International Entrepreneurship

Globalization and virtual economy are external factors that drive companies to approach the global market from start up, giving birth to new studies on internationalization strategy, which represent an evolution of the classical stage models. According to the stage approach, companies start selling products in their home markets and then they sequentially look at new countries. Many firms do not follow incremental stage approach but is often reported that they start their international activities from their birth: they enter different country at once, approaching new markets for both exporting and sourcing. Debate in literature is still trying to define if the born global perspective is a new concept or a new label to indicate an old phenomenon. The study will go through a review and an analysis of the literature on market entry and sourcing strategy. The purpose of this paper is therefore to identify and categorize factors that drive companies’ choice towards the global approach instead of the stage approach.

Anormal Psikoloji kitabı, ruhsal bozukluklar alanında çalışan tüm profesyoneller, psikiyatristler, klinik psikologlar, psikologlar, psikolojik danışmanlar, hekimler, sosyal hizmet uzmanları, psikiyatri hemşireleri ve bu alanlarda öğrenci yetiştiren akademisyenler ile eğitim alan öğrenciler için temel bir başvuru kitabıdır.
2013 yılının Mayısı ayında yayımlanan DSM-5 ölçütlerine göre ruhsal bozukluklarla ilgili sunulan bilgilerin güncellemesinin de yapıldığı bu kitap, tüm dünyada pek çok üniversitenin psikiyatri ve psikoloji bölümlerinde ders kitabı olarak okutulmaktadır.
Kitabın her bölümünde, ilk olarak ruhsal bozukluklarla ilgili vakalar sunulmakta, daha sonra bozuklukların klinik tanıları yapılmakta ve DSM-IV-TR’den farklı olan DSM-5’te yapılan değişikliklere yer verilmektedir. Ayrıca, DSM-5’teki tanı ölçütleri, bozuklukların etiyolojisi ve epidemiyolojisi, bozukluklar üzerinde kalıtımın ve çevrenin etkileri, biyolojik ve sosyal ve kültürel etkiler, en güncel araştırmalardan elde edilen verilerle harmanlanarak sunulmaktadır. Ruhsal bozuklukların tedavisinde etkili olacak terapi yaklaşımları ve ilaçla yapılan tedaviler hakkında da bilgiler veren kitap, sahip olduğu zengin içeriği ile eşsiz bir kaynaktır.
Anormal Psikoloji kitabının; profesyoneller ve öğrenciler için önemli bir rehber olacağına, yardıma ihtiyaç duyan insanların sorunlarının çözümüne, ruhsal bozuklukların tanı ve tedavisinde önemli katkılar sağlayacağına inanıyoruz.

Entrepreneurship is a prime activity for the economic growth of any country. It goes hand in hand with manufacturing and service industry. In fact, it works as a pillar to the economic and social welfare of the country. It also helps in wealth creation in the nation. It is an opportunity to identify the market need and exploit the available resource in such a way that drives to gain long-term economic benefits. Though, this adventurous activity is full of enthusiasm and there are a lot of challenges affecting the entrepreneurship. It is also wonderful to note that in today's swiftly changing global economy, Indian economy has a major role to play. Looking at the importance of the topic, the present paper will be developed with the objective of analyzing the entrepreneurial opportunities and challenges in globalizing Indian economy.

"Entrepreneurship is challenging, whatever your background, in the current science- and technology-driven Western world. However, unlike traditionally dominant, native-born, white male entrepreneurs in Silicon Valley and elsewhere, those who face greater hurdles blocking their path to success primarily come from marginalized and minority groups, both real and self-perceived—including immigrants, refugees, women, blacks, Hispanics, and Asians. Despite their potential to innovate and add value in the global marketplace, they persistently struggle, or fail, because they lack the requisite code-breaking skills. This book helps these underdog entrepreneurs acquire those skills with actionable advice to achieve and sustain success.

It proposes a framework that pinpoints what the author calls the outsider problem—that is, situations in which individuals are primarily disadvantaged because they lack access to networks that facilitate superior learning and performance outcomes. He completes the framework by incorporating personal qualities and strategies that can solve this problem.

Along the way, Morgan distills insights and evidence from multiple fields, combined with a fresh look at the familiar stories of initially marginalized business leaders, such as Indra Nooyi, Jack Ma, Hilary Devey and Mike Lazaridis. He also shares the less known, but equally inspiring stories of others.

This book will help readers thrive while transcending their underdog status."

We integrate theories from international business, entrepreneurship, innovation, marketing and
network economics to develop a four-part typology of ‘consumers as international entrepreneurs’. This
broadens the concept of international entrepreneurship and complements the firm-level focus
customary in research on international new ventures and entrepreneurs within those ventures. We
develop our arguments in the context of the new economy and discuss areas for investigation in this
emerging area of inquiry.

This article fills a need in the entrepreneurship literature by investigating the finances of entrepreneurship centers throughout the world. Entrepreneurship center directors were surveyed (249 U.S. and 111 Global) about the various facets of their center’s finances. We received 174 responses for a 49% response rate (U.S. 49%, international 49%). We explore the financing of entrepreneurship centers and the relationship between U.S. and international centers. The results of this research project can be used as a benchmark for entrepreneurship center directors in understanding the financial challenges confronting their centers.

"Entrepreneurship is challenging, whatever your background, in the current science- and technology-driven Western world. However, unlike traditionally dominant, native-born, white male entrepreneurs in Silicon Valley and elsewhere, those who face greater hurdles blocking their path to success primarily come from marginalized and minority groups, both real and self-perceived—including immigrants, refugees, women, blacks, Hispanics, and Asians. Despite their potential to innovate and add value in the global marketplace, they persistently struggle, or fail, because they lack the requisite code-breaking skills. This book helps these underdog entrepreneurs acquire those skills with actionable advice to achieve and sustain success.

It proposes a framework that pinpoints what the author calls the outsider problem—that is, situations in which individuals are primarily disadvantaged because they lack access to networks that facilitate superior learning and performance outcomes. He completes the framework by incorporating personal qualities and strategies that can solve this problem.

Along the way, Morgan distills insights and evidence from multiple fields, combined with a fresh look at the familiar stories of initially marginalized business leaders, such as Indra Nooyi, Jack Ma, Hilary Devey and Mike Lazaridis. He also shares the less known, but equally inspiring stories of others.

This book will help readers thrive while transcending their underdog status."

The links between culture and entrepreneurship are still not sufficiently well-established or explored. They started just a half of a century ago, even though the links between culture and capitalism are much older (more than 100 years old). Culture is one of the main determinants for the various entrepreneurial activities undertaken in different countries, nevertheless, it needs further exploring to yield a wider understanding of the role of the social aspects of entrepreneurship. This paper is rooted in the field of international entrepreneurship, a branch of which deals with the comparative perspective of entrepreneurship across countries and cultures. The main objective of the
paper is to explore the impact of cultural and social norms on entrepreneurship in the EU countries on the basis of the GEM data of the recent report of 2013. The results prove that the national entrepreneurial culture has a positive impact on entrepreneurship.

"Elinizdeki bu kitap, sosyal psikolojinin konularını en geniş kapsamıyla ele almakta, klasikleşmiş deneysel ve saha araştırmalarını en güncel bilimsel çalışmalarla harmanlamaktadır. Bu bakımdan, akademisyen ve öğrencilerin yararlanabileceği eşsiz bir kaynaktır. Kitapta, sosyal psikoloji konuları bölüm bölüm ele alınmıştır; ilgili kavram, terim, kuram ve araştırmalar aktarılırken her bölüm kendi içinde bir bütünlük arz edecek şekilde akıcı bir öyküsel kurguyla ve dille yazılmıştır ayrıca bu kitap; tarihsel olaylarla, edebî ve felsefi metaforlarla zenginleştirilmiştir.
Ayrıca bu kapsamlı çalışma, sadece bilimsel bir disiplinin temel konularını okuyucuya aktarmakla kalmamakta, aynı zamanda savaş, açlık, çevre gibi gerçek dünya sorunlarının sosyal psikolojik boyutlarıyla ilgili çözüm önerileri de getirmektedir. Bu bakımdan elinizdeki kitap yalnızca bir ders kitabı değil, aynı zamanda sosyal psikolojiye ilgi duyan herkesin merakla okuyabileceği bir kitaptır."

The story of Timko Export Management Co offers a number of lessons to international entrepreneurs. First, economic risk is a reality that can have an enormous impact on a small to medium-sized business. Secondly, payment structures involving cash transactions need to be placed into proper context. Timko should have required a deposit equivalent to the cost of the motorcycles.

More often than one might expect, small and new ventures, which already suffer from few resources and a lack of industry legitimacy, take on the additional uncertainties of entry into foreign markets. Some of these foreign entries involve countries that are geographically distant and culturally different from the firm’s home country, making foreign market entry all the more difficult and uncertain. Recent studies have criticized prior academic approaches to understanding these difficulties. Insights may be limited if one uses merely the concept of distance and looks primarily for main effects. Entry by new and small ventures into distant foreign markets is complex, and the factors influencing it are interactive. The aim of this conceptual paper is to contribute to an understanding of the stability of the distance factors, and also the interactive effects between distance factors, market attractiveness, and network relationships, with particular attention to small and new ventures.

The objective of the article is to synthesize the process of transforming the Uppsala model of internationalization of the firm from the original one of 1977 to the most up-to-date model of globalization of 2017. Research Design & Methods: This article is based on a literature review-primary sources presenting the concepts of Johanson and Vahlne as the authors of the Uppsala models. Findings: This article discusses a total of seven models proposed by

The purpose of this paper is to examine the phenomenon of the born global firm (BGF) in
the Indian context. Specifically, the paper explores firm-level characteristics (from the Indian IT
industry) which act as initiating forces for firms which have made cross-border acquisitions within
five years of incorporation.

İnovasyonun On Tipi kitabı ile inovasyon yapmak isteyenlere reçete veriliyor. Adım adım ve yalın bir şekilde inovasyonun nasıl geliştirilebileceği konusunda önemli sırlar ortaya koyuluyor. Bu kitap, özellikle teknoloji odaklı inovasyon yapmak isteyenlere yapılan hataları da göstererek uygulama ortamı oluşturuyor. Yenilik ilkelerini verirken startupların ve hatta büyük kuruluşların anlamlı ve sürdürülebilir büyüme konusundaki donanımını artırıyor. 2000'den fazla başarılı yeniliğin ortaya çıkışında önemli içgörüler sağlıyor.
Bu kitabın anlatım tarzında özel bir algoritma uygulanarak anlamlı gruplar belirlendi. İnovasyon fırsatlarını belirlemek için firmaların iç ve dış büyüme parametreleri ve performans değerleri, rakiplerini de devreye alarak şekillendirildi. İnovasyon odaklı performansın artırılabilmesi, önemli değerlendirmeler yapılabilmesi için özel ve hazır yol haritaları sunuldu. Endüstriler için de inovasyon modellerini teşhis edip yeni bir anlayış ve yöntem geliştirme imkânı sunuluyor.
Çevrimsel araştırmanın altyapısını vererek farklı ve anlamlı değişim ve dönüşümü düşündürüp kalıcı ve kullanışlı yollar uygulatarak kitabın ne kadar değerli olduğunu kanıtlıyor. Eğer kurumunuzda anlamlı ve sürdürülebilir büyümeyi inovasyon odaklı gerçekleştirmek isterseniz yenilik ilkelerinin detaylı olarak anlatıldığı İnovasyonun On Tipi kitabını okuyun.
Bu kitabın yazarlarından Larry Keeley'in tecrübelerinden yararlanmak büyük bir fırsat. Kendisi BusinessWeek tarafından inovasyon alanındaki dünya görüşünü ve paradigmaları değiştiren, yedi yenilik gurusundan biri olarak seçilmiş olup Doblin firmasının kurucusudur. Diğer yazarlar ile birlikte inovasyonun tasarlanması ve sürdürülebilir kılınması konusunda dünya çapında pek çok girişimciyi, yöneticiyi, şirketleri ve startupları etkilemiştir.

This chapter appeared in a book looking at outward investment by Australian firms. We explore the growth of shopping centre giant Westfield into one of Australia's most successful multinationals. We identify a series of firm-specific advantages the firm has leveraged into international markets. We argue that the firm benefitted from its experience of certain aspects of the Australian busienss environment, and that these have proven particularly transferable to the USA.

OPEN ACCESS: https://www.emerald.com/insight/content/doi/10.1108/TQM-11-2019-0260/full/html

Purpose
Recently, many firms have reshored manufacturing activities back to their home countries to increase customer perceptions of product quality. However, there is no evidence that relocating production to the home country improves customer-perceived quality. This study intends to address this gap by assessing the variations between pre- and post-reshoring product quality, as perceived by domestic customers.
Design/methodology/approach
Data were collected through a questionnaire, which used the case of an Italian fashion brand that had reshored its manufacturing from Romania to Italy as the stimulus. Two analyses of the collected data (n = 399) were conducted, applying both 2 × 2 × 2 factorial design and partial least squares–structural equation modelling (PLS–SEM) multigroup analysis.
Findings
Reshoring increased the level of perceived product quality only for customers that both were aware of the firm’s past offshoring decision and had high levels of affective ethnocentrism. For all other customers, no significant variations between pre- and post-reshoring product quality were observed.
Research limitations/implications
This study challenges previous findings, revealing that only a minor share of customers perceived products to be of higher quality after reshoring.
Practical implications
Increasing customer-perceived quality may not be a sufficient motivation to select the reshoring strategy. In addition, when announcing reshoring strategies, producers should appeal to customers’ emotions and not use rational arguments about objective product quality.
Originality/value
This is the first study to assess variations between pre- and post-reshoring customer-perceived quality and to identify factors that explain such variations.

This ‘City on Cheese’ mobile restaurant business is not just any catchy name but with it comes an innovation for the target market here in Bangladesh who is looking for a way to grab cheesy flavors in their busy lives. Our business targets these students and working-class people with a substantial benefit of a reasonable price and quality food directly transferred throughout Dhaka. Some of our respective members will be looking after the marketing initiatives including guerilla marketing strategy which suggests us to paint the location we are making stoppages in and have a ‘say cheese’ selfie counter for customers to take selfies together along with pronouncing those words. Our management body will look after hiring a quality chef with reasonable experience up in his sleeve. Moreover, financially, we are looking to get regular profits as there will be every year and because of such innovation from the marketing side and our regular profits on such food will make our business go booming in the coming years.

L’accentuation de l’internationalisation précoce et rapide des entreprises nous pousse vers une réflexion sur la structuration d’un champ d’étude en émergence : l’entrepreneuriat international. Après en avoir retracé l’évolution, l’objectif du présent rapport est d’analyser, de catégoriser, puis de synthétiser les résultats empiriques publiés sur ce phénomène pour ainsi en accroître notre compréhension en termes de causes et de facteurs d’influence, de comportements, de processus et de facteurs de performance. À la lumière de cette étude, nous proposons des pistes de recherche pour consolider et développer le champ de l’entrepreneuriat international.

Purpose: This paper aims to understand how high-tech start-up firms from small and open economies develop and optimise their international pricing strategies and models. The paper proposes modelling a pricing strategy process and outlining why and how leadership is important throughout the pricing process. The study aims to expand the study of international entrepreneurship and global firms by including a broader and deeper range of pricing aspects than is normally found in the international entrepreneurship and pricing literature. Design/methodology/approach: The paper opted for a multiple case-study research design using different sources of evidence, including four in-depth interviews with CEOs of high-tech start-up firms. The case-study firms were selected using a purposive selection method. The interviews were conducted in December 2016 at the corporate headquarters of companies. The data was analysed using grounded theory to develop categories and to understand consistencies and differences. The theoretical framework of Ingenbleek, Frambach & Verhallen (2013) is used to analyse the pricing strategies of the case study firms. Findings: The paper provides empirical insights about how high-tech start-up firms from small and open economies develop and optimise their international price-setting strategies and models. It suggests that successful leaders act as 'integrating forces' on two levels: by applying a structured and disciplined price-setting process with regular reviews and by mediating between corporate financial goals and the local market reality. Research/practical implications: The results are relevant for researchers and policy makers who support activities that promote engagement into entrepreneurial activity. The results support that claim that policy makers should offer insights, training and financial support to give promising high-tech start-up firms the possibility to select the most efficient international pricing models and strategies. The results are relevant for entrepreneurs to understand the importance of efficient price-modelling processes, including regular price reviews, and the influence of the different price strategies and price models on financial results and sales revenues. Originality/value: This paper fulfils an identified need to study how high-tech start-up firms from small and open economies develop and optimise their international pricing strategies and models.

Scholars have long studied small-and medium-sized enterprises (SMEs) and recognize the need for SMEs to postulate strategies to compete and succeed in the global market. In the current ultra-competitive business environment, SMEs face several internal and external challenges. In this introduction to the special issue (SI), we review the theoretical models and frameworks in this stream of research and outline some research questions that could be potentially used in future research in this era of globalization. The six papers selected for inclusion in this SI analyze this field from different angles, offering interesting overviews on the present situation of research in the field, as well as relevant new findings and perspectives for future research.

In this paper, we examine strategies of business incubation in the following countries: the USA, Germany, and Russia using both a comparative theoretical analysis of different performance criteria of business incubators and interviewing experts who work directly with startup companies. We find that there are more differences than similarities between the strategies of business incubation in these countries. The USA prove to be far ahead of Germany and especially Russia in supporting start-ups. The study might impact a business practice in the way of clarifying the most significant characteristics and general trends of business incubation strategies in the countries mentioned to take them into account in the process of launching and developing startup companies in one or another country.

In recent years the emergence of so-called born-global firms -firms which start their international activities from their start up- has challenged traditional theoretical assumptions about the incremental process of internationalization, giving birth to the development of a new stream of studies. In order to give a contribution to this area of studies, the purpose of this paper is to empirically test a model to explain how well some factors are able to explain the level of international development of born global companies. A mail survey was conducted within a sample of born-global Italian companies, belonging to the most representative industries for the Italian economy (metal products and machinery equipment; furniture; chemicals and food). Findings support the validity of a model including five significant predictors: uncertainty and dynamism in the firm’s industry, operating in niche-based industries, markets’ and segments’ knowledge held by the founder/managers, product innovation and firms’ innovativeness, access to networks. Findings are discussed and managerial implications are drawn.

The purpose of this paper is to explore different aspects of SMEs’ strategic decision-making processes in international business. In particularly, we want to understand if exist a relationship between SMEs’ decision-maker characteristics (e.g. international experience, nationality, skill), and the process of strategic decision-making in international field. To achieve this, an examination of these aspects on a sample of 77 SMEs was conducted.
Main results revealed that there is a strong relationship between decision-maker education and two important phases of international strategic decision-making process, that are International Market Selection and Entry Mode Selection.

This study examines the early market internationalization of 32 high-tech startups that oper- ate internationally from small and open economies. It uses a comparative cross-national multiple case study research design to explore how such startups may differ in their speed of internationalization. Based on interviews with the founders, the speed of early market in- ternationalization in these startups increases significantly due to the application of lean market development processes. The findings provide a basis for developing propositions for further comparative studies focusing on the early and fast internationalization of high-tech startups based in emerging and developed markets. The study contributes to the literature on networks, internationalization, and international entrepreneurship.

This article analyses the research problem of how and why born global firms (BGF) differ in their speed of internationalisation. It is based on the conceptual framework of the BGF theory and the Uppsala internationalisation process model. The research questions will be answered using a multiple case study research design with qualitative, in-depth, face-to-face, semi structured interviews of twenty subject matter experts (SME). The research results show that factors like the skills of the entrepreneur and the management team, their business networks, the business model of the BGF, the market entry mode, the successful implementation of a structured market development process, the uniqueness of the technology and the product portfolio, the availability of market opportunities, and the size of their home market influence the speed of internationalisation.

Purpose: This paper aims to understand the impact of digitalization on international, lean, global start-ups' speeds (LGS). It closes a gap in the literature by defining better the benefits and the impact of digitalization on the speed of internationalization and models regarding the international market evaluation process. Furthermore, it outlines why and how digitalization is important throughout the internationalization process, and it expands the study of international management and business by including a broader and deeper range of digitalization aspects than is normally found in the international management and business literature. Design/Methodology/Approach: The paper opted for a qualitative multiple case-study research design using different sources of evidence, including 51 responses from senior managers of lean, global, start-up firms. The case-study firms were selected using a simple random sampling method. The data were collected in September and October 2017, and analyzed using grounded theory to develop categories and to understand consistencies and differences. The revised Uppsala internationalization process model was used as the theoretical framework to analyze the impact of digitalization on the speed of LGS internationalization. Findings: The paper provides empirical insights about the impact of digitalization on the speed of LGS internationalization. Digitalization allows LGS to increase decision-making efficiency and to optimize international market evaluation strategies and processes. It suggests that international managers act as " integrating forces " on several levels: by applying a disciplined and structured internationalization process with regular reviews, by mediating between local market realities and corporate goals, understanding the limits and benefits of digitalization, and optimizing decision-making. Research/Practical Implications: The findings are relevant for researchers, scholars, managers, and policy makers who support activities that promote digital engagement, to understand better the impact of digitalization on the speed of LGS internationalization, to increase the efficiency of decision-making processes, and to optimize international market evaluation strategies, processes, training, and (financial) support projects. Future scholarly work might also include quantitative assessments of subject-matter experts' (SMEs') perceptions, whose qualitative data can provide greater clarification of the study's statistical significance or replicate it with other SME from different industries and markets. Originality/Value: This paper fulfills an identified need and a call for research to study the impact of digitalization on the speed of LGS internationalization.

Previous studies investigating the “why” of entrepreneurial internationalization have focused on firm-level motivations, overlooking the relationships between firm-level and individual-level motivations and why entrepreneurs differ in the goals they intend to achieve. We investigate the role of personal values as desirable end states that motivate international entrepreneurship by functioning as superordinate cognitive structures that underlie the practical internationalization goals set by entrepreneurs. By adopting an idiographic approach based on a laddering methodology in a sample of 140 new domestic technology-based firms located in Northern Italy, we uncover and map the hierarchies of goals that motivate entrepreneurs’ internationalization intentions, which are anchored in five personal values: achievement, power, self-direction, benevolence, and security. We discuss our theoretical and methodological contributions and the policy implications of our findings.

Islam is the second largest religion in the world. Muslims are the target of most of the homeland and foreign businesses in their market. Islamic finance is also is an international solution to promote the entrepreneurship. The objective of this paper is to explore the international entrepreneurship from Islamic view. This study argues shariah-compliant entrepreneurship in international context. For doing so, we explore entrepreneurship in Islam, offer potential opportunities for conducting Islamic-oriented business and investigate the performance European countries in Islamic finance and entrepreneurship.

Objective: The main goal of the article is to discuss and elaborate on the basics of international entrepreneurial orientation (IEO), its fundamentals and principles.
Research Design & Methods: The paper reviews these three important terms by
trying to link them and suggests a holistic framework. The article is of descriptive
character, thus it is based on literature review and its constructive critics.
Findings: Firstly, international entrepreneurial process was discussed from the
international entrepreneurship perspective. Secondly, the paper introduces the
conceptualisation of entrepreneurial orientation from both three- and multidimensional
perspectives. Thirdly, IEO is conceptualised and operationalised from the
perspective of entrepreneurial internationalisation of firms.
Implications & Recommendations: IEO is a multi-dimensional concept. IEO can be
considered both an individual and firm-level construct. IEO enables business to
identify and exploit internationalisation opportunities. IEO reflects the firms overall
proactiveness and aggressiveness in its pursuit of international markets.
Contribution & Value Added: The article is an attempted synthesis of the concept of
international entrepreneurial orientation. It focuses on IEO as the implementation of
one of the most important research theme in the theory of entrepreneurship, which is
entrepreneurial orientation (EO) into the studies of international entrepreneurship
(IE)

This study draws from the theory of ABV to present a framework for understanding how SMEs trying to manage their exports during a global crisis are expected to behave towards export promotion. Our study underlines the importance of setting up and updating effective and modern communication channels in order to create a positive and more institutionalized interaction between EPS providers and SMEs, taking into account the major communication changes in international business during a global pandemic, which imposed new communication mechanisms. Hence, our model includes the ABV perspective because we believe it is vital for SMEs to put in place effective attention structures to be more attentive to EPS, including (i) a better understanding of awareness by SMEs’ entrepreneurs, (ii) an improved SMEs’ teams debate about the relevance of EPS, in order to guide the firm into an unpredictable environment, and (iii) a better management of the SMEs’ slack resources during export.

Models of speed of internationalization have been built on narrowly defined resources, emphasizing the intangibles at the cost of tangibles and relying on controlled resources while overlooking nonterritorial ones. We build an integrative model for both established and unestablished firms, using three determinants of speed À global value chain experiences, resource adjusted expected return from internationalization and existence of e-commerce platforms. The first is under firms' control while the last two are partially controlled or totally uncontrolled. Five strategies of internationalization are identified À internationalization through accelerated marketization, delayed internationalization, opportunistic (or on/off) internationalization, IB internationalization, and alliance internationaliza-tion, each associates with a different speed of internationalization.

This manuscript offers a theory regarding two distinct avenues to new venture internationalization: a direct path described in much of the extant literature and an intermediated one in which new ventures and multinational firms create symbiotic relationships in order to expand internationally. The term ''born local'', as opposed to ''born global'', describes how new ventures are created from knowledge spillovers and other resources in a geographically bounded environment. The theory suggests that the greater the number of value chain activities and the greater the number of countries involved, the more likely that the new venture will pursue the intermediated mode of internationalization. We suggest that new ventures frequently specialize and use existing MNEs as conduits for international expansion; however the greater the perceived ex-post costs of protecting intellectual property, transaction costs, and extraction costs related to holdup , agency, and monopoly rents, the more likely the new venture will pursue a direct mode of internationalization.