dissertation in pdf-format - Aalto-yliopisto

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