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The U.S. Space Launch Industry: Ecosystem Evolution as Entrepreneurial Context

Prior studies in entrepreneurship have commonly used industry as the context to understand how environmental characteristics affect new venture creation and development. Industry-level framing, however, limits capturing the effects of actor interdependencies that extend beyond the boundaries of many industries. We move beyond an industry view and apply an ecosystem perspective to explore how ecosystem evolution affects new venture creation in a focal industry. Through our historical analysis of the U.S. commercial space launch industry, we show that market uncertainty, technological uncertainty, and overall risk evolve as an ecosystem evolves. In turn, these factors affect venturing activity by altering the availability of human and financial capital as well as by their influence on industry and venture legitimacy. Our analysis contributes to the entrepreneurship field by advancing the relevance of an ecosystem-as-context perspective and examining the relationship between ecosystem evolution and new ventu...