The article presents a framework for understanding international new ventures (INVs), which are organizations that are international from inception. These ventures differ from traditional multinational enterprises (MNEs) in that they are not necessarily large or mature. The framework integrates theories from international business, entrepreneurship, and strategic management to explain the existence of INVs. It identifies four necessary and sufficient elements for the existence of INVs: (1) organizational formation through internalization of some transactions, (2) strong reliance on alternative governance structures to access resources, (3) establishment of foreign location advantages, and (4) control over unique resources. The article discusses the increasing prevalence of INVs, noting that they are not limited to high-tech industries but can also be found in services and aquaculture. It highlights the importance of international new ventures in the global economy and the need for systematic research on them. The article also addresses the limitations of traditional MNE theories in explaining INVs, particularly the stage theory of MNE evolution and the emphasis on organizational size. It argues that INVs challenge these theories by being small, resource-constrained, and often international from inception. The article defines INVs as organizations that seek to derive competitive advantage through the use of resources and the sale of outputs in multiple countries. It emphasizes that the key distinction of INVs is their international nature from the outset, rather than evolving from domestic firms. The article also discusses the challenges faced by INVs, including the need to manage international operations without significant foreign assets and the importance of unique resources in sustaining competitive advantage. The article concludes by emphasizing the need for further research on INVs and the importance of developing a theoretical framework that can explain their existence and success. It highlights the role of unique resources, alternative governance structures, and foreign location advantages in the sustainability of INVs. The article also notes the importance of network alliances and the protection of knowledge in the international business environment. Overall, the article provides a comprehensive overview of international new ventures and their significance in the global economy.The article presents a framework for understanding international new ventures (INVs), which are organizations that are international from inception. These ventures differ from traditional multinational enterprises (MNEs) in that they are not necessarily large or mature. The framework integrates theories from international business, entrepreneurship, and strategic management to explain the existence of INVs. It identifies four necessary and sufficient elements for the existence of INVs: (1) organizational formation through internalization of some transactions, (2) strong reliance on alternative governance structures to access resources, (3) establishment of foreign location advantages, and (4) control over unique resources. The article discusses the increasing prevalence of INVs, noting that they are not limited to high-tech industries but can also be found in services and aquaculture. It highlights the importance of international new ventures in the global economy and the need for systematic research on them. The article also addresses the limitations of traditional MNE theories in explaining INVs, particularly the stage theory of MNE evolution and the emphasis on organizational size. It argues that INVs challenge these theories by being small, resource-constrained, and often international from inception. The article defines INVs as organizations that seek to derive competitive advantage through the use of resources and the sale of outputs in multiple countries. It emphasizes that the key distinction of INVs is their international nature from the outset, rather than evolving from domestic firms. The article also discusses the challenges faced by INVs, including the need to manage international operations without significant foreign assets and the importance of unique resources in sustaining competitive advantage. The article concludes by emphasizing the need for further research on INVs and the importance of developing a theoretical framework that can explain their existence and success. It highlights the role of unique resources, alternative governance structures, and foreign location advantages in the sustainability of INVs. The article also notes the importance of network alliances and the protection of knowledge in the international business environment. Overall, the article provides a comprehensive overview of international new ventures and their significance in the global economy.