The Internationalization of Entrepreneurship

Author(s): Benjamin M. Oviatt and Patricia P. McDougall

Source: Journal of International Business Studies, Vol. 36, No. 1 (Jan., 2005), pp. 2-8
Published by: Palgrave Macmillan Journals
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journal of International Business Studies
(2005) 36,
2-8
? 2005 Palgrave Macmillan Ltd. All rights reserved 0047-2506 $30.00
www.jibs.net
RETROSPECTIVE
The internationalization of
entrepreneurship
Benjamin
M
Oviatt1
and
Patricia P
McDougall2
'Department
of
Managerial Sciences,
Robinson
College
of
Business, Georgia
State
University,
Atlanta, GA, USA; 2Kelley
School of
Business,
Indiana
University, Bloomington,
USA
Correspondence:
Dr BM
Oviatt, Department
of
Managerial
Sciences, PO
Box
4014, Robinson
College
of
Business, Georgia
State
University, Atlanta,
GA
30302-4014, USA.
Tel:
+
1 404 651
3021;
Fax:
+
1 404 651
2896;
E-mail:
BenOviatt@gsu.edu
Online
publication
date: 25 November 2004
Abstract
Our article that has been awarded the 2004
Journal
of International Business
Studies Decade
Award,
'Toward a
Theory
of International New
Ventures', repre-
sents an
integration
of international
business, entrepreneurship,
and
strategic
management scholarship.
This
retrospective
article
explains
the intellectual and
personal origins
of the work. In
addition,
it
highlights
the definitions of
'international new ventures' and 'international
entrepreneurship'. Finally,
in
response
to recent concerns about the
importance
of international business
scholarship,
the research discussed here stands as an
example
of the successful
exportation
of international business
scholarship
into
adjacent disciplines.
Journal
of International Business Studies
(2005) 36, 2-8.
doi:
I
0. I
057/palgrave.jibs.8400 1
19
Keywords: enterpreneurship;
new
ventures;
internationalization
Introduction
Over the
past
10
years, many people
have written or told us
personally
that
they
found our 1994
article,
'Toward a
Theory
of
International New
Ventures',
in the
Journal of
International Business
Studies
(JIBS) (Oviatt
and
McDougall, 1994)
valuable in
conducting
their own research.
Every
time that
happens
it is
quite rewarding.
However, receiving
the 2004
JIBS
Decade Award is
gratifying
beyond words,
is a
high honor,
and was inconceivable at the time
we wrote the article.
Many
thanks to
many supporters
We
appreciate
the
opportunity
to
compose
this
retrospective
article
on our
work,
and we
begin by offering
our sincere thanks to the
many people
and institutions who
supported
us.
First,
thanks to
the
Academy
of International Business and to the
Journal of
International Business Studies for over
many years encouraging
and
supporting
a diverse research
agenda.
It is a
refreshing
counter-
point
to the
normally specialized
nature of academic
disciplines,
and it makes
possible
the
publication
of work like ours that cuts
across
multiple
fields of
inquiry.
We
certainly
owe thanks to Arie
Lewin,
current Editor of
JIBS,
the
JIBS
editorial
board,
and the
committee who chose our article for the award. Since one of the
selection criteria is the number of citations to our article
by
other
authors,
we also thank the scholars who found our article useful
enough
to cite it in their own
published
research.
For more than 10
years,
a number of
people, groups,
and
institutions have made our work and its
publication possible.
The
University
of South
Carolina,
where we both earned our
doctorates,
provided
an excellent
foundation
for
our
academic
careers.
Georgia
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The
internationalization
of
entrepreneurship Benjamin
M Oviatt and Patricia P
McDougall
3
State
University (where
the
Journal of
International
Business Studies
originated), Georgia
Institute of
Technology,
and Indiana
University
have all
pro-
vided
stimulating
environments where our work on
international new ventures
and,
more
broadly,
international
entrepreneurship,
have thrived. We
owe
profound
thanks to the
busy
international
entrepreneurs
all over
Europe
and the United States
who took the time to tell us their
interesting stories,
and who were
amazed,
in the
very early 1990s,
at
how the fax machine had made international
business so much more efficient. Little did
they,
or
we,
foresee the worldwide revolution in commu-
nication that was about to burst
upon
us. Our initial
travels to visit these
entrepreneurs
were enabled
by
grants
from economist Bill
Rushing (recently
retired
from
Georgia
State
University)
and
by
the
Society
of
International Business Fellows in Atlanta. These
generous people
were essential
partners
in our
curiosity
about what seemed at the time to be a
curious
topic
for academic research.
Furthermore,
several doctoral students have
helped
and continue
to
help
us in our
study
of accelerated internationa-
lization. Rod
Shrader,
Mark
Simon,
Brett
Gilbert,
Stephanie Fernhaber, Peggy Cloninger,
and
Jifeng
Yu
have all contributed to our intellectual discoveries.
As he was
concluding
his
editorship
of
JIBS
in
1992,
David
Ricks,
who
taught
at the
University
of
South Carolina at the
time, provided
advice and
valuable
encouragement
when we were
completing
drafts of our first articles on international new
ventures. His wisdom was vital in
helping
us
understand how best to
present
our work to the
international
business
community.
We also want to thank the
JIBS reviewers,
whoever
they were,
for a
tough
but valuable
interaction that resulted in what we believe is a
better article than the one we first submitted. For
example, they suggested
the article's
title,
a
sig-
nificant
improvement
over our
original overly long
and
complex one,
and
they rightly
insisted
upon
more evidence about the existence of international
new ventures than we had
initially provided.
Finally,
as
many
other authors before us have
done, we want to thank Paul Beamish, Editor of
JIBS
at the time our article was under review. He took a
chance on an unconventional article when
reviewers were
understandably
ambivalent.
Research as a
personal
and
international
journey
In the late 1980s and
early 1990s, the
popular
business
press
had noticed and
published
articles
about what was sometimes referred to as
'global
start-ups'.
A few academic scholars also noticed and
studied
them; however,
more
often,
such firms
were
regarded
as
uninteresting
anomalies. Our
1994
JIBS
article
explained
an alternative view-
point,
but not the
journey
that led us to it.
JIBS
has
been unusual in its
willingness
to
permit
business
scholars to reflect on how their
experience
and
background
influenced their research. We have
always
found those reflections
interesting,
and we
appreciate
the
opportunity
to
explain
our
personal
journey
in this
retrospective
article.
Although
authors are
prone
to certain biases in
writing
about
themselves,
we
hope
that others
will, nonetheless,
find a valuable lesson or two in our
biographical
perspective
on the internationalization of
entrepre-
neurship.
We met 22
years ago
in 1982 in
Columbia,
South
Carolina,
while we were both in the doctoral
program
in
strategic management
at the
University
of South Carolina. At the time we had
differing
research interests. Ben was interested in transaction
cost
theory
and
organizational
risk,
while Tricia
focused on
applying strategic management
con-
cepts
to the
study
of new ventures.
Although
neither of us was
formally part
of the well-known
international
business
program
at South
Carolina,
its doctoral
program
was
forming,
and we were
both familiar with and influenced
by
the research
conducted
by
the
IB
scholars there. We conducted
no research
together
while we were
there,
but we
did become friends and maintained contact after
Ben left to teach at the Oklahoma State
University
in 1984.
Tricia moved to
Georgia
State
University
in 1986.
In fall
1988,
Ben
joined
Tricia
there,
where we
were both untenured assistant
professors
of
strategic management. Owing
to our
friendship,
and because we were then located in the same
department,
we were interested in
finding
a
joint
research
project.
Over a
period
of
many
months,
Tricia and Frank
Hoy,
who was also a
member of the
department
and whose interests
were focused on
entrepreneurship, urged
Ben
to
bring
his understanding
of transaction cost
and risk into the
entrepreneurship
arena. While
he
explored
that
possibility,
Ben was more inter-
ested in
making
a connection between those
theories and international business. In 1989, an
article
by
Tricia
appeared,
in which she described
characteristics of new ventures that had interna-
tional sales and defined the arena of international
Journal
of International Business Studies
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*
The internationalization of
entrepreneurship Benjamin
M Oviatt and Patricia P
McDougall
4
entrepreneurship
as
the
development
of international new ventures or
start-ups
that,
from their
inception, engage
in international business.
(McDougall, 1989, 388)
We realized that the intersection of international
business and
entrepreneurship
held both our inter-
ests,
but we did not have a focus
beyond
that.
At the intersection of international business
and
entrepreneurship
We
began reading everything
we could find about
entrepreneurship
in the international arena. Much
of the academic literature of the time focused on
understanding exporting by
small
firms, public
policy concerning it,
and
comparisons
of
entrepre-
neurs and
entrepreneurship
in
multiple
countries.
That voluminous
body
of literature seemed mature
and well
developed
to
us,
and to
present
us with little
opportunity
to contribute
something
distinctive.
In our
reading, however,
we encountered a 1989
article in Inc.
magazine by
Robert Mamis entitled
'Global
Start-up.'
He described Technomed Inter-
national,
a new venture
headquartered
in
Lyon,
France,
which
produced
and marketed medical
equipment.
When the firm
opened
for
business,
it
owned subsidiaries in
Germany, Italy, Japan,
and
the United
States;
conducted business in
English;
and considered itself a worldwide
company,
not a
French
company.
At the time we found it interest-
ing,
but had no idea how to
integrate
it into other
things
we were
reading. However,
we
kept
it in
mind and were alert for other evidence of
global
start-ups.
We soon encountered a few more articles on such
firms in both the academic and
popular
business
literature.
However,
most of the authors seemed
unaware that others were
writing
about the same
phenomenon. During
this
period, colleagues
intro-
duced us to a few local Atlanta firms that seemed to
fit our interest in new ventures that were founded
with an international
strategy
and at least the
intent to
engage early
in
foreign
direct investment.
As
increasing
evidence of such
organizations began
to
percolate
before us, we contacted an official at
the US Small Business Administration for assistance
in
identifying global start-ups
so that we could
construct a database. His
response
was that such
firms did not exist. We then
began
to realize we
might
be on to
something!
The
crystallizing
event for us occurred when we
both attended the 1990 Babson
Entrepreneurship
Research Conference at Babson
College.
Peter
Sprague,
then Chairman of National Semiconduc-
tor
Corporation,
in a
speech
about
many topics
that we have
long forgotten,
made the statement,
'Global
start-ups
are the wave of the future.' Each of
us realized
instantly
and
simultaneously
that
research on
global start-ups
was a wave we would
ride into our futures!
Following
his
speech,
we
caught
Peter while still on
stage
and told him of our
interest. He invited us to visit him in New
York,
which we did. He
spoke
with us at
length
and
introduced us to a few
investors, entrepreneurs,
and
consultants in various
parts
of the US who had
knowledge
of
global start-ups.
That
experience
in
the
discovery
of an
interesting topic
for academic
inquiry ingrained
in us a lesson about the value of
deepinquiry
into a narrow
topic.
It makes
possible
a rich
understanding
of
phenomena
and
perhaps
highlights
the difference between
insignificant
anomalies and
prescient signals
of obscure issues.
A
path
to international new ventures
Following
events at Babson and in New
York,
our
research became
quite
focused. Bill
Rushing,
at the
time a senior economics
professor,
believed our
work was
innovative,
and
provided
$5000 from his
academic chair to
support
travel to conduct inter-
views with the founders of
global start-ups.
The
Society
of International Business
Fellows,
a
group
of
Atlanta business
managers
and owners interested in
international
business, provided
a similar amount.
Thus,
we were able to travel to various locations in
the US and
Europe
to interview
entrepreneurs.
Since no
public
databases of
global start-ups
nor
any systematic knowledge
about them
existed,
inductive research seemed most
appropriate.
So
we set about
collecting
and
composing
case studies
of them and
studying
what seemed to be the most
relevant literature on international
business,
entre-
preneurship,
and
strategic management theory.
As
is
generally
advised
(Eisenhardt, 1989), iterating
between
theory
and evidence
proved
to be the best
way
to understand what we were
observing.
Over
time,
we collected
in-depth
information on 11
different firms, and found rich accounts of a dozen
more international new ventures in the academic
literature. We
developed
confidence that what we
were
learning
was
interesting, important,
and not
widely
understood.
Early on, we
adopted
a
strategy
of
presenting
our
ideas in diverse venues. That
strategy
meant we
received feedback from a
variety
of
people,
made
many people
aware of our work, and ensured that
we would receive some credit for
early recognition
journal
of International Business Studies
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The internationalization of
entrepreneurship Benjamin
M Oviatt and Patricia P
McDougall
5
of what we
increasingly
believed was a
growing
phenomenon.
In
1991,
Bill
Guth,
then director of
New York
University's entrepreneurshipcenter,
published
a short invited cover article of ours for
his center's newsletter. It was the first
publication
of
our
work,
and
presented
some of our initial
thoughts
on
why global start-ups
were
emerging
(McDougall
and
Oviatt, 1991).
Also in
1991,
a
year
after
being inspired by
Peter
Sprague
at the Babson
Conference,
we
presented
the draft of our first case
study
at the Babson
Entrepreneurship
Research
Conference held that
year
at the
University
of
Pittsburgh.
A few months
later,
Tricia moved several blocks
across the
city
of Atlanta and
joined
the
faculty
at
Georgia
Institute of
Technology. Nevertheless,
both
our research
relationship
and
friendship
continued.
Indeed, they
have continued
through
another
move Tricia made in 1999 to Indiana
University,
where she is
enjoying being part
of an active and
energetic group
of
entrepreneurship
and interna-
tional business scholars and other
delightful faculty
and administrative
colleagues.
An
important
reason
why
our
relationship
has remained
strong
is that
our
spouses, Judy
Oviatt and
Jeff Covin,
are
supportive
of our
research,
and are friends them-
selves. Now in the middle of our second decade in
this
personal
and international
journey,
we have for
some time
regarded
ourselves as a research team
with intertwined intellectual
property
on interna-
tional new ventures and on the broader area of
international
entrepreneurship.
At this
writing
in
summer
2004,
Ben
remains, along
with
many great
colleagues,
at
Georgia
State
University,
where he is
Director of the
HJ
Russell Sr International Center
for
Entrepreneurship.
Tricia
begins
a new role as
Interim Associate Dean at Indiana
University.
A
destination: our
JIBS
article
We
began working
on an article aimed at
JIBS
because we realized that academic
legitimacy
would
not be achieved until we
integrated
our observa-
tions of the
early
1990s with theories of interna-
tional business. Thus, the stated
purpose
of our
1994 JIBS article was:
...to define and describe the phenomenon and to present a
framework explaining how international new ventures fit
within the theory of the MNE. We hope that a well
delineated, theoretical framework will unify, stimulate,
and guide research in the area.
(p. 48)
As we
explored
that
integration,
we
began
to
believe that the most common terms for the firms
we were
writing
about -
'global start-up'
and 'born
global'
-
seemed
inappropriate. Although
all the
firms in our studies were
conducting
business in
multiple
countries,
and some had entered several
foreign
countries,
few were
truly global.
Therefore,
in academic
articles,
we have
always
called the
firms we studied 'international new ventures'. We
believe the terms
'global start-ups'
and 'born
globals'
should be reserved for new ventures that
coordinate
multiple
value-chain activities in
many
countries. In our
JIBS article,
we defined
...an international new venture as a business
organization
that,
from
inception,
seeks to derive
significant competitive
advantage
from the use of resources and the sale of
outputs
in
multiple
countries.
(p. 49)
A decade
later,
we continue to use that same
definition.
Although
we believe 'international new venture'
is the most
descriptive
term,
we have sometimes
used the alternatives when
writing
or
speaking
to
practitioner
audiences.
Today, however,
the term
'born
global'
is
frequently
used in
scholarly
articles
(e.g., Knight
and
Cavusgil, 2004),
and the vocabu-
lary
continues to
proliferate.
For
example,
Dozet al.
(2001)
call these firms 'metanational
upstarts'.
In
spring
2004,
the Wall Street
Journal
described what
seemed to them a
relatively
new
phenomenon
called the
micro-multinational,
a
company
that from its
inception
is
based in the US but maintains a
less-costly
skilled work force
abroad.
(Grimes, 2004, B1)
As we
explored
how various theories
applied
to
international new
ventures,
it
appeared
to us that
the well-known and valuable
Uppsala Theory
of
firm internationalization
(Johanson
and
Vahlne,
1990)
was
quite
relevant to the
majority
of firms
that internationalize
slowly.
However, among
the
firms that
captured
our
interest, foreign
commer-
cial
activity appeared
with remarkable
speed.
Thus,
we
required
a different theoretical
approach.
The heart of our 1994
JIBS
article
explained
accelerated internationalization as a combination
of internalization theory (Buckley
and Casson,
1976; Rugman, 1982), the
concept
of alternative
governance
structures
(Vesper, 1990; Williamson,
1991),
sources of
foreign
location advantage (Dun-
ning, 1988),
and ideas about sustaining competitive
advantage (Schoemaker, 1990; Barney, 1991).
We
proposed
that successful international new ven-
tures exhibit four basic elements. As
they usually
suffer from a
poverty
of resources, they
internalize a
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The internationalization of
entrepreneurship Benjamin
M Oviatt and Patricia P
McDougall
6
minimal
proportion
of their assets
(Element 1)
and focus on less
costly governance
mechanisms
(Element 2),
such as network
structures,
to control
a
greater percentage
of vital resources than mature
organizations
would. We further
proposed
that
they gain foreign
location
advantages
from
private
knowledge
that
they possess
or
produce (Element
3),
and make it sustainable
through
one or more
means of
protection
-
imperfect imitability,
licen-
sing, networks,
and direct
means,
such as
patents
(Element 4).
These elements remain credible in new venture
internationalization
theory. However,
our more
recent research on international new ventures
suggests
that some firms
may
use
licensing
and
network alliances less than we had
originally
believed
(Shrader
et
al., 2000; Shrader, 2001).
Perhaps
the
publicly
held ventures that we inves-
tigated
were
sufficiently wealthy
that
they
could
internalize most
important
resources and
depend
upon
uncertain
imitability
for
protection
of their
key knowledge. Clearly,
these issues deserve further
empirical
attention.
More roads to international new ventures
The
concepts
we used in our
JIBS
article cut across
the
disciplines
of international
business,
entrepre-
neurship,
and
strategic management,
and each
discipline provided
an
insightful perspective
on
international new ventures. These same
perspec-
tives could be seen in our other
publications
on
international new ventures that
appeared
at about
the same time.
Continuing
our
strategy
of addres-
sing
as
many
audiences as
possible,
the
Journal of
Business
Venturing
revealed our
findings
to aca-
demics interested in
entrepreneurship(McDougall
et
al., 1994a).
That collaboration with Scott Shane
while he was at
Georgia
Tech stressed the dominant
influence of the
founding entrepreneur(s)
on the
formation of international new ventures. Two
bright
and innovative doctoral students at
Georgia
State
University,
Mark Simon and Rod
Shrader,
played important roles in
researching
and
compos-
ing
an
in-depth teaching
case focused on one of the
international new ventures we had studied. Entre-
preneurshipTheory
and Practice
published
it in three
parts (McDougall et
al., 1994b, c; Oviatt et al.,
1994). In
early
1995
Academy of Management
Executive
published a
practitioner piece
that
described some of the conditions associated with
the formation of what in that article we called
global start-ups (Oviatt and
McDougall, 1995).
In
summary,
we were
very lucky
that four
different
journals published
articles of ours on
international new ventures at about the same time.
Virtually any
academic who
might
be interested in
the
subject
would be
exposed
to our ideas. Over
time, however, it has become clear that our 1994
JIBS
article is the most
important
because it
provides
a theoretical foundation.
A broader
journey:
international
entrepreneurship
In recent
weeks, as we reflected on our article, we
asked ourselves whether there
might
be
something
that we wish we had included in it but did not.
Perhaps
we could have more
explicitly positioned
our
JIBS
article to its audience of international
business scholars as
part
of an
emerging
field of
study
at the intersection of international business
and
entrepreneurship.
While Tricia had
proposed
a
definition of international
entrepreneurshipin
1989,
and both of us were
actively promoting
it as
an
emerging
field of
study
within the
community
of
entrepreneurshipscholars,
we did not frame our
JIBS
article within the arena of international
entrepreneurship.
Given our
junior positions at
the
time,
and the fact that our intellectual founda-
tion was in
strategic management,
our
major
effort
was focused on the task of
having
our research on
international new ventures
accepted by
interna-
tional business scholars.
Therefore,
we did not ever
seriously
consider
suggesting
to the
JIBS
reviewers
that our work was
part
of an
exciting
new field of
inquiry
- international
entrepreneurship! However,
over the
past decade, we have worked with others
to
help
establish international
entrepreneurship
as
a
legitimate
field of
study.
Nonetheless, more than
any
other article we have
ever
published,
we believe that our
JIBS article
stands as an unmistakable
example
of international
entrepreneurship
research. We
hope
that this honor
will
encourage
other
entrepreneurship
scholars
researching
at the intersection of
entrepreneurship
and international business to submit their manu-
scripts to international business journals, and we
hope that international business scholars will seek
out
entrepreneurship journals as an outlet for some
of their research. More cross-fertilization is needed
if international
entrepreneurship
is to
fully devel-
op.
We believe a milestone in the
recognition of
that intersection occurred when
Wright and Ricks
(1994) highlighted international
entrepreneurship
as a
newly emerging research direction for inter-
national business scholars in a 1994 JIBS article.
Journal
of International Business Studies
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The internationalization of
entrepreneurship Benjamin
M Oviatt and Patricia P
McDougall
7
Over the last 10
years,
our interest in new venture
internationalization,
and what we have at times
referred to as accelerated
internationalization,
has
never waned.
However,
as the research of others
deepens
our
understanding
of international entre-
preneurship,
our definition of it continues to
evolve. Our recent
writing
of a white
paper
on
international
entrepreneurship
for the United
States Association of Small Business and
Entrepre-
neurship
caused us to
carefully
consider the defini-
tional evolution of international
entrepreneurship.
Very early
in our
collaboration,
we determined that
Tricia's first definition was too
narrowly
focused on
new venture internationalization
theory.
Our cur-
rent
working
definition is:
International
entrepreneurship
is the
discovery, enactment,
evaluation,
and
exploitation
of
opportunities
-
across
national borders - to create future
goods
and services.
It
follows, therefore,
that the
scholarly
field of international
entrepreneurship
examines and
compares
-
across national
borders -
how, by whom, and with what effects those
opportunities
are acted
upon. (McDougall
and
Oviatt, 2003, 7)
The trade balance of international business
scholarship
Recently,
scholars of international business have
questioned
the future of the
discipline.
Concern
has been
expressed
that the
discipline primarily
imports
ideas from other fields and does not
provide
sufficient
exports
of its own
(Buckley,
2002; Peng, 2004).
There is evidence, however, that
in the area of international
entrepreneurship
the
JIBS
trade balance is a favorable one. Our examina-
tion of articles
published
in
JIBS in the last 10
years
shows that issues related to
entrepreneurship
have
appeared
with moderate and
slightly increasing
frequency. Innovation,
firm
technological change,
the
degree
of international
experience among
entrepreneurs, explanations
of accelerated firm
internationalization,
and
multi-country compari-
sons of
entrepreneurial activity
are all
topics
that
have
captured
the interest of
JIBS's
scholars. One
might say
that some of the ideas in those articles
were
imported. However,
our article 'Toward a
Theory
of International New Ventures' is our most
frequently
cited
jointly
authored
article, and most
of the citations to it come from
entrepreneurship
journals
and
entrepreneurship
scholars. Further-
more,
as we
highlighted above,
that article
depended heavily
on international business
theory
for its foundation.
Thus, exports
of international
business
scholarship
to the
discipline
of
entrepre-
neurship
have been vital and robust over
many
years.
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About the authors
Ben Oviatt
(Ph.D., University
of South
Carolina)
is
currently
Professor of
Managerial
Sciences
and Director of the
HJ Russell,
Sr International
Center for
Entrepreneurship
in the Robinson
College
of Business at
Georgia
State
University.
His research focuses on the internationalization
of new ventures. At the time 'Toward a
Theory
of International New Ventures' was
published,
he was an Assistant Professor at
Georgia
State
University.
Patricia P
McDougall (Ph.D., University
of
South
Carolina)
is
currently
Interim Associate
Dean of Academics and the William L Haeberle
Professor of
Entrepreneurship
at Indiana
University's Kelley
School of Business. Her
research focuses on the internationalization of
new ventures and new venture
strategies.
At
the time 'Toward a
Theory
of International
New Ventures' was
published,
she was an
Associate Professor at the
Georgia
Institute of
Technology.
Journal
of International Business Studies
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