New venture strategies in a developing country: Identifying a typology and examining growth patterns through case studies

Abstract

This study explores the static and dynamic patterns of new venture strategy and growth. We developed a three-dimensional integrative framework on new venture strategies, proposed seven strategic types, and examined the dynamic patterns of internationalization and growth of new ventures. From successful new venture cases in Korea, each strategic type shows differences in environmental characteristics and competitive behaviors. Also, we found that new ventures enter the global market by following two-step internationalization processes. We observed two different growth patterns influenced by initial conditions, entrepreneur's management ability, and technology strategy of new ventures.