It is argued that new high technology-based small- and medium-sized enterprises(SME) are challenging traditional internationalization theories. Researchers have observed that they enter foreign markets within four or five years after establishment. Traditional theories cannot explain such an accelerated internationalization of new-born SMEs. We, therefore, conducted a case study so as to understand the internationalization process of high technology-based SMEs. Before that, we developed some propositions from review of extant literatures on internationalization. Through the case analysis, we obtained some implications to understand the internationalization behavior of new high technology-based SMEs. They tend to internationalize in the early stages. However, it seems that their internationalization process is incremental, and follows the stage theory. In addition, the internationalization of new high technology-based SMEs could be regarded as an exploration process, i.e., obtaining requisite resources from external sources and complementing the lack of internal resources with them. After the case study, some operational hypotheses were developed from the findings of this study.