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The issue of “why, when and how” some people, but not others, identify opportunities is central to our understanding of entrepreneurship. Research suggests that entrepreneurs become more adept at identifying opportunities as they gain experience, but the cognitive processes underlying this relationship remain unclear. Our study explores this gap by asking: To what extent can the relationship between entrepreneurial experience and opportunity identification be explained by cognitive strategy? Seventy-four technology-entrepreneurs completed a think-aloud protocol analysis exercise (Ericsson & Simon, 1993) where they generated potential business ideas for three innovative technologies, together with an online survey. Extending previous studies, we show that cognitive versatility, which is an information processing strategy characterized by high levels of both intuition and analysis, together with an ability to switch between them as needed (see Hodgkinson & Clarke, 2007), mediates the relationship between experience and opportunity identification. Not only do experienced entrepreneurs use their intuition to help them identify potentially lucrative opportunities, they also employ a process of analysis to complement their intuition and to ensure that intuition is not leading them astray.
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