This study explores the under-researched yet increasingly important
process of collective international opportunity recognition. Collective
opportunities are created through the interaction and joint acts of
several firms and, thus, involve a complex merging of different
perspectives and interests. This study analyses why some entrepreneurs
recognise collective opportunities in foreign markets while others do
not. The empirical data comprise qualitative interviews with 20
representatives of Finnish small- and medium-sized maritime enterprises
that are exploring internationalisation opportunities in Norway and
Russia. The study suggests that collective international opportunity
recognition is affected by the entrepreneur’s mental images of
inter-firm collaboration and the foreign market. These images comprise
his or her interpretations of relevant experiences, the current
strategies and resources, and attractiveness of the context. Mental
images are built on information and stimuli that the entrepreneur
receives regarding potential partner firms and the foreign market,
although these inputs are interpreted through the current images. The
study advances international entrepreneurship research by providing
insights into the subjective and contextual process of collective
international opportunity recognition from the perspective of individual
entrepreneurs, exploring mental images as drivers in this process, and
describing the content of these images. The study highlights the
complexities involved in opportunity recognition in an international
collaborative setting.