Internationalization of Medical Technology SMEs with the Aid of Entrepreneurial Ecosystems

Abstract

Objectives The main objectives of this study were to determine whether medical IoMT (Internet of Medical Things) firms can benefit from an entrepreneurial ecosystem in their process of internationalizing. Secondly, it was to see how an external shock affects nature and the way ecosystems are utilized. The results can support IoMT start-ups during their internationalization process.

Summary The Medical technology industry is becoming more popular due to the need for affordable healthcare and assistance to overworked doctors. However, many of these start-ups fail to go global due to the numerous challenges they are faced with such as lack of resources and connections. Entrepreneurial ecosystems are a vital tool for SMEs to gain access to these much-needed resources and networks, especially in the medical sector. The study focused on a case study of a medical start-up that utilizes ecosystems to reach the global scale.

Conclusions The research into the case company suggested that entrepreneurial ecosystems offer valuable support to start-ups that help them overcome some of the key challenges that they face such as lack of resources and key relationships. These findings imply that start-ups should partake in ecosystems as they help them in internationalizing.