High-growth firms in Czechia: geographical and sectoral specifics Abstract This theses focuses on high-growth firms in Czechia, defined as firms with a predetermined year-on-year increase in turnover between years 2012 and 2015. First part is about putting high-growth firms to the context of selected theories of regional development and it also discuss factors of the firm's growth. Further the high-growth firms are analyzed with an emphasis on spatial, sectoral and other specifics. A part focused on revealing specific factors of business growth uwing qualitative methods is also included. The analysis shows that high- growth firms in Czechia are concentrated to metropolitan areas, and whole one third of them are based in Prague. High growth firms are concentrated to the manufacturing and retail and wholesale sectors. The work has suggested that individual companies may have different growth factors and and there is no one specific strategy for a successful firm growth. Keywords: High-growth firms, gazelles, economic geography, small and medium-sized enterprises

This research explores a problem important to both management strategists and policy-makers: what makes some companies grow rapidly? This topic is important as high-growth companies create a disproportionally high percentage of new jobs. The literature frequently cites sustainable competitive advantage as an explanation for firm performance and growth. Companies can build competitive advantage through the accumulation and development of resources, strategic orientations and unique capabilities. More recently, researchers have looked outside the firm for explanations, concluding that inter-firm co-operative networks and alliances are also important sources of competitive advantage leading to firm growth. While there is an extensive body of literature on firm growth, few studies have specifically addressed the antecedents of rapid firm growth. Much of the available literature is descriptive, for example Birch’s (1987) study of gazelle firms or the OECD (2008) report on high-growth firms. There are however few theoretic models or empirical tests to explain the success of these firms. In response this research explains the occurrence of high-growth firms in terms of the resource- and knowledge-based view, dynamic capabilities, core competencies, and strategic orientation theories. Structural equation and growth mixture models were tested using data gathered from a survey administered to a cross-industry sample of Canadian businesses. The study found that high-growth forms were more likely to be innovators, as well as to have a combination of strong entrepreneurial and market orientations and the ability to manage their business networks. These findings highlight the importance to management of not only responding to market demands but leading the market with innovation and extending firm capabilities and reach through networking. In addition, this research indicates that institutional support for innovation, networking and market development would assist in developing high-growth firms in Canada.

This research explores a problem important to both management strategists and policy-makers: what makes some companies grow rapidly? This topic is important as high-growth companies create a disproportionally high percentage of new jobs. The literature frequently cites sustainable competitive advantage as an explanation for firm performance and growth. Companies can build competitive advantage through the accumulation and development of resources, strategic orientations and unique capabilities. More recently, researchers have looked outside the firm for explanations, concluding that inter-firm co-operative networks and alliances are also important sources of competitive advantage leading to firm growth. While there is an extensive body of literature on firm growth, few studies have specifically addressed the antecedents of rapid firm growth. Much of the available literature is descriptive, for example Birch’s (1987) study of gazelle firms or the OECD (2008) report on high-growth firms. There are however few theoretic models or empirical tests to explain the success of these firms. In response this research explains the occurrence of high-growth firms in terms of the resource- and knowledge-based view, dynamic capabilities, core competencies, and strategic orientation theories. Structural equation and growth mixture models were tested using data gathered from a survey administered to a cross-industry sample of Canadian businesses. The study found that high-growth forms were more likely to be innovators, as well as to have a combination of strong entrepreneurial and market orientations and the ability to manage their business networks. These findings highlight the importance to management of not only responding to market demands but leading the market with innovation and extending firm capabilities and reach through networking. In addition, this research indicates that institutional support for innovation, networking and market development would assist in developing high-growth firms in Canada.

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Purpose – The presented research aims to explain, describe and analyze the process of dynamic strategy development in high growth firms. Accordingly the research seeks to investigate how dynamic strategies are used within high growth firms and how strategic learning affects the process. Design/methodology/approach – The authors presents a review of theoretically relevant studies of high growth related to strategy, and two original studies examining the impact of dynamic strategy on high growth. A theoretical framework for the study of dynamic strategy processes is developed. The study comprehends eight interviews divided over five high growth firms, where high growth is defined by the OECD (2008) standard. Findings – In the study, the researchers finds significant evidence for the active and deliberate use of dynamic strategy in the high growth firms of the study. The implication of strategic learning on the dynamic strategies is found to be substantial. The findings shows that dynamic strategy development are used to a large extent and considered vital for achieving growth within in the high growth firms of the study. Research/theoretical implications/limitations – The findings demonstrate that dynamic strategy development is actively used in high growth phases of the firms studied. This has implications on the extension of previous research, as it shows the actual use of dynamic strategy and further emphasizes the importance of strategic learning within this process. With the important limitation that the study is considered too small to generalize over a larger population, which implies that further research on the subject is needed. Managerial implications – The findings provide guidelines for managers of how to handle strategy development in high growth, however due to the previous limitation this is presented as the way the high growth firms within this study handles this development. The guidelines could be used by anyone in managerial positions, thus increasing the understanding of how high growth firms handle strategy.

[EN] UNIVERSITY ENTREPRENEURS AND SPINUPS: THE CASE OF STARTUPV, THE BUSINESS ECOSYSTEM AT THE UNIVERSITAT POLITÈCNICA DE VALÈNCIA Presented by: Daniel Martínez Aceves Directed by: Dr. Ignacio Gil Pechuán & Dr. José Millet Roig Abstract: The format chosen to present this doctoral thesis is the compendium of publications. Each of the three selected articles provides new data to respond to the objectives and issues raised by the thesis: the characterization of the university entrepreneur and the firms that are generated by entrepreneurial university ecosystems. The compendium begins with a general analysis based on an international sample of 12 countries and 20,000 graduates, and ends with a particular case study of entrepreneurs linked to a local university ecosystem. Describing the different characteristics that exist among young university entrepreneurs, self-employed workers and employees at an international level, as well as identifying their competences is the objective of the first article. The second contribution focuses on the gender-related differences among entrepreneurs, identifying their motivation for undertaking new enterprises and establishing their potential differences The most significant differences in gender are closely related to conciliating work and personal/family life. Result from the third article show that universities can play a determining role in the generation of future high-growth firms. The study concludes that future research must contribute more data in order to continue to define a new concept in newly created firms: the spinup or university gazelle; a businesses founded at a university which is halfway between a startup and a spinoff company. Universities are natural incubators for projects that can help to solve social challenges and improve society. The objective of future research in this sense, should be to improve our understanding and analysis of the common characteristics that can be extrapolated to other ecosystems, which implies a sizeable challenge given the unique, inimitable nature of entrepreneurial ecosystems. / [ES] EMPRENDEDORES UNIVERSITARIOS Y SPINUPS: EL CASO DE STARTUPV, EL ECOSISTEMA EMPRENDEDOR DE LA UNIVERSITAT POLITÈCNICA DE VALÈNCIA Presentada por: Daniel Martínez Aceves Dirigida por: Dr. Ignacio Gil Pechuán y Dr. José Millet Roig Resumen: El formato elegido para presentar la tesis es el de compendio de publicaciones. Cada uno de los tres artículos seleccionados, aporta nuevos datos a los objetivos y preguntas que se plantea esta tesis: caracterizar al emprendedor universitario y las empresas que se generan en los ecosistemas emprendedores universitarios. Se parte de un análisis general con una muestra internacional de 12 países y 20.000 egresados, para, posteriormente, concluir con un estudio de un caso concreto de emprendedores vinculados a un ecosistema universitario local. Describir las características diferenciales existentes entre los jóvenes emprendedores universitarios, los autónomos y los trabajadores a nivel internacional así como sus competencias es el objetivo del primer artículo. El segundo artículo, pretende identificar y analizar las posibles diferencias de género existentes entre los emprendedores en lo relativo a las motivaciones para crear una empresa y en la conciliación de la vida laboral y personal. Los resultados del tercer artículo, ponen de manifiesto que las universidades pueden tener un papel determinante en la generación de futuras empresas de alto crecimiento. En este último artículo se plantea un nuevo concepto de empresa, las "spinups", empresas fundadas en ecosistemas emprendedores universitarios que se encuentran entre las startups, las spinoffs y las empresas gacela. Las universidades son incubadoras naturales de proyectos de empresa, que en muchos casos pueden contribuir a la mejora de la sociedad. El objetivo de las futuras investigaciones debe ir dirigido hacia la comprensión y el análisis de las características comunes que puedan ser extrapolables a otros ecosistemas, lo cual supone un importante reto ya que los ecosistemas emprendedores son únicos e irrepetibles. / [CAT] EMPRENEDORS UNIVERSITARIS I SPINUPS: EL CAS DE STARTUPV, L'ECOSISTEMA EMPRENEDOR DE LA UNIVERSITAT POLITÈCNICA DE VALÈNCIA Presentada per: Daniel Martínez Aceves Dirigida per: Dr. Ignacio Gil Pechuán i Dr. José Millet Roig Resum: El format triat per a presentar la tesi és el de compendi de publicacions. Cadascún dels tres articles seleccionats, aporta noves dades als objectius i les preguntes que es plantega aquesta tesi: caracteritzar l'emprenedor universitari i les empreses que es generen en els ecosistemes emprenedors universitaris. Es parteix d'una anàlisi general amb una mostra internacional de 12 països i 20.000 egressats; per a, posteriorment, concloure amb un estudi d'un cas concret d'emprenedors vinculats a un ecosistema universitari local. Descriure les característiques diferencials existents entre els joves emprenedors universitaris, els autoempleats - els autònoms i els treballadors a nivell internacional així com les seues competències és l'objectiu del primer article. El segon, es centra en les diferències de gènere dels emprenedors, identificant les motivacions que porten a les emprenedores i als emprenedors a crear una empresa i veure les possibles diferències. Les diferències de gènere més significatives apareixen en la forma d'afrontar la conciliació de la vida laboral i personal. Els resultats del tercer article, posen de manifest que les universitats poden tindre un paper determinant en la generació de futures empreses d'alt creixement. Així i tot, futures recerques han d'aportar més dades per a seguir definint un nou concepte, "spinup" o empresa gasela universitària, una empresa fundada en un ecosistema emprenedor universitari que es troba entre una startup i una spinoff. Les universitats són incubadores naturals de projectes que poden ajudar a solucionar reptes socials i millorar la societat. L' objectiu de les futures recerques ha d'anar dirigit cap a la comprensió i anàlisi de les característiques comunes que puguen ser extrapolables a altres ecosistemes, la qual cosa suposa un important repte ja que els ecosistemes emprenedors són únics i irrepetibles. / Martínez Aceves, D. (2016). Emprendedores universitarios y spinups: El caso de startupv el ecosistema emprendedor de la Universitat Politècnica de València [Tesis doctoral no publicada]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/64079 / TESIS

L’intensité concurrentielle et les évolutions technologiques n’ont jamais été aussi intenses. Aussi, les entreprises en quête de pérennité sont-elles de plus en plus confrontées à une nécessité d’exploiter leurs activités actuelles et d’explorer des activités futures. Or la gestion de ce double impératif est loin d’être évidente, générant potentiellement d’importantes tensions au sein des entreprises. Bien que la recherche en management ait permis de mieux appréhender cette tension d’Exploration/Exploitation, il reste des zones de contradiction et des espaces non explorés. En particulier, il n’y a pas de consensus sur les définitions des concepts d’exploration et d’exploitation, ne permettant pas ainsi de garantir une certaine cohérence dans la recherche (Birkinshaw & Gupta, 2013). D’autre part, la tension Exploration/Exploitation n’a que très peu été étudiée dans le contexte des jeunes entreprises de croissance - également appelées « scale-up » - qui ont la particularité d’être exposées à de forts enjeux de survie. Ainsi, afin de contribuer à une meilleure compréhension des problématiques que soulève cette tension au sein de celles-ci, un format de thèse sur travaux, comprenant trois études complémentaires, est adopté.Au préalable, afin de cadrer conceptuellement la thèse, je réponds, dans une première étude, à l’appel des chercheurs pour la clarification des concepts d’exploration et d’exploitation en proposant une typologie d’exploration. Puis, par l’intermédiaire d’une approche multi-cas longitudinale menée auprès de huit jeunes entreprises de croissance, j’explore tout d’abord, dans une deuxième étude, les facteurs influençant les orientations stratégiques des entreprises quant à leurs activités d’exploration et d’exploitation. Enfin, dans la troisième étude, je cherche à comprendre comment le fonctionnement des équipes de direction définit les rôles de chacun dans les activités d’exploration et d’exploitation. / Competition and technological change have never been as intense as they are today. To survive, companies must increasingly carry out current activities at the same time that they explore future ones. It is no easy task to operate on both of these fronts, and doing so is a potential source of tension and contradiction. Although management research has provided insight into the exploration and exploitation tension, there are still contradictions and unexplored areas. In particular, there is no consensus on the definition of the concepts of exploration and exploitation, which means the research lacks a certain level of consistency. In addition, there has been very little attention paid to the Exploration/Exploitation tension in the context of young, growing “scale-up” companies, which are particularly exposed to threats to their survival. To obtain a better understanding of the situations this tension causes in these companies, we have adopted a multi-paper dissertation consisting of three complementary studies.In the first study, to create a conceptual framework for the thesis, we answer researchers’ call for a clarification of the concepts of exploration and exploitation by proposing a typology of exploration. Then, based on a longitudinal, multi-case approach focused on eight scale-up companies, we first explore, in a second study, the factors influencing firms’ strategic orientations vis-à-vis exploration and exploitation activities. Finally, in the third study, we seek to understand how management teams define their individual roles with respect to exploration and exploitation activities.

The aim of this study is to investigate the relation between venture capital and the number of high growth firms. Previous research has covered the relation at the firmlevel where the positive effect of venture capital on innovation, firm growth and economic growth has been established. However, the research field have been lacking a more aggregated approach. With a fixed effects panel regression with the number of high growth firms as the dependent variable and the amount of venture capital as the key independent variable, this study is conducted at the country-level with a panel of 20 countries. The study yield no significant results except the positive effect of GDP per capita. The conclusion is that the data available today is not ready for this level of aggregation as it captures to much noise with regards to other factors affecting firm growth in a country. Growth in employment might also be an outdated proxy to measure firm growth as today's modern firms are not as dependent on a large number of employees to scale as in the past. / Målet med denna studie är att undersöka relationen mellan riskkapital och snabbväxande företag. Tidigare studier har undersökt relationen på företagsnivå där riskkapitalets positiva effekt på innovation, firmatillväxt och ekonomisk tillväxt har påvisats. Dock har forskningsfältet saknat ett tillvägagångssätt på en mer aggregerad nivå. Med en fixed effects-modell applicerad på paneldata med en beroende variabel bestående av antalet snabbväxande företag och en oberoende variabel bestående av mängden riskkapital, undersöks relationen på landnivå med ett urval av 20 länder. Studien visar inga signifikanta resultat bortsätt från kontrollvariabeln BNP per capita som är positiv och signifikant. Slutsatsen i arbetet är att den data som finns tillgänglig idag inte är mogen för studier på en aggregerad landnivå då brus i form av andra faktorer som påverkar snabbväxande företag i ett land fångas upp. Företagstillväxt mätt i tillväxt i antalet anställda i ett företag kan även vara en föråldrad metod. Dagens moderna företag präglade av affärsmodeller som inte kväver arbetskraft för att skala upp verksamheten på samma sätt som företag traditionellt gjort historiskt.

En tillväxtfas kännetecknas av en föränderlig affärsmiljö som medför interna och externa utmaningar. Detta eftersom företagen måste kontrollera en större organisation samtidigt som de behöver förbättra sina konkurrensfördelar. Som konsekvens påverkas även företagets strategier och den ekonomistyrning som tillämpas, där företagen måste anpassa sig till förändringar för att säkerställa fortsatt framgång. Tidigare studier påvisar att företagen därtill är i behov av en mer adekvat styrning som kan stödja företaget i tillväxtfasen. I linje med detta har det under senaste åren skett en utveckling inom ekonomistyrningsområdet som har myntat strategisk ekonomistyrning, vilket beskrivs som en framåtblickande och flexibel styrmodell. Tidigare studier påvisar endast behovet av denna typ av styrning samt att företagen behöver hantera förändringar. Däremot finns det begränsad forskning om hur styrsystemet faktiskt utformas under tillväxt. Syftet med studien är att redogöra för hur strategisk ekonomistyrning utformas under tillväxt för att hantera interna och externa förändringar. För att genomföra studien användes en kvalitativ forskningsmetod och en deduktiv ansats. För att samla in det empiriska materialet genomfördes nio intervjuer med gasellföretag eftersom de kännetecknas av påfallande tillväxt. Studien visar att strategisk ekonomistyrning under tillväxt präglas av ständig förbättring och anpassning. Genom uppföljning och anpassning ökar förståelsen för vilka interna och externa faktorer som bidrar till tillväxt och mer konkurrenskraftiga strategier som i sin tur möjliggör fortsatt framgång och tillväxt. Studien visar även på att det är svårt att formulera långsiktiga planer och mål eftersom gasellföretag hela tiden ställs inför nya ändrade förutsättningar. Gasellföretagens strategier är således tvungna att vara flexibla och målen fungerade mer som en tänkt riktning för företagen, snarare än något som var tvunget att uppnås. / A growth phase entails a dynamic business environment with internal and external challenges. Companies must effectively handle a larger organization as well as enhance their competitiveadvantages. Consequently, the company's strategies and management control system are impacted, necessitating adaptation for sustained success. In line with this, there has been a development in the field of management control in recent years, strategic management control, which is described as a more forward-looking and flexible control system. Previous studies only highlight the need for this type of management and the companies' need to manage changes. However, there is limited research on how the control system is designed during the growth phase. The purpose of the study is to examine how strategic management control is designed during growth to manage internal and external changes. To carry out the studies, a qualitative research method and a deductive approach were used. In order to collect the empirical material, nine interviews were conductef with gazelle companies were interviewed since they are characterized by remarkable growth. The study shows that strategic management control during growth is characterized by constant improvement and adaptation. Through follow-up and adaptation, the understanding of which internal and external factors contribute to growth and more competitive strategies increases, which in turn enables continued success and growth. The study also shows that it is difficult to formulate long-term plans and goals since gazelle companies are constantly faced with new and changed conditions. The gazelle companies' strategies thus had to be flexible, and the goals functioned more as an imagined direction for the companies, rather than something that had to be achieved.

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