Title: The development of high growth and highly successful SMEs: cases from Eastern Finland

Authors: Markku Virtanen, Tomi Heimonen

Addresses: School of Economics, Entrepreneurship, Small Business Centre, Aalto University, Lonnrotinkatu 7, FIN-50100 Mikkeli, Finland. ' School of Economics, Entrepreneurship, Small Business Centre, Aalto University, Lonnrotinkatu 7, FIN-50100 Mikkeli, Finland

Abstract: The study analyses the development of high growth and highly successful (HGS) Finnish firms before and after their HGS period. What factors affect growth and success of the firms? How do these firms contribute to job creation? After some critical events, the firms followed focused strategy and concentrated on core activities. In HGS, firm growth and profitability fluctuates parallel directions. Firms had quadrupled their employees in ten years. Family business and venture capital backed university spin-off categories were identified to have slightly different approaches in their development. Strategic changes and focused strategies were found to be drivers for success.

Keywords: high growth ventures; high success ventures; venture profitability; venture growth; venture strategy; job creation; Finland; family firms; family business; venture capital; university spin-offs; strategic change; focused strategies; entrepreneurship; SMEs; small and medium-sized enterprises.

DOI: 10.1504/IJTTC.2011.040898

International Journal of Technology Transfer and Commercialisation, 2011 Vol.10 No.3/4, pp.411 - 432

Available online: 26 Jun 2011 *

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