Corporate entrepreneurship and sustainability transitions: resource redeployment of oil and gas industry firms in floating wind power
Why would firms in the oil and gas industry become entrepreneurs in floating wind power technology? How do they use their existing competences in such ventures? Read more in Tuukka Mäkitie's new article in Technology Analysis & Strategic Management.
It has been recently argued that the vast resources of established firms can potentially accelerate sustainability transitions. This paper contributes to the study of such possibilities by investigating the resource redeployment of three Norwegian oil and gas industry firms in corporate ventures in floating wind power technologies.
Using interview and document data, the findings show that the opportunity to use existing firm resources was a key motivation for established firms to engage in entrepreneurship in such technologies. The firms could redeploy their specialised and general-purpose resources in these entrepreneurial ventures, and develop new technologies on the basis of their existing resources. However, also challenges and controversies were observed. This paper thus suggests that the process of resource redeployment can help to explain why, and describe how, established firms may engage in cleantech innovation through corporate entrepreneurship.