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________________________________________________________________________ PART 2: ARTICLES ________________________________________________________________________ III 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, pp. 411-432. This article is © Inderscience Enterprises Limited and permission has been granted for this version to appear here (www.inderscience.com). Inderscience does not grant permission for this article to be further copied/distributed or hosted elsewhere without the express permission from Inderscience Enterprises Limited.
Int. J. Technology Transfer and Commercialisation, Vol. 10, Nos. 3/4, 2011 411 The development of high growth and highly successful SMEs: cases from Eastern Finland Markku Virtanen* and Tomi Heimonen School of Economics, Entrepreneurship, Small Business Centre, Aalto University, Lonnrotinkatu 7, FIN-50100 Mikkeli, Finland Fax: +358-10-2178-699 E-mail: Markku.virtanen@aalto.fi E-mail: Tomi.Heimonen@aalto.fi *Corresponding author Abstract: The study analyses the development of high growth and highly successful (HGS) Finnish firms before and after their HGS period. What factors affect growth and success of the firms? How do these firms contribute to job creation? After some critical events, the firms followed focused strategy and concentrated on core activities. In HGS, firm growth and profitability fluctuates parallel directions. Firms had quadrupled their employees in ten years. Family business and venture capital backed university spin-off categories were identified to have slightly different approaches in their development. Strategic changes and focused strategies were found to be drivers for success. Keywords: high growth ventures; high success ventures; venture profitability and growth; venture strategy; job creation; Finland. Reference to this paper should be made as follows: Virtanen, M. and Heimonen, T. (2011) ‘The development of high growth and highly successful SMEs: cases from Eastern Finland’, Int. J. Technology Transfer and Commercialisation, Vol. 10, Nos. 3/4, pp.411–432. Biographical notes: Markku Virtanen is a Professor at the Aalto University, School of Economics. He is a Docent at the University of Jyväskylä. He obtained his DocSc in Entrepreneurship in 1996 from the HSE. He has acted as a Professor of Entrepreneurship and the Head of the Department of Business and Management at the University of Kuopio in 2001 to 2004. Since October 2004, he has held the position of Professor of Entrepreneurship. Main emphasis of his research includes growth of SMEs, entrepreneurial finance and venture capital, development of entrepreneurship and business know-how, regional development and SME policy. He has been involved in the Finnish Venture Cup competition as a Judge and as a Board Member of Venture Cup National Foundation. He acts also in the board of several SMEs. Tomi Heimonen is a PhD student at the Aalto University, School of Economics in the field of entrepreneurship. His PhD project is focused on the characteristics of high growth SMEs. At present, he works as a Project Expert at the Aalto University, School of Economics, Small Business Centre. Copyright © 2011 Inderscience Enterprises Ltd.
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Aalto University publication series
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Author Tomi Heimonen Name of the do
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Acknowledgements This dissertation
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CONTENTS PART 1: Overview of the di
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List of Articles This thesis is bas
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1 Introduction Some scholars claim
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1 Introduction In addition, the dur
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1 Introduction Figure 1: Framework
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1 Introduction factors that affect
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1 Introduction 1.4 Key concepts and
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2 Literature review and conceptual
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3 Research methodology Constructivi
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3 Research methodology and the meth
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3 Research methodology The data use
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3 Research methodology 3.4 Models a
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3 Research methodology reliable. Se
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3 Research methodology concluded th
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4 Results, evaluation of the studie
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References Abetti, P. A. (2001). Ac
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References Bhide, A. (2000). The or
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References Creswell, J. W. (2003).
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References Golafshani, N. (2003). U
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References Leitch, C., Hill, F., an
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References Pellikka, J. and Laurone
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References Storper, M. (1992). The
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Appendixes Overview: Appendix 1: Ke
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Appendixes High growth When examini
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Appendixes profitability, liquidity
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Appendixes Appendix 1 Continued (Ke
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Appendixes Appendix 2 Construction
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Appendixes Appendix 2 Continued (Co
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not increased compared to Eastern F
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___________________________________
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propensity for risk taking (Covin a
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2. Former studies and derivation of
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firm’s annual sales growth (Arund
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H4. Firm success has an impact on t
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418 J. Siikonen et al. Appendix 1 V
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