This study examines the factors that affect the post-internationalization survival of an emerging economy international new venture (INV). It analyzes, in-depth, a case study on a Korean security INV named IDIS that designs, develops, and manufactures surveillance solutions for a range of public and commercial sector markets. It clearly shows the way entrepreneurs have actively engaged in international expansions for survival. By applying a dynamic capabilities perspective, we reveal the most crucial capabilities that improved the emerging economy INV’s survival prospects after internationalization. These capabilities are founders’ entrepreneurial orientations and network development (sensing), niche market development and specialized product focus (seizing), and the capabilities of transformation and renewal (reconfiguration). More importantly, the findings from the IDIS case study indicate that stable leadership and the leadership teams’ international experiences drive the development and enhancement of dynamic capabilities.