There are always conflicts between the idea of schools of “Opportunity discovery” and “Opportunity creation”. However, neither of these arguments could explain the emergence of micro-innovation in the Mobile Internet industry effectively. Based on the leading literature of entrepreneurship and effectuation theory, we conducted an empirical research on Mobile Application Start-ups, and then constructed a novel model on “Opportunity evolution”, trying to reconcile the debate of “Opportunity discovery” and “Opportunity creation”, and interpret the phenomenon of micro-innovation in a new way. The result of multiple-case study shows a dynamic evolution process from a “prototype opportunity” to a “framed opportunity”, and a “evolutionary opportunity”, which reveals the relationship between effectuation logics adopted by entrepreneurs and micro-innovation. This study not only deepens the knowledge on opportunity evolution, but also provides guidance for entrepreneurs in Mobile Internet industry.