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Understanding Growth and Non-Growth In G 73 OULU 2015 G 73 UNIVERSITY OF OULU P.O. Box 8000 FI-90014 UNIVERSITY OF OULU FINLAND ACTA UNIVERSITATIS OULUENSIS ACTA UNIVERSITATIS OULUENSIS ACTA OECONOMICAG Sakari Sipola Sakari Sipola Professor Esa Hohtola UNDERSTANDING GROWTH University Lecturer Santeri Palviainen AND NON-GROWTH IN Postdoctoral research fellow Sanna Taskila ENTREPRENEURIAL ECONOMIES Professor Olli Vuolteenaho ANALYSIS OF STARTUP INDUSTRIES AND EXPERIMENTAL WINNER GENERATION IN University Lecturer Veli-Matti Ulvinen FINLAND, ISRAEL AND SILICON VALLEY Director Sinikka Eskelinen Professor Jari Juga University Lecturer Anu Soikkeli Professor Olli Vuolteenaho UNIVERSITY OF OULU GRADUATE SCHOOL; UNIVERSITY OF OULU, OULU BUSINESS SCHOOL, Publications Editor Kirsti Nurkkala DEPARTMENT OF MANAGEMENT AND INTERNATIONAL BUSINESS ISBN 978-952-62-0812-1 (Paperback) ISBN 978-952-62-0813-8 (PDF) ISSN 1455-2647 (Print) ISSN 1796-2269 (Online) ACTA UNIVERSITATIS OULUENSIS G Oeconomica 73 SAKARI SIPOLA UNDERSTANDING GROWTH AND NON-GROWTH IN ENTREPRENEURIAL ECONOMIES Analysis of startup industries and experimental winner generation in Finland, Israel and Silicon Valley Academic dissertation to be presented with the assent of The Doctoral Training Committee of Human Sciences, University of Oulu for public defence in the Arina auditorium (TA105), Linnanmaa, on 5 June 2015, at 12 noon UNIVERSITY OF OULU, OULU 2015 Copyright © 2015 Acta Univ. Oul. G 73, 2015 Supervised by Professor Vesa Puhakka Professor Tuija Mainela Reviewed by Professor Dan Johansson Professor Colin Mason ISBN 978-952-62-0812-1 (Paperback) ISBN 978-952-62-0813-8 (PDF) ISSN 1455-2647 (Printed) ISSN 1796-2269 (Online) Cover Design Raimo Ahonen JUVENES PRINT TAMPERE 2015 Sipola, Sakari, Understanding growth and non-growth in entrepreneurial economies. Analysis of startup industries and experimental winner generation in Finland, Israel and Silicon Valley University of Oulu Graduate School; University of Oulu, Oulu Business School, Department of Management and International Business Acta Univ. Oul. G 73, 2015 University of Oulu, P.O. Box 8000, FI-90014 University of Oulu, Finland Abstract The importance of high-growth firms for job creation is widely acknowledged and the promotion of such firms is a key area of industry policy in developed countries. However, despite the substantial development of firm growth research and the significant public investments, in many geographies the assumed good preconditions for high-growth entrepreneurship are not producing the desired results. The purpose of this study is to increase understanding of the emergence of high-growth startups by taking a systemic view of firm growth. Instead of examining individual firms, a high-growth startup focused systemic economic actor, defined as the startup industry, is taken as the research object. The startup industry is given a certain function in economic development and resource allocation, and its processual activity in particular contexts is examined under the experimental winner generation process. Critical realism is used for systemic reasoning of firm growth. The empirical study focuses on case startup industries of Finland, Israel and Silicon Valley. The emergence of startup-related actor structures and institutions, and their functioning is analyzed first from a cultural-historical and processual perspective. Second, the organization of the experimental winner generation process and its outcomes for each case are analyzed over a period of several decades, and a cross-case comparison is conducted between the cases. The results of the study propose that each startup industry develops in time a particular target for its activities. This target, defined as the perceived winner, is the key for alignment and functioning of the startup industry as a whole. Examination of this concept enables us to understand the logics of the firm growth at the wider system level and on that basis to suggest some key determinants of the performance of startup industries in the long run. The discussion of policy maker implications concludes the study. Keywords: activity theory, competence bloc, critical realism, experimentally organized economy, high-growth firm, venture capital Sipola, Sakari, Kasvu ja kasvamattomuus yrittäjämäisissä talouksissa. Analyysi Suomen, Israelin ja Piilaakson startup-teollisuudesta ja kokeellisesta voittaja- yritysten rakentamisesta Oulun yliopiston tutkijakoulu; Oulun yliopisto, Oulun yliopiston kauppakorkeakoulu, Johtamisen ja kansainvälisen liiketoiminnan yksikkö Acta Univ. Oul. G 73, 2015 Oulun yliopisto, PL 8000, 90014 Oulun yliopisto Tiivistelmä Kasvuyritykset ovat tärkeitä uusien työpaikkojen synnyttäjiä, ja teollistuneissa maissa niiden tukeminen on teollisuuspolitiikan keskiössä. Huolimatta laajasta yritysten kasvun tutkimustie- dosta, merkittävistä julkisista investoinneista ja oletetuista hyvistä lähtökohdista kasvuyrittäjyy- delle ei monella maantieteellisellä alueella kuitenkaan synny panostukseen verrattuna tarpeeksi kasvuyrityksiä. Tämä väitöskirja tutkii nopeasti kasvavien startup-yritysten syntymistä systeemisestä näkö- kulmasta. Yksittäisten yritysten sijaan tutkimuksessa määritellään tutkimuskohteeksi startup- teollisuus, kasvuhakuisiin startup-yrityksiin keskittyvä systeeminen talouden toimija, jolle anne- taan tietty tehtävä talouden kehityksessä ja resurssiallokaatiossa. Startup-teollisuuden toimintaa eri konteksteissa tarkastellaan kokeellisen voittajayritysten rakentamisen prosessin avulla. Yri- tysten kasvua lähestytään lisäksi kriittisen realismin mukaisen kausaliteetin pohjalta. Tutkimuksen empiirinen osuus on toteutettu tapaustutkimuksena, jossa analysoidaan Suo- men, Israelin ja Piilaakson startup-teollisuutta. Tutkimuskohteiden startup-yrityksiin liittyvien toimijarakenteiden ja instituutioiden kehitystä ja toimintaa analysoidaan kulttuuri-historiallises- ta ja prosessuaalisesta näkökulmasta. Lisäksi kokeellisen voittajayritysten rakentamisen proses- sin organisointia ja lopputuloksia analysoidaan usean vuosikymmenen ajalta sekä tapauskohtai- sesti että niiden välillä. Tutkimustulokset esittävät kunkin startup-teollisuuden kehittävän ajan myötä tietyn kohteen omalle toiminnalleen. Tämä kohde, näkemys voittavasta startup-yrityksestä, linjaa koko startup- teollisuuden toimintaa. Tutkimalla tätä näkemystä voimme ymmärtää yritysten kasvun logiikoi- ta systeemisellä tasolla, mikä mahdollistaa startup-teollisuuksien välisten rakenteellisten- ja suo- rituskykyerojen ymmärtämisen pitkällä aikavälillä. Tutkimuksen lopussa esitetään johtopäätök- siä poliittisen päätöksenteon kannalta. Asiasanat: aktiviteettiteoria, kokeellisen talouden teoria, kriittinen realismi, osaamiskeskittymä teoria, pääomasijoittaminen, yritysten kasvu To the change agents of the economy and society 7 8 Acknowledgements It is now finally time to end the dissertation process and use the opportunity to thank the many people for their support during this eventful journey. I was lucky to have Professor Vesa Puhakka as my supervisor. I remember when you called me years ago and asked my interest to work as a research assistant. Little did I know where that path led during the years since. You learned how to read me quickly and allowed for the time, room and responsibility I needed for writing the dissertation. I am truly thankful for the guidance, patience, experiences, humour, and especially the conversations that start from somewhere and then build into something fascinating either on-topic or off-topic. I also owe a big thank you to Professor Tuija Mainela for all the support, humour, and her sharp mind and pen. You are an amazingly good writer. The help and comments you offered particularly when I was hammering the last nails of the dissertation in place were priceless. At times that sharpness was also needed, in positive sense, for deflating the air out of our blue-sky conversations with Vesa. That got me grounded on finishing the work for which I am grateful to. I wish to express my gratidute to my pre-examiners Professor Dan Johansson and Professor Colin Mason for investing their time and expertise to provide valuable comments that improved the quality of my work. Marika Iivari and Pasi Sorvisto provided help with the data collection for which I want to thank them. Pam Washburn made many valuable introductions in Silicon Valley. Jonne Kuittinen provided assistance with the Finnish venture capital data. I am also thankful for the interviewed individuals in Finland, Israel and Silicon Valley who were willing to share their time and experiences to benefit this study. Professor Harri Oinas-Kukkonen deserves a special thank you for providing the Stanford University opportunity. In this relation, a big thanks goes also to Teppo Räisänen with whom I had the priviledge to share many of those experiences. International data collection was an important part of my work that was greatly supported by the KARA project funding. The Council of Oulu Region and representative Heikki Laukkanen, and Aarne Kultalahti and Juhani Saukkonen from Business Oulu, and Jouko Isokangas and Hannu Säynäjäkangas were important supporters for the project. Päivi Nylund took care of the accounting and important practical issues. The Emil Aaltonen Foundation and the Tauno Tönning Foundation also financially supported this work. 9 I wish to thank the whole staff of the Oulu Business School and the members of the COMPANION research community for the opportunity to work with them. Sari Salmela provided important support during the process. I had many good conversations
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