Abstract
This paper attempts to analyze the relationship between the groundbreaking innovation of recirculating aquaculture system, which has gained attention in recent years, and new business creation, from multiple perspectives. Although the research fields of innovation and new business creation have always been closely related, to date, they have been studied separately. Therefore, this paper focuses on the four perspectives of resources, organization, competition, and market, as an analytical framework linking innovation and new business creation. Research in this field is still in its nascent stage, and the underlying relationship between the cause and effect of each phenomenon has not yet been clearly understood. Hence, the use of a single case study is considered methodologically appropriate. The results of the study draw out four implications each, based on the analytical framework.
https://ror.org/05jk51a88 
