Reaching for the stars: analyzing market entry in the space economy
基于多市场案例研究，提出资源知识通用性模型，将企业进入太空经济的策略分为发现、重塑和再利用三类，并指出策略选择取决于资源与知识通用性的匹配。
We analyse how incumbent firms from terrestrial industries tackle opportunities in the Space Economy. Grounded in extensive data obtained from case studies across different markets, we develop a novel framework named ‘Resource-Knowledge Generalizability Model’ which outlines three strategic approaches to entry in the emerging Space Economy, classified as discovery, reinvention, and repurposing. Specifically, discovery requires the development of new knowledge to pursue opportunities far beyond the firm’s initial capabilities. Reinvention starts instead with existing capabilities but demands significant adaptation for the new market. Finally, repurposing leverages existing knowledge and capabilities with minimal changes. Our findings demonstrate that the suitability of each entry strategy depends on the interplay between a firm’s resource availability and the generalisability of its knowledge base. Discovery is best suited for firms with substantial resources, enabling them to develop groundbreaking capabilities for opportunities outside their traditional domains. Reinvention is advantageous for firms with moderate resources, allowing them to adapt and extend their existing capabilities to new contexts. Finally, repurposing is most effective for resource-constrained firms with highly generalisable knowledge, facilitating efficient entry with minimal adjustments. These insights contribute to a deeper understanding of strategic entry in high-tech, nascent markets, offering guidance for firms navigating the unique challenges and opportunities of dynamic and uncertain environments.