The nature of the industry, or the environment in which the firm operates, can have a significant impact on the internationalization of the new venture. The impact of industry factors has received limited attention in the context of international entrepreneurship, however. The goals of this conceptual paper are the following: First, we present some insights into the industry idiosyncrasies and INVs and present a conceptual framework identifying key industry variables to aid further examination of the role industry factors on new venture internationalization processes and strategies, and hence, this paper can be seen as an early version of the conceptual review. Second, we build up propositions how industry affects the internationalization process of the INVs. In this we provide a platform for further studies in the domain of international entrepreneurship.