New technology‐based firm formation in a less advanced country: a learning process

Based on an empirical study of Portuguese firms, addresses the creation of new technology‐based firms (NBTFs) in small, less developed countries. Assuming that technology‐related inputs ‐ at the level of supply and demand ‐ are predominant in NTBF creation, analyses the process through which the founders and other actors identify a technological opportunity and obtain the inputs ‐ technology, funds and market demand ‐ necessary to exploit it. Emphasizes the conditions surrounding the start‐up and early survival of these firms that differ significantly from those found in more advanced countries, uncovering the difficulties confronted by NBTF founders in a relatively unfavourable environment and describing their proactive responses. Concludes that NTBF formation in Portugal has been a learning process, through which the organizational innovation introduced by early pioneer founders, based on foreign role models, become better adjusted to Portuguese conditions.