Internationalization, globalization, and global competition are reshaping the world economy. These processes are dominated by the main players, which are the North American, German, Japanese, British, and French based transnational corporations. A historically unprecedented economic power is concentrated in these firms. What kinds of possibilities are there for firms from smaller countries? Under what circumstances can they successfully compete in the global battleground? In the search for answers to these questions, the experiences of Finnish firms are indeed very interesting. They may serve as important lessons for smaller countries and especially those which are late-comers.