A theory of international new ventures: a decade of research
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Oviatt and McDougall's JIBS article identified and defined international new ventures (INVs) and their prominent role in the global marketplace. The article spurred worldwide interest in INVs by raising questions about the validity and efficacy of existing theory, especially about the Uppsala process model of internationalization. The article also laid an important theoretical foundation for research into international entrepreneurship (IE), where younger and well-established companies use their entrepreneurial activities to create value as they internationalize their operations. This paper reviews Oviatt and McDougall's original propositions, highlighting their important contributions to the field. The paper also highlights the progress made in research using Oviatt and McDougall's framework, the major debates that persist about the nature and role of INVs, the source of their competitive advantages, and the key issues to be explored in future research.
Keywordsinternational new ventures global strategy learning
I acknowledge the financial support from the Glavin Center for Global Management at Babson and the Research Program for Advanced Technology Policy (ProACT) of the Ministry of Trade and Industry and the National Technology Agency of Finland, Tekes. I am grateful to James C Hayton and Patricia H Zahra for their comments on earlier drafts.
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