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Internationalisation of high-tech start-ups and fast growth-evidence for UK and Germany

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  • Bürgel, Oliver
  • Fier, Andreas
  • Licht, Georg
  • Murray, Gordon

Abstract

For firms acting in technological niches the expansion into foreign markets can be a way to increase sales and to thus to recover initial sunk costs over a shorter time frame. Our research, based on survey data for nearly 600 British and German high-tech start-ups, examines whether internationalisation leads to faster growth among high-tech start-ups. Results show that firms with international sales have higher sales growth than firms that sell only domestically. We find that technological sophistication of products and the experience of entrepreneurs has a positive impact on growth. In addition, intense competition and shorter windows of opportunity increase the pressure to grow rapidly to appropriate the returns from innovation. The findings suggest that high tech firm founders should be more determinedly international in their vision and strategies from the very start of their business to increase the economic success of their efforts. --

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Bibliographic Info

Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 00-35.

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Date of creation: 2000
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Handle: RePEc:zbw:zewdip:5318

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Keywords: start-ups; high-technology industries; internationalisation;

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References

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  1. Bernard, A., 1997. "Exceptional Exporter Performance: Cause, Effect, or Both?," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 97-21, Massachusetts Institute of Technology (MIT), Department of Economics.
  2. Cressy, Robert, 1996. "Are Business Startups Debt-Rationed?," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 106(438), pages 1253-70, September.
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  7. Bürgel, Oliver & Fier, Andreas & Licht, Georg & Murray, Gordon & Nerlinger, Eric A., 1998. "The internationalisation of British and German start-up companies in high-technology industries," ZEW Discussion Papers, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research 98-34, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
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  14. Evans, David S, 1987. "The Relationship between Firm Growth, Size, and Age: Estimates for 100 Manufacturing Industries," Journal of Industrial Economics, Wiley Blackwell, Wiley Blackwell, vol. 35(4), pages 567-81, June.
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Citations

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Cited by:
  1. Engel, Dirk, 2001. "Höheres Beschäftigungswachstum durch Venture Capital?," ZEW Discussion Papers, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research 01-34, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  2. Keilbach, Max & Engel, Dirk, 2002. "Firm Level Implications of Early Stage Venture Capital Investment: An Empirical Investigation," ZEW Discussion Papers, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research 02-82, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  3. Andrea Schertler, 2001. "Venture Capital in Europe's Common Market: A Quantitative Description," Kiel Working Papers 1087, Kiel Institute for the World Economy.
  4. Massimo Colombo & Philippe Mustar & Mike Wright, 2010. "Dynamics of Science-based entrepreneurship," The Journal of Technology Transfer, Springer, Springer, vol. 35(1), pages 1-15, February.
  5. David Audretsch & Julie Elston, 2006. "Can Institutional Change Impact High-technology Firm Growth?: Evidence from Germany’s Neuer Markt," Journal of Productivity Analysis, Springer, Springer, vol. 25(1), pages 9-23, 04.
  6. Engel, Dirk, 2002. "The Impact of Venture Capital on Firm Growth: An Empirical Investigation," ZEW Discussion Papers, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research 02-02, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.

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