Opportunity Exploitation in Agri-Food Value Chains: Evidence from Innovative Entrepreneurs in Thailand

Abstract

Entrepreneurial opportunity exploitation is central to innovation and entrepreneurship development, particularly in emerging economies where entrepreneurial activities involve complex and dynamic business processes. However, limited research has examined how opportunity exploitation unfolds across value chain stages in these contexts. This study
addresses this gap by exploring how innovative entrepreneurs exploit opportunities within Agri-food value chains in Thailand. Adopting a qualitative critical realist approach, the research draws on thirty-five in-depth interviews with entrepreneurs operating across small, medium, and large firms occupying different positions along the value chain. The analysis reveals that opportunity exploitation is shaped by the interaction of firm-level resources, sub-sectoral characteristics which include rice, fruit, and other processed foods, and value chain positioning. Firm size moderates entrepreneurs’ capacity to mobilize financial, technological, and relational resources, while sub-sector contexts influence the nature and timing of opportunity exploitation. Across the value chain, upstream actors primarily emphasize efficiency improvements and innovations developed to reduce production costs and improve research utilization; midstream entrepreneurs focus on processing capabilities and value-adding activities; and downstream firms leverage branding, market access, and export-oriented strategies. In addition, small firms tend to rely on informal networks and localized knowledge, whereas larger firms are more able to draw on formal partnerships and advanced technologies. Derived from key findings, the study proposes a conceptual framework presenting how entrepreneurs process opportunity exploitation through contextual moderators such as firm size, value chain context, and actor role, leading to different exploitation modes. The paper contributes to entrepreneurship and value chain literature by advancing opportunity-based entrepreneurship theory and linking opportunity exploitation to stage-specific entrepreneurial roles across value chain positions. Policy and practical implications further highlight the importance of differentiated support mechanisms and strong linkages among policymakers, support organizations, and entrepreneurs in strengthening Thailand’s agri-food ecosystem.