Exaptation growth strategy
Abstract
This dissertation attempted to answer the following question: How can firms develop an Exaptation Growth Strategy (EGS) for value generation? Exaptation, which has the power to unlock new forms and functions of resources, is an evolutionary mechanism from biology that is relatively unknown in strategic management research. Value generation encompasses value discovery, creation, delivery, capture, and sharing activities. The study posited that firms and entrepreneurs can generate growth by following the causal mechanisms induced from the exaptation research and detailed in the EGS model. The research was based on a qualitative design that combined deductive and inductive approaches, and the research method consisted of multiple phases. Phase 1 developed a theoretical model based on academic literature in exaptation, technology, complexity science, innovation, and management domains. Phase 2 built a multiple-case study that described and compared six cases where exaptations had occurred. Finally, the model was refined in Phase 3, leading to an updated EGS model that is more fit for practitioners to develop new products and services through exaptation. The study resulted in a process-based theory that explains how exaptations occur, describes which causal mechanisms are at play, and prescribes how agents can intentionally induce exaptations by conducting business experiments with their assets and resources. By integrating exaptive approaches with growth methods already embedded in most organizations, practitioners can find exaptations with substantial market value and profit by doing more with less. Exaptation Growth Strategy is a complementary practice alongside other growth-by-innovation approaches that most firms across different industries follow.