Abstract
This study examines how Colombian Multilatinas leverage spillovers from foreign direct investments to enhance their capabilities and expand internationally. Employing a qualitative, exploratory multi-case study approach grounded in inter-organizational learning theory, we find that indirect ties, through vicarious learning via observation and emulation, are pivotal in facilitating the acquisition of new knowledge. This learning is key for Multilatinas to improve their technological and organizational capabilities locally, thereby strengthening their position in global markets. In addition, our analysis reveals that the challenges inherent to the Colombian context encourage a distinctive internationalization model characterized by humility and collaborative partnerships. These findings offer actionable insights for managers aiming to leverage international spillovers for capability development and global growth. JEL CLASSIFICATION: M16; M21; M14
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