Systematic differences in the determinants of firm failure between firms that fail early in their life and those that fail after having successfully negotiated the early liabili- ties of newness and adolescence are identified. Analysis of data from 339 Canadian corporate bankruptcies suggests that failure among younger firms may be attributable to deficien- cies in managerial knowledge and financial management abil- ities. Failure among older firms, on the other hand, may be attributable to an inability to adapt to environmental change.