Mutualism between incumbents and startups in emerging economies: Partner selection in David and Goliath relationships

Collaboration between large enterprises and startups is a distinct partnership that drives innovation by combining startups' agility and risk-taking with enterprises' resources and experience. While the literature on partner selection focuses primarily on developed economies, there is limited research on this topic in the context of emerging economies. This study addresses this gap by exploring the key factors that enable startups in Vietnam, an emerging economy, to secure partnerships with large enterprises. Using nine cases, we examine the aims and criteria prioritized by large enterprises in Vietnam when selecting a partner from among startups. This study contributes to the literature by providing new insights into the dynamics of collaboration between large enterprises and startups in emerging economies and offers the first empirical examination of partner selection in this context. This study also offers practical implications for entrepreneurs by highlighting key factors that increase the likelihood of successful partnerships or investments between startups and large enterprises in emerging economies.