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CHAPTER THREE. An Intermediation-Based View of Entrepreneurship

Subject Business and Management » Entrepreneurship

DOI: 10.1111/b.9780631235118.2002.00005.x


Entrepreneurial activities contribute toward significant productivity increase and economic growth in many economies. One of the most important roles that entrepreneurs play is intermediation. In the new information age with the rapidly changing global economy, at first glance it may seem that intermediation is being eliminated from many activities. For example, the development of Internet technology has been thought to be able to bring buyers and sellers together more efficiently, which may result in “disintermediation.” However, we believe what has happened in the Internet age is not “disintermediation;” instead, it is “reintermediation” through a different set of channels enabled by new technology and discovered by new entrepreneurs. We further argue that, regardless of the technology level, intermediation activities have always represented the heart of entrepreneurship. Therefore, the aim of this chapter is to sketch the contours of an intermediation‐based view of entrepreneurial activities through which entrepreneurs discover and exploit opportunities due to information asymmetries and market failures. Although this perspective can be traced back to Schumpeter's (1934) classical insights which focused on entrepreneurs' role in “new combinations” and Kirzner's (1997) seminal work which equated entrepreneurship with “arbitration,” it is very surprising that after decades ... log in or subscribe to read full text

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