innovation has been studied mainly in large, multinational enterprises, of which most have large internal R&d departments or operate in technology intensive industries.
enterprises N-SME=792 Large firms N-large=175 Mean Standard deviation Mean Standard deviation
Examples include SAP in enterprise soft -ware, Autonomy in unstructured search and Sage in accounting and customer relationship
Mediume Enterprises (SMES Thomas Cooney Dublin Institute of technology, thomas. cooney@dit. ie Follow this and additional works at:
Cooney, T. 1996) Perceived barriers to innovation in small to mediume enterprises (SMES. Irish Marketing Review, Vol. 9, pp. 87-97
Perceived Barriers to Innovation in Small to Mediume Enterprises (SMES Thomas Cooney Recommended Citation untitled
Enterprise and Industry D/1"Policy Development for Industrial Innovation "Rights restrictions Material from this Policy Brief can be used freely
The OECD defines high-growth enterprises as firms with average annualised growth in employ -ees or in turnover greater than 20%a year, over a
-zelles†are born newly high-growth enterprises not older than five years. These definitions have be
The answer to the question why enterprises grow is complex. Many factors can trigger enterprise
growth and, vice versa, possible barriers to growth are manifold. In recent years, research has widely
of high-growth enterprises is small, but the number and share of jobs they create is disproportionally
support high-growth enterprises is still small. Re -search for this Policy Brief found hardly any fo
Enterprise Europe Network (EEN) may not be tan -gible enough for SMES, and the EEN€ s search tool
-eral thousand German enterprises, the single most important reason for growth stated by high-growth
by non-high-growth enterprises were an unfavour -able development of the business cycle and strong
-port high growth of enterprises in order to leverage the positive impact of these enterprises. Such poli
-cies in any case need to result from market failure 2. Seeking sustainable (high) growth: As high
Since high-growth enterprises can be found in any industry and since business ecosystems, which
Commission†s Enterprise Europe Network Policies for high-growth innovative SMES v1. 6 8 1 Setting the scene:
-ter fast growing enterprises †sometimes labelled â€oegazelles†or, when having reached considerable size, â€oego
-rillasâ€. 1 These enterprises are seen as important drivers of economic growth, employment and social well -being.
Therefore Europe is eager to find effective ways to promote high-growth enterprises. In particular, Europe seeks to strengthen growth of enterprises that are yet small
or medium-sized but possess high potential to grow fast in order to become the Googles, Microsofts or Amazons of tomorrow.
-tial. †An annual performance scoreboard of the EU is to include an item â€oe3. 1. 3 High-growth enterprises (with more
on evidence from literature analysis, case studies, an enterprise survey and expert interviews Structure of this Policy Brief
-ings about reasons for growth and non-growth from an enterprise survey. Finally, Chapter 7 draws conclu
Type of enterprises focused in this study This Policy Brief follows the OECD definition which defines high growth enterprises as follows:
â€oehigh -growth enterprises, as measured by employment (or by turnover), are enterprises with average annualised
growth in employees (or in turnover) greater than 20%a year, over a three-year period,
and with ten or more employees at the beginning of the observation period. †4 A size threshold of ten employees is suggested to
avoid the growth of micro enterprises distorting the picture. Excluded from this definition are companies that
A certain share of high-growth enterprises are defined so-called â€oegazelles†as â€oehigh-growth enterprises born five years or less before the end of the three-year observation period. †6 This means that this Brief also deals
with â€oegazellesâ€, but they are not the exclusive focus of interest because this Brief also considers companies
-erature about high-growth enterprises †there is also the notion of â€oegorillas†for companies that grow quickly
Furthermore, this Brief does not consider just any high-growth enterprises, but only innovative high-growth
enterprises. This focus can be justified with empirical findings: Innovative companies in Europe were found to be more likely to perform over 20%growth in three consecutive years than non-innovative companies
Finally, this Brief considers small and medium-sized enterprises (SMES), defined as companies with less
Exhibit 2-1 visualises the share of enterprises which this studies targets Exhibit 2-1:
high growth innovative enterprises high growth innovative SMES innovativesmes gazelle -SMES high growth SMES all SMES
all enterprises Note: Circle sizes do not reflect the actually existing number of companies. In particular, high-growth enterprises and in
-novative enterprises are in reality just a small share of all enterprises. Not shown: There are gazelles that are not SMES
Source: empirica A definition of innovation The OECD€ s â€oeoslo Manual†is accepted a commonly source for definitions of innovation.
Primary data collection ï Representative enterprise survey (CATI ï INNO-Grips case studies and case briefs
Data from various secondary sources is used here not only for exhibiting numbers of high-growth enterprises but also for other indicators such as venture capital provision
Targeted questions were included in a primary enterprise survey by the Institut der Deutschen Wirtschaft the IW Zukunftspanel (directly translated from German:
also larger enterprises to develop and operate business innovation projects in collaboration with other firms, universities and research institutions
political measures that should be implemented to make the determinants more conducive to enterprise inno -vation and growth, the composition of effective policies and the types of enterprises that should be supported
are all controversial issues. 17 In the Policy Brief, the conceptual framework will ameliorate this analysis, al
Although the subject of high-growth enterprises is of fairly recent interest, a considerable and further growing
In recent years the European commission charged three studies about high-growth enterprises which brought forward the following main results
In December 2010 the OECD published a report named â€oehigh-growth enterprises: what governments can do
The EIP provides data about high-growth enterprises which may be taken as a proxy for data about high
on top for both manufacturing (8. 6%high-growth enterprises) and services (8. 2%)†see Exhibit 4. The fol
high-growth enterprises, the USA were nevertheless ahead of most other European countries for which data
about high-growth enterprises were available, including Hungary, Sweden Spain, Norway, Luxembourg Finland, and Romania.
Share of high-growth enterprises (employment definition) in%of enterprises with ten or more employees 0
***Employer enterprises with fewer than 250 employees Source: OECD (2009), p. 29 The picture is similar for â€oegazellesâ€.
-panies with the highest R&d expenditures among the largest enterprises from the US, Europe and other
countries. 21 Of the US enterprises, 22%were founded after 1975 and 57%before 1925, and of the enter
European enterprises were founded after 1975, while 86%were established before 1925. Exhibit 3-3 shows the related data
and the largest enterprises from other countries from EU-IPTS non-EU R&d scoreboard companies.
The sample for the US included 80 enterprises, the EU sample 86 enterprises and the sample for other countries 60 enterprises.
Firm-level data was provided by the Zentrum fã r Europã¤ische Wirtschaftsforschung (ZEW), Mannheim, Germany
Share of enterprises with highest R&d expenditure by age class and world 0 %20 %40 %60
Thus the share of young enterprises among large innovative companies is much larger in the US and
innovative enterprises are young, they must have passed through a period of high growth. In other
some in niche markets, enterprises that may be established long but largely unknown to the public due to
business dynamism for generating high-growth enterprises †and that more high growth firms in Europe may
First, innovative enterprises introduce new products, services, production processes or business methods that enhance consumer welfare.
Third, enterprises can contribute to industrial clusters and ensuing agglomera -tion benefits for other firms.
enterprises may also produce negative externalities: First, they may destroy the rents, market shares or em
-ployment of established enterprises. Second, when there are strong â€oefirst mover advantages†for market en -trants, the result may be an undesirable contest with too much rent seeking and investment from the soci
Many determinants of enterprise growth †opportunity seeking crucial A crucial question for evidence-based and effective policies to foster enterprise growth is:
Why do enter -prises grow? Or rather: Why do some enterprises grow while others do not?
This is a general question that requires a complex answer. 28 Hà lzl (2008) found that â€oethere are many factors
Possible barriers for high growth of enterprises in the EU As there may be evidence that Europe generates less high-growth SMES or at least less young global lead
High-growth enterprises are very important for employment creation Considering policy makers†desire to create jobs,
The number and share of high-growth enterprises †more precisely: of those enterprises with persistent high growth †is small,
but the number and share of jobs they create is disproportionally large. 38 A study by the World Economic Forum published in 2011 claims to â€oepresent the first extensive evidence
small share of high-growth enterprises for overall employment creation in several countries. 43 Other studies
Furthermore, Davidsson/Steffens/Fitzsimmons argue that growth is often not a sign of sound enterprise de
Among the most prominent studies about policies for high-growth enterprises are the ones by the OECD
-ing in young and small enterprises, improve access to debt and equity finance when necessary,
Autio et al. produced a comprehensive analysis of policies for high-growth enterprises. The study team men
-ticipating enterprises and entrepreneurs because only a very small share of them are willing and
%of the enterprises stated they would not have set up the business without GIF support. 62 The share of high
60 See http://ec. europa. eu/enterprise/policies/finance/cip-financial-instruments/index en. htm and
One of the most prominent and recent national policy activities for high-growth enterprises is the Startup
incubator that focuses on young enterprises with high growth potential. VIGO is meant to bridge the gap be
50 enterprises were funded. This funding is intended for small early-stage enterprises with impressive plans and the resources necessary for international growth.
For example, funding was provided to two companies that in January 2010 received the prestigious â€oered herring global 100 award†for the world†s most promising
Severa (http://www. severa. com/int), a provider of enterprise resource plan -ning systems, and 7signal (http://www. 7signal. com), a wireless quality advancements specialist
In 2009 the growth company development service covered around 400 enterprises. 74 Enterprise Finland is a business service for foreigners
and immigrants in Finland targeted at various firm segments, including growth companies. In January 2011 it organised the first Enterprise Finland Venture
Forum, connecting 37 national and international financiers with 25 Finnish growth companies. 75 At the beginning of 2008 the innovation department of the Ministry of Employment and the Economy estab
As the evaluators of the supportiveness of the Finnish innovation system for high growth enterprises state
200 start-up enterprises received the CTI start-up label, and 85%of them are still operating,
95 See http://ec. europa. eu/enterprise/entrepreneurship/financing/publications documents. htm 96 See OECD (2010), p. 11.
The origins of imbalance between demand for finance enterprises and finance supply are understood well in
99 See http://ec. europa. eu/enterprise/policies/finance/financing-environment/index en. htm 100 As announced by the European commission on 13 april 2011, see European commission (2011
103 See http://ec. europa. eu/enterprise/policies/finance/financing-environment/sme-finance-forum/index en. htm
104 See http://ec. europa. eu/enterprise/policies/finance/risk-capital/business-angels/index en. htm 105 See http://ec. europa. eu/enterprise/policies/finance/risk-capital/start-up-finance/index en. htm and section 4. 1. 1 in this
Policy Brief about GIF 106 See http://ec. europa. eu/enterprise/policies/finance/risk-capital/venture-capital/index en. htm
107 See http://ec. europa. eu/enterprise/policies/finance/risk-capital/venture-capital/index en. htm 108 See http://ec. europa. eu/enterprise/policies/finance/risk-capital/index en. htm
109 EVCA (2010), p. 3 110 See EVCA (2010), p. 4 Policies for high-growth innovative SMES v1. 6
43 with business angel networks. The related evaluation study suggests that â€oethe emphasis could be on facilitat
seek finance for certain stages in the life of an enterprise in a certain region may be helpful when all pieces
the Enterprise Europe Network At EU level the link between innovation and internationalisation has been recognised fairly recently. 129 A key
initiative is the Enterprise Europe Network (EEN), supported by the European commission, which links inno -vation and internationalisation policies.
SMES seize global opportunitiesâ€, http://ec. europa. eu/enterprise/newsroom/cf/itemlongdetail. cfm? item id=5119
130 See http://www. enterprise-europe-network. ec. europa. eu/about/mission Policies for high-growth innovative SMES v1. 6
According to DG Enterprise and Industry, since the establishment of EEN in early 2008 by the end of 2010 more than 2 million SMES tapped into the network.
developing an international strategy to the enterprises. A 2010 study evaluating the results of the merger
DG Enterprise and In -dustry issued a study to assess sectoral policy approaches and to identify good practices in these initia
The Finnish activities to support high enterprise growth apparently have no industry focus (see section
At the workshop related to this Policy Brief, Luc Hendrickx, Director for Enterprise Policy and External Relations at the European Association of Craft, Small and Medium-Sized Enterprises (UEAPME
suggested focusing on improving the business environment for all enterprises rather than aiming to create
specific incentives for growth. Fast growing enterprises could be taken into account, but not at the expense
of other SMES. On the other hand, Canadian SME coach Allan Martel favours a focus on high-growth SMES
-rea has also become evident in 2010 by establishing five contact points of the European Enterprise
In Korea the SME sector, accounting for 99%of enterprises and 88%of employees, is consid
account for 99%of all enterprises and 88%of all employers. The traditional Korean policy perception of
-facturing, is an enterprise with less than 300 employees and with sales less than 8 billion won (approximately
-ment supports SMES with up to 300 employees with numerous measures, enterprises with more than 300 employees are regarded as large firms under strict government regulation
As a result, many enterprises do not grow Although the â€oeweakness concept†is still dominant,
ï improved support to spin-offs by executives and employees of large enterprises ï enabling start-ups at home and expanding the infrastructure for one-person creative enterprises
ï establishing a support system to link excellent technology ideas with start-ups ï financial support and training for entrepreneurs†clubs at universities
-tutes and other enterprises ï If more than two SMES and a research institute cooperate to create a new product or model in one or
two years, they can receive Enterprise Joint Tech Development funds ï The Production Environment Innovation Tech Development programme provides funds to improve
investment and support for technology innovation R&d of global leader enterprises. The government also initiated the â€oesme-type Promising Green Technology Roadmap†in June 2009.
which was oriented towards large enterprises in the past, to SMES. The new focus is on the promotion of â€oeglobal Star SMES€ as the backbone of the economy.
The selected enterprises will be supported by a comprehensive support package; examples of this support include technology,
The introduction of policy schemes for supporting this group of enterprises will probably impact the Korean
Introducing a related law (Mid-sized Enterprise Promotion Act and the institutionalisation of this structural change are complicated issues and currently under discussion
-port-oriented enterprises. Identifying promising export companies, up to 2, 400 firms, and nurturing them into
small but strong global enterprises is the policy focus An Example of a company with Korean government support:
Not only large enterprises, but also SMES invested in foreign countries aggressively SMES€ share of overseas investment reached 54%in terms of the number of cases and 26%in terms of
Although, for example, more than 30,000 enterprises were designated as innovative SMES, the designation system itself seems less practical.
-tors and has launched initiatives towards developing high-growth enterprise clusters. Two Singaporean government agencies are involved directly in supporting high-growth SMES
sub-programme named Get-Up (Growing Enterprises through Technology Upgrade. SPRING collaborates with trade development agencies to assist promising local businesses with gov
generate high-growth enterprises. While the government has attributed the successful recov -ery from the word-wide economic crisis to the numerous opportunities SMES have been pro
Development Board, 99%of all enterprises are micro, small and medium-sized enterprises. These employ
-growth enterprise clusters. The aim is to generate †new creations, new products, new services and technol
named Get-Up (Growing Enterprises through Technology Upgrade. Exhibit 5-5 provides an overview of the
-ternationalisation of potential high-growth enterprises and the Jurong Town Council providing real estate and connectivity infrastructures for high-growth SMES
Enterprises Nurture and Grow SMES IE Singapore Create Markets Develop access to overseas markets A*STAR
SPRING Singapore is an enterprise development agency with a focus on supporting the growth of local Singaporean enterprises
SPRING explicitly seeks to â€oegrow dynamic and in -novative growth-oriented enterprises††i e. to sup
start-up to large enterprises Exhibit 5-6: SPRING€ s enterprise development concept Source: SPRING Singapore
Policies for high-growth innovative SMES v1. 6 63 In the financial year 2009/2010, SRING Singapore was allocated an operating budget of 54.5 million Singa
Partnership (MAP) Initiative and the Enterprise Internship Programme (EIP) to assist the develop -ment of high-growth SMES.
ï The Design Engage Initiative helps local enterprises build strategic-design thinking capabilities There were 17 companies supported in 2009,23 since 2008
The GET-Up programme, short for â€oegrowing Enterprises through Technology Upgradeâ€, supports long-term pre-competitive research and development (R&d) and enhances the technology competence of potential en
A*STAR's Science and Engineering Research Council helps enterprises in the Get up programme pair up with research partners to enhance their technology Edge in fiscal year 2009/2010
-ing to generate high-growth enterprises. There are four support initiatives under the Get-UP programme in
ï Technology for Enterprise Capability Upgrading (T-Up) is a multi-agency effort involving sending Re
-search Scientists and Engineers (RSES) to local enterprises ï Operation and Technology Roadmapping (OTR) provides the â€oebig†picture view of the technologies
potential high-growth enterprises may leverage on the Research Institutes laboratory facilities for their R&d related activities
the end of 2010,3 million Singapore dollars, in grants, had been extended to 34 promising local enterprises 149 See http://www. a-star. edu. sg/Industry/Programmesforsmes/GETUPPROGRAMME/tabid/220/Default. aspx
Technology for enterprise capability upgrading for Resin and Pigment (R&p Resin and Pigment Pte Ltd (http://www. resinpts. com/)is a supplier and manufacturer of colour
-sidering the dominance of micro, small and medium-sized enterprises in Singapore and the traditional
potential high-growth enterprises and drive the diversification of the local economy. Consequently, invest -ments by Singapore†s government are expected to rise steadily.
/ï SPRING Singapore-Building Growth Enterprise http://www. spring. gov. sg/Aboutus/AR/Documents/ar2009 2010/pdf/9-building-growth-enterprise. pdf
Papers and books ï Best Practices: Government Insights Country Profile Series: Singapore (IDC#HK9694101S, Jan 2010
However, enterprises with the majority of their VC funding (but less than 100%)coming from government VCS have significantly worse exit perform
-ance than enterprises with private VC funding. Government programmes often have multiple agendas, e g local employment and regional development.
-nese government†s SME (small and medium-sized enterprise) policies towards finance and employment safety net issues, the strategic line of discussion in 2010 gravitates around the
â€oerectify the gap between SMES and large enterprises in terms of productivity. †In 1999, the government re
-ing apt responses by enterprises to abrupt environmental change. Two policy systems were carried-over from the previous law:(
4) finance and taxation and (5) consideration for small-scale enterprises. These five new policy systems have shifted public discussion from protection to promotion of SME business activi
commissioned Survey of Fund Raising by Small and Medium Enterprises finds that a more fundamental
According to the Survey of Fund Raising by Small and Medium Enterprises, a major bottleneck in financing
White paper on Small and Medium Enterprises in Japan: Pulling Through the Crisis. Tokyo: Ministry of Economy, Trade and Industry (www. meti. go. jp
ï White paper on Small and Medium Enterprises in Japan: Finding Vitality Through Innovation and Human Re
Survey of Fundraising by Small and Medium Enterprises. Tokyo: commis -sioned by SME Agency ï Survey on Market Capture and Intellectual Property.
ï Organisation for Small and Medium Enterprises and Regional Innovation (SMRJ. 2009 Heisei 20 nendo
-operation with international enterprises, aimed at developing joint technological projects;(4) â€oegreen momen -tum†for SMES, aimed at developing technologies or products related to water and green energy;
-plements international, cooperative, industrial R&d programmes between Israeli and foreign enterprises Matimop implements international technological cooperation programmes with international agencies, bodies
Panel is a survey of German enterprises which was established in 2005 with the objective of identifying
Only enterprises from manufacturing and manufacturing -related services (such as wholesale, transport services, research and development, consulting) are included
In all surveys of the IW Future Panel the enterprises are asked about their growth by employment and turn
of the period, classifying them as high-growth enterprises as defined by the OECD (see section 2. 1). For
1, 510 enterprises this information about their growth is available. 59 enterprises (4%)were found to having
Of the 59 high-growth enterprises, 71%stated to have introduced new prod -ucts, services or processes in the past two years and can
high-growth enterprises are exporting The survey also provides the age of the enterprises, allowing to identify â€oegazellesâ€,
i e. high-growth compa -nies that are not older than five years. However, the number of gazelles was only 22,
Those enterprises performing high growth in the past three years were asked about the reasons for this growth.
Those enterprises stating that they did not perform growth in the past three years were asked about the reasons for not growing.
Since this survey is restricted to German enterprises, it does not necessarily allow conclusions for other
Findings for high-growth enterprises The single most important reason for high growth quoted was that management actually targeted growth
The findings for high-growth enterprises in total are similar to the findings for high-growth enterprises with
Findings for non-growth enterprises The most important reason for non-growth stated by the non-growing enterprises was â€oeunfavourable devel
-opment of the business cycleâ€. This reason was stated as applying fully by 39%;%further 35%said that this
Results for â€oegazelles†indicate particularities of newly founded high-growth enterprises. There are several dif -ferences to the results for the total of high-growth enterprises (see Exhibit 6-2): 168
The most important differences include ï The assessment that â€oethe management targeted growth of the company†applied to 82%of the ga
gazelle growth than for growth of older high-growth enterprises 168 Differences should be considered cautiously
Reasons for growth of young high-growth enterprises (â€oegazellesâ€) in the IW Future Panel 23
The dynamic character of high-growth enterprises suggests that static policies †i e. policies aimed at all SMES,
-cilitate growth for enterprises which grow quickly: â€oein fact, such policies may put a break on growth, particu
-growth enterprises, the downside may be an equal increase of high failure. 177 Is Europe ready for this type of
markets, the promising high-growth enterprises of today can be the big losers of tomorrow
Findings from an enterprise survey in the context of this Policy Brief (see Section 6. 2) suggest that
A suggested enhancement of the Enterprise Europe Network The Enterprise Europe Network (EEN) provides opportunities for SMES to enter into joint development ar
-rangements with appropriate partners across Europe, which could potentially foster their growth (see section 4. 2. 3). 183 However, the lack of a semantic search capability makes reference to this network difficult for
How should SME policies be balanced with enterprise policies at large? Economists suggest that policy should not principally favour SMES.
Which type of enterprise generates most innovations and growth de -pends on many factors, e g. market size, stage of market development, industry, and many more.
-while for EU policy makers to support high growth of enterprises in order to leverage the positive impact of
this type of enterprises. It needs to be stated clear, however, that the positive impacts of high-growth entre
and non-innovative enterprises. While the arguments may be particularly strong for high-growth SMES, they
Since high-growth enterprises can be found in any industry and since business ecosystems, which are important for companies†sustainability and growth,
further work towards single markets in Europe as well as enhancing the EC€ s Enterprise Europe Network
High growth enterprises and gazelles. Statistics Directorate, OECD Paper prepared for the International Consortium on Entrepreneurship (ICE) Meeting 22-23 february
Journal of Small Business and Enterprise Development, Vol 16, no. 4, pp. 586-598 Audretsch, David (2004:
Journal of Small Business and Enterprise Development. Vol 17, No. 1, pp. 8-31 Mason, Colin;
-sioned by Scottish Enterprise. October Minniti, Maria (2008: The role of government policy on entrepreneurial activity:
Conducted upon the request of Directorate General Enterprise and Industry of the European commission, in cooperation with the European central bank.
Growth Enterprise Review 2011. Finnish: Kasvuyrityskat -saus 2011. Available at http://www. tem. fi/files/29659/TEM KASVUYRITYSKATSAUS 2011. pdf
High-Growth Enterprises: What Governments Can Do to Make a Difference, OECD Studies on SMES and Entrepreneurship, OECD
European commission, DG Enterprise and Industry. Available at http://www. proinno -europe. eu/sites/default/files/newsroom/2010/12/Innogripsii report barriers. to . internationalisation. a
Enterprise Europe Network: http://www. enterprise-europe-network. ec. europa. eu, last accessed January 2011
EUREKA, http://www. eurekanetwork. org/about-eureka, last accessed May 2011 EUREKA€ s Eurostars Programme, http://www. eurostars-eureka. eu, last accessed May 2011
http://ec. europa. eu/enterprise/policies/finance/index en. htm, last accessed May 2011 Policies for high-growth innovative SMES v1. 6
Enterprise Finland Venture Forum: https://www. efvf2011. b2bmatchmaking. com/p index. php, last accessed May 2011
Singapore Agency for Science Technology and Research, Growing Enterprises through Technology Up -grade (GET UP: http://www. a
9 Small Business and Enterprise Development 1 Harvard Business Review 2 California Management Review 3 Sloan Management Review
Small Business and Enterprise Development 2010 Hoxha/Capelleras Fast-growing firms in a transitional and extreme environment:
Since the sample included only German enterprises, the original questions were in German Policies for high-growth innovative SMES v1. 6
â€oea key aspect of growth business policy is offered that by the Growth Business Service, part of the Enterprise
http://www. enterprise -ire -land. com/en/funding -**Policies for high-growth innovative SMES v1. 6
you can apply to the Innovative HPSU Fund for an Enterprise Ireland equity investment. Having se
http://www. enterprise-ireland. com/en/funding -supports/Company/HPSU-Funding/)â€oeenterprise Ireland is the government organisation responsible for the de
-velopment and growth of Irish enterprises in world markets. †(Source: http://www. enterprise -ireland. com/en/About-Us
/sup -ports/Company/HPS U-Funding Netherlands Programma Groe -iversneller, by Ministry of Eco -nomic Affairs
Enterprises with the highest credit grade enjoy the highest discount loan of 40%.%†(Source:
development of high-growth enterprises. Source: Cunningham (2008), p. 24 ***Five-year Plan for Gazelle Enter
The plan aims to invest in 500 high-growth enterprises by 2012 by providing special funds and increasing capital accessibility. †(Source:
Overtext Web Module V3.0 Alpha
Copyright Semantic-Knowledge, 1994-2011