This study examined the antecedents and outcomes of the internationalization of 61 new high-potential ventures in the U.S. The results indicate that internationalization is directly related to the use of product differentiation as a source of competitive advantage, the international work experience of the board of directors, and size at the point of the IPO. The use of low cost, product differentiation, or innovation as a source of competitive advantage, and size at the point of the IPO were directly related to sales growth in the two-year period following the IPO. Finally, the level of Internationalization at the time of the IPO is positively related to earnings two years later.
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