Start-up growth variables analysis
| Category | Code | Growth drivers | F | D+ | D− | D= | D* | Driver category |
|---|---|---|---|---|---|---|---|---|
| E: Individual- and team-related drivers | E1 | Gender and other personal characteristics (e.g. minority, race, age) | 9.36 | 2.61 | 0.94 | 1.67 | 3.54 | Supported |
| E2 | Social and professional networks | 2.94 | 1.57 | 0.00 | 1.57 | 1.57 | Supported | |
| E3 | Entrepreneurial experience | 6.29 | 1.71 | 0.00 | 1.71 | 1.71 | Supported | |
| E4 | Entrepreneurial orientation | 4.27 | 1.94 | 0.00 | 1.94 | 1.94 | Supported | |
| E5 | Education | 9.04 | 2.34 | 0.04 | 2.29 | 2.38 | Supported | |
| E6 | Industry experience | 8.68 | 5.54 | 0.00 | 5.54 | 5.54 | Supported | |
| E7 | Managerial expertise | 7.97 | 2.59 | 0.15 | 2.43 | 2.74 | Supported | |
| E8 | Marketing expertise | 1.89 | 0.00 | 0.00 | 0.00 | 0.00 | Weak/Problematic | |
| E9 | Motivation, vision, and self-efficacy | 6.01 | 3.03 | 0.00 | 3.03 | 3.03 | Supported | |
| E10 | R&D expertise | 1.00 | 0.78 | 0.00 | 0.78 | 0.78 | Potential | |
| E11 | Team size, heterogeneity, and cohesion | 9.16 | 4.83 | 0.08 | 4.75 | 4.91 | Supported | |
| E12 | Growth attitude | 6.34 | 2.85 | 0.06 | 2.79 | 2.92 | Supported | |
| E13 | Financial and control expertise | 2.04 | 0.17 | 0.00 | 0.17 | 0.17 | Weak/Problematic | |
| E14 | Founder also manager | 2.01 | 0.62 | 0.00 | 0.62 | 0.62 | Weak/Problematic | |
| M: Marketing- and strategy-related drivers | M1 | Business model (e.g. capability to adapt, internal coherence) | 2.67 | 1.24 | 0.00 | 1.24 | 1.24 | Supported |
| M2 | Business planning | 1.22 | 0.40 | 0.07 | 0.33 | 0.47 | Weak/Problematic | |
| M3 | Differentiation | 2.62 | 2.29 | 0.00 | 2.29 | 2.29 | Supported | |
| M4 | Diversification | 0.95 | 0.20 | 0.00 | 0.20 | 0.20 | Weak/Problematic | |
| M5 | Internationalization | 4.42 | 1.84 | 0.00 | 1.84 | 1.84 | Supported | |
| M6 | Low-cost strategy | 1.83 | 0.04 | 0.99 | −0.95 | 1.02 | Weak/Problematic | |
| M7 | Generic strategies | 1.04 | 0.26 | 0.00 | 0.26 | 0.26 | Weak/Problematic | |
| M8 | Marketing planning and intensity | 1.99 | 1.30 | 0.00 | 1.30 | 1.30 | Potential/Supported | |
| M9 | Innovation | 5.20 | 2.01 | 0.12 | 1.89 | 2.13 | Supported | |
| M10 | Focus and niche strategy | 1.86 | 0.29 | 0.99 | −0.70 | 1.28 | Problematic | |
| M11 | Growth mode and strategy | 2.67 | 0.17 | 0.00 | 0.17 | 0.17 | Weak | |
| C: Context-related drivers | M1 | University | 0.46 | 0.00 | 0.00 | 0.00 | 0.00 | Weak/Problematic |
| C2 | Science parks | 0.20 | 0.19 | 0.00 | 0.19 | 0.19 | Weak/Problematic | |
| C3 | Government financial support | 1.40 | 0.40 | 0.25 | 0.15 | 0.65 | Weak/Problematic | |
| C4 | Industrial districts and clustering | 0.86 | 0.27 | 0.02 | 0.25 | 0.28 | Weak/Problematic | |
| C5 | Non-government financial support | 1.15 | 0.57 | 0.18 | 0.40 | 0.75 | Weak/Problematic | |
| C6 | Business incubators | 0.73 | 0.44 | 0.00 | 0.44 | 0.44 | Weak/Problematic | |
| C7 | Financial system | 1.55 | 0.76 | 0.00 | 0.76 | 0.76 | Potential | |
| C8 | Legal and normative system | 2.00 | 0.03 | 0.76 | −0.73 | 0.78 | Weak/Problematic | |
| C9 | Taxation | 1.29 | 0.02 | 0.01 | 0.01 | 0.04 | Weak/Problematic | |
| C10 | Location | 6.06 | 1.21 | 0.11 | 1.10 | 1.32 | Supported | |
| I: Industry and market-related drivers | I1 | Competition intensity | 4.28 | 0.00 | 1.76 | −1.76 | 1.76 | Problematic |
| I2 | Environmental dynamism | 3.12 | 0.00 | 1.74 | −1.74 | 1.74 | Problematic | |
| I3 | Market attractiveness | 2.68 | 0.90 | 0.00 | 0.90 | 0.90 | Potential | |
| I4 | Market scope, complexity and heterogeneity | 2.00 | 0.99 | 0.01 | 0.98 | 1.00 | Potential | |
| I5 | Product and market maturity | 0.37 | 0.12 | 0.00 | 0.12 | 0.12 | Weak/Problematic | |
| I6 | Economies of scale in industry | 0.94 | 0.22 | 0.00 | 0.22 | 0.22 | Weak/Problematic | |
| I7 | Industry growth rate | 2.07 | 0.59 | 0.00 | 0.59 | 0.59 | Weak/Problematic | |
| I8 | Industry complexity | 0.86 | 0.00 | 0.08 | −0.08 | 0.08 | Weak/Problematic | |
| I9 | Industry type (high-tech/low-tech, services/manufacturing) | 18.39 | 1.75 | 1.91 | −0.16 | 3.65 | Problematic | |
| R: Firm-level resources and capabilities | R1 | Financial resources and capabilities | 11.65 | 4.01 | 0.23 | 3.78 | 4.25 | Supported |
| R2 | Firm age | 19.25 | 3.91 | 5.95 | −2.04 | 9.86 | Problematic | |
| R3 | Legitimacy (belonging to associations, legal status) | 2.20 | 0.89 | 0.00 | 0.89 | 0.89 | Potential | |
| R4 | Firm type (independent, spin-off) | 3.48 | 0.98 | 0.47 | 0.51 | 1.45 | Problematic | |
| R5 | Learning and innovation capabilities | 1.63 | 0.82 | 0.00 | 0.82 | 0.82 | Potential | |
| R6 | IPR owned (patents, trademarks, copyrights) | 1.75 | 0.58 | 0.00 | 0.58 | 0.58 | Weak/Problematic | |
| R7 | Marketing capabilities | 1.60 | 1.13 | 0.00 | 0.58 | 0.58 | Weak/Problematic | |
| R8 | Networking capabilities | 4.12 | 2.05 | 0.00 | 2.05 | 2.05 | Supported | |
| R9 | Organizational structure and capabilities | 3.19 | 1.28 | 0.00 | 1.28 | 1.28 | Supported | |
| R10 | Alliances (R&D) | 3.29 | 1.01 | 0.26 | 0.76 | 1.27 | Supported | |
| R11 | R&D investment | 2.13 | 1.13 | 0.00 | 1.13 | 1.13 | Potential/Supported | |
| R12 | Supply chain | 1.05 | 0.22 | 0.00 | 0.22 | 0.22 | Weak/Problematic | |
| R13 | Technological capabilities | 3.48 | 0.89 | 0.00 | 0.89 | 0.89 | Potential | |
| R14 | VC support | 4.01 | 2.33 | 0.00 | 2.33 | 2.33 | Supported | |
| R15 | Human resources and capabilities | 5.83 | 1.79 | 0.44 | 1.35 | 2.22 | Supported | |
| R16 | Customers and customer relations | 1.75 | 0.71 | 0.00 | 0.71 | 0.71 | Potential | |
| R17 | E-commerce and ICT | 0.27 | 0.17 | 0.00 | 0.17 | 0.17 | Weak/Problematic | |
| S: Past performance | S1 | Generic growth (categorical, likert) | 2.85 | 1.10 | 0.01 | 1.09 | 1.11 | Potential |
| S2 | Profit | 2.75 | 0.62 | 0.61 | 0.01 | 1.22 | Problematic | |
| S3 | Sales | 5.62 | 1.07 | 0.38 | 0.69 | 1.45 | Problematic | |
| S4 | Size | 19.11 | 3.81 | 3.43 | 0.38 | 7.24 | Problematic | |
| S5 | Indebtedness, risk and leverage | 1.72 | 0.34 | 0.33 | 0.01 | 0.67 | Weak/Problematic | |
| Minimum | 0.00 | 0.00 | 0.00 | −2.04 | 0.00 | |||
| 1st quartile | 1.48 | 0.24 | 0.00 | 0.17 | 0.53 | |||
| Median | 2.20 | 0.89 | 0.00 | 0.69 | 1.11 | |||
| Mean | 3.83 | 1.19 | 0.33 | 0.86 | 1.53 | |||
| 3rd quartile | 4.35 | 1.77 | 0.21 | 1.33 | 1.89 | |||
| Maximum | 19.25 | 5.54 | 5.95 | 5.54 | 9.86 | |||
| Category | Code | Growth drivers | Driver category | |||||
|---|---|---|---|---|---|---|---|---|
| E: Individual- and team-related drivers | E1 | Gender and other personal characteristics (e.g. minority, race, age) | 9.36 | 2.61 | 0.94 | 1.67 | 3.54 | Supported |
| E2 | Social and professional networks | 2.94 | 1.57 | 0.00 | 1.57 | 1.57 | Supported | |
| E3 | Entrepreneurial experience | 6.29 | 1.71 | 0.00 | 1.71 | 1.71 | Supported | |
| E4 | Entrepreneurial orientation | 4.27 | 1.94 | 0.00 | 1.94 | 1.94 | Supported | |
| E5 | Education | 9.04 | 2.34 | 0.04 | 2.29 | 2.38 | Supported | |
| E6 | Industry experience | 8.68 | 5.54 | 0.00 | 5.54 | 5.54 | Supported | |
| E7 | Managerial expertise | 7.97 | 2.59 | 0.15 | 2.43 | 2.74 | Supported | |
| E8 | Marketing expertise | 1.89 | 0.00 | 0.00 | 0.00 | 0.00 | Weak/Problematic | |
| E9 | Motivation, vision, and self-efficacy | 6.01 | 3.03 | 0.00 | 3.03 | 3.03 | Supported | |
| E10 | R&D expertise | 1.00 | 0.78 | 0.00 | 0.78 | 0.78 | Potential | |
| E11 | Team size, heterogeneity, and cohesion | 9.16 | 4.83 | 0.08 | 4.75 | 4.91 | Supported | |
| E12 | Growth attitude | 6.34 | 2.85 | 0.06 | 2.79 | 2.92 | Supported | |
| E13 | Financial and control expertise | 2.04 | 0.17 | 0.00 | 0.17 | 0.17 | Weak/Problematic | |
| E14 | Founder also manager | 2.01 | 0.62 | 0.00 | 0.62 | 0.62 | Weak/Problematic | |
| M: Marketing- and strategy-related drivers | M1 | Business model (e.g. capability to adapt, internal coherence) | 2.67 | 1.24 | 0.00 | 1.24 | 1.24 | Supported |
| M2 | Business planning | 1.22 | 0.40 | 0.07 | 0.33 | 0.47 | Weak/Problematic | |
| M3 | Differentiation | 2.62 | 2.29 | 0.00 | 2.29 | 2.29 | Supported | |
| M4 | Diversification | 0.95 | 0.20 | 0.00 | 0.20 | 0.20 | Weak/Problematic | |
| M5 | Internationalization | 4.42 | 1.84 | 0.00 | 1.84 | 1.84 | Supported | |
| M6 | Low-cost strategy | 1.83 | 0.04 | 0.99 | −0.95 | 1.02 | Weak/Problematic | |
| M7 | Generic strategies | 1.04 | 0.26 | 0.00 | 0.26 | 0.26 | Weak/Problematic | |
| M8 | Marketing planning and intensity | 1.99 | 1.30 | 0.00 | 1.30 | 1.30 | Potential/Supported | |
| M9 | Innovation | 5.20 | 2.01 | 0.12 | 1.89 | 2.13 | Supported | |
| M10 | Focus and niche strategy | 1.86 | 0.29 | 0.99 | −0.70 | 1.28 | Problematic | |
| M11 | Growth mode and strategy | 2.67 | 0.17 | 0.00 | 0.17 | 0.17 | Weak | |
| C: Context-related drivers | M1 | University | 0.46 | 0.00 | 0.00 | 0.00 | 0.00 | Weak/Problematic |
| C2 | Science parks | 0.20 | 0.19 | 0.00 | 0.19 | 0.19 | Weak/Problematic | |
| C3 | Government financial support | 1.40 | 0.40 | 0.25 | 0.15 | 0.65 | Weak/Problematic | |
| C4 | Industrial districts and clustering | 0.86 | 0.27 | 0.02 | 0.25 | 0.28 | Weak/Problematic | |
| C5 | Non-government financial support | 1.15 | 0.57 | 0.18 | 0.40 | 0.75 | Weak/Problematic | |
| C6 | Business incubators | 0.73 | 0.44 | 0.00 | 0.44 | 0.44 | Weak/Problematic | |
| C7 | Financial system | 1.55 | 0.76 | 0.00 | 0.76 | 0.76 | Potential | |
| C8 | Legal and normative system | 2.00 | 0.03 | 0.76 | −0.73 | 0.78 | Weak/Problematic | |
| C9 | Taxation | 1.29 | 0.02 | 0.01 | 0.01 | 0.04 | Weak/Problematic | |
| C10 | Location | 6.06 | 1.21 | 0.11 | 1.10 | 1.32 | Supported | |
| I: Industry and market-related drivers | I1 | Competition intensity | 4.28 | 0.00 | 1.76 | −1.76 | 1.76 | Problematic |
| I2 | Environmental dynamism | 3.12 | 0.00 | 1.74 | −1.74 | 1.74 | Problematic | |
| I3 | Market attractiveness | 2.68 | 0.90 | 0.00 | 0.90 | 0.90 | Potential | |
| I4 | Market scope, complexity and heterogeneity | 2.00 | 0.99 | 0.01 | 0.98 | 1.00 | Potential | |
| I5 | Product and market maturity | 0.37 | 0.12 | 0.00 | 0.12 | 0.12 | Weak/Problematic | |
| I6 | Economies of scale in industry | 0.94 | 0.22 | 0.00 | 0.22 | 0.22 | Weak/Problematic | |
| I7 | Industry growth rate | 2.07 | 0.59 | 0.00 | 0.59 | 0.59 | Weak/Problematic | |
| I8 | Industry complexity | 0.86 | 0.00 | 0.08 | −0.08 | 0.08 | Weak/Problematic | |
| I9 | Industry type (high-tech/low-tech, services/manufacturing) | 18.39 | 1.75 | 1.91 | −0.16 | 3.65 | Problematic | |
| R: Firm-level resources and capabilities | R1 | Financial resources and capabilities | 11.65 | 4.01 | 0.23 | 3.78 | 4.25 | Supported |
| R2 | Firm age | 19.25 | 3.91 | 5.95 | −2.04 | 9.86 | Problematic | |
| R3 | Legitimacy (belonging to associations, legal status) | 2.20 | 0.89 | 0.00 | 0.89 | 0.89 | Potential | |
| R4 | Firm type (independent, spin-off) | 3.48 | 0.98 | 0.47 | 0.51 | 1.45 | Problematic | |
| R5 | Learning and innovation capabilities | 1.63 | 0.82 | 0.00 | 0.82 | 0.82 | Potential | |
| R6 | IPR owned (patents, trademarks, copyrights) | 1.75 | 0.58 | 0.00 | 0.58 | 0.58 | Weak/Problematic | |
| R7 | Marketing capabilities | 1.60 | 1.13 | 0.00 | 0.58 | 0.58 | Weak/Problematic | |
| R8 | Networking capabilities | 4.12 | 2.05 | 0.00 | 2.05 | 2.05 | Supported | |
| R9 | Organizational structure and capabilities | 3.19 | 1.28 | 0.00 | 1.28 | 1.28 | Supported | |
| R10 | Alliances (R&D) | 3.29 | 1.01 | 0.26 | 0.76 | 1.27 | Supported | |
| R11 | R&D investment | 2.13 | 1.13 | 0.00 | 1.13 | 1.13 | Potential/Supported | |
| R12 | Supply chain | 1.05 | 0.22 | 0.00 | 0.22 | 0.22 | Weak/Problematic | |
| R13 | Technological capabilities | 3.48 | 0.89 | 0.00 | 0.89 | 0.89 | Potential | |
| R14 | VC support | 4.01 | 2.33 | 0.00 | 2.33 | 2.33 | Supported | |
| R15 | Human resources and capabilities | 5.83 | 1.79 | 0.44 | 1.35 | 2.22 | Supported | |
| R16 | Customers and customer relations | 1.75 | 0.71 | 0.00 | 0.71 | 0.71 | Potential | |
| R17 | E-commerce and ICT | 0.27 | 0.17 | 0.00 | 0.17 | 0.17 | Weak/Problematic | |
| S: Past performance | S1 | Generic growth (categorical, likert) | 2.85 | 1.10 | 0.01 | 1.09 | 1.11 | Potential |
| S2 | Profit | 2.75 | 0.62 | 0.61 | 0.01 | 1.22 | Problematic | |
| S3 | Sales | 5.62 | 1.07 | 0.38 | 0.69 | 1.45 | Problematic | |
| S4 | Size | 19.11 | 3.81 | 3.43 | 0.38 | 7.24 | Problematic | |
| S5 | Indebtedness, risk and leverage | 1.72 | 0.34 | 0.33 | 0.01 | 0.67 | Weak/Problematic | |
| Minimum | 0.00 | 0.00 | 0.00 | −2.04 | 0.00 | |||
| 1st quartile | 1.48 | 0.24 | 0.00 | 0.17 | 0.53 | |||
| Median | 2.20 | 0.89 | 0.00 | 0.69 | 1.11 | |||
| Mean | 3.83 | 1.19 | 0.33 | 0.86 | 1.53 | |||
| 3rd quartile | 4.35 | 1.77 | 0.21 | 1.33 | 1.89 | |||
| Maximum | 19.25 | 5.54 | 5.95 | 5.54 | 9.86 | |||
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