SMEs internationalisation process: from success to insolvency, from rebirth to re-internationalisation

Purpose - This study aims to obtain insights based on empirical evidence that identify the key drivers and obstacles that lead companies to (re)/enter markets and distinguish the different paths SMEs take. This also provides deeper insights into internationalisation, success, failure and the potential for the reinternationalisation of the SMEs. Design/methodology/approach - The authors used a qualitative research methodology based on six case studies and with recourse to semi-structured interviews with the senior managers of exporting SMEs. Findings - The results report that SMEs with major investments deployed in their internationalisation processes, through recourse to high levels of bank financing, in association with the COVID-19 pandemic period, were not able to successfully overcome the process of internationalisation and culminating in their own bankruptcies. Originality/value - This study shows how, despite such failures, the attractiveness and reputation of the brand, supported by the strategic vision and perseverance of new investors (entrepreneurs), enabled the rebirth of the brands and opening the door to their re-entering international markets.