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Hidden Champions Research Report 2011 Hidden Champions in CEE and Dynamically Changing Environments Research Report Bled, Slovenia November 2011 Editors Danica Purg Melita Rant Hidden Champions Research Team Structure Project leader: Melita Rant Project co-leader: Marek Dietl Country chapter authors: Albania: Vasilika Kume, Anisa Kume – Faculty of Economics, University of Tirana Belarus: Pavel Golenchenko, Evgenia Boidak – IPM Business School Bosnia and Herzegovina: Nenad Brkić, Denis Berberović – School of Economics and Business in Sarajevo, University of Sarajevo Croatia: Mislav Ante Omazić, Rebeka Danijela Vlahov - Faculty of Economics and Business in Zagreb Estonia: Rein Riisalu, Anu Leppiman - Tallinn School of Economics and Business Adminsitration, Tallinn University of Technology Hungary: Miklós Stocker – Corvinus University of Budapest, Faculty of Business Administration Kazakhstan: Ozat Baiserkeyev – International Academy of Business Latvia: Arnis Sauka - Stockholm School of Economics in Riga Macedonia: Ljubomir Kekenovski, Mijalce Santa - Faculty of Economics-Skopje, University Ss. Cyril and Methodius Poland: Marek Dietl - Dietl & Associates Romania: Bogdan Rusu – Gh Asachi University of Iasi, CETEX Russia: Irina Skorobogatykh, Zhanna Musatova, Olga Saginova – Plekhanov Russian University of Economics Serbia: Vesna Rašković – Faculty of Technical Sciences, University of Novi Sad, Marija Todorović, Sanja Marinković – Faculty of Organizational Sciences, University of Belgrade Slovakia: Janka Táborecká-Petrovičová - Faculty of Economics Matej Bel University, Tamara Bobakova - Simon-Kucher & Partners Luxembourg Slovenia: Melita Rant – IEDC-Bled School of Management Turkey: Dilek Cetindamar, Turkan Yosun – Sabanci University, Faculty of Management Ukraine: Nataliia Palii – International Management Institute MIM-Kyiv, Viktor Okseniuk – Kyiv Mohyla Business School Hidden Champions in CEE and Dynamically Changing Environments: Research Report TABLE OF CONTENTS Introduction .................................................................................................................................................. 3 Research methodology ............................................................................................................................... 5 Main research conclusions ........................................................................................................................ 7 Identified Hidden Champion companies in CEE, Kazakhstan and Turkey .......................................... 10 Hidden champion reports by countries .................................................................................................. 17 Albania .................................................................................................................................................... 18 Belarus .................................................................................................................................................... 23 Bosnia and Herzegovina ......................................................................................................................... 25 Croatia ..................................................................................................................................................... 31 Estonia .................................................................................................................................................... 35 Hungary ................................................................................................................................................... 41 Kazakhstan ............................................................................................................................................. 46 Latvia ....................................................................................................................................................... 49 Macedonia............................................................................................................................................... 54 Poland ..................................................................................................................................................... 59 Romania .................................................................................................................................................. 64 Russia ..................................................................................................................................................... 68 Serbia ...................................................................................................................................................... 74 Slovakia ................................................................................................................................................... 82 Slovenia .................................................................................................................................................. 89 Turkey ................................................................................................................................................... 105 Ukraine .................................................................................................................................................. 116 Country researchers ............................................................................................................................... 123 Organizers ................................................................................................................................................ 139 1 Hidden Champions in CEE and Dynamically Changing Environments: Research Report 2 Hidden Champions in CEE and Dynamically Changing Environments: Research Report INTRODUCTION The concept of hidden champions was initially identified and studied by Hermann Simon, where hidden champions are companies holding an international market leadership position in product categories and business models1. According to the 1996 study performed on the German economy and the 2009 study extended from Germany also to Austria and Switzerland, Simon re-confirmed that hidden champion type of companies present an important pillar of advanced economies of Germany, Austria and Switzerland. Their importance for economic development is attributed to three factors. First, these companies exhibit higher resilience to economic recessions, shakeouts and restructurings. Second, they are creating new employment above the average rates in their respective economies. Last but not least, the companies that pursue pure hidden champion type of strategy exhibit much better chances of survival. Of course, some of the hidden champion companies also fail, but the failure rate among them is much lower than the country average. In general, this type of companies show to be a good indicator of maturity, stability and propensity of the national economy and therefore an interesting field of study. In particular, studying hidden champions in Central and Eastern Europe (CEE) might offer important insights, also on the positive developments in this part of the world. Especially after 2009, politicians and business people became seriously worried about the dynamics and stability of CEE region, and its losing relevancy in the globalized world. Many saw the reasons in a weak SME sector and in the lack of entrepreneurship. Also the global business press did not or could not publish distinctive business success stories from the region. Even quite recently some international consulting firms predicted that no important international industrial players in terms of size will emerge in CEE in the medium term. A study of hidden champions from this part of the world could have an important influence on its potential and image. The internationally strongest industrial players from countries with close geographical proximity to Western Europe (eg Poland, the Czech Republic, Slovakia, Hungary, and Slovenia) are still very much part of Western European (mainly German) supply chains. They often do not produce goods that are directly consumed in Western Europe, but rather goods that are used by the Western European companies for export. Though some countries (eg Slovenia, the Czech Republic, Slovakia, Poland, and Estonia) have some high-tech business locations and Russia has recently set up its own “Russian Silicon Valley”, a group of high-technology industries at Skolkovo, the assessment prevailant in economic circles is that some CEE countries are losing the significance in the globalization battle. The question is whether this is an accurate assessment, or there are any business developments that are relatively unseen and unknown yet but represent a new élan in this region. In order to answer this question, CEEMAN and IEDC-Bled School of Management initiated a research project on hidden champions from CEE, Kazakhstan and Turkey. The results of the research could also help to find novel ways for hidden champion companies to develop and hence to contribute to the development of this region. 1 According to original Simon‟s definition, a company must meet three criteria to be listed as a hidden champion: Number one, two or three in the global market, or number one on its continent, determined by market share Revenue below $4 billion Low level of public awareness 3 Hidden Champions in CEE and Dynamically Changing Environments: Research Report This research project has involved over 50 researchers
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