An Intermediation‐Based View of Entrepreneurship

Abstract

Entrepreneurial activities contribute toward significant productivity increase and economic growth in many economies. One of the most important roles that entrepreneurs play is intermediation. In the new information age with the rapidly changing global economy, at first glance it may seem that intermediation is being eliminated from many activities. For example, the development of Internet technology has been thought to be able to bring buyers and sellers together more efficiently, which may result in “disintermediation.” However, we believe what has happened in the Internet age is not “disintermediation;” instead, it is “reintermediation” through a different set of channels enabled by new technology and discovered by new entrepreneurs. We further argue that, regardless of the technology level, intermediation activities have always represented the heart of entrepreneurship. Therefore, the aim of this chapter is to sketch the contours of an intermediation-based view of entrepreneurial activities through which entrepreneurs discover and exploit opportunities due to information asymmetries and market failures.

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