The doctoral dissertation of Tomi Heimonen, M.Sc. (Econ. & Bus. Admin.), published at the Aalto University School of Business examines the characteristics of innovative, high-growth and highly successful small and medium-sized enterprises (SMEs) and the significance of business and innovation services to Finnish rapidly growing SMEs.
According to Heimonen, the innovative growth of sales and business success should not be confused with each other, but examined simultaneously. Business success includes profitability, liquidity and/or solvency. The results of Heimonen’s work support previous results according to which innovations increase sales, but do not necessarily increase business success in the short run.
Innovative and successful SMEs in business for several years
The dissertation contradicts the one-sided view that new businesses and entrepreneurs are the ones who reform the economy, employ people and create new value. Heimonen brings forward how existing SMEs and entrepreneurs are able to undergo reform, employ, grow and succeed.
According to his study, innovative and successful high-growth SMEs do not have a uniform or typical development path. What the majority of successful high-growth businesses have in common is that they have been in business for several years. These SMEs are often the second, third or nth generation of growing enterprises and entrepreneurs.
Tekes funding allocated appropriately
According to the results of the study, Tekes funding has a positive influence on the innovative growth of SMEs. This means that funding has been allocated appropriately and that it has even exceeded the basic requirements set for the impacts concerning technology development and commercialisation.
The results show that the rapid growth and success of businesses are often preceded by various critical events and focused strategies. Type of ownership also affects how businesses view rapid growth and success and other personal meanings associated with success. Entrepreneurs from family businesses have a different approach to that of entrepreneurs with a university background, for instance.
However, a survey targeted at Knowledge-Intensive Business Services (KIBS) firms and interviews with key KIBS informants indicate that current innovation support services do not flexibly meet the challenges faced by growing innovative businesses. These challenges are mainly related to the simultaneous development of technology and commercialisation and to increasing the impacts of the relationship between innovations and growth.
Public examination of the doctoral dissertation
The doctoral dissertation of Tomi Heimonen, M.Sc. (Econ. & Bus. Admin.), Characteristics of innovative, high growth and highly successful SMEs, in the field of entrepreneurship will be examined at the Aalto University School of Business Mikkeli Campus on Friday 8 March 2013 at 12 noon (Auditorium, Lönnrotinkatu 5, Mikkeli).
The opponent will be Professor Pasi Malinen (University of Turku, Business and Innovation Development (BID) Special Unit). Professor Paula Kyrö will act as the custos. The event will be held in Finnish.
Representatives of the media may request free copies of the dissertation from the Aalto University School of Business Communications Unit, viestinta-biz(at)aalto.fi or tel. +358 50 566 5673. The dissertation can also be ordered by email from: toolo(at)ayy.fi.
Pdf file of the dissertation
Further information: Tomi Heimonen, tomi.heimonen@aalto.fi, +358 50 522 8587