How to develop business models for rapid internationalisation: lessons from a high-tech startup

Abstract

This study analyses the business model development of an internationalising high-tech firm seeking rapid growth, addressing the connection between the business model and entry mode selection. The paper employs an in-depth case study of a high-tech firm that operates in the cleantech industry. We demonstrate that rapid internationalisation is possible using a range of entry modes simultaneously by developing and applying different business models for different target markets. Product/technology-based and service-based models can be developed in parallel, but require adjustments in business model components in determining the suitable entry modes. Developing diverse business models may help firms balance risk, revenue flow, resource allocation and acquisition when entering new markets. Our results emphasise the role of network components in the business model.