Factors characterising the Internationalization of Start-ups: A Quantitative Study on Italian Innovative Start-ups

As the world becomes increasingly globalized, internationalization has become a critical strategy for companies looking for growth. Firms expand abroad to access new market opportunities, compete with global competitors, reach international customers and exploit worldwide expertise. In today’s dynamic business environment, even small companies, such as start-ups, have the chance to expand beyond their domestic markets. Start-ups, in the past few years, became important drivers of economic, technology and social innovation, even by facing significant challenges due to limited resources and experience. Some start-ups are able to overcome these barriers by entering foreign markets from their early stages, challenging the traditional view that internationalization is a gradual process. In order to do so, start-ups combine innovative business models with a strong international orientation, supported by networks and adaptability. This thesis examines the internationalization of start-ups, focusing on founder characteristics and innovation. It explores how founder narcissism, previous international experience, global mindset and the innovation propensity of the company affect early internationalization. The study considers 6,193 Italian start-ups, with a survey conducted on a sample of 305 firms. The analysis shows that founders who are internationally experienced, globally minded, and innovation-oriented firms are more likely to enter foreign markets early. These findings highlight the role of founder characteristics and innovation in shaping start-up internationalization and provide insights for theory and practice.