What becomes of International New Ventures? A coevolutionary approach

SummaryThis paper seeks to broaden theoretical understanding of International Entrepreneurship towards a unifying conceptual framework by addressing the fundamental question of what mechanisms secure long-run International New Venture (INV) survival and growth. We propose a coevolutionary approach that brings concepts from other fields of organisational theory to explain the strategic development of INVs. Our argument integrates conceptualisations of symbiotic systems with the abilities of INVs to explore new knowledge and to exploit existing knowledge for their long-run survival. We describe how survival is achieved by INVs acquiring legitimacy and how they use and develop superior adaptability to expand in dynamic and multiple institutional environments.