New ventures in an emerging industry: access to and use of international resources

Abstract

This paper addresses the international activities of young companies in the emerging marine energy industry. Our study is constructed based on interviews with eight companies combined with scientific reports and publications. The primary challenges faced by the companies are related to financing and technology development. Our findings indicate that the companies may be divided into three groups: a) three technology- and funding-driven international ventures; b) one market-driven international venture; c) four companies with limited international involvement. The short time span between establishment and the first major international activity initiated to acquire funding or technology competence is a distinct characteristic of the firms in the first two groups. The last group with no or limited international activity reveals an alternative path. Our study provides insights on significant firm-level differences with respect to international involvement in the pre-commercial phases of development and discusses the implications for researchers, managers and public policy.