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Technology-Based Firms: Critical Aspects Of Their Early Development

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  • MAGNUS KLOFSTEN

    (Department of Management and Economics Linköping University, Sweden)

Abstract

The founding and early development of a firm are crucial events. Despite this fact, most research is aimed at problems existing in firms that are established and have passed the early development. Consequently, knowledge of the early development process in a business firm is limited, particularly where technology-based firms are concerned.The purpose of this paper is to describe and analyse the early development processes of technology-based firms. The research questions are: What aspects are important in the early development of a technology-based firm? Are some of these aspects more difficult to develop than others and, if so, why? A case study approach is used. Three technology-based firms have over a period of five years been studied in detail, using interviews and sources such as minutes of board meetings, business and market plans and other documents.From a review of the literature, eight essential aspects (business idea, product, market, organization, expertise, prime mover, customer relations and other corporate relations) of the early development have been chosen. The results show that the degree of difficulty to develop the aspects vary. A particularly difficult aspect is to define the market.

Suggested Citation

  • Magnus Klofsten, 1994. "Technology-Based Firms: Critical Aspects Of Their Early Development," Journal of Enterprising Culture (JEC), World Scientific Publishing Co. Pte. Ltd., vol. 2(01), pages 535-557.
    • Handle: RePEc:wsi:jecxxx:v:02:y:1994:i:01:n:s0218495894000148
    DOI: 10.1142/S0218495894000148
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    Cited by:

    1. Evila Piva & Silvia Stroe, 2023. "New ventures fighting the war for talents: the impact of product innovativeness and entrepreneurs’ passion on applicant attraction," Small Business Economics, Springer, vol. 61(3), pages 1133-1159, October.
    2. Dina Cunha & Sandra T. Silva & Aurora A.C. Teixeira, 2013. "Are Academic Spin-Offs necessarily New Technology-Based firms?," FEP Working Papers 482, Universidade do Porto, Faculdade de Economia do Porto.
    3. Hasan Boudlaie, 2020. "Studying the content characteristics of New Technology-Based Firms," Technium Social Sciences Journal, Technium Science, vol. 3(1), pages 94-111, February.

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