Symbid is a Dutch company, founded in December 2010 by four young entrepreneurs and apool of investors. They wanted to help start-ups by offering entrepreneurs a new online toolfor finding capital. Because of the financial crisis, it is becoming harder and harder to findfunding for new ventures. Banks are reluctant to give out loans and venture capitalists andbusiness angels are not as generous with funding start-ups, as they were before the financialcrisis. This lack of finance is dealt with through a new phenomenon: crowdfunding. Internetstart-ups, like Symbid, have been internationalizing very rapidly for the last decades. Becauseof the developments in the internet, new ventures are able do business international frominception (Loane, McNaughton and Bell, 2004).
International entrepreneurship is the discovery, enactment, evaluation, and exploitation of opportunities
across national borders
to create future goods and services (McDougall andOviatt 2005). International new ventures are business organizations that, from inception seek to derive significant competitive advantages from the use of resources and the sale of outputsin multiple countries (McDougall, Shane and Oviatt, 1994). These firms operate internationalfrom a very early stage or even from inception and traditional theories on internationalizationof multinational enterprises are unable to explain the internationalization of these firms.Technological developments, especially in the internet, increase the level of internationalization of new ventures (Lituchy and Rail, 2000). The aggressive forms of rapidinternalization from inception reflect in the speed of internationalization, but also in the modeand pattern of internationalization. Start-ups internationalize faster, in different modes at thesame time and do business global, instead of in neighbor countries first. The companyfeatures that influence the internationalization of new ventures are the founding team, the
founding’s team network and finance.
International new ventures have to pick a suitable entry mode and they still have to face someentry barriers. Hill, Hwang and Chan Kim (1990) argue that the choice for an entry mode is