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Join us at the upcoming Conrad School Distinguished Speaker event with Professor Nelson Phillips.
Stick to Our Knitting or Pivot? The Role of Diffused Cognitive Dissonance in New Venture Strategic Orientation
Professor Nelson Phillips, Abu Dhabi Chamber Chair in Innovation and Strategy at Imperial College London, will be visiting the Conrad School of Business & Entrepreneurship on Tuesday February 25th from 11:30am-1:30pm. Professor Phillips will be presenting his work on entrepreneurial pivoting and the shared cognitive processes that allow or prevent a pivot in a new venture.
There is a popular belief that new ventures often need to “pivot” early in their lifetime as they seek to develop a successful business model. Recent academic research has also begun to understand the important role these radical strategic adaptations play in new venture success. Yet, despite a widespread recognition of their importance, we know very little about the process that proceeds the decision to pivot. In an effort to fill this gap, we build on an in-depth case study of a new venture that decided to pivot following an environmental shock and introduce three new concepts relevant for understanding members of new ventures come to the cognitive consensus required to pivot:
(1) the degree of diffused cognitive dissonance among new venture members across the decision making structure;
(2) the cognitive remoteness of individual members from the emerging new reality; and
(3) the amount of sensegiving needed to overcome this cognitive dissonance and cognitive remoteness.
We argue that the likelihood of a decision to pivot, and the time required, depends on the amount of amount of diffused cognitive dissonance among a venture's members, the cognitive remoteness of key members, and the effectiveness of the required sensegiving process carried out by members convinced that a pivot is required.
Lunch will be provided.
200 University Ave West
Waterloo, ON N2L 3G1