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This paper examines the internationalization process of telecommunication carriers. In this industry, early entrants gain substantial first-mover advantages due to the transient nature of the windows of market opportunity, and the potential to influence the regulatory process as an incumbent. To capture these strategic and economic advantages, firms follow a strategy of preemption, both of markets and partners. The authors argue for the need to augment prevailing theory with contextual idiosyncrasies that characterize specific industries.