Entrepreneurs play an elemental role in bringing new technologies to market. As technologies are often configurable to serve customers in a variety of different markets, entrepreneurs can identify multiple market opportunities prior to the first market entry of their emerging firms, and may thus have a choice of which market to enter first. The empirical results presented in this paper offer tw...

This paper examines the determinants of commercialization strategy for start-up innovators. We examine whether the returns on innovation are earned through product market competition as opposed to cooperation with more established firms (either through licensing, strategic alliances or outright acquisition). Our key hypotheses are that the relative returns to cooperation are increasing in (a) t...