This article investigates venture failure in the context of rapid internationalisation using a literature-based framework and four illustrative cases from Finland and Ireland. In addition to introducing a contextualised definition of failure, we offer a holistic framework for analysing failure in future studies while also identifying critical incidents, as well as internal and external factors, informing the failure process. The findings suggest that managerial capabilities, particularly managerial experience and business competence, filter the external drivers of failure.