Executive Summary
This paper proposes a new business that are supposed to be a new player in the market of bike repairs. Bike Buddy is an app that let people in need of a bike repair connect to our bike repairmen who perform simple on-the-spot repairs. Like ordering an Uber taxi, people can request a repair wherever the customer are in Copenhagen.
By using different theoretical concepts, I will in this paper describe the business idea along with a market analysis, business strategy, overview over marketing activities and finally an expansion strategy:
Market analysis: Firstly, I will create an overview of the competitive dynamics my business will take place in. Mainly, there are two categories of competitors: the local bike repair shops and other technological firms who have tried to digitalize the bike repair business. Both types of competitors will be examined in this section.
Business strategy: My business strategy includes a business- and revenue model as well as financial considerations including thoughts on sales budgeting, pricing structures, revenue allocation etc. Furthermore I will describe the three main focus areas of my business strategy, where you also will find a prototype of the app.
Marketing activities and efforts: In the next section I will go into depth with the marketing activities like PR, SEO, SEM and Social Media, I plan to execute in order to grow the customer base. I will also provide reasons how they each play an important role to reach different market segments and how we can benefit from them respectively.
Expansion strategy: Finally, the expansion strategy provides answers to some important questions like what markets we should enter the first, as well as what the entry mode should be? Since Amsterdam already have a competitor in their market, I have chosen Malmö as the first place we expand to, by applying some of the marketing activities from the previous section and providing considerations on joint ventures and possible acquisitions.
All of the above make up my digital business venture proposal, and should cover many, if not all aspects, of how I want to start and run the business.
Introduction
The increasing focus on environmental sustainability have made biking increasingly popular. In Copenhagen, along with other cities, biking have by far exceeded the number of trips taken by far (Copenhagenize Design Company A, 2015). Along with cities like Amsterdam, Utrecht, Strasbourg, Eindhoven and Malmö, Copenhagen are considered the most bike-friendly cities on the planet by Copenhagenize Design Company. Many initiatives, like special bike lanes, traffic light regulation and designated bike parking slots have been made in order to accommodate needs of the cyclists in order to promoting biking (Copenhagenize Design Company B, 2015). But even though there have been taken so many initiatives to improve the conditions for more than 260,000 cyclists in Copenhagen, and due to the heavy use of bikes, obstacles are hard to avoid (Cycling Embassy of Denmark, 2015). A flat tire is one of them.
In this paper I would like to propose a new business idea that take bike repairing to a new level. I will try to argue why this idea most likely will become a sustainable business from both an economical and environmental perspective. I will try to substantiate my arguments with reliable sources, but some of my arguments will be based on experiences and assumptions to such a degree that I still can stand by my words.
In Copenhagen there are stores on every corner selling bike gear, who also offer bike repairs. To some, it might be considered as a hyper competitive market, so why even enter the marked of bike repairing? In this section, I will provide an in-depth description of my idea and why it actually differs from the normal way of doing bike repairs. So without further introduction, let me present to you; Bike Buddy.
Developing an app is today’s method of “getting rich, quick”. Since app development can be done very cheap, many people without much knowledge about IT and business, just venture into app development. This is also why Bike Buddy might sound as just as another “app project”.
In short, Bike Buddy, is an app that let bike owners connect to bike messengers, as well as bike stores, who perform simple on-the-spot bike repairs. Through an Uber-like interface, people who need a bike repair can enter their position together with what needs to be done on the bike. When the request have been submitted, nearby bike messengers, bike shops or other users who have signed up for the service, will be noticed on their smartphone about a potential customer. If they choose to accept the job, location and contact information will be exchanged. It is important to mention that for a start, Bike Buddy will only perform simple repairs like punctures, wheel truing, chain and break tension, that can be done on that spot. Simple repairments that do not require heavy tools, which are too heavy or difficult to be carried around.
From there, the customer and the repairman meet and hopefully the job will be done quickly. Later in the paper, I will map out the different competitors, but just to explain the main difference between us and other tech companies trying to enter the bike repair marked, Bike Buddy only focus on small and simple repairs that can be done in less than 15 min. Take changing the tube, for instance. It does not require any heavy tools, materials or takes a lot of time. Most bike messengers already carry around the necessary tools and materials needed to change a tube. Therefore it should not be difficult to perform these simple repairs even though the bike is not brought into the repair shop.
Now that I have introduced you to the my idea and the concept of the business proposal, I will move on to the next section, where I will conduct a market analysis of the current environment, including a competitor analysis.
Market analysis
As written in the previous section, biking is increasingly becoming more and more popular. Especially here in the European cities. In this section I will elaborate on this particular market situation, and conduct a market analysis, which will include a competitor analysis. Later on, I will provide insights on the a potential expansion strategy, which also includes perspectives on the European marked.
When I talk about the marked I want to enter the first, I do not talk about Denmark as a whole. It is actually solely Copenhagen, since this is where biking is most popular. Therefore will this analysis only be based on factors that are relevant for “the Copenhagen market”.
In general, there are two categories of competitors: the local bike repair shops and other technological firms who have tried to digitalize the bike repair business. Both types of competitors will be examined in the following.
Local bike repair shop:
As stated earlier, there are bike shops all over Copenhagen. If we only look on Google Business, there are listed over 80 bike repair shops in Copenhagen and that list might not be exhaustive. Because these kind of shops also perform much more complex and time-consuming repairs, than Bike Buddy, most of them are also fully booked. And even though the repair side of these businesses take a lot of time, in most cases they also sell bikes, bike accessories and might even have bikes for hire. These shops are of course considered competitors. But form a disruption point of view, they all perform the same service and might not post the biggest threat.
By digitalizing the whole experience, Bike Buddy deliver a new angle on bike repairs which is very different than the local bike repair shops. In comparison to the taxi industry, this kind of competitor would be the traditional cabs, while Bike Buddy being Uber.
Without having access to an exhaustive, central list of prices, delivery times etc. we can not set an average market price for instance for a puncture. Even though we do not compare our service with the local bike shops, we aim to match a similar level of prices (75-150 DKK) while outperform on delivery time.
Other technological firms
Beside the traditional bike repair shops, there are a few businesses who have tried to have another take on bike repairs, than the usual shops have. Here in Copenhagen there are primarily one competitor, Bike Hero. Bike Hero, is a website from where you can order a bike repair, service change of parts including many other services. Normally you request an offer from Bike Hero online, and after a few hours you will get a response with a price and delivery time. They deliver in the whole of Denmark and can even do it without you being home (as long as your bike is placed in your garden).
As Bike Buddy, Bike Hero have digitized the whole customer experience, while the remaining difference is time. Where Bike Hero are offering their service in all of Denmark, Bike Buddy only operates in Copenhagen, but with a short delivery time. Since Bike Buddy’s concept is a bit similar to Bike Hero I will to some extent use that in the next section as a basis in order to elaborate on the concept of Bike Buddy.
Business strategy
As previously mentioned, Bike Buddy is an app that let bike owners connect to other “riders”, as well as bike stores that we cooperate with, who perform simple on-the-spot bike repairs. Our goal is not only to support the local bike messengers, but also to make life a little easier for people using bikes in their everyday life. It might be the guy who, on his way home from work, find out his tire is flat, as well as, for the soccer mom who drive her kids to soccer in the Christiania Bike. Most of us know the situation where we realize there is something wrong with our bike the moment we actually need it the most. This is the situation where Bike Buddy can help out. Instead of finding your tool box and fix it yourself or dragging your bike to the nearest bike repair shop, which you might not know where are, you can let the help come to you.
Business- and revenue model
Because Bike Buddy create value by enabling interactions between two or more customer groups, one can characterise it as a multi sided business model (Andrei Hagiu, 2013). It is a question of definition, but some might argue that that it is not a “pure” multisided business model, like eBay or Airbnb. Airbnb for instance have consumers on both sides trading with each other. In the case of Bike Buddy, the side which carry out the repair jobs will to a large extent be represented by professionnels, which is either bike messengers or bike shops. But since everybody can join Bike Buddy as a repairman, one can still argue it is a two sided market. For simplicity, the business model will henceforth be stated as a multisided business model. As for many other businesses with a similar business model, we charge a fee for every transaction made with the Bike Buddy app. To give an example of how this transaction fee revenue model works, take a look at the example below:
| Cost of tube (when buying 20 pc): | 15 DKK. |
| Payout to bike messenger: | 85 DKK |
| Payout to Bike Buddy: | 25 DKK |
| Total revenue: | 175 DKK |
With a total sales price of 175 DKK we are still 12,5% cheaper than Bike Hero. The sources of the price on the tube is from Cykelpartner.dk which is a Danish website selling everything you need to assemble a bike. These prices are all available for consumers and does not take discount for companies into account, so we might get even lower prices when we set up a business.
Since there is only me to handle the administrations in the beginning, our first short term goal is to reach a monthly total revenue of 10000 DKK. Then I’ll be able to quit my student job and focus 100% on Bike Buddy. Based on the example above, and to get an idea of how many monthly orders that is needed to reach that level of revenue please see the estimates in the budget below:
| Month | January | February | March | April | May | June | July | August | September |
| Total orders | 50 | 100 | 200 | 250 | 300 | 350 | 400 | 450 | 500 |
| Total revenue | 8750 | 17500 | 35000 | 43750 | 52500 | 61250 | 70000 | 78750 | 87500 |
| Total revenue to Bike Buddy | 1.050 | 2100 | 4200 | 5250 | 6300 | 7350 | 8400 | 9450 | 10500 |
Given that our business is setup in the beginning of 2016, the short term goal of reaching 10.000 DKK in monthly revenue to Bike Buddy will be in September. The monthly growth rate is at it highest in the beginning of the period since that will when we get the most publicity in the media. After the initial months, a steady growth of +50 orders each month is added. 150 orders during the first two months is equal to approximately 2,5 transactions each day, which should be possible taken into account the 260,000 daily cyclists in Copenhagen.
Three main focuses of our business strategy:
There are three main areas of importance in my proposed business strategy: Platform, scope of services and collaborations. Each of them will be described into more detail below:
Platform: Quick and easy to use
Even though the main product is bike repairs, the focal point of the business Bike Buddy is the app. The app is what enables the bike messengers and the customers to connect. Since customers might be in a hurry when using Bike Buddy then time is an important factor. Therefore the app have to be, as quick and easy to use, as possible. The interface only have to include just enough information to let the bike messenger know where to go and what to bring.
Below you will find a small prototype showing the interface a consumer will be meet by:
First you have to state your or the position of the bike.
Then you have to choose the service and afterwards upload relevant information including a photo of your bike.
Finally you need to enter your credit card information in order to process the transaction.
That’s it. Now the transaction is done and the nearest bike messenger is on his way. The user will also be able to track when the messenger will arrive.
In only 3 steps, the user have submitted the transaction and a request have been sent to the nearest bike messenger providing the necessary information. Quick and easy.
Scope of services: Only low-complexity repairs
As previously mentioned, Bike Buddy focuses on low-complexity repairs, since we believe that these type of repairs account for the biggest part of the total number of repairs and can be done very fast on-the-spot. Bike Buddy can therefore be characterised as having a niche strategy with a narrow domain of expertise. Repairs of high-complexity requires more advanced tools which can not be carried along all the time. By focusing only on low-complexity repairs, we might miss out on potential revenue. The reason why we only focus on low-complexity repairs is to speed-up time of repair, minimize tools needed, reduce risk of not completing the repair and thereby increasing customer satisfaction. So even though we lower our opportunity costs we still believe that our focus ultimately will benefit us financially and in terms of customer satisfaction. Over time, I can not deny that we will offer other more complex services, but in order to find enough bike messengers/repairman in the beginning, we do not want to delimit ourselves by have high requirements to the repairmen. This will further be discussed in the next section.
Collaboration: Collaboration with established carrier services and cafes
By definition, a multi sided marked includes a connection of two or more parties. In the case of Bike Buddy bike messengers/repairmen are the one part performing the service to the customers through Bike Buddy as a platform. In total, there are three vital parties to process a transaction. This section explain the role of each group as well as other collaborators and stakeholders.
The bike messenger/repairman
Some might argue that the most important stakeholder is the customer, but in the case of Bike Buddy, the bike messenger is to some extent, the vital party in our business. As without the customer, there would not be any business without anyone to carry out the repair jobs, but the main reason why the bike messenger is the vital party, is because it most likely, will be harder to attract bike messengers/repairman than customers. Later on, I will deal with the chicken/egg dilemma, which also discusses whether you should approach the buying or selling side of the market first.
Since I am a bike enthusiast myself, I have connections in the bike messenger environment, which gives me a good start for recruitment. The way bike couriers maximize their revenue, is by carrying more than one package at the time. So if they have a long distance ride, they become more profitable when they can carry out other orders in between the long ride. Since Bike Buddy, as stated earlier, only perform low-complexity services, it makes it possible for the bike messengers to carry out the repair jobs while they are delivering packages. As in other service industries, there might also be times where the bike messengers do not have any packages to delivery. Riding for Bike Buddy can also fill out that gap, and thereby utilize time to a maximum.
Even though I know a few bike messengers, the courier companies might oppose to letting their messengers ride for Bike Buddy while on duty. In that case, and in order to grow the number of riders, it can be beneficial to establish a strategic alliance with one or more courier services. Without compromising the price taken for carrying out the repair jobs, a strategic alliance will very likely change the way profits are allocated. At the same time it might minimize risks, to have backing from an established courier service with a high level of expertise and experience in the industry.
Throughout this paper, I have been writing “bike messenger/repairman”. The reason why, is because I also take in riders who does not necessarily work as a bike messenger, but simply want to earn a little money, maybe while studying or simply because they are unemployed. Bike messengers and courier services should make up the initial crew of riders, while not debarring other people who can carry out repair jobs from joining.
Development team
In the startup phase the administration team will most likely just consist of me. Not because I do not want to share the company with anyone, but because I do not think I lack any special competencies. It is only the app development which I might need to have some technical support in the beginning. Instead of handing out shares, I find it more responsible to find a freelancer who can take part in the actual development of the app. Since the app is rather simple, I can just outsource the development where costs are low. Of course that call for a very comprehensive and descriptive requirement specification and prototype.
Suppliers of repair materials
Since I will have to buy supplies in order to carry out the repair jobs, I need to establish a partnership with a supplier of bike gear.
Other strategic alliances
For multiple purposes, I want to establish bases all over Copenhagen. These bases will most likely be cafes, and will basically have two purposes: enhancement of the user experience and storage.
Enhancement of user experience: The reason why it would be clever to cooperate with cafes, is because it gives the customers a place to kill the waiting time when waiting for the bike repair. The customer might be on the way to a place far away, and in case it is cold or raining, they will have a place where they can shelder. When finding and closing the agreement with the different cafes, we should try to negotiate vouchers or discounts for our customers, so they for instance can have a free, or at least cheap, cup of coffee while waiting.
Storage: The second reason why establishing these bases, would be to have a locker or a box where we can store materials like tires, tubes, tools etc. By locating these things around the city, we can minimize the weight the rider have to carry.
If you are on a ride, obviously there might be positions around Copenhagen there are more ideal to get hit by a flat tire, since you can not always be close to one of our bases. Likewise, our bike messengers might have to go on a detour to collect the necessary equipment, before heading for the customer. However, by establishing strategic alliances with 10 cafes, we will cover the most of Copenhagen.
How to deal with the chicken/egg problem?
Most firms operating within a multi sided market face a dilemma. The challenge of the chicken/egg dilemma, also known as the chicken/egg problem, is that no side will join without the other (Hagiu, 2013). That means that i might be hard to attract riders, since there are no customer case yet. As opposed to this, customers can and will not use Bike Buddy if there are no one to carry out the repair jobs.
Now the question is what side should I initially focus on? Since low waiting time for the customer is crucial to get orders, it is pretty obvious that we need to find riders first. It is possible for products with long delivery time to focus on getting the customer first, since the company have time to process the transaction. On the other hand, products or services with a short delivery time have to focus on the supplier side at first, in order to handle the transaction as quickly as possible.
One way of overcoming the chicken/egg problem is to provide a solid proof of concept to the side you want to convince the first. In the case where I need to establish a strategic alliance with a courier service, I need to make it clear that the customer side will join straight after. How will I do that? I will, together with my friend (who is a bike messenger), for a given period of time, test the marked by carrying out the repair jobs ourselves in order to achieve proof of concept. By showing exactly how many orders it is possible to get with a simple setup and then add and extrapolate the numbers for the actual circumstances.
In the next section I will go into depth with the marketing activities I plan to execute in order to develop and grow the customer base.
Marketing activities and efforts
In terms of marketing and the challenge of spreading the word about Bike Buddy, I plan to conduct a mix of different data-driven marketing activities as well as more traditional PR and guerilla marketing activities. Initially, I will try to obtain broad and diverse coverage of Bike Buddy through PR like newspapers, blogs etc. as well as executing SM campaigns with the hope of going viral. Furthermore I will work with SEO, to ensure a prominent organic ranking in search engines, while running paid SEM and Social Media campaigns to increase the awareness of Bike Buddy for customers who have a specific demand for our service. In the following I will elaborate on each activities:
Public relations
Since digital disruption tent to change whole industries like in the case with Uber and Airbnb, different medias are very likely to pick up stories about startups that have a different angle on the way they conduct business. PR is a kind of marketing that normally reaches a broad and diverse mass of consumers. Without going into specifics about what the news value would be or exactly in which newspaper or on which blog we want to target, I see PR as an opportunity to reach out to a broad mass of potential customers.
In continuation of PR, it would be stupid not to take advantage of the collaboration we have established with the cafes around the city. These cafes already have established a customer base which could help increase awareness of Bike Buddy, while branding themselves like cafes that support bikes.
Search Engine Optimization
It is indisputable that high rankings on relevant search phrases in search engines, like Google, can have a great impact on a the number of visitors to your website. Whether we choose to accept orders through a website, concurrently with the app, or simply just to promote the app on our website, I consider SEO important to both increase brand awareness and revenue to have a high level of traffic. The use of search engines can normally drive many sales qualified leads since people with search phrases like “How to Mend a Puncture in a Bike Tire” are at a point in the customer journey where they are in need of a repair, compared to a banner ad on some random website. Different from Adwords (SEM), SEO is free since you do not pay anything per click or view. You only have to pay for the effort to archive the rankings by for instance writing content or getting inbound links to your website.
Search Engine Advertising
Why pay for traffic through Google, now that we already have initiated SEO activities? Studies have shown that combining SEO and SEM can create great synergies and increase the overall CTR, because being present both places reinforce the branding of the company and thereby increases trust (Meyerson, 2013). Synergies or not, SEM activities can also help jump start the inbound traffic to the website.
To find out what search terms we should use for advertising, I tried to combine the words “cykel”, “lapning”, “reperation”, “punktering” and then an area name like “københavn”, “vesterbro” or “nørrebro”. By using the Adwords Keyword Planner I saw, not surprisingly, that the broad terms was the most popular:
Even though the broad terms like “cykel” get the most traffic, I believe it still make sense to advertise on all of the keywords above, since the long-tail keywords might bring more relevant sales qualified traffic. Both as broad and exact match. This list could be a great basis for the keywords used in Google Adwords, but of course it is not an exhaustive and final list of keywords. As our business grow and we get to know more about our customers, keywords can be added.
As a start we will primarily be using Google Adwords, not saying that we might look into Bing Ads, retargeting services or other similar services, at a later point.
Organic Social Media
As previously mentioned, and in relation to PR and how we actually communicate to our public relations, especially on social media, we aim to create stories that have the chance of going viral. You can pay for extra exposure on Facebook and other social network services, but true loyal fans can not be bought. They need to be persuade and genuinely convinced that a firm is worth following. Therefore, our organic social media strategy should be in in line with our overall lead nurturing strategy.
When discussing social media I believe it is important to remember that social media can be an vital source for customer insights and feedback. Since consumers today are “co-creating value with the firm” customer feedback from social media are playing a vital role for understanding the customers (Prahalad and Ramaswamy, 2004). Therefore I also see social media as a way to drive a “joint creation of value by the company and the customer” (Prahalad and Ramaswamy, 2004).
Paid Social Media
Ads on social media can have a negative effect on the recipients, since some users associate ads on social media as irrelevant and annoying. But since Facebook have an incentive to make you buy for extra exposure, they also have an incentive to limit your organic grow (2veritasium, 2014). Therefore, Facebook ads is also a necessary evil, that should be included in the marketing strategy.
Now that the (online) marketing strategy has been put together for Copenhagen, nothing prevent us from apply the same tactics to other cities, both nationally, regionally and internationally. In the next section, I will look at the possibilities of expansion to other markets.
Expansion strategy
When expanding to other markets, there are a series of question you have to ask, like:
- What are the important markets we should enter and what factors determine that?
- Should we enter multiple markets at the same time?
- What should be the entry mode?
- Should there be made any adjustments to the product in order accommodate local needs and thereby also increase local adoption?
In this section I will try to answer the questions above, in order to create a strategy for expanding to new markets.
What market should we enter and what factors determine that?
We need to look at multiple factors in order to determine what market(s) we should expand to the first. A market analysis can include many different factors, but in our case we only include three: Bike-friendliness/usage of bikes, current competitors and psychic distance. Psychic distance is determined by many different aspects including culture, norms, political system, level of education and industrial development (Johanson and Vahlne, 2009).
In the introduction to this paper Amsterdam, Utrecht, Strasbourg, Eindhoven and Malmö were mentioned because these cities are the most bike-friendly cities. In this market analysis I will use these as a basis to select one city to enter the first, since the same study stated that Copenhagen was the most bike-friendly city, which also answer questions whether any other cities are just as ideal for a business like Bike Buddy. Therefore it is evident that we should only enter one market at the time.
Normally we speak about Amsterdam as is the city with the lowest psychic distance to Copenhagen and since they are the second most bike-friendly city in the world, it would be obvious to expand to Amsterdam as the first new marked. But since biking is so popular in Amsterdam, some have already come up with a similar concept: Flattire.nl. They also do on-the-spot bike repairs with a very short time frame. Not choosing Amsterdam as the first city for expansion, does not mean we never want to enter. Instead of Amsterdam, Malmö seemed like the second most obvious city for expansion, since they are so close to Copenhagen both in terms of psychic distance but also actual distance. The low physical distance will make it easier and cheaper to visit and supervise the expansion. And when searching for competitors in Malmö, no similar services showed up. Therefore Malmö seems like the most obvious city to enter the first, not saying that any the other cities does not have a potential.
What should be the entry mode?
Like when starting up a business in Copenhagen, many of the same measures should be taken, like establishing strategic alliances with cafes to create bases around Malmö. Beside strategic alliances, and since I do not have any personal relations to any bike messengers or repair services in Malmö, an acquisition could be a smart strategic move in order to get a workforce and a base with local knowledge of the market.
Should there be made any adjustments to the product in order increase local adoption?
With the low psychic distance and similar biking behavior we do not see why we in the first place should make any changes or adjustments to the product. In case we chooses to acquire an established bike repair shop, there might emerge new information that justify changes in our product and the way we operate.
Recapitulation
To recapitulate, this paper has with help from theoretical concepts described my proposed digital business venture including the business- and expansion strategy, as well as the different environmental and competitive dynamics my business will take place in. By describing Bike Buddy along with a market analysis, business strategy, overview over marketing activities and finally an expansion strategy, I believe that I have covered many, if not all aspects, of how I want to start and run my new digital business venture.
Furthermore, I really believe that this is the right time for Bike Buddy. Now that biking is so popular here in Copenhagen and in line with the introduction and adoption of Uber and uber-like services are gaining ground, I think the timing is right to launch a service like Bike Buddy. In this paper I have taken a stand on many different strategic decisions that should make it easier to roll out Bike Buddy as soon as the app is ready.
Sources
Andrei Hagiu, December 19, 2013, “Strategic Decisions for Multisided Platforms”
http://sloanreview.mit.edu/article/strategic-decisions-for-multisided-platforms/
Copenhagenize Design Company A, 2015, “The Copenhagenize Index 2015”:
http://copenhagenize.eu/index/
Copenhagenize Design Company B, 2015, “The Copenhagenize Index 2015”:
http://copenhagenize.eu/index/01_copenhagen.html
Cycling Embassy of Denmark, 2015, “Bicycle Statistics from Denmark”
http://www.cycling-embassy.dk/wp-content/uploads/2009/03/Fact-sheet_English.pdf
Mark Meyerson, November 4th, 2013, “Harmonising SEO & PPC – A Practical Guide”
https://moz.com/ugc/harmonising-seo-ppc-a-practical-guide
2veritasium, 14. jan. 2014, “The Problem With Facebook”
http://www.youtube.com/watch?v=l9ZqXlHl65g
http://kk.sites.itera.dk/apps/kk_pub2/pdf/823_Bg65v7UH2t.pdf
C.K Prahalad and Venkat Ramaswamy, 2004, “Co-Creation Experiences: The next Practice in Value Creation”
Jan Johanson and Jan-Erik Vahlne, 2009. “The Uppsala internationalization process model revisited: From liability of foreignness to liability of outsidership”
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