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A Bad Apple Went Away: Exploring Resilience among Bitcoin Entrepreneurs
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Proceedings (redaktörskap) (övrigt vetenskapligt/konstnärligt)abstract
- The emerging digital cryptocurrency Bitcoin has made waves in mainstream media across the globe, as have the numerous extreme events that have rocked it. One such event, the bankruptcy of a prominent Bitcoin exchange called Mt. Gox, particularly shocked the emerging sociotechnical field. However, it is not clear how the numerous entrepreneurial firms operating in this field survived this shock.
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- Ingram Bogusz, Claire, et al.
(författare)
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'A Bad Apple Went Away' : Exploring Resilience Among Bitcoin Entrepreneurs
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)abstract
- The emerging digital cryptocurrency Bitcoin has made waves in mainstream media across the globe, as have the numerous extreme events that have rocked it. One such event, the bankruptcy of a prominent Bitcoin exchange called Mt. Gox, particularly shocked the emerging sociotechnical field. However, it is not clear how the numerous entrepreneurial firms operating in this field survived this shock. Studies of resilience in the face of extreme events have typically examined mature firms, characterised by formal structures and some slack resources. In such studies, the resilience, adaptability and transformability of the firm come into view. A new firm in an emergent field, however, is equally driven to survive – but must do so with far more limited resources, without a formal structure and little in the way of organisational learning. In our study, we find that such entrepreneurial firms rely on their collective identity in forming resilient responses. Furthermore, one outcome of this shock was a call for regulations and oversight – despite earlier dogmatic rejections of such formal control.
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- Ingram Bogusz, Claire, et al.
(författare)
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Almost an MNC: Bitcoin entrepreneurs' Use of collective resources and decoupling to build legitimacy
- 2016
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)abstract
- Studies of legitimacy have typically looked at the creation and maintenance of legitimacy by both established and new organisations. This paper looks at how a set of entrepreneurs use the legitimacy of one, Alternative, community as a scaffold to build legitimacy in a more Mainstream one, despite the fact that norms between the two were often contradictory. Studying Bitcoin entrepreneurs in Europe, we find that the distributed, digital community of Bitcoin operates as a kind of MNC: the larger decentralised (and Alternative) community acts as the headquarters, while the local entrepreneurs seeking Mainstream legitimacy behave like subsidiaries. This allow them to rely on the legitimacy of the community at large, while simultaneously distinguishing themselves from the broader Bitcoin community as they seek legitimacy.
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| 4. |
- Ingram Bogusz, Claire, et al.
(författare)
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How infrastructures anchor open entrepreneurship: The case of Bitcoin and stigma
- 2018
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Ingår i: Information Systems Journal. - : Wiley: 12 months. - 1365-2575 .- 1350-1917. ; 28:6, s. 1176-1212
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Tidskriftsartikel (refereegranskat)abstract
- This paper delves into the question: How does an entrepreneur commercialising an open source technology (an open entrepreneur) respond when an underlying infrastructure that is maintained by a distributed and heterogeneous community become stigmatised, particularly when the source of the stigma is unclear? Research has found that, when faced with stigma, the most effective and robust strategy for established nondigital firms is to try to and create a distance from it. Open entrepreneurs with different ideologies would likely benefit from similar actions; however, the interdependencies created when they rely upon a digital infrastructure may make this strategy impossible. Given the tensions between ideological heterogeneity and a shared infrastructure, howand whydo open entrepreneurs respond to stigma? This paper extends existing literature on stigma by developing a model of ideologically mediated responses to stigma by open entrepreneurs through an inductive study based upon interviews, archival, and forum data. We further contribute to extant literature on open entrepreneurship by proposing a model of ideologically mediated responses to stigma, which is grounded in group identity theory. We also build on digital infrastructure literature by proposing the concept of digital infrastructure anchoring. Lastly, we show how ideological heterogeneity leads to business model heterogeneity among open entrepreneurs and discuss the practical implications of this research.
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