Collective vision-making practice: A long-run dynamic process model for geothermal market transitioning

Michael Porter’s work on competition highlights how firms can become stagnant or ‘stuck.’ This study extends that concept to markets or fields of institutional activity, examining what occurs when an entire market becomes 'stuck.' Focusing on the geothermal energy market, the research investigates achieving long-term collective action by cultivating a shared vision and mutual understanding among stakeholders with diverse interests. The study employs a longitudinal ethnographic approach, presenting a long-run dynamic process model of collective vision-making practice. This model consists of six first-order dimensions and twelve second-order interactive behavioural practice, illustrating how stakeholders can collaboratively construct and enfold a long-term collective vision. The findings demonstrate the institutional capacity to engage stakeholders and strategically consider whole market possibilities, enabling the creation of a broadly defined collective vision. The research advances a dynamic process model that emphasises sustained institutional interactional practice. The study’s implications are to motivate thought leaders and policymakers, prompting two strategic questions: First, “How can market actors collaborate to unlock value co-creation and shape the future of a ‘stuck’ market?” This involves engaging diverse stakeholder perspectives and exploring future market-making opportunities. Second, “How can all market actors pivot in harmony with a collective vision, fostering long-term shared understandings and commitments in pursuit of market-making efforts?”, This alignment is important for progressing from research and development to the successful implementation of pilot projects and the realisation of sustainable market opportunities. • Considers the 'stuck' institutional market conditions in the geothermal market. • Explores collective long-run vision-making practice in the geothermal transition. • Analyses complex multi-stakeholder behavioural practice in long-run vision-making. • Offers a dynamic process model for long-run collective vision-making.