Co-evolution of innovation and internationalization: Decision-making logics in INTVs and technology-based SMEs

Our understanding of the interconnectedness of innovation and internationalization processes in international new technology ventures (INTVs) and established technology-based SMEs remains limited, particularly regarding the influence of decision-making logic in this context. We applied effectuation theory and conducted a longitudinal examination of the decision-making logic of INTVs and established technology-based SMEs in Finland, drawing on 24 semi-structured longitudinal interviews. We found that innovation and internationalization activities in both firms are interconnected and mutually reinforcing. This study contributes to the literature by illuminating how decision-making logic unfolds over time in INTVs and technology-based SMEs.