Entry Into Emerging Industries - How should Norwegian companies enter the emerging offshore wind industry?
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The purpose of this thesis is to discover how firms should enter emerging industries. As these industries carry great economic potential, knowing how to enter and exploit this potential is believed to be valuable for firms facing such decisions. Empirical data from the emerging offshore wind industry is used, both through industry research and a multiple case study, to investigate emerging industry entry. Empirical findings will be anchored in theoretical literature on industry entry and emerging industries in order to generalize the findings. It was found that the characteristics of emerging industries affect how firms view industry entry. The characteristics of uncertainty and risk, complexity, turbulence and capital requirements was observed to have the most significant impact on emerging industry entry. The study thereof conclude that having relevant pre-entry resources to cope with high technological complexity, and a flexible organizational structure is beneficial in order to handle industry turbulence. Further, network relations should be exploited in order to gain informational advantages and help find suitable partners. Moreover, new firms should enter early due to capital requirements, while established firms are recommended to delay entry due to industry uncertainty and preferably consider entry through a real options logic. This study is believed to be valuable to managers of firms, both new and established, considering entry into emerging industries - as well as students and scholars. As the research is driven by empirical data and further anchored in theoretical literature on industry entry and emerging industries, this thesis contributes with insight into such industries.