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4 Results, evaluation of the studies and concluding remarks examination period, 2002 to 2005. The results also show that the main strategy in the KIBS sector was imitation, and that innovation only partially explains the high-growth performance of given firms. Around 25% of the respondents estimated that innovation had had a marked influence on the turnover growth of their firms. It could be concluded that many kinds of innovation may be drivers of high growth. Enhancement of products or services, implementation of new products or services and accessing new markets or marketing-related innovation increased the likelihood of a firm in the KIBS sector being classified as an innovative high growth firm. These results indicate that many kinds of innovations may be linked to high growth, thus supporting organisations should acknowledge this by designing and exploiting diverse opportunities for supporting innovationdriven growth. Furthermore, innovation seems to only partially explain high growth, therefore the importance of other factors, associated to varying degrees with innovation, must be acknowledged to provide the full range of support services that firms require. Regarding the enhancements to regional innovation support services that could be made to foster the growth of innovative ventures, to date they have commonly focused on facilitating technology development, transfer and protection, as well as providing basic business support services, including office infrastructure. However, current innovation support services do not seem to be designed for commercialisation of technologies, although the results indicate that entrepreneurs recognise that commercialisation is most vital when striving for high innovation-driven growth. Furthermore, the results indicate that the funding and innovation support services provided by the government are sometimes too bureaucratic and inflexible to rapidly react to the changing requirements of firms during the commercialisation process. Therefore, support services have to be more flexible to help small innovative firms to solve the problems they confront during their specific commercialisation processes. In addition, since knowledge-based resources (including scientific, technology transfer and technology commercialisation competence) seem to be rare within SMEs, the opportunities for SMEs to access relevant services of regional innovation systems provided by diverse stakeholders need to be improved. Practical insights drawn from the results include the following: Allocation of resources to R&D has been an appropriate strategy for increasing the number of IPRs generated by growing SMEs Firms’ growth and success should be investigated simultaneously Pragmatic modelling of HGS SMEs should be developed further 56
4 Results, evaluation of the studies and concluding remarks Robust analyses of innovation, high growth and high success datasets require careful refinement of the data, accurate model specification and competent interpretation of the results Future studies should focus on periods longer than 3-5 years since the duration of HGS periods is uncertain, Possible uncertainties and discontinuities of variables have to be acknowledged When analysing HGS firms the fit of the assumptions underlying the applied methods with the research questions and data must be verified’ A mixed method approach is needed to include behavioural and management issues, and their longitudinal effects and meanings, in the analysis The dominant logic of creating and profiting from innovation are vital elements when creating efficient and effective support initiatives that may foster innovation driven high-growth Implications of the results are important for policy makers since they show that the allocation of resources to R&D is an appropriate strategy for increasing the amount of IPRs of growing SMEs. Moreover, venture capitalists and business angels should consider the time frames of their investments if they want to take advantage of the introduction of innovation (e.g. IPRs), they should be patient and wait for the benefits of commercial exploitation. The contribution and main implications for SME owners and family businesses are that firms should first have the patience to take care of profitability and thereafter strive for growth. Focused strategy may ensure more effective concentration on core activities and thus generate a more profitable outcome. For the educators and researchers the implication is that the heterogeneity of branches of industry, types of businesses and discontinuities should be taken into account when formulating programmes and planning studies about SME performance. Moreover, when trying to influence on profiting from innovation paradox regional innovation support services should focus more on commercialisation of technologies in order to foster growth of innovative ventures. 4.3 Limitations The findings of the studies need to be reviewed critically in the light of their limitations, which include the use of small, skewed and cross-sectional longitudinal IHGS SME datasets. The results cannot be directly generalised to a whole firm population since SMEs have been selected from the 57
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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
Page 16 and 17: 1 Introduction Some scholars claim
Page 18 and 19: 1 Introduction In addition, the dur
Page 20 and 21: 1 Introduction Figure 1: Framework
Page 22 and 23: 1 Introduction factors that affect
Page 24 and 25: 1 Introduction 1.4 Key concepts and
Page 26 and 27: 2 Literature review and conceptual
Page 46 and 47: 3 Research methodology Constructivi
Page 48 and 49: 3 Research methodology and the meth
Page 50 and 51: 3 Research methodology The data use
Page 52 and 53: 3 Research methodology 3.4 Models a
Page 54 and 55: 3 Research methodology reliable. Se
Page 56 and 57: 3 Research methodology concluded th
Page 58 and 59: 4 Results, evaluation of the studie
Page 70 and 71: References Abetti, P. A. (2001). Ac
Page 72 and 73: References Bhide, A. (2000). The or
Page 74 and 75: References Creswell, J. W. (2003).
Page 76 and 77: References Golafshani, N. (2003). U
Page 78 and 79: References Leitch, C., Hill, F., an
Page 80 and 81: References Pellikka, J. and Laurone
Page 82 and 83: References Storper, M. (1992). The
Page 84 and 85: Appendixes Overview: Appendix 1: Ke
Page 86 and 87: Appendixes High growth When examini
Page 88 and 89: Appendixes profitability, liquidity
Page 90 and 91: Appendixes Appendix 1 Continued (Ke
Page 92 and 93: Appendixes Appendix 2 Construction
Page 94 and 95: Appendixes Appendix 2 Continued (Co
Page 96 and 97: not increased compared to Eastern F
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Page 100 and 101: propensity for risk taking (Covin a
Page 102 and 103: 2. Former studies and derivation of
Page 104 and 105: firm’s annual sales growth (Arund
Page 106 and 107: H4. Firm success has an impact on t
Page 108 and 109: other branches in which employment
Page 110 and 111: and Rao, 2008). Because of the unev
Page 112 and 113: Table 1. Characteristics of the dat
Page 114 and 115: 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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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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412 J. Siikonen et al. Eastern Finl
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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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