The Impact of Human and Social Capital on New Venture Internationalization

This research seeks to address how differences in human and social capital influence on the internationalization pattern of new technology-based ventures. Based on survey data from 93 ventures and 82 in-depth interviews in the Danish IT/communication and biotech/medico industries, the findings indicate differences between two industries with regard to the human and social capital composition. International working experience is more pronounced among biotech/medico entrepreneurs. Entrepreneurs who have studied or worked abroad are more likely to have early international activity. The study repudiates the ‘born global’ hypothesis in favour of an accelerated Uppsala-model.