Lasse Torkkeli
Lasse Torkkeli is an Adjunct Professor of International Business in the Turku School of Economics at the University of Turku, and Principal Lecturer (Yliopettaja) at LAB University of Applied Sciences.
Torkkeli has published over 100 peer-reviewed scientific articles and supervised over 50 final theses (at bachelor's, master's, and doctoral levels). He has also reviewed project applications for The European Science Foundation and is a member of the Editorial Advisory Group for Cambridge University Scholars, Torkkeli has also been project manager, principal investigator and/or co-investigator in a number of externally funded projects (e.g., BICS, Digipro, Go East) since 2015.
Torkkeli's research interests are in the international entrepreneurship and international business domains, and include SME internationalization, especially in sustainable and digital entrepreneurship. He has previously published in the International Business Review, International Marketing Review, and in Industrial Marketing Management, among other journals and publishers.
Torkkeli has published over 100 peer-reviewed scientific articles and supervised over 50 final theses (at bachelor's, master's, and doctoral levels). He has also reviewed project applications for The European Science Foundation and is a member of the Editorial Advisory Group for Cambridge University Scholars, Torkkeli has also been project manager, principal investigator and/or co-investigator in a number of externally funded projects (e.g., BICS, Digipro, Go East) since 2015.
Torkkeli's research interests are in the international entrepreneurship and international business domains, and include SME internationalization, especially in sustainable and digital entrepreneurship. He has previously published in the International Business Review, International Marketing Review, and in Industrial Marketing Management, among other journals and publishers.
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Papers by Lasse Torkkeli
In such environments characterized by high volatility and uncertainty, the role of entrepreneurial resilience (Bullough et al., 2014; Bullough & Renko, 2013) can differentiate between survival and failure of enterprises, and the speed with which international new ventures can learn can determine their growth and survival in the long term (Zahra, 2020a). The uncertainty brought on by crises and external shocks also presents opportunities to firms for digitalization and business model change (Seetharaman, 2020), provided that they are resilient enough to seize those opportunities and have the self-efficacy needed to cope with the uncertainty (Torkkeli et al., 2021). While internationalization is a risky process, it can also be a risk diversification strategy for small entrepreneurial firms (Saarenketo et al., 2022). Having an international outlook and orientation are crucial for them to develop resilience needed for international growth (Boso et al., 2017).
It is with this backdrop that the present special issue in Small Enterprise Research focusing on resilient growth in international entrepreneurship is published. The collection of articles in this special issue shed light on how resilience and growth are manifested and interlinked in international entrepreneurship during times of uncertainty and political turbulence (cf. Zahra, 2020b; Zahra, 2022). The five empirical studies comprising the
special issue address the concepts on resilience and growth in international entrepreneurship from several theoretical perspectives, units of analysis and through a diverse set of country contexts.
METHODOLOGY: The study develops a framework for investigating entrepreneurial ecosystems, combining ecosystem actors with ecosystem conditions. The framework is implemented through a comparative case study of FinTech ecosystems in Tallinn and Moscow, with data drawn from 35 semi-structured interviews and processed by means of thematic analysis. The primary data is supplemented with data from secondary sources.
FINDINGS: The findings show how the ecosystem conditions and actors are interdependent in the FinTech ecosystems. Tallinn is an example of a strong entrepreneurial culture with its small market, advanced technological infrastructure, and talent, which leads to the dominance of the FinTech start-ups and the emergence of an active FinTech cluster organization. In Moscow, the institutional context, concentration of financial capital, and its large home market with a loyal customer base limit start-ups' ability to grow and form the ecosystem.
IMPLICATIONS: The study contributes to the literature on entrepreneurial ecosystems and emerging technologies by integrating the streams of research on entrepreneurial ecosystems and FinTech ecosystems, combining FinTech actors with entrepreneurial ecosystem conditions. It also highlights the implications of variations of entrepreneurial culture, characteristics of the domestic demand and formal institutions in the development of ecosystems. It demonstrates that ecosystem conditions are likely to contribute to the emergence of the dominant actor in a particular ecosystem. Our results also suggest that when aiming to develop the FinTech ecosystem in a city, the support given to FinTech cluster organizations is essential. Facilitating university–industry cooperation through the cluster organizations or direct partnerships can contribute to the development of FinTech ecosystems.
In such environments characterized by high volatility and uncertainty, the role of entrepreneurial resilience (Bullough et al., 2014; Bullough & Renko, 2013) can differentiate between survival and failure of enterprises, and the speed with which international new ventures can learn can determine their growth and survival in the long term (Zahra, 2020a). The uncertainty brought on by crises and external shocks also presents opportunities to firms for digitalization and business model change (Seetharaman, 2020), provided that they are resilient enough to seize those opportunities and have the self-efficacy needed to cope with the uncertainty (Torkkeli et al., 2021). While internationalization is a risky process, it can also be a risk diversification strategy for small entrepreneurial firms (Saarenketo et al., 2022). Having an international outlook and orientation are crucial for them to develop resilience needed for international growth (Boso et al., 2017).
It is with this backdrop that the present special issue in Small Enterprise Research focusing on resilient growth in international entrepreneurship is published. The collection of articles in this special issue shed light on how resilience and growth are manifested and interlinked in international entrepreneurship during times of uncertainty and political turbulence (cf. Zahra, 2020b; Zahra, 2022). The five empirical studies comprising the
special issue address the concepts on resilience and growth in international entrepreneurship from several theoretical perspectives, units of analysis and through a diverse set of country contexts.
METHODOLOGY: The study develops a framework for investigating entrepreneurial ecosystems, combining ecosystem actors with ecosystem conditions. The framework is implemented through a comparative case study of FinTech ecosystems in Tallinn and Moscow, with data drawn from 35 semi-structured interviews and processed by means of thematic analysis. The primary data is supplemented with data from secondary sources.
FINDINGS: The findings show how the ecosystem conditions and actors are interdependent in the FinTech ecosystems. Tallinn is an example of a strong entrepreneurial culture with its small market, advanced technological infrastructure, and talent, which leads to the dominance of the FinTech start-ups and the emergence of an active FinTech cluster organization. In Moscow, the institutional context, concentration of financial capital, and its large home market with a loyal customer base limit start-ups' ability to grow and form the ecosystem.
IMPLICATIONS: The study contributes to the literature on entrepreneurial ecosystems and emerging technologies by integrating the streams of research on entrepreneurial ecosystems and FinTech ecosystems, combining FinTech actors with entrepreneurial ecosystem conditions. It also highlights the implications of variations of entrepreneurial culture, characteristics of the domestic demand and formal institutions in the development of ecosystems. It demonstrates that ecosystem conditions are likely to contribute to the emergence of the dominant actor in a particular ecosystem. Our results also suggest that when aiming to develop the FinTech ecosystem in a city, the support given to FinTech cluster organizations is essential. Facilitating university–industry cooperation through the cluster organizations or direct partnerships can contribute to the development of FinTech ecosystems.
by two universities and first administered in 2020 at LUT University, combines economic, social, and environmental sustainability aspects with managerial and entrepreneurial issues on IB, triggering the students to rethink and critically address ways forward. Students develop skills and competences to tackle complex real-life problems in collaboration with others, facilitating their entrepreneurial, global mind-set and sensitivity to cultural issues in IB. Thus, the presented teaching approach and course initiative contributes to theory and practice of teaching IB, by presenting how key challenges in contemporary IB can be incorporated in international business education of universities.
The purpose of this study is to provide a foundational understanding of the internationalization of small- and medium-sized enterprises (SMEs) operating in the context of renewable energy markets. The focus is on exploring and identifying the managerial-, firm- and environmental-level antecedents to their international expansion, which also furthers the understanding of the distinct SME’s internationalization context within the renewable energy market.
Design/methodology/approach
The study adopts a qualitative multiple case study approach in a Finnish SME context and identifies the antecedents’ relative prominence at the managerial, firm and environmental levels.
Findings
The findings indicate that, although internationalization antecedents of renewable energy SMEs differ owing to market forces such as trends, networks and changing regulatory policies, they share antecedents similar to those of SMEs in other industries.
Research limitations/implications
The main limitation of this study is its single-country home market empirical context. Future studies should expand analysis to different regulatory and regional environments.
Originality/value
To the authors’ knowledge, there are few studies that explore the antecedents of SMEs’ internationalization, especially in the renewable energy market context. Hence, this study contributes to the international business and entrepreneurship literature by illustrating the fundamental managerial-, firm- and environmental-level antecedents to the internationalization of SMEs operating in the renewable energy business. In addition, it highlights the peculiarities of renewable energy SMEs’ internationalization, suggesting that extant research on SMEs’ internationalization has not adequately captured the intricacies present in the internationalization of renewable energy enterprises.
Little research has been done on the emergence of companies that engage in increasingly digital entrepreneurship with digitalized value-chain activities. The purpose of this paper is provide a consistent picture of how value-chain digitalization affects companies’ internationalization and international marketing (IM), and give
insights regarding the influence of the degree of value-chain digitalization on the level of internationalization.
Design/methodology/approach
This paper takes an explorative approach based on a literature review and uses a conceptual analysis and research framework to empirically classify digitalized/-ing companies.
Findings
This study finds ways to classify the internationalization of companies according to the degree of digitalization of their value-chain. The more these companies use internet hardware infrastructure and web and mobile software technologies, the better they can leverage their foreign assets, achieving a higher share of foreign sales with relatively limited foreign assets.
Research limitations/implications
The results enrich the literature on internationalization and IM and entrepreneurship to explain companies that are distinctly digitalized across their value-chain activities.
Practical implications
This research provides evidence for companies regarding digitalization of the value-chain to facilitate entrepreneurial opportunities and offer rapid, efficient and affordable internationalization.
Originality/value
This research tackles a novel phenomenon by analyzing companies’ value-chain digitalization in relation to their degree of internationalization and IM.
This paper aims to explore the underlying reasons for business model change among internationalizing SMEs and illustrate how home market context affects that change.
Design/methodology/approach
This is a comparative case study of two companies with similar backgrounds from different countries of origin. In each case, the data were collected by means of in-depth interviews with key informants. For its theoretical background, the study draws on the business model innovation and international business literature.
Findings
The authors found that home market context has two kinds of effect on business model change in internationalizing SMEs. First, home market maturity has a strong effect on the timing of companies’ internationalization efforts. Second, the company’s home market can either be used to strengthen the value proposition or may be disguised, depending on how the country of origin is seen in international markets. This factor has a strong influence on how SMEs change their business model when internationalizing.
Research limitations/implications
The study’s limitations relate to its qualitative and exploratory nature. Future research should further assess the generalizability of these findings across different cultural contexts and countries of origin by quantifying the central concepts and examining how they relate to larger-scale cross-national and cross-sectional panel data.
Practical implications
As internationalization increasingly poses both threats and opportunities, companies must be able to experiment with business models when necessary to adapt to the host market. In so doing, it is also important to consider how a company’s home market affects business model change.
Originality/value
This is one of the first studies to illustrate how the process of internationalization drives SMEs to change their business models. As such, the paper enhances existing understanding of business model change in the context of internationalization. To our knowledge, no previous study has described these dynamics in a comparative context that takes account of SME country of origin.
The purpose of this paper is to illustrate how the perceived institutional environment of Colombian internationally operating small- and medium-sized enterprises (SMEs) in the software industry comes to determine their performance.
Design/methodology/approach
The research applies regression modelling to a sample of 43 internationally operating Colombian SMEs in the software development industry, collected via an online survey.
Findings
The results indicate that the normative dimension of the institutional environment comes to determine the export performance of the SMEs. Conversely, the cognitive and regulatory dimensions of the institutional forces do not have a significant effect.
Research limitations/implications
The cross-sectional nature of the survey tool, the single industry and the single country context place limitations on the generalisability of the results across different industry and country contexts.
Practical implications
The results highlight the need for entrepreneurship-friendly norms and values in the context of internationalising SMEs in Latin America. Governments should focus on the development and promotion of international entrepreneurs that inspire and serve as role models for other entrepreneurs rather than concentrate on the creation of regulatory frameworks and the provision of knowledge of how to start and manage risk for the internationalising SME.
Originality/value
The study is one of the first to apply the Busenitz et al. (2000) scale on the institutional country profile to real entrepreneurs. Previous studies have mainly applied the framework to a sample of students or officers assigned to US embassies. Besides Renko et al.’s (2009) conference paper, ours is the first one that links the country institutional profile to the performance of internationalising software firms and, especially, in the context of a Latin American country. The study, therefore, attempts to contribute to a better understanding of how a country’s institutional environment impacts the performance of internationalising SMEs.
The purpose of this paper is to examine the impact of institutional environment on the international performance of small- and medium-sized enterprises (SMEs) and how this relationship is influenced by network competence.
Design/methodology/approach
This study uses a quantitative approach. In total, 119 internationally operating Finnish SMEs from five industry sectors are sampled via a cross-sectional survey. Data are analysed through regression modelling.
Findings
The international performance of SMEs is influenced directly and indirectly by institutional drivers. The results show that network competence mediates the positive relationship between institutional drivers and international performance.
Research limitations/implications
Network capability development can help SMEs leverage more or less favourable institutional environments for successful internationalisation. Perceived institutional drivers directly result in higher performance, but the effect can be partially mediated by dynamic capabilities. The limitations of the study include its single-country context and the cross-sectional nature of the data.
Practical implications
SMEs should take their home countries’ institutional environments into account, but for long-term success, they should develop the ability to manage their business networks. A conducive institutional environment may help develop competence, which in turn can enable more successful internationalisation in terms of scale, scope and satisfaction.
Social implications
Decision-makers may benefit from knowing that, in addition to capabilities, an institutionally conducive environment that drives domestic SMEs towards international markets may be an antecedent of successful internationalisation in the SME sector.
Originality/value
This is one of the few studies to illustrate how network capabilities can mediate the influence of institutional factors on entrepreneurial internationalisation. It combines institutional theory and the dynamic capabilities view to explain successful SME internationalisation.
This paper aims to investigate the role of culture in managerial sensemaking and conceptualization of business networking.
Design/methodology/approach
The authors apply qualitative methodology through the sensemaking approach on three Finnish and three Russian managers in mutual buyer–supplier business relationship dyads.
Findings
The results imply that the cultural background of the manager determines his perception of the level at which business networking occurs. Finnish managers conceptualize business networking as an organizational strategy, whereas their Russian counterparts conceptualize the phenomenon squarely at the individual level.
Research limitations/implications
The authors suggest that the underlying cause of the differences in the conceptualization of networking may be that Finnish business networking relies more on concepts derived from Western European business culture, whereas Russian networking relies more on the traditional culture. Consequently, they suggest that the concept of business networking in extant research may suffer from ethnocentricity. Limitations of the study include the limited extent of generalizations from its qualitative nature.
Practical implications
The results imply that business network relationships should be managed differently in different cultures, and that depending on the cultural background of the business partner, managing both the organizational and the individual levels of business networking is needed.
Originality/value
The study contributes to limited literature on culture and the role of individuals in managerial conceptualization of business networking. This is one of the rare studies to illustrate differences through individual sensemaking on both sides of the relationship dyad and account for both Western European and Russian market environments.
The purpose of this study is to develop a framework of the elements of the entrepreneurial ecosystem in the context of born global start-ups. The study also applies this framework to uncover the ecosystem elements that impact start-ups during their initial phases of discovery and validation.
Design/methodology/approach
The authors used an online survey questionnaire sent out to several Estonian start-ups. Based on the responses, a dataset was developed and analysed using STATA and t-test methodology.
Findings
The analysis resulted in the identification of seven systemic ecosystem elements as the main factors impacting the launch and ten elements impacting the growth of born global start-ups. The systemic elements that comprise the ecosystem’s strengths and weaknesses were also identified.
Research limitations/implications
The cross-sectional nature of the survey method and the single-country context are noted as limitations of the study and offer future research potential for longitudinal settings, for mixed method studies and for comparative country data.
Practical implications
The study suggests that start-ups should function in a more collective manner to create platforms, promote one another’s products and services where possible and launch collective initiatives to enhance their visibility in the global context. Born globals should engage with their local entrepreneurial ecosystem, while remaining aware of its relative strengths and weaknesses for supporting internationalisation.
Social implications
Although the local ecosystem involves many stakeholders, this study helps identify key stakeholders that should be focused on by the government. Doing so will help create an increasingly comprehensive ecosystem at the national level – one that functions efficiently in supporting growth-seeking enterprises such as born globals.
Originality/value
This study combines the two research streams of the entrepreneurial ecosystem and born globals by directly connecting them with systemic elements. This study is, to our knowledge, the first to combine the two, thus making an added contribution by highlighting macro- and micro-viewpoints, with the former lacking in research on born globals and the latter in research on ecosystems. Thus, the present study helps in bringing venture creation and local ecosystem development research closer to each other.