In recent years, much of the debate of policy makers, business academics and practitioners alike has centred on the nature and implications of the increasing importance of trans- and multi-national , economic activity. Globalisation , the phenomenon of increas ing economic interdependence across national borders, is believed to be particularly pertinent to high-technology industries. These sectors are commonly characterised by high costs for research and development, decreasing product and technology life cycles and strong competition from foreign firms (Oakey 1984, Porter 1986, Bartlett and Goshal 1989, Kobrin 1991). Strategies that large multinationals have followed to react to the ‘ forces’ of global isation have included, for example, international expansion to achieve economies of scale, and simultaneous product launches in several countries in order to maximise international returns in dynamic markets subject to fierce and immediate competitor responses. International sales strategies have ranged from exporting and cooperative arrangements , such as joint-ventures and licensing, to foreign direct investment.
KeywordsVenture Capital Entry Mode International Expansion Technology Life Cycle Venture Capital Market
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