Purpose -This review aims to focus on the phenomenon of infant firms that operate internationally right from or close to inception, so-called international new ventures (INVs) or born global firms. It also aims to provide a comprehensive review of the literature on INVs from the time when such firms emerged in the literature in the early 1990s up until today. Design/methodology/approach -The study is a systematic review of top journals within entrepreneurship, marketing and management over the years 1992-2004. The focus is primarily on studies with empirical evidence and the review is narrative in nature. The study presents and discusses findings related to the founding of the firm, organizational features, environmental factors, and their influence on market strategy and firm performance. Findings -The study finds great heterogeneity on the factors examined within this relatively narrow defined group of firms. This leads the study to conclude that normative linear models of international expansion render little explanatory and predictive value to the study of these firms.Research limitations/implications -The study concludes that recent empirical findings on INVs offer insight beyond traditional models of internationalization, and that more theory driven research in the area is required. The paper suggests application of general theories of organizations on the INV phenomenon in an attempt to understand international expansion and market strategies of new firms. Practical implications -The study represents a comprehensive review of the literature on INVs and serves well as an introduction to the field for students, managers and scholars. Originality/value -The study offers a much needed recapitulation of the empirical evidence in a relatively new field of research. It offers guidance for future research in a field of research that is still in its infancy.

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International audienceHow to value a new venture is critical in entrepreneurial financing. This article develops an integrated theoretical framework to examine whether venture capitalists' valuation of a new venture can be explained by factors identified in the strategy theories as important to firm performance. Empirical results from the analyses of 184 rounds of early-stage venture capital investments in 102 new ventures support the central proposition that venture capitalists do take into consideration those factors that are important to firm performance in their valuation of new ventures. More specifically, this article finds that attractiveness of the industry, the quality of the founder and top management team, as well as external relationships of a new venture significantly and positively affect its valuation by venture capitalists when it seeks venture capital financing in its early stages of development. These empirical findings help to establish an initial linkage between the well-developed theories in strategic management and underresearched venture capital valuation practice. It brings more theoretical rigor to the venture capital investment literature by introducing a systematic approach to identify and measure factors important to new venture valuation. It explores a possibility to develop a supplementary method to value an early-stage new venture when extant valuation methods fail to yield consistent results because these methods require accounting information that a new venture typically cannot provide

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