Self-discovery enabling entrepreneurial discovery processes

This chapter interprets the entrepreneurial discovery process (EDP) as a process of self-discovery and transition spanning knowledge exploitation and exploration. Exploitation refers to using existing knowledge and refining existing processes; exploration refers to new knowledge discovery and creation. This transition requires changes in agency, which can be framed in terms of the division of labour between the triple-helix actors and a collective regional actor: ‘the self’ in self-discovery is a public–private partnership. The chapter presents the development of the conceptualisation of agency (‘self’) from the individual entrepreneur by Kirzner to the collective actor in the EDP presented by Foray. EDP and smart specialisation are compared with cluster theories and innovation system approaches.