546 Int. J. Entrepreneurship and Innovation Management, Vol. 3, Nos. 5/6, 2003 Copyright © 2003 Inderscience Enterprises Ltd. Opportunistic adaptation in start-up companies Linda Andrén, Mats Magnusson and Sören Sjölander Department of Innovation Engineering and Management, Chalmers University of Technology SE-412 96 Göteborg, Sweden E-mail: matmag@mot.chalmers.se Abstract: A key success factor for entrepreneurial start-up companies in dynamic industries is opportunistic adaptation, i.e. an entrepreneurial strategy focusing on rapid learning and adaptation to market changes. Important dimensions left out of this process in previous research are the roles played by the resources and capabilities of the firm and the entrepreneurial vision guiding business development. A theoretical framework is developed, combining the dynamic capabilities approach of the resource-based strategy school and the cognitive dimension of the business. In order to explore how the entrepreneurial vision and the firm’s capabilities and resources influence the business development process, case studies of the business model evolution in 26 start-up companies in the Swedish mobile internet industry have been performed. In particular, it is found that the industry experience of the founding/management team, interaction with customers and the dependence of external parties are factors that influence the possibilities for a start-up company to succeed. Keywords: opportunistic adaptation; entrepreneurship; start-up companies; resource-based; dynamic capabilities; cognition; vision; mobile internet; business model; learning. Reference to this paper should be made as follows: Andren, L., Magnusson, M. and Sjolander, S. (2003) ‘Opportunistic adaptation in start-up companies’, Int. J. Entrepreneurship and Innovation Management, Vol. 3, Nos. 5/6, pp.546–562. Biographical notes: Linda Andrén is a doctoral candidate in the Department of Innovation Engineering and Management at Chalmers University of Technology. She holds an MSc in Civil Engineering with a specialisation in Innovation and Entrepreneurship. Before starting her doctoral studies she worked at Volvo Technology Transfer and was program director at Chalmers School of Entrepreneurship. Mats Magnusson is Head of the Department of Innovation Engineering and Management at Chalmers University of Technology. He holds a PhD in Innovation Engineering and Management and an MSc in Industrial Engineering and Management from Chalmers University of Technology, and a BA in Japanese from Göteborg University. He is a teacher at Chalmers School of Entrepreneurship and program director of Chalmers Advanced Management Programs. Mats has performed research in the areas of innovation management, strategy, knowledge management, and entrepreneurship and has published articles in, e.g., the International Journal of Operations and Production Management and the Journal of Workplace Learning.