Don't Fall! A Case Study on Market-scoping For Early-stage Technologies and the Role of Sensemaking

Abstract: Effectively managing uncertainty requires flexibility and strategic trade-offs, even so for firms basing their product-offer on early-stage technologies. Managers' role in strategic decisions have previously been overlooked, focusing more on predetermined market spaces based on technology, firm, and industry characteristics. The meaning-based aspect of markets have also been neglected in prior research, which some authors have called for more integration of. To answer these calls, this study explores what potential enablers and barriers firms utilizing early-stage technologies face when conducting market-scoping activities, as well as how employees make sense of this. A qualitative, single case, ethnographic research method has been adopted to explore this. Data was collected through in-depth interviews as well as observations from an engagement workshop, a networking event and reviewing internal and external documents. Several enablers and barriers were identified in which market ambiguity mindset prevails as one large indicator. Further, enablers were defined as utilization of diverse backgrounds, acting and behaving with awareness and proactivity as well as leaning on an 'internal champion', where an individual person championed for the firm's product leading to a successful sale. As for barriers, falling for traps, such as favoring the familiar and mature was an evident theme. Moreover, having too rigid routines and relying on a perceived future state of the market may also lead the market-scoping in the wrong direction, leading to failure. The study provides important knowledge, both theoretical and practical implications, providing important aspects to consider when conducting market-scoping. At the same time as the natural state of sensemaking being highly subjective, which is important to consider. All together, this study contributes by building on the nascent research conversation of market-scoping for early-stage technologies and the importance of understanding and applying sensemaking to this process to ensure firms future success.