This paper examines the internationalization process in three knowledge-based ventures in the biotechnology and IT sectors in the Czech Republic and Hungary. The findings from the case studies illustrate the motivations and outcomes of internationalization, along with some of the challenges faced by knowledge-based ventures when embarking on an internationalization strategy within the specific environment of a post-transition economy. Furthermore, the importance of relationships in both the internationalization process and the entrepreneurial process in general is discussed.
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