Abstract
Business model innovation (BMI) is receiving increased academic attention as a tool for gaining new or retaining existing firms’ competitive advantages. This paper investigates value delivery and value capture dimensions of BMI utilized by international new ventures (INVs) and shows how this category of firms differs from other internationalized firms in Sweden. Our findings indicate that INVs tend to innovate value delivery and value capture dimensions in the form of sales channels and logistical methods more frequently than other internationalized firms and reconfigure their external relationships more intensively as well. By utilizing longitudinal data, we show that these aspects continue to differentiate INVs and constitute a unique characteristic of INVs over time. Hence, this study enhances the academic debate on business models of INVs as well as on their long-term development past early internationalization efforts. From a managerial perspective, the study highlights where to focus BMI initiatives for sustained international presence and growth.ResumenLa Innovación del Modelo de Negocios (IMN o BMI por sus siglas en inglés) está llamando la atención entre los académicos, como una herramienta que permite a las compañías ganar nuevas ventajas competitivas o retener las existentes. Este artículo investiga las dimensiones de entrega y captura de valor de la IMN utilizada por nuevas empresas internacionales (NEIs o INVs por sus siglas en inglés) y muestra cómo éstas se diferencian de otras empresas internacionalizadas en Suecia. Nuestros resultados indican que las NEIs tienden a innovar las dimensiones de entrega y captura de valor, en forma de canales de venta y métodos logísticos, más frecuentemente que otras empresas internacionalizadas y que, además, reconfiguran sus relaciones externas de forma más intensa. A partir de datos longitudinales mostramos que estos aspectos diferencian a las NEIs y constituyen una de sus características únicas a través del tiempo. Por lo tanto, este estudio mejora el debate académico sobre los modelos de negocio de las NEIs, y su desarrollo a largo plazo como fruto de esfuerzos tempranos de internacionalización. Desde una perspectiva gerencial, este estudio muestra en dónde enfocar las iniciativas de IMN para lograr presencia internacional y crecimiento de forma sostenible.
Highlights
The notion of international new ventures, or INVs, has emerged in academia in the early to mid-1990s (Oviatt and McDougall 1994) and generally refers to entrepreneurial firms that tend to internationalize very early in their life cycle and whose expansion into foreign markets occurs much more quickly than predicted by earlier theories of the internationalization process (e.g., Johansson and Vahlne 1977)
This study has established that INVs do behave differently than other internationalized firms in regard to their Business model innovation (BMI) behavior in the dimensions of value capture and delivery, in the high-technology intensive industries— INVs are not exclusive to high-tech industries, which this study as well as others have shown (e.g., Spence et al 2011)
The business model elements of reorganizing external relationships, new logistics methods, and arranging sales channels are arguably crucial for high-tech INVs looking for new ways of delivering and capturing value based on their often (Knight and Cavusgil 2004) innovative product output in highly competitive international markets
Summary
The notion of international new ventures, or INVs, has emerged in academia in the early to mid-1990s (Oviatt and McDougall 1994) and generally refers to entrepreneurial firms that tend to internationalize very early in their life cycle and whose expansion into foreign markets occurs much more quickly than predicted by earlier theories of the internationalization process (e.g., Johansson and Vahlne 1977). Hennart (2014) proposed an internationally viable business model as the key distinguishing feature of INVs that allows for an early and rapid entry into international markets. While the original business model configuration serves as an initial driver for INV internationalization that same business model might not be sufficient over a longer time period, as INVs develop and mature. Recent research calls have been made for scrutinizing business model change and evolution among INVs beyond their stage of early internationalization (Hagen and Zucchella 2014; Zander et al 2015). Hennart’s (2014) paper, while vital for theoretical development, takes a rather static approach to the business models of INVs and does not emphasize the inherent need of the business models to evolve and change over time
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