The McGill International Entrepreneurship series
Edited by Hamid Etemad, Tage Koed Madsen, Erik S. Rasmussen and Per Servais
Chapter 4: The process of commercializing a medical technology innovation for an INV through international trade fairs: combining a network with a practice view
The use of trade fairs as a meeting place is an old and established venue for business exchanges, and this chapter studies how an international new venture (INV) uses international trade fairs as one area to commercialize a medical technology innovation on the international market. Some industries would be regarded as more global and knowledge-intensive than others, for example the life science industry which includes fields such as pharmaceuticals, biotechnology and medical technology. Therefore this means that the needs for new medical technology products often tend to be global, but just as there are many countries in the world, there are also many differences between how these individual countries adopt innovations. Developing or creating a new market in an unstable environment almost always involves a high degree of uncertainty and can take a long time. Most markets take 15 years to coalesce, and one example is the internet (Sarasvathy and Dew 2005). As a result the failure rate among new ventures can be high, and the time before actual sales are generated for new medical technology innovations can be substantial. Keeping this in mind it becomes important to understand how and why a firm interacts with different actors in order to commercialize these innovations.
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