’s first commercially successful electronic options exchange and the first for-profit exchange. Our analysis reveals that this entrant had a key role in both the technological and regulatory construction of the new market through a bricolage technological development process and behaved as a proactive corporate political entrepreneur (CPE). The first phase of the era of ferment in electronic exchange technology was characterized by an adaptive techno-social development context that was open for bricolage technological and business-model experimentation. In the second phase, these experimental lessons were connected to a deliberative regulatory process that enabled the entrant to influence the regulatory process. We conclude by suggesting that an entrant’s dual roles as a bricolage technological entrepreneur and as a CPE provide an alternative path for resource-constrained entrants to transform capital markets.

Ernkvist, M. (2015). The double knot of technology and business-model innovation in the era of ferment of digital exchanges: The case of OM, a pioneer in electronic options exchanges. Technological Forecasting and Social Change, 99: 285-299. DOI: 10.1016/j.techfore.2015.02.001


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Third-Generation Innovation Policy: System Transformation or Reinforcing Business as Usual?
BokkapitelPublikation
Bergkvist, J. E., Moodysson, J., & Sandström, C.
Publiceringsår

2022

Publicerat i

Questioning the Entrepreneurial State, 201.

Sammanfattning

There has been a shift in innovation policy in recent years toward more focus on systemic transformation and changed directionality. In this chapter, we describe a collection of challenges that such policies need to address. Based on a review of dominant frameworks regarding socio-technical transitions, we compare these theories with examples of innovation policy in different countries. Systemic transformation across an economy usually requires a process of creative destruction in which new competencies may be required, actors need to be connected in novel ways, and institutions may need to be changed. Our empirical illustrations show that support programs and initiatives across Europe do not always seem to result in such a process, as they include mechanisms favoring large, established firms and universities. These actors have often fine-tuned their activities and capabilities to the existing order, and therefore have few incentives to engage in renewal. As the incumbent actors also control superior financial and relational resources, there is a risk that they captivate innovation policies and thus reinforce established structures rather than contributing to systemic transformation.

Technological Change and Industrial Transformation
BokPublikation
Long, V. & Holmén, M.
Publiceringsår

2021

Publicerat i
Sammanfattning

Industrial transformation is a research and teaching field with a focus on the phenomenon and mechanisms of industrial development and renewal. It concerns changes in economic activities caused by innovation, competition and collaboration, and has a rich heritage of evolutionary economics, institutional economics, industrial dynamics, technology history and innovation studies. It borrows concepts and models from the social sciences (sociology, history, political sciences, business/management, economics, behavioural sciences) and also from technology and engineering studies.
In this book, the authors present the key theories, frameworks and concepts of industrial transformation and use empirical cases to describe and explain the causes, processes and outcomes of transformation in the context of digitalization and sustainability. They stress that industrial transformation consists both of Darwinian “survival of the fittest” selection, and of intentional pursuits of innovation, and of industrial capabilities creation. The work argues that managing the global trends of transformation is not only about new technology and innovation: existing institutional settings and dynamic interactions between technological change, organizational adaptation and economic activities also have a profound impact on future trajectories.
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Assessing user perceptions of the interplay between the sharing, access, platform and community‐based economies
Artikel (med peer review)Publikation
Geissinger, A., Laurell, C., Öberg, C., Sandström, C. & Suseno, Y.
Publiceringsår

2020

Sammanfattning

Purpose
Digitally intermediated peer-to-peer exchanges have accelerated in occurrence, and as a consequence, they have introduced an increased pluralism of connotations. Accordingly, this paper aims to assess user perceptions of the interplay between the sharing, access, platform, and community-based economies.

Design/methodology/approach
The sharing, access, platform, and community-based economies have been systematically tracked in the social media landscape using Social Media Analytics (SMA). In doing so, a total material of 62,855 publicly posted user-generated content concerning the four respective economies were collected and analyzed.

Findings
Even though the sharing economy has been conceptually argued to be interlinked with the access, platform, and community-based economies, the empirical results of the study do not validate this interlinkage. Instead, the results regarding user perceptions in social media show that the sharing, access, platform, and community-based economies manifest as clearly separated.

Originality/value
This paper contributes to existing literature by offering an empirical validation, as well as an in-depth understanding, of the sharing economy’s interlinkage to other economies, along with the extent to which the overlaps between these economies manifest in social media.

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