Internationalization of Brazilian startupsa hybrid model beyond classical theories

Resumo

This study investigates to what extent the internationalization processes of Brazilian startups can be explained by classical internationalization theories or whether they reflect a distinct unique pattern. Drawing on the Uppsala model, the Born Global/International New Venture framework, and the Springboard perspective, the research examines how high-growth Brazilian startups expand beyond domestic markets and seek legitimacy, resources, and strategic positioning abroad. Methodologically, the study adopts a qualitative multiple case study design, analyzing the internationalization trajectories of three Brazilian startups: Nubank, Wellhub (formerly Gympass), and VTEX. Using secondary data from corporate disclosures, regulatory filings, press releases, and reputable media sources, each case is systematically assessed against a common analytical framework derived from the three theories. A cross-case analysis is then conducted to identify recurring patterns and deviations. The findings indicate that no single classical model fully explains the observed internationalization paths. Instead, the cases reveal a hybrid configuration combining elements of incremental learning and regional sequencing (Uppsala), digital scalability and network leverage (Born Global), and legitimacy-seeking and institutional escape mechanisms (Springboard). Brazilian startups tend to internationalize after domestic consolidation, initially focusing on regionally proximate markets, while using external capital, partnerships, and developed-market institutions to accelerate credibility and global integration. The study contributes to international business and entrepreneurship literature by demonstrating how emerging-market startups recombine established theoretical mechanisms over time. It also offers practical insights for founders, investors, and policymakers regarding the role of legitimacy, regulatory embeddedness, and ecosystem conditions in shaping international growth strategies.

Ficha do documento

Tipo

Dissertação

Ano

2026

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Inglês

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/39877

Temas

Desenvolvimento RegionalTecnologia

Palavras-chave

Brazilian startupsInternationalization of startupsClassical theories of internationalizationStartups brasileirasInternacionalização de startupsModelos clássicos de internacionalizaçãoAdministração de empresasEmpresas novas - BrasilEmpresas - CrescimentoGlobalizaçãoEmpreendedorismo