In this paper, we develop an empirical study on the factors that influence entry timing for technology-oriented new ventures. In this sense, we analyse a sample of 104 new ventures of a high technology industry, the Information and Communications Technology sector in Spain. We demonstrate that in highly hostile environments, the availability of marketing capabilities will encourage a pioneer behaviour by technology-oriented new ventures. By contrast, the availability of managerial and technical capabilities will encourage technology-oriented new ventures to develop a follower behaviour. Furthermore, we have demonstrated that when the level of imitation in the environment is high, the availability of managerial capabilities will encourage technology-oriented new ventures to develop a pioneer behaviour. With regard to the implications for managers, we consider that new ventures’ managers must evaluate whether their firms have the suitable capabilities to take advantage of first mover advantages, given unfavourable environmental conditions.
Keywords: entry timing, technology-oriented new ventures, environmental conditions, capabilities, pioneer, follower, behaviour