The project aims to develop new theories and practices related to the increasing globalisation of R&D and innovation activities in general. Focus is on the internationalization process and especially on how innovation activities are organized. It is interesting to note that both developed and emerging markets argue for the importance of innovation but the rationales are different. Emerging markets aim at “catching-up” while developed countries aim at “keeping ahead”. The search for knowledge by emerging market companies seems to form the foundation for a theory of internationalization of emerging market Companies.