| Grounded in a conceptualization of markets-as-practices, the current work proposes and empirically investigates a conceptual framework that provides a foundation for rethinking the relationship between technology and markets by showing that institutionalization---the change, maintenance and disruption of institutions---is a central process for both technology and market innovation. Building on practice and institutional theory, markets are conceptualized as being performed and institutionalized through co-created processes of multiple actors, or stated differently, as institutionalized solutions. Thus, market innovation is viewed as an interactive and iterative process by which markets are continually formed and re-formed through the actions and interactions of systemic actors. Similarly, technology is not only shaped and interpreted through institutional processes but, at the same time, technology shapes institutions during the entrenchment processes of new institutionalized solutions (i.e. markets). Thus, market innovation is viewed as a socio-technical process which is embedded in complex and dynamic social systems (i.e. service ecosystems) in which resource integrating actors are not only connected by shared institutions, but these institutions which make resource integration and value creation practices possible and meaningful, are themselves always dynamically co-created. Foundational to these co-creation processes are four analytical change mechanisms, practical-evaluation, projectivity, evolutionary change, and dialectical change whose interplay is, two various degrees, part of any incremental and discontinuous market (re)formation. In explaining the interplay among these four change processes, the framework points to the important role of narrative infrastructures. Narrative infrastructures of markets are the alignment of multiple stories that enable market actors to craft coherence among them and to mobilize institutional support for particular practices. |
