The rise of new multinational companies from newly industrialized, emerging, and developing countries challenges our conventional assumptions not only about the ways in which firms overcome the liability of foreignness and expand around the world, but also about the distinctive features of the multinational enterprise. The new multinationals initially lacked the traditional advantages attributed to multinational corporations, namely, proprietary technology and brands. This disadvantage, however, did not prevent them from expanding around the world. In contrast to the classic multinationals, they found strength in their ability to organize, manage, execute, and network. They pursued a variety of strategies of vertical integration, product diversification, learning by doing, exploration of new capabilities, and collaboration with other firms. Over time, some of them have developed technological and branding capabilities or evolved from niche players to generalists, but only after gaining enough scale.