Received models of international entrepreneurship tend to emphasize firm-specific and generic environmental factors as key regulators entrepreneurial firm internationalization. They also tend to overlook the fact that the structuring of business opportunities is determined by institutional factors such as the institutional structure of a given business sector (Porac and Thomas, 1994; Spencer & Gomez, 2002; Chesborough, 1999; Acs & Audretsch 1993). Depending on the sector, opportunities for international growth will be differentially structured because of sector-specific institutional structures. We studied the internationalization of software product companies, focusing on the influence of software-specific institutional conditions on the internationalization patterns.