For firms acting in technological niches the expansion into foreign markets can be a way to increase sales and to thus to recover initial sunk costs over a shorter time frame. Our research, based on survey data for nearly 600 British and German high-tech start-ups, examines whether...

Europe faces a conundrum. Despite high levels of research investment and leading the market in many industries, disruptive and radical innovation typically does not come from European startups. One of the reasons for this is financial constraints: most innovative European start-ups do not manage...