Research Summary : This study employs textual coding techniques to investigate 25 creation and discovery opportunities using entrepreneurs' start‐up interviews. Based on Austrian economics and social constructionism theoretical arguments, we identified four casual conditions: social bonds, social bridges, prior knowledge, and past start‐up experience. These causal conditions are analyzed using qualitative comparative analysis. Results indicate that creation opportunities are associated with social bonds, prior knowledge, and lack of prior entrepreneurial experience. Alternatively, discovery opportunities are associated with prior knowledge, social bonds, and social bridges. Our empirical findings demonstrate the differences in social and human capital configurations associated with forming creation and discovery opportunities. Managerial Summary : In an effort to better understand how creation and discovery opportunities arise, we investigated and compared likely factors including: close relationships, distant relationships, prior knowledge about related markets and industries, and past start‐up experience. Results show that creation opportunities are associated with close relationships, prior knowledge about related markets and industries, and lack of prior entrepreneurial experience. Discovery opportunities are associated with prior knowledge about related markets and industries, close relationships, and distant relationships. Our findings begin to describe how different types of opportunities are realized. Specifically, particular forms of human and social capital may be needed for generating differing types of opportunities.
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