Enriching strategic variety in new ventures through external knowledge |
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Authors: | Bá rbara Larrañ eta,Shaker A. Zahra,José Luis Galá n Gonzá lez |
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Affiliation: | 1. Department of Business Administration, School of Management, Pablo de Olavide University, Ctra. Utrera, Km. 1, 41013 Sevilla, Spain;2. Carlson School of Management, University of Minnesota, Strategic Management and Organization Department, Garry S. Holmes Center for Entrepreneurial Studies, Room 3-428, 321 19th Ave. South, Minneapolis, MN 55455, USA;3. Department of Business Administration and Marketing, School of Management, University of Sevilla, Av. Ramón y Cajal, 1-41018 Sevilla, Spain |
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Abstract: | To build profitable market positions, new ventures have to address multiple challenges on several fronts. These ventures can compete by being simple (focused) or applying varied ways to compete. The likelihood of these ventures remaining competitive depends on their ability to build novelty into their products and operations, an activity that requires infusing knowledge into their operations. Most ventures, however, have limited knowledge bases and the reach (scope) of their external connections is limited, a factor that prompts them to tap into different external sources in their local areas. This article reports an empirical study of 140 new ventures located in seven regional clusters in Spain. The results show that new ventures can enrich the variety of their strategic repertoire by accessing diverse sources of external knowledge and being exposed to external novel knowledge, while absorptive capacity moderates this relationship. The degree of social development of these clusters also has a positive impact on the strategic variety of new ventures, exhibiting an inverted U-shape curve. |
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Keywords: | Strategic variety New ventures External knowledge Absorptive capacity Regional clusters |
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