An opportunity based view of internationalization: Evidence from gems and jewelry sector in an emerging market

Abstract

This paper aims to better understand internationalization of firms in the traditional industry such as gems and jewelry from India, an emerging market. The authors make use of the lens of opportunity based view (OBV) to understand the antecedents of internationalization. The authors gathered empirical evidence from 3 case studies of gems and jewelry enterprises in India. They find support for the proposition that behind internationalization lies a path-dependent process of opportunity development and international venturing activities shaped by the international networks rather than domestic networks in which the entrepreneurs and the firms have operated in the past and in which they are currently operating. In doing so, the authors find that the opportunity based view is a relevant venue of inquiry and underscore the importance of the entrepreneur’s background and experience, and their associated network. The opportunity identification, realizing outcomes, learning through failures, and past international experience in identifying new and greater opportunities for internationalization do have a significant bearing on the internationalization process of these firms.