Cultural Entrepreneurship: Stories, Legitimacy and the Acquisition of Resources

  title={Cultural Entrepreneurship: Stories, Legitimacy and the Acquisition of Resources},
  author={Michael Lounsbury},
We define cultural entrepreneurship as the process of storytelling that mediates between extant stocks of entrepreneurial resources and subsequent capital acquisition and wealth creation. We propose a framework that focuses on how entrepreneurial stories facilitate the crafting of a new venture identity that serves as a touchstone upon which legitimacy may be conferred by investors, competitors, and consumers, opening up access to new capital and market opportunities. Stories help create… 
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