European Entrepreneurship in the Globalizing Economy
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European Entrepreneurship in the Globalizing Economy

Edited by Alain Fayolle and Kiril Todorov

What role can entrepreneurship play in a European economy that is more and more open to the rest of the world? In this European Union construction, what is the place of the nation states and economies that have only recently converted to a free market economy? It is these questions, among others, that the book explores and discusses in particular. The future steps required in developing European entrepreneurship in a dynamic and international context are also analyzed and synthesized.
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Chapter 9: The International Product Venturing of a Biotech SME: Knowledge Combination in Upstream and Downstream Networks

Daniel Tolstoy


Daniel Tolstoy INTRODUCTION 1 In the global marketplace, where product life cycles are becoming increasingly shorter, firms need to be constantly prepared to re-assess their core activities of business. Recent studies on international small- and middlesized enterprises (SMEs) have demonstrated that the overall prosperity of these firms hinges on their performance in international product venturing (Indarti et al., 2005; Mesquita and Lazzarini 2008; Ruzzier et al., 2007). Consequently, SMEs that are able to launch new product solutions successfully in foreign markets may expect reinforced competitiveness and stimulated international growth. The concept of international product venturing is here defined as the undertakings of an existing firm to introduce a new product in a foreign market (cf. Venkataraman et al., 1992). Even though the interest in international product venturing of SMEs is rapidly increasing, we still know little about the predictors behind this phenomenon. To remedy this research deficiency, this study leans on the magnitude of related research in the field of international entrepreneurship that suggests knowledge combination to be a critical driver of business innovation (Cui et al., 2005; De Clercq et al., 2005; Gassmann and Keupp, 2007; Knight and Cavusgil, 2004; Murray and Chao, 2005; Rialp et al., 2005; Yli-Renko et al, 2001; Zahra and Filatotchev, 2004; Zhou, 2007). Because SMEs typically are resource-constrained, it is reasonable to assume that knowledge combination in these firms is not restricted to the boundaries of the firm, but also takes place in external networks. By building on this idea, the study explores how...

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