Edited by Marian V Jones, Colin Wheeler and Pavlos Dimitratos
Chapter 3: Differences in the Strategic Orientations of Nordic and US-based Young Biotechnology Ventures
3. Differences in the strategic orientations of Nordic and USbased young biotechnology ventures Maija Renko INTRODUCTION The basic premise of international business literature is that geographic location matters. However studies of international new ventures and born-global firms have started to challenge this assumption over recent years. Increasingly, new ventures – and specifically, new technology-based ventures – see the world as one, global marketplace, and formulate their strategies accordingly (Bloodgood, Sapienza & Almeida, 1996; Hashai and Almor, 2004; Oviatt and McDougall, 2005; Oviatt and McDougall, 1994). Strategic orientation has been defined as ‘the strategic directions implemented by a firm to create the proper behaviours for the continuous superior performance of the business’ (Gatignon and Xuereb, 1997, p. 78), and as ‘the processes, practices, principles and decision-making styles that guide firms’ activities, especially in the context of the external environment and corporate development’ (Jantunen et al., 2008, p. 161). Strategic orientation can favour some or all of the major components in a firm’s strategic outlook: market, technological, or entrepreneurial orientations. Such orientations have also been linked to various facets of superior performance in previous research (see Kirca, Jayachandran & Bearden, 2005; Li et al., 2008; Paladino, 2007; Renko, Carsrud & Brännback, 2009; Walter, Auer & Ritter, 2006). Since firm strategy is essentially ‘a firm’s theory about how to gain competitive advantage’ (Barney and Hesterly, 2007), the global competition in technology markets should contribute to reducing systematic variation in strategic orientations between ventures from different geographic locations. This study examines the differences and similarities in strategic orientations of...
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