Until now, international entrepreneurship has mainly used stage theory, institutional theory, transaction cost economics and the resource-based view to explain or describe the internationalization of SMEs in transition economy context. Following recent literature we contend that these approaches are highlighting interesting elements of decision processes for internationalization, but are not yet enough managerial applicable because of the unidimensionality of these theories. We provide a model in four steps which enables multidimensional analyses of internationalization processes. In this the strengths and weaknesses in the strategic, economic, cultural and social network capital of the focal firm are assessed. Shortcomings in these capitals can be complemented by their partners to increase chances of successful internationalization. This article is a deductive study on three innovative Russian high-tech SMEs. The first case illustrates a clear fit with a potential partner, the second case describes a poor fit and in the third case the firm would not benefit from internationalization.