Edited by Marian V Jones, Colin Wheeler and Pavlos Dimitratos
Chapter 9: Rapid Internationalization and Sustained Competitive Advantage in US and UK Life Science International New Ventures: A Resource-based View
Karl Warner and Jon Carrick INTRODUCTION The resource-based view (RBV) holds that resources are the basis of what firms use to build competitive advantage (Barney, 1991; Grant, 1991a; Grant, 1991b; Wernerfelt, 1984). The RBV has been shown to be a useful lens through which to study firm growth in the life sciences (Yeoh and Roth, 1999) and in international entrepreneurship (IE) (Oviatt and McDougall, 1994; Peng, 2001; Westhead, Wright & Ucbasaran, 2001). This chapter is devoted to applying the RBV as a lens to study life science international new ventures (INVs) to gain deeper understanding of rapid internationalization and how competitive advantage is sustained. Oviatt and McDougall (1994, p. 49) define an INV as ‘a business organization that, from inception, seeks to derive a significant competitive advantage from the use of resources and the sale of outputs in multiple countries’. In the simplest terms, life science is the study of life (Owen-Smith, 2003). By way of definition, the life science industry is described as: encompassing biotechnology, pharmaceuticals, medical devices, associated research and development activities and life sciences support infrastructure – including research universities, teaching hospitals, medical laboratories, venture capital firms and many other related sectors – it is one of the most knowledge-intensive and research-rich sectors of the U.S. economy. DeVol et al. (2005, p. 1) The intention of our research is therefore to utilize the RBV framework set out by Hitt, Ireland and Hoskisson (2005) to explore the rapid 175 M2698 - JONES TEXT.indd 175 17/08/2011 10:40 176 International entrepreneurship in...
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