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1 Introduction Figure 1: Framework of the studies Note: The signs of interrelationship are presuppositions based on previous research. (+) positive correlation between variables, (±) positive-, negative- or no statistical correlation between variables Overall, the studies contribute to contemporary discussion of high growth performance entrepreneurship and venture research by analysing factors that affect growing, innovative SMEs. Since there are no-all embracing or clear-cut theoretical foundations for such analyses, a new conceptual framework has been constructed, based (inter alia) on resourcemunificence, regional competitiveness and life-cycle theories (Gibb and Davies, 1990; Storey, 1994) and results of previous empirical studies on innovation, growth and the success of SMEs. The studies contribute to both innovation and entrepreneurship theory by presenting a theoretical model that was developed and tested on a longitudinal sample (1988-2005) of growing SMEs (n=348). The relationships between innovation, growth and success were examined by analysing the correlations between them both separately and in combination. The studies investigate characteristics of successful, high growth SMEs and methodological problems that may arise when analysing firms’ growth and success quantitatively and simultaneously. The novel empirical perspective is the focus on the factors, including innovation, that promote high growth and high success both singly and simultaneously. The methodological focus is on challenges associated with use of regression modelling when analysing high-performance SMEs. There is a need for more longitudinal field research, including explorative and pragmatic in-depth case studies to increase fine-grained understanding of entrepreneurship (Abetti, 2001; Achtenhagen et al., 2010; Birch, 1987; Birley et al., 1995; Bygrave, 2006; Wiklund and Davidsson, 2000; Parker et 10
11 1 Introduction al., 2010). Therefore, longitudinal development processes and paths before, during and after firms’ high growth and high success (HGS) periods have been analysed, based on the firms’ entrepreneurs’ and managers’ perceptions. The studies also include analyses of the performance of ventures and their entrepreneurs, based on prior theory and empirical performance case studies. The items addressed in these analyses include: the role of the entrepreneur; experience and motives at start-up and during growth; product and production policy; management and ownership; finance; markets and customers; firms’ strategic choices and social capital; and future challenges. The relationships between innovativeness, high growth and high success in this phase of the investigation were considered from the perspective of subjective meanings that entrepreneurs themselves give to these characteristics. There has been little research on the kind of support entrepreneurs and their businesses need to foster both innovation and high growth (Blakely, 1994; Fischer et al., 2003; Klofsten and Jones-Evans, 1996; Rae et al., 2007). Therefore, one appended article examines, in detail, the business requirements of small, innovative high growth knowledge-intensive technology firms (T-KIBS) that are not fully met by regional innovation support services (Kaufman and Tödtling, 2002; Pellikka and Virtanen, 2009), to ascertain ways in which the services could be adjusted to enhance the overall innovativeness, growth and success of small firms. 1.3 Outline of the studies This dissertation consists of two parts. Part 1 is an overview of the subject matter, divided into four chapters. The introductory chapter covers the relevance of the studies, research aims, objectives and questions addressed, then presents an outline of the studies and key concepts used (Figure 2). Chapter two presents a literature review and the conceptual framework of the studies. Chapter three outlines the methodological basis of the studies, focusing on the key methodological choices made, and describing the research strategy and design, data collection, data analysis and questions related to the validity and reliability of the results. Finally, chapter four reviews and summarises the results and theoretical contributions of the research, then considers its limitations and possible avenues for further research. Part 2 consists of four articles (I, II, III and IV) describing research efforts to address, empirically, the objectives, main research questions and more specific issues considered in this dissertation. Article I, What are the
Page 3 and 4: Aalto University publication series
Page 5: Author Tomi Heimonen Name of the do
Page 9 and 10: Acknowledgements This dissertation
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Page 13: List of Articles This thesis is bas
Page 16 and 17: 1 Introduction Some scholars claim
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Page 22 and 23: 1 Introduction factors that affect
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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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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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other branches in which employment
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and Rao, 2008). Because of the unev
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Table 1. Characteristics of the dat
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firms from other firms. The data in
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Table 2. Logistic Regression analys
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Public R&D funding was shown to inc
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References Achtenhagen, L., Naldi,
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Kanter, R. (1985), “Supporting in
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Appendix 1. Corporate population ch
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Appendix 3. Distribution of personn
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12 Int. J. Business and Globalisati
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14 T. Heimonen and M. Virtanen we u
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20 T. Heimonen and M. Virtanen 3.2.
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392 Int. J. Entrepreneurial Venturi
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394 J. Siikonen et al. firms’ gro
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396 J. Siikonen et al. generally re
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398 J. Siikonen et al. determinants
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400 J. Siikonen et al. 3.1 National
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402 J. Siikonen et al. 2 the firm
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404 J. Siikonen et al. 4 Results 4.
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406 J. Siikonen et al. innovation a
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408 J. Siikonen et al. the responde
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410 J. Siikonen et al. activities i
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414 J. Siikonen et al. Delmar, F.,
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416 J. Siikonen et al. Oerlemans, L
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418 J. Siikonen et al. Appendix 1 V
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