Exaptation dynamics and entrepreneurial performance: evidence from the internet video industry
研究互联网视频行业2006至2011年中国新创企业数据，发现适应环境变化的企业表现更好，并揭示拓展适应过程（如对用户社区的承诺）能增强初创企业韧性，为创业战略提供新视角。
This paper explores entrepreneurial strategy by analyzing the Internet video industry. Data on entrants to the Chinese Internet video industry from 2006 to 2011 reveal how those that adapt to shifts in the environment outperform less flexible firms. The paper also shows how exaptive processes, including strategic commitment to user communities, increase resilience in start-ups that face such shifts. These findings introduce an expanded view of entrepreneurial strategy by directly linking strategic choice to venture performance and clarifying the role of exaptation in entrepreneurship.