Managerial summary Internationalizing into emerging countries poses immense challenges to start-ups. This study explores the factors that shape the survival rates of 268 start-ups that have internationalized in the context of a business-accelerator program. We find that their ability to survive is shaped by the difference between home and host-country institutions, in addition to start-up's location capabilities to engage with local resources in the host country. Developing location capabilities in the host country does not directly lead to increased survival rates. The value of developing location capabilities is affected by whether the venture is operating in a country with stronger or weaker institutions than those in start-ups' home country; ventures that develop location capabilities in contexts of positive institutional distance experience greater survival rates.