Authors: Triyuth Promsiri, Krisakorn Sukavejworakit, and Thanaphol Virasa

Research Article

Year: 2018, Volume 18 Number 2

Pages: 49–64

Abstract

As the world is transforming towards the value-based economy, viable new venture idea is recognized as the antecedent of all entrepreneurial activities that drive economic growth. This paper aims to provide a deeper understanding of new venture idea development by exploring the constructs of external enablers and the design process through the science of design theory. To explore the effect of external enablers and design processes on the generation of new venture ideas, two experiments were carried out in the format of a new venture idea challenge. The first experiment was conducted with 120 undergraduate students to test the effects of an external enabler and the design process on new venture idea generation. The second experiment was conducted with 15 graduate students to test the effects of different technological external enablers on new venture idea development. The findings suggest that external enablers mainly affect the quality of new venture ideas, and design processes mainly affect the number of new venture ideas. With the application of a design process, external enablers had a more positive effect on the quantity and quality of new venture ideas. This study extends the theoretical explanation of the entrepreneurial process by applying the science of design to examine the transformation of opportunities into new venture ideas. With this research design, researchers can test the effects of objective phenomena and subjective conjecture through the design process instruments to measure new venture ideas. This study can also be applied in entrepreneurial classroom activities, and to the idea generation process of novice entrepreneurs.