Overview

Orthodox international business theory holds that small firms are only players in domestic markets. To enter international markets, firms must grow past a certain size threshold, experiment incrementally in international markets, learn gradually, and build expertise before increasing their commitment. Over the last decade, however, a shift occurred in the business and academic rhetoric toward small firms. The popular business press is now full of examples of small firms, often technology based, that internationalize rapidly from inception. Portrayed as entrepreneurial in their strategy, these firms commercialize new technology or take advantage of gaps in markets left by large firms. The owners of these international new ventures or born globals assemble businesses in a myriad of ingenious ways, lever relationships and bringing together resources often controlled by others to achieve their international success. This phenomenon of international new ventures has attracted the attention of university researchers, and there are an increasing number of articles in business journals about the rapid internationalization of smaller firms. The result is an emerging area of research at the interface of international business and entrepreneurship. Early literature on the topic is fragmented across a number of journals and books. The topic was initially not well received by international business researchers as most IB theories do not posit a role for small firms in international trade. However, in 2004 Oviatt and McDougal's paper won the Journal of International Business Studies/Palgrave Macmillan decade award for 'most influential paper' published in the Journal of International Business Studies. The agenda for International Business has been radically altered. Now all major International Business journals cover international entrepreneurship.

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9781847875006

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