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Management research has begun to explore how cultural entrepreneurs use established or declining societal traditions to create distinctive new ventures and products. In this study, we propose an alternative pathway for creating entrepreneurial opportunities, that is, through leveraging extinct societal traditions. Extinct societal traditions yield opportunities to create highly distinctive products and ventures, yet their use entails substantial challenges. To understand how entrepreneurs can successfully leverage extinct societal traditions, we investigate the case of The Merchant of Venice, an Italian venture established in 2013 that produces luxury perfumes based on the perfume-making tradition that flourished in Venice between the sixteenth and seventeenth centuries and disappeared afterwards. Our study illuminates how cultural entrepreneurs can leverage extinct societal traditions by (a) exhuming lost knowledge and practices, (b) validating them as an authentic and appreciable tradition of a given community and territory, and (c) elevating their meaningfulness as core to place identity. Our study contributes to the literature on cultural entrepreneurship and traditions by revealing the distinct challenges that resurrecting extinct traditions entail, enriching the understanding of types, goals, and processes of cultural entrepreneurship, and widening current knowledge of the roles of tradition custodians.

In this paper, we discuss how “cultural capital” and “symbolic capital,” understood as specialized subsets of intangible resources and capabilities, enable firms to achieve valuable strategic positions in ways that are currently underexplored by mainstream strategy literature. We articulate the similarities and differences between cultural and symbolic capital and the intangible assets that have been the focus of mainstream strategy researchers, such as intellectual, social, and reputational capital. Our theoretical arguments build on insights from a number of studies conducted primarily in non-North American settings that have shown how symbolic properties of products create value. We conclude by delineating future avenues of research that strategy scholarship should consider in order to develop a more comprehensive understanding of the relationships between intangible resources and capabilities, and value creation.

Drawing on a case study of the adoption of an American organizational form – the “Academic Health Science Centre” (or “AHSC”) – in English healthcare, the authors develop a model of the “translation work” required to translate an organizational form from one organizational field to another. The findings contribute to the literature on translation and shed light on the microfoundations of institutions by examining the complex relationship among agency, meaning, institutions, and temporality that underpin the translation of a contested organizational form. The authors also show the important, but limited, role of agency when translation occurs at the broad field level and argue that the translation of organization forms can, in at least some situations, best be understood as a “garbage can” rather than the linear and agentic view usually described in the translation literature.