Internationalisation of born-digital enterprises using an effectuation lens: case studies in the games industry

Astuti, Novika Candra Article Internationalisation of born-digital enterprises using an effectuation lens: case studies in the games industry Cogent Business & Management Provided in Cooperation with: Taylor & Francis Group Suggested Citation: Astuti, Novika Candra (2024) : Internationalisation of born-digital enterprises using an effectuation lens: case studies in the games industry, Cogent Business & Management, ISSN 2331-1975, Taylor & Francis, Abingdon, Vol. 11, Iss. 1, pp. 1-15, https://doi.org/10.1080/23311975.2024.2361866 This Version is available at: https://hdl.handle.net/10419/326312 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. 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If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by/4.0/ Cogent Business & Management ISSN: 2331-1975 (Online) Journal homepage: www.tandfonline.com/journals/oabm20 Internationalisation of born-digital enterprises using an effectuation lens: case studies in the games industry Novika Candra Astuti To cite this article: Novika Candra Astuti (2024) Internationalisation of born-digital enterprises using an effectuation lens: case studies in the games industry, Cogent Business & Management, 11:1, 2361866, DOI: 10.1080/23311975.2024.2361866 To link to this article: https://doi.org/10.1080/23311975.2024.2361866 © 2024 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. Published online: 04 Jun 2024. Submit your article to this journal Article views: 1840 View related articles View Crossmark data Citing articles: 1 View citing articles Full Terms & Conditions of access and use can be found at https://www.tandfonline.com/action/journalInformation?journalCode=oabm20 EntrEprEnEurship & innovation | rEsEarch articlE Cogent Business & ManageMent 2024, VoL. 11, no. 1 Internationalisation of born-digital enterprises using an effectuation lens: case studies in the games industry novika candra astuti Faculty of economics and Business, Widyatama university, Bandung, indonesia ABSTRACT Due to advanced technologies and widespread internet usage worldwide, many small and young start-ups have had a chance to explore international markets. Games companies from emerging markets, without exception, have used digital technologies to create and exploit international markets since their founding. however, we still do not fully understand the internationalisation process of born-digital companies, which rely on digital platforms and infrastructure. this study seeks to understand how born-digital entrepreneurs from emerging markets decide and behave when pursuing international opportunities. the data were obtained from two case studies conducted on game companies in indonesia. the cases demonstrated the application of effectuation logic in the early phase and subsequent internationalisation. Despite encountering various obstacles, such as limited resources encompassing insufficient business acumen, international connections, prior international exposure, governmental backing, and constrained financial resources, entrepreneurs relied upon their passion for gaming, courage, expertise in game development, and assistance from their family and peers to initiate a digital enterprise. Experimentation through developing diverse games and selling them to various distributors, coupled with establishing commitments with them, demonstrates a robust strategic approach that enables firms to accelerate their business overseas. this study also revealed that utilising digital platforms, such as crowdfunding, helps entrepreneurs acquire financing and collaborate with potential customers to gain insights into their desires and save expenses associated with market validation. this study contributes to the existing body of knowledge by examining the adoption of effectuation by born-digital firms in emerging markets. 1. Introduction the games industry is experiencing more rapid growth compared to other entertainment sectors, including tv, video, music, movies, and literature (Goh et al., 2023). this industry is fiercely competitive and constantly changing due to technological development and digital transformation (Felzensztein & tretiakov, 2023; rajput, 2023). the gaming business is subject to continuous evolution and expansion, particularly in emerging countries and regions, where the emergence of new players, platforms, and tastes shapes the dynamics of game genres in terms of demand and supply (hewish, 2023). the online gaming sphere has evolved into a space where entertainment and technology innovation intersect, attracting millions of enthusiastic users. the expanding gaming sector encompasses a range of platforms, including mobile apps, console games like playstation or Xbox, and desktop games on high-end pcs (liao, 2021). Digital products, processes, and business models can enable small digital firms to expand globally (Monaghan et al., 2020). however, internationalising digital enterprises would be more complex since it requires specific skills and talents (Gabrielsson et al., 2022). in addition, they encounter challenges related to a lack of capital, human resources, international market expertise, and rapid © 2024 the author(s). Published by informa uK Limited, trading as taylor & Francis group. CONTACT novika Candra astuti [email protected] Faculty of economic and Business, Widyatama university, Bandung, indonesia https://doi.org/10.1080/23311975.2024.2361866 this is an open access article distributed under the terms of the Creative Commons attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. the terms on which this article has been published allow the posting of the accepted Manuscript in a repository by the author(s) or with their consent. ARTICLE HISTORY received 4 January 2024 revised 19 May 2024 accepted 27 May 2024 KEYWORDS Born globals; effectuation; international entrepreneurship; born digitals; games; indonesia REVIEWING EDITOR Jeffrey Muldoon, Emporia state university, united states SUBJECTS Business, Management and accounting; international Business; Entrepreneurship and small Business Management 2 n. c. astuti advancements in research and development technologies, which contribute to demand and technological uncertainty (vadana et al., 2021). this research examines explicitly born-digital enterprises, such as game companies, where all aspects of the value chain, including creation, production, delivery, marketing, and sales, are extensively digitalised from the beginning or shortly after. the increasing fascination with the early and quick expansion of young and small businesses into foreign markets since their inceptions, known as ‘born globals’ (BGs) (cavusgil & Knight, 2015), is linked to the emergence of ‘international entrepreneurship’ (iE) as a novel field of academic investigation (oviatt & McDougall, 2005). BGs use their unique resources (e.g. technology-based, knowledge-intensive products of high value and quality), to exploit opportunities in global markets without being hindered by their restricted tangible and financial assets (Øyna, 2023). nevertheless, many studies on BGs are carried out in developed countries with superior institutional conditions, modern infrastructure, greater accessibility to financial resources, and stable political and economic conditions (Falahat et al., 2018). the impact of digital platforms (e.g. android), artefacts (e.g. mobile apps), and infrastructure (e.g. internet backbone) on the pursuit of international opportunities and behaviors is significant (Gabrielsson et al., 2022). the existing body of international business literature has increasingly acknowledged the impact of digitalisation on various aspects of a firm’s operations, particularly concerning its internationalisation process (Brieger et al., 2022). Monaghan et al. (2020) used the term born digitals as BGs exhibiting two key characteristics: first, establishing and utilising digital infrastructure from the start. a digital firm’s second key feature is its dependence on digital infrastructure to enhance communication, collaboration, and computing capabilities. these capabilities enable the firm to develop and market its products online using a digital business model (nambisan, 2017). although prior studies have examined the factors that drive firms to be BGs, limited studies explore how entrepreneurs from emerging markets make decisions and behave with the support of digital technology (Etemad, 2022). the examination of how founders and entrepreneurial teams of game companies have adjusted to the dynamic technological advancements and digital transformations within the gaming industry is of paramount importance, given its significant impact on the worldwide economy. this study aims to comprehend the decision-making and behaviour of born-digital entrepreneurs from emerging countries in relation to quickly expanding internationally and pursuing international prospects. previous studies have examined the decision-making processes of BGs in entrepreneurship using effectuation logic (Gabrielsson et al., 2022). By using a means-based approach and showing dedication to international digital community stakeholders, a mobile game creator can expand worldwide rapidly and efficiently without prior expertise, knowledge, or networks. in a comparable investigation, vissak etal. (2020) looked at the application of effectuation theory in the context of BGs. this study employed a single punctuated longitudinal case study and revealed that effectuation is employed during the initial internationalisation phase. During this stage, the food company, lacking sufficient knowledge, seeks customers through weak ties, trade fairs, and unsolicited export orders. the company’s decision-making logic shifted towards a more causal approach as it acquired more knowledge and established stronger connections. Both studies have explained the decision-making logic BGs apply in the internationalisation process. nevertheless, our understanding of the decision-making process of entrepreneurs in digital firms from emerging markets as they seek international opportunities in uncertain game business environments, influenced by the rapid advancement of digital technology and the demand for updated products and services from highly desirable customers, remains limited. this study uses indonesia as a specific case for further research on born digitals from emerging markets within the particular context of the game industry. there is a lack of research on the internationalisation process of born digitals from indonesia, a significant economy in southeast asia. this work responds to calls from several scholars for a more comprehensive understanding of the decision-making process of born digitals in reating and exploiting international opportunities, from early stage until later stage of internationalisation (Monaghan et al., 2020; vadana et al., 2021). the primary research inquiry that this study aims to address is as follows: ‘How do born-digital entrepreneurs make decisions and behave regarding the pursuit of international opportunities? what kind of decision-making logic is applied for accelerated internationalisation?’ coGEnt BusinEss & ManaGEMEnt 3 By using the lens of effectuation theory (sarasvathy, 2001), this study aims to close a study gap in the iE field about the behaviors and decision-making logic of born-digital entrepreneurs who employ digital tools to explore international opportunities. this study posits that the use of effectuation theory is suitable for understanding the entrepreneurial level of individuals when confronted with uncertainty and difficulties in the process of internationalising products and services within the games industry (Kalinic et al., 2014). Effectuation is a valuable tool for explaining the process of internationalisation for small enterprises, which frequently encounter challenges related to cross-border uncertainty, resource constraints, and network dynamics (sarasvathy et al., 2014). Digital enterprises frequently encounter an unpredictable business environment and limited resources (Ghezzi, 2019). consequently, the effectuation logic contributes to our comprehension of how born-digital companies make decisions regarding foreign expansion in such circumstances. according to the 2021/2022 tourism & creative Economy outlook, the applications and games sector contributed a GDp of iDr 31.25 trillion in 2021 (Kemenparekraf, 2023). this sector has the second-highest growth rate (at 9.17%) after the television and radio subsector (9.48%) (Kemenparekraf, 2023). Based on data from virtualsEa, indonesia has been named the largest contributor of games on the steam platform in southeast asia in early 2024 (Muhamad, 2024). however, indonesia’s gaming industry lags behind that of china, south Korea, and Japan by ten years (cnn indonesia, 2020). Foreign game developers still control 99.50% of the national games industry, and the government is presently initiating assistance for domestic game developers to foster company growth, including offering training, funding access, and international promotions (indraini, 2023). currently, most of the income of local gaming industry players comes from export activities to destination countries, namely Europe and the united states (Kristianti, 2022). Based on data from the indonesia Game rating system (iGrs), until 2022, there are 85 game developers from indonesia in the indonesian games industry (aGi, 2024). limited empirical studies investigate the internationalisation decision-making process of born digitals in the games industry from indonesia. the study offers more detailed insights into the natural forces behind the accelerated internationalisation of born digital firms, which theoretically advances iE research. specifically, this study aims to explore the decision-making and behaviour of successful game entrepreneurs in indonesia as they pursue international opportunities. specifically, it explores how these entrepreneurs are able to enter international markets quickly and profitably despite facing obstacles from weak institutional environments. this work contributes to understanding born globals in digital firms by empirically advancing effectuation theory, a crucial but under-researched area of international entrepreneurship. 2.Theoretical framework 2.1. International entrepreneurship and born-digital firms the phenomenon of new ventures engaging in international business activities from an early stage of growth has been the subject of study in the field of international entrepreneurship (iE) since the early 1990s (oviatt & McDougall, 2005). a particularly noteworthy trend was the growing prevalence of new, enterprising start-ups that promptly engage in worldwide business, often through exporting, shortly after their establishment, called born globals (BGs) (Knight, 2015). BGs are defined as ‘entrepreneurial start-ups that, from or near their founding, seek to derive a substantial proportion of their revenue from the sale of products in international markets’ (Knight & cavusgil, 2004). according to the literature on BGs, it is widely acknowledged that the progress of digital technology has made it easier for them to engage in international commerce (Brieger et al., 2022). Digital technologies reduce the obstacles to obtaining market information and communicating across borders (autio etal., 2021). BGs leverage their distinctive assets, such as technology-driven, knowledge-intensive products of superior value and quality, to capitalise on opportunities in international markets, devoid of constraints like resource scarcity (Øyna & alon, 2018). however, studies on Western cultures and developed economies have dominated the literature on iE BGs (pellegrino & Mcnaughton, 2023), with little focus on studying born-digital enterprises, such as those from indonesia. this study examines specifically enterprises that are considered born-digital, meaning that all aspects of their value chain, such as marketing, selling, developing, producing, and customer service, are heavily 4 n. c. astuti digitalized either from the beginning or shortly thereafter (Benjamin & Gimmon, 2023; Monaghan et al., 2020). in the early stages of their life cycle, borndigital firms offer their products and services to clients through the utilisation of the internet and other technological platforms, such as big data, cloud computing, and artificial intelligence (nambisan, 2017). the use of born-digitals for internationalisation has been discussed in current research, although these studies were conducted experimentally in industrialised nations with solid local environments that can facilitate digitalisation. vadana et al. (2021) discovered, through the application of bricolage theory, that the digitisation of value chain operations makes it easier to combine and reuse available resources in order to overcome obstacles, come up with creative solutions, or open up new avenues for global expansion. Gabrielsson etal. (2022) discovered that novice business owners utilised effectuation theory to expand their market internationally through three theoretical channels: a new mindset-based strategy, a means-based strategy involving a commitment to global stakeholders, and ongoing dedication to international trade. the application of effectuation and bricolage theory has shed light on our comprehension of how the internationalisation of BGs and the strategies employed facilitate enterprises in achieving early and rapid internationalisation. however, there is limited knowledge regarding the impact of entrepreneurial decision-making on digital enterprises striving for rapid internationalisation, particularly in the games industry inside emerging markets, characterised by high levels of uncertainty and inadequate domestic institutional frameworks (Brieger et al., 2022). For example, handoyo et al. (2021) conducted a study to examine the critical success factors indonesian sMEs must possess to access international markets effectively. the study’s findings indicated that important factors for the internationalisation of sMEs in indonesia include international market knowledge, product innovation knowledge, and institutional networking. there is a shortage of empirical information regarding the ability of indonesian sMEs, especially those in digital enterprises, to accelerate their business overseas within three years of starting operations. Yang and torkkeli (2023) suggests that forthcoming research topics in the iE field should prioritise examining entrepreneurial firms’ international digital marketing strategy. 2.2. Effectuation theory sarasvathy (2001) introduced the effectuation theory as a theoretical framework for entrepreneurship, which presented a departure from conventional perspectives on entrepreneurial decision-making and behaviour. the traditional entrepreneurship framework primarily relies on economic principles to elucidate how an individual or organisation engages in entrepreneurial activities by identifying areas where the demand for a particular product or service surpasses the available supply (casson, 2003). sarasvathy (2001) sought to comprehend the decision-making process within an unclear operational context or in a scenario where the market has yet been established. Effectuation elucidates the reasons for individuals’ decision to establish new business ventures, even if it was not their original intention when they initiated their operations (Juhani Matalamaki, 2017). an increasing number of studies in the iE field have focused on analysing the internationalisation process of sMEs from an effectuation lens (chetty et al., 2015; Galkina & chetty, 2015). however, there is currently a scarcity of studies that approach the internationalisation of born digitals from an effectuation viewpoint. in her article, sarasvathy (2001) compares two decision-making logics, effectuation and causation. causal logic assumes a specific outcome and emphasises employing chosen approaches to produce the outcome. it assumes existing markets, where entrepreneurs analyse the environment to choose the most appropriate action to accomplish predetermined objectives. the sub-constructs in causation are as follows (read et al., 2009): (1) starting with a predetermined objective; (2) emphasising expected returns; (3) emphasising competitive analysis; (4) utilising prior knowledge; and (5) attempting to predict a risky future. When someone utilises causal reasoning, they start with a predetermined objective, concentrate on projected rewards, prioritise competitive analyses, take advantage of known information, and attempt to forecast an unknown future. conversely, effectuation logic assumes specific means and contemplates the potential outcomes entrepreneurs may generate (Fisher, 2012). sarasvathy et al. (2008) posit that five principles can characterise effectuation. the five concepts are as follows: (1) bird-in-hand, (2) affordable loss, (3) lemonade, (4) crazy quilt, and (5) pilot-in-the-plane. Based on the bird-in-hand principle, entrepreneurs who follow the coGEnt BusinEss & ManaGEMEnt 5 principles of effectuation begin with three sets of resources: who they are, what they know, and who they know. affordable loss is the second effectuation principle. Entrepreneurs are advised by effectuation logic to concentrate on what they can afford to lose rather than forecasting potential gains. the third principle is the crazy quilt, a concept that encourages entrepreneurs to work with a variety of acquaintances as well as brand-new contacts. the fourth principle, the ‘lemonade principle’, advises businesspeople to view shocks as chances rather than as things to stay away from in order to maintain control over a fluid situation. Finally, the pilot in the plane is a concept of effectuation that posits that entrepreneurs assume authority and engage in actions to influence the market in alignment with their specific requirements. a current study by Gabrielsson etal. (2022) shows that the utilisation of effectuation can be advantageous in supporting sMEs in accelerating their worldwide expansion efforts by leveraging social networks and engaging in collaborations with the international digital community since their operations began. some studies found that effectuation and causation are applied simultaneously during the internationalisation process (chetty et al., 2015; ciszewska-Mlinaric et al., 2016). nummela et al. (2014) captured the dynamics of the post-entry international growth process of BGs, as well as the pivotal events that serve as decision-making catalysts, using longitudinal case studies. it appears that the decision-making processes of born global enterprises alternate between logics based on causation and effectuation. the study conducted by tolstoy et al. (2021) investigates the mechanisms via which sMEs establish worldwide e-commerce operations in foreign marketplaces, employing effectuation theory. the evidence from the case indicates that international e-commerce mostly follows the characteristics and principles of effectuation logic, especially during the later stages of venture development. Empirical study on born digitals is limited due to the distinct characteristics of their industry and business strategy compared to conventional companies that have not undergone digital transformation since their establishment. therefore, it is crucial to do further investigation in this area (Monaghan etal., 2020). Furthermore, scholars have explicitly advocated for investigations that employ the effectuation theory in order to enhance our comprehension of international opportunity within the field of iE research (Mainela et al., 2014; tabares et al., 2020). 3. Research methodology this study included a multiple case study and an abductive qualitative methodology. the decision-making logic of international entrepreneurs in the context of internationalisation in emerging markets was the subject of in-depth investigation using the multiple case study approach (Muzychenko & liesch, 2015). additionally, this method is helpful when there is a blurring of the lines between context and phenomenon (Yin, 2003) and when there are a lot of descriptions and information available about the iE process in emerging markets (Eisenhardt & Graebner, 2007). the following four selection criteria for case studies for the case selection process: 1) sMEs were founded in indonesia; 2) sMEs met the definition of a born global firm: within three years of its establishment, BG entrepreneurs had begun foreign business activities at least 25% of their earnings came from international markets; 3) their companies had a fully digitalized value chain and were based around exclusive online platforms; and 4) founders/co-founders of sMEs were willing to discuss their experiences in making decisions regarding early internationalisation and pursuit of international opportunities. the research endeavor can be deemed low risk due to its involvement of human subjects, specifically adults. Engagement in this study is optional and contingent upon obtaining informed consent. participants have the option to withdraw from the interview at any point before the commencement of data collection, provided that they do so within two weeks following the interview. the university human research Ethics committee (uhrEc) of the Queensland university of technology granted initial ethical approval for this investigation, with the reference number Qut 1900000005. prior to the interview and on-site visits, the participants were issued an interview consent form and information regarding their participation in the interview by email. Before the interview, they were provided with explicit information regarding the objective of the research objectives. in addition, participants were obligated to sign the consent form and were notified that the interview would be recorded in audio format. the researcher assured participants that all remarks and responses would be kept private. in each case, interviews were conducted with business owners who were also the founders/co-founders of sMEs. prior iE research has 6 n. c. astuti demonstrated that entrepreneurs drive sMEs’ decisions about internationalisation (chetty et al., 2015). a single interview, which was conducted in Bahasa indonesia, may last around 60 minutes. all were recorded, and then verbatim transcripts were made based on the recordings, with English translations of the original Bahasa indonesian statements. Main data sources were employed to gather information for triangulation, including in-depth interviews and site visits. in addition, archival data from businesses’ records, press announcements, and publications, as well as field notes and memos, were employed to triangulate data. the profile of cases comprises location, the year the firm was founded and the first foreign market entry, the percentage of international sales, and the countries that have been served since the initial internationalisation until the current internationalisation, as shown in table 1. Following acquiring pertinent data sources, the data were organised chronologically using the qualitative analysis software application nvivo. after each event, the data source and the date of the event were systematically coded; for instance, the year the company was founded and its initial foray into a foreign market was documented. the events serve as representations of essential actions within the entrepreneurial trajectory of enterprises operating in global marketplaces. several iterative stages were required to complete the data analysis after the archival data had been organised. in order to conduct tabular within-case analyses that centered on aspects of accelerated internationalisation, the case histories were utilised. the data classification process for this paper proceeded with an analysis of the data material through the lens of effectuation. characteristics, capabilities, and networks comprised the initial themes derived from the data’s content analyses. the categories were initially derived from the data itself; the data was organised according to the process theme. Descriptive identifiers were induced directly from the data. By applying effectuation logic, they were subsequently classified into categories of effectuation principles, including means-driven, affordable loss, crazy quilt, and lemonade. the data structure is described in Figure 1. Table 1. Profile of game companies. Case Location Year firm founded Year first int no. employees % international sales Foreign countries served a Bandung, West Java 2009 2009 202 50% the netherlands, north Korea, the uK, europe, north america, asia, and global markets B Yogyakarta 2012 2013 8 50% Finlandia, Japan, Malaysia, and global markets Figure 1. the data structure in born-digital firms. coGEnt BusinEss & ManaGEMEnt 7 4. Findings this section describes two instances of digital game corporations that have been internationalised since their inception. the result indicates that two cases adhere to effectuation logic during the early stages of internationalisation. Despite the founders’ absence of business experiences, international experiences, foreign networks, and international knowledge, effectuation logic enabled them to accelerate their business expansion overseas and beyond domestic markets. this study includes two game companies: one located in Yogyakarta and the other in Bandung, West Java. Both companies were founded by young millennials who completed their undergraduate programs and had the same passion for games and a mission to create jobs in the games industry. During that period, foreign game developers dominated the indonesian gaming industry; indonesian game companies were scarce. thus, they decided to create a new digital venture and exploit international markets. two digital companies, a and B, commenced their international operations concurrently from 2009 to 2011. smartphone application growth has contributed to the expansion of the gaming industry by eliminating the need for users to physically visit internet cafés in order to access games and by allowing individuals to play games from any location. 4.1. Case A in Bandung, West Java, 18 young people with a shared interest in games (who i am) created the firm case a. When they were both students at the same university in 2008, they took part in a lot of gaming tournaments. the digital enterprise was initiated with a focus on three key factors: who i am - the individual’s personal attributes (such as a hobby in playing games, strong enthusiasm for games, courage, and a willingness to acquire new knowledge), what i know-their existing expertise in the field of games (including a degree in information engineering and proficiency in technology), and whom i know - their social connections (including family and close friends). the cEo of case a expressed his company’s ambition to establish a digital enterprise: I started it because I like playing games since I was in elementary school until I chose to learn information system and technology program at the university. I accidentally met friends who also enjoyed games and wanted to work in the games industry. At that time there was no game company. Finally, we decided to build it, that was the simple reason. (CEO of firm A) Due to the unfriendly business climate in indonesia (high uncertainty) and lack of knowledge about international markets, the company experimented by offering the creation of their games (web flash games) to several in the foreign flash marketplace, such as in the netherlands and the uK, since their inception. Firm a had a global mindset; hence, rather than entering the domestic market, co-founder a observed that the international market was the first foreign market entry, which is referred to as fast internationalisation: ‘Our goal is to enter the global market; in the meantime, we consider the domestic market to be only an exception’ (co-founder of firm A). the entrepreneurial team of firm a did an experiment using the affordable loss concept by making 40 flash games, demonstrating their hard work and desire to learn new things. however, the sales of these games amounted to only 18 units. they opted to explore several gaming business models by forming an advergame division, such as B2B, B2B2c, and B2G, to provide financial stability and adapt to unexpected economic conditions. the company began developing advertising and service games in 2010 and 2011. playstation, web, and smartphones are the platforms where these games are currently playable. By using the effectuation principle – crazy quilt, entrepreneurs in case a built collaboration with any stakeholders who want to co-create international opportunities. For example, in 2012, the firm a collaborated with the leading american video game publisher. in 2013, it created a game with a Japanese company and established the indonesian Gaming association. the business moved into southeast asia in 2014 after working with a well-known Malaysian game developer to create a well-liked game based on a popular tv drama. in order to grow their business, the entrepreneurs of firm a talked to angel investors to produce innovative products, such as training games for businesses in 2016. co-founder of firm a stated about the collaboration with angel investor (crazy quilt principle): 14 n. c. astuti Gabrielsson, M., raatikainen, M., & Julkunen, s. (2022). accelerated internationalization among inexperienced digital entrepreneurs: toward a holistic entrepreneurial decision-making model. 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