What are the reasons for national differences of international market access in high‐risk software development and what is the role of employment regulation? This analysis elucidates this question based on national sector studies of the video games industry with particular focus on financial systems, skill formation as well as work and employment systems in Sweden, Germany and Poland. National financial architectures and education are a decisive factor. However, the results also suggest that the ‘varieties‐of‐capitalism’ (VoC) approach underestimates industry divergence within and across supposedly homogeneous national models, especially in the field of labour regulation. The author proposes to link VoC theory to a transnational perspective, which complementarily takes into account firm embeddedness in industry‐specific value chains.