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Vol. 11 No. 4 (2023)
December 2023

Articles

The role of foreign venture capital and foreign business angels in start-ups’ early internationalization: The case of Polish ICT start-ups

https://doi.org/10.15678/EBER.2023.110409

Published 2023-12-27

Krystian Bigos
Krakow University of Economics

Adam Michalik
Krakow University of Economics

Abstract

Objective: The objective of the article is to examine the role of foreign venture capital and foreign business angels in companies’ early internationalization based on the example of Polish ICT start-ups.

Research Design & Methods: We based the scientific argument on an analysis of the existing state of knowledge in this area and the empirical research conducted among 220 Polish start-ups, which founded our logistic regression model.

Findings: Based on the study, a positive relationship exists between the involvement of foreign venture capital funds in start-ups and their early internationalization.

Implications & Recommendations: Start-ups should cooperate with foreign institutions, such as venture capital funds, as their knowledge and experience can be a source of start-ups’ early internationalization. We recommend that scholars conduct further in-depth panel studies on the impact of foreign investment funds on the early internationalization process.

Contribution & Value Added: The article covers research yet to be undertaken in research analyses in early internationalization and can serve as a starting point for further in-depth studies of the phenomenon, also based on start-ups from other countries.

Keywords

venture capital, business angel, early internationalization, international entrepreneurship, financial capital

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Author Biography

Krystian Bigos

Assistant Professor at Krakow University of Economics, Department of International Trade at College of Economics, Finance and Law. His research interests include early and rapid internationalisation, international start-ups and international entrepreneurship.

Adam Michalik

Assistant Professor at Krakow University of Economics, Department of International Trade at College of Economics, Finance and Law.

His research interests include entrepreneurship, foreign investments, and security of business transactions.

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