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

Abstract

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. Article type:research article