Decision making for business model development: a process study of effectuation and causation in new technology‐based ventures

This study investigates the decision‐making logics used by new ventures to develop their business models. In particular, they focussed on the logics of effectuation and causation and how their dynamics shape the development of business models over time. They found that the effectual decision‐making logic was used dominantly to generate a viable value proposition for a specific customer segment. Causal logic is then used dominantly to define the...