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The Metaverse, an emerging virtual universe powered by advancements in virtual reality (VR), augmented reality (AR), and blockchain technologies, presents new avenues for reshaping the entrepreneurial landscape. This study explores the Metaverse's multifaceted roles as an enabler, a market offering (output), and a contextual environment, emphasizing its influence across the prospecting, development, and exploitation stages of new venture emergence. Utilizing a Theory Synthesis approach grounded in a systematic search and critical review (SSCR), the research integrates fragmented insights from entrepreneurial process theory and digital technology frameworks to develop a conceptual understanding of the Metaverse's transformative impact. The findings show that the Metaverse facilitates immersive prototyping, market validation, and global collaboration, while reshaping entrepreneurial contexts through mechanisms that reduce uncertainty, accelerate development, and enable new forms of value creation. By highlighting mechanisms, the study moves beyond descriptive accounts and establishes the basis for stage-specific propositions. The study contributes theoretically by clarifying how and when the Metaverse influences different stages of venture creation. By linking its multifaceted roles to a staged model of entrepreneurship, the paper refines existing theories of venture emergence. It extends digital entrepreneurship research and offers insights for entrepreneurs and policymakers seeking Metaverse-driven strategies for innovation and sustainable growth.
Sajadi et al. (Wed,) studied this question.