Implications and concluding comments
In international entrepreneurship and its B2B/B2C markets, online marketplaces, Webbased initiatives, and IoT-related platforms are here to stay and will continue to make significant contributions to industries worldwide. This is evident in today’s Bsmart connected products,^ Bsmart algorithms^ (Luca et al. 2016, p. 98; Porter and Heppelmann 2014, p. 65; Porter and Heppelmann 2015, p. 97), and fast emerging new industries and technologies worldwide. Like Bborn globals^ (Madsen 2013, p. 65) with heightened entrepreneurial endeavors (Li 2013), Alibaba also sought internationalization with planned strategies and new ventures. Alibaba did not invent the Internet or Web-based online marketplaces but followed its B2B/B2C models and kept on finetuning its platforms, segments, and positioning strategies. The company’s business model has been labeled as Bthe Alibaba phenomenon^ (The Economist 2013a, p. 15) because of China’s massive e-commerce market which is called the Bworld’s greatest bazaar^ (The Economist 2013b, p. 27). Alibaba made various strategic alliances and investments to seek knowledge from its competitors. The company is exceptionally popular in China and the West because of its growth potential and SME-related appeal (The Economist 2013a, b; Lin and Hufford 2017; Lucas 2017a, b).
Since companies’ longitudinal growth and evolutionary issues are critical in the business world (Anwar and Tariq 2011; Siggelkow 2002), it is important to evaluate Alibaba from the perspectives of its entrepreneurial initiatives and expansion. Liability of foreignness can be a problem for newly formed firms in global markets when competing with established competitors (Kaufmann and Roesch 2012). Same applies to Alibaba when seeking expansion in global markets. At the same time, new technologies and entry mode choices can help companies to overcome these issues. Chinese firms are exceptionally good regarding seeking international expansion and following Western MNCs (Anwar 2013; Teagarden and Dong Hong 2009; Tung 2004; Williamson and Ming 2009).