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[12] In today’s era of disruption, when everything seems to be new, it is instructive to look back at history. Every period of disruption has been characterized by concurrent developments. Schumpeter (1942) neatly summarized this process as “creative destruction.” Accepted norms of economic value creation are challenged by new, more effective and more efficient approaches. This eventually leads to the destruction of old companies and the formation of new ventures.

Creative destruction follows a structured path that has implications for the perception of venturing. In the initial phase, few pioneers actually envision the new, and they are usually ignored or ridiculed by the establishment. But, as these pioneers start to prove themselves and find their fellowship with clients and customers, elements of the establishment slowly awaken. They either begin to embrace or fight off the change, as neatly described by Rogers (1962) in his analysis of the diffusion of innovation. Disruptive innovation eventually prevails, leading to true value innovation and rendering an existing solution obsolete, as postulated by Bower and Christensen (1995).

Venturing is nothing new. It has always existed at the core of creative destruction.