dissertation in pdf-format - Aalto-yliopisto
dissertation in pdf-format - Aalto-yliopisto
dissertation in pdf-format - Aalto-yliopisto
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Int. J. Technology Transfer and Commercialisation, Vol. 10, Nos. 3/4, 2011 411<br />
The development of high growth and highly<br />
successful SMEs: cases from Eastern F<strong>in</strong>land<br />
Markku Virtanen* and Tomi Heimonen<br />
School of Economics, Entrepreneurship, Small Bus<strong>in</strong>ess Centre,<br />
<strong>Aalto</strong> University,<br />
Lonnrot<strong>in</strong>katu 7, FIN-50100 Mikkeli, F<strong>in</strong>land<br />
Fax: +358-10-2178-699<br />
E-mail: Markku.virtanen@aalto.fi<br />
E-mail: Tomi.Heimonen@aalto.fi<br />
*Correspond<strong>in</strong>g author<br />
Abstract: The study analyses the development of high growth and highly<br />
successful (HGS) F<strong>in</strong>nish firms before and after their HGS period. What factors<br />
affect growth and success of the firms? How do these firms contribute to job<br />
creation? After some critical events, the firms followed focused strategy and<br />
concentrated on core activities. In HGS, firm growth and profitability fluctuates<br />
parallel directions. Firms had quadrupled their employees <strong>in</strong> ten years. Family<br />
bus<strong>in</strong>ess and venture capital backed university sp<strong>in</strong>-off categories were<br />
identified to have slightly different approaches <strong>in</strong> their development. Strategic<br />
changes and focused strategies were found to be drivers for success.<br />
Keywords: high growth ventures; high success ventures; venture profitability<br />
and growth; venture strategy; job creation; F<strong>in</strong>land.<br />
Reference to this paper should be made as follows: Virtanen, M. and<br />
Heimonen, T. (2011) ‘The development of high growth and highly successful<br />
SMEs: cases from Eastern F<strong>in</strong>land’, Int. J. Technology Transfer and<br />
Commercialisation, Vol. 10, Nos. 3/4, pp.411–432.<br />
Biographical notes: Markku Virtanen is a Professor at the <strong>Aalto</strong> University,<br />
School of Economics. He is a Docent at the University of Jyväskylä. He<br />
obta<strong>in</strong>ed his DocSc <strong>in</strong> Entrepreneurship <strong>in</strong> 1996 from the HSE. He has acted as<br />
a Professor of Entrepreneurship and the Head of the Department of Bus<strong>in</strong>ess<br />
and Management at the University of Kuopio <strong>in</strong> 2001 to 2004. S<strong>in</strong>ce October<br />
2004, he has held the position of Professor of Entrepreneurship. Ma<strong>in</strong> emphasis<br />
of his research <strong>in</strong>cludes growth of SMEs, entrepreneurial f<strong>in</strong>ance and venture<br />
capital, development of entrepreneurship and bus<strong>in</strong>ess know-how, regional<br />
development and SME policy. He has been <strong>in</strong>volved <strong>in</strong> the F<strong>in</strong>nish Venture<br />
Cup competition as a Judge and as a Board Member of Venture Cup National<br />
Foundation. He acts also <strong>in</strong> the board of several SMEs.<br />
Tomi Heimonen is a PhD student at the <strong>Aalto</strong> University, School of<br />
Economics <strong>in</strong> the field of entrepreneurship. His PhD project is focused on the<br />
characteristics of high growth SMEs. At present, he works as a Project Expert<br />
at the <strong>Aalto</strong> University, School of Economics, Small Bus<strong>in</strong>ess Centre.<br />
Copyright © 2011 Inderscience Enterprises Ltd.