Characteristics of innovative, high growth and highly successful SMEs

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dc.contributor Aalto-yliopisto fi
dc.contributor Aalto University en Heimonen, Tomi 2013-11-26T13:31:37Z 2013-11-26T13:31:37Z 2013
dc.identifier.isbn 978-952-60-5020-1 (printed)
dc.identifier.isbn 978-952-60-5019-5 (electronic)
dc.identifier.issn 1799-4934
dc.description.abstract This dissertation is based on a series of studies that examine characteristics of innovative, high growth and highly successful small and medium sized enterprises (SMEs). Previous analyses emphasise that innovation and growth are the very essence of successful entrepreneurship. However, despite major investments in attempts to foster innovation, and intensive investigation of relevant factors, the proportions of SMEs that are innovative, rapidly growing and highly successful are marginal. Many entrepreneurs fail, and an examination of relationships between variables, e.g. growth and success, should consider how they are related across their ranges rather than merely at one end of the ranges of the variables. Moreover, very few studies have examined simultaneously the influential factors and relationships among innovation, growth and success. The dissertation consists of an overview and four appended articles that address two key questions. Firstly, what are the relationships (if any) between innovation, growth and the success of firms? Secondly, how could high, innovation-driven growth been supported? These questions were addressed by applying mixed methods, including regression, discriminant analyses, logistic regression and case studies. The data were collected using a purposeful sampling strategy and came from the following sources: 1) the Voitto+ CD-ROM database, from which 567 growing businesses in Finland were identified – 466 in urban and 101 in rural areas; 2) a refined sample from these sets of 348 SMEs, 262 located in urban and 86 in rural areas; 3) a survey of 213 small knowledge-intensive business service firms, 4) detailed examination of five selected HGS SMEs and 5) interviews with key informants of 12 small technology-based knowledge intensive business service firms. The results confirm that there is a positive relationship between innovation and growth, but negative relationships were found between financial success and both growth and innovation. Thus, the concepts of growth and success do not appear to be surrogates. The results also show that successful ventures have no discernible typical characteristics, and HGS firms follow diverse development paths. However, focused strategies and critical events that trigger strategic changes generally precede HGS periods of SMEs. Furthermore, the type of ownership may affect the relative attention paid to maximizing growth and increasing profitability or other parameters of financial success. The results also indicate that current innovation support services are insufficiently flexible to provide the support firms need to meet the challenges that growing innovative firms may face during commercialisation of their technologies and inventions. The investigations also identified several methodological problems that arise when analysing characteristics of HGS SMEs, and possible ways to address them. en
dc.format.extent 202 s.
dc.format.mimetype application/pdf en
dc.language.iso en en
dc.publisher Aalto University en
dc.publisher Aalto-yliopisto fi
dc.relation.ispartofseries Aalto University publication series. DOCTORAL DISSERTATIONS fi
dc.relation.ispartofseries 26/2013 fi
dc.relation.haspart Heimonen, T. (2012). What are the factors that affect innovation in growing SMEs? European Journal of Innovation Management, Vol. 15, Issue 1, p. 122-144.
dc.relation.haspart Heimonen, T. and Virtanen, M. (2012). Characteristics of successful gazelles – problems in approaches and methods of analysing the data. International Journal of Business and Globalisation, Vol. 9, No. 1, p. 12-41.
dc.relation.haspart Virtanen, M. and Heimonen, T. (2011). The development of high growth and highly successful SMEs: cases from Eastern Finland. International Journal of Technology Transfer and Commercialisation, Vol. 10, Nos. 3/4, p. 411-432.
dc.relation.haspart Siikonen, J., Heimonen, T. and Pellikka, J. (2011). Developing innovation support services for small high-growth technology firms in Eastern Finland. International Journal of Entrepreneurial Venturing, Vol. 3, No. 4, p. 392-419.
dc.title Characteristics of innovative, high growth and highly successful SMEs en
dc.type G5 Artikkeliväitöskirja fi Kauppakorkeakoulu fi School of Business en
dc.contributor.department Johtamisen ja kansainvälisen liiketoiminnan laitos fi
dc.contributor.department Department of Management and International Business en
dc.identifier.urn URN:ISBN:978-952-60-5020-1
dc.type.dcmitype text en
dc.programme.major Yrittäjyys fi
dc.programme.major Entrepreneurship en
dc.type.ontasot Väitöskirja (artikkeli) fi
dc.type.ontasot Doctoral dissertation (article-based) en
dc.contributor.supervisor Kyrö, Paula, professor
dc.opn Malinen, Pasi, professor, University of Turku, Finland
dc.subject.helecon yrittäjyys
dc.subject.helecon pk-yritykset
dc.subject.helecon yritykset
dc.subject.helecon kasvu
dc.subject.helecon innovaatiot
dc.subject.helecon menestyminen
dc.subject.helecon entrepreneurship
dc.subject.helecon smes
dc.subject.helecon companies
dc.subject.helecon growth
dc.subject.helecon innovation
dc.subject.helecon success 2013-03-08
dc.dissid 474
dc.identifier.bibid 627488

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