Abstract
Technology ventures often develop products domestically and license them out to large companies for worldwide commercialization. However, international R&D alliances provide an alternative - potentially more rewarding - path to foreign markets. We hypothesize that this path is especially attractive for firms underperforming in terms of product development success relative to aspirations. Our regression analyses in a sample of US-based biotechnology ventures reveal that low performance leads ventures to partner internationally while high-performing ventures refrain from international R&D alliances. Thus, pursuing a novel product commercialization path emerges as a response to failure in developing novel products.
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