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408 J. Siikonen et al.
the respondents of the case firms would like the venture capitalists to play a more
active role in supporting activities for daily business, especially development of
internationalisation. The respondents would also like the venture capitalists to have more
experience of their industry.
The technology-related services used were related to the requirements of external
support, mostly for scientific and professional knowledge of technology. This pattern is
often ascribed to the availability of external resources, and access to innovation support
services helps to reduce the uncertainty posed by disruptive technology faced by these
companies. Particularly, during the commercialisation process in small high-technology
firms, external knowledge-based resources seemed to have a major importance. The kind
of technological consultancy described above was mostly provided by consultants,
universities and other research institutions. These organisations have also provided help
for the case firms in searches for R&D cooperation partners and assistance with
immaterial property rights (IPR) and other technology-based agreements, e.g., patenting,
licensing and original equipment manufacturer (OEM) contracts. In addition, former
colleagues in universities, advisory board members and other scientific partners can play
a crucial role in sharing first-hand knowledge and experience that can be exploited in
commercialisation processes.
Internationalisation-related services seemed to have played a crucial role from the
initial foundation of the case firms. Many high technology ventures (like the case firms)
produce highly differentiated products and services, and thus concentrate their activities
in narrow market segments. This means that firms frequently have to find international
customers to secure their continued existence (O’Gorman, 1997). Many of the case firms
can be called ‘born globals, since they show very rapid and intensive international
growth-orientation. However, internationalisation requires many kinds of resources. In
this respect, many challenges that the case firms have faced are mainly caused by their
limited knowledge-based resources. It is also important to note that in some cases factors
such as low levels of manufacturing competence, product differentiation and information
regarding international markets has been key deficiencies that firms have tried to
address using internationalisation-related services. The most frequently used
internationalisation-related services are assistance with global technology transfer and
assistance with international standards and agreements in the healthcare sector. In
addition, export consultancy was used by several case firms.
5 Conclusions and discussion
At the beginning of the 21st century we are witnessing increases in the importance of
services and knowledge as engines of economic development. At the aggregate level,
growth firms are required for aggregate job creation and for raising the innovation
capability in local or regional areas. Further, at the firm level, growth firms are essential
for providing high-quality jobs for professionals. These policy objectives will be better
met when entrepreneurship support policies are focused specifically on promoting the
growth of entrepreneurial firms. In this study we examine fast-growth entrepreneur-led,
KIBS firms’ growth and the innovation support services they use and require, in an
attempt to understand their anatomy, and present theory and recommendations for the
design of more effective fast-growth and innovation entrepreneurship policies. The
results of our study emphasise the importance of innovative, fast-growing KIBS firms in