Few studies have examined the dynamic capabilities perspective in the context of international new ventures (INVs) and, in particular, toward their marketing activities. Using a cross-country case approach, this article explores the role of stakeholders in the marketing capability–building processes of INVs in Ireland, Sweden, and Denmark. The study reveals that different stakeholders play a critical role in influencing how INVs build their marketing capabilities to respond effectively to the dynamic nature of international markets in which they operate. The results show that different stakeholder groups (allied, cooperative, neutral, and entrepreneur) can influence the learning processes (single-, double-, and triple-loop) of the firm and can determine the nature of dynamic marketing capabilities (incremental,renewing, and regenerative) needed to create and sustain international competitive advantage. Furthermore, “effectuation logic” can explain how entrepreneurs manage and leverage stakeholder relationships in marketing capability processes to cocreate value for the firm. By incorporating dynamic capabilities, stakeholder, and learning theories, this study offers a dynamic, process-oriented model for INV research and provides much-needed qualitative insights into the dynamic capabilities theory of the firm. © 2012, American Marketing Association.