The versatile role of sustainable market entrepreneurs in market transformation: An intervention framework for institutional change

Abstract This article investigates in which way sustainable entrepreneurship can generate institutional change that transforms markets towards sustainability. A transformation of models of economic organization and market structures through sustainable entrepreneurship fosters the path towards sustainability. Institutional change involves sustainable market entrepreneurs as institutional entrepreneurs that operate in an effectual manner in different market transformation phases. Sustainable market entrepreneurs while seeking entrepreneurial opportunities simultaneously shape existing market structures and market conditions in different sustainable market transformation phases thereby creating new opportunities. Accordingly, a framework that explains institutional change prompted by sustainable market entrepreneurs in market transformation phases is developed. In this framework, various interventions which encourage sustainable market entrepreneurs to co‐create with the stakeholders of their choice are strategized. The provided framework enhances the understanding of the versatile role of sustainable market entrepreneurs and potentially the leverage of their actions towards institutional impact over time.