Small businesses, also known as SMEs (Small and Medium-size Enterprises) follow, in general, the following phases of lifecycle: (1) launch, (2) initial development and growth, (3) consolidation and growth, and (4) maturity or exit. There are some characteristics that identify SMEs from larger firms, as discussed in other papers; there are, also, many powers and constraints that affect and direct the growth-path of an innovation SME - internal and external ones.
The greatest power/ constraint affecting and shaping an SME’s growth is the financial factor. As confirmed by numerous studies, around three-quarters of technology-bases SMEs (or NTBFs) are launched as a result of the founders’ frustration from their previous position at a large organisation; giv View the rest of this article
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