To survive, small firms must innovate and grow.
High growth small firms create proportionately more employment.
It is always an advantage to be first to market with an innovation.
Returns on the generation of technology are greater than its application.
In most sectors, the efficiency of R&D is more important than the total expenditure on R&D.
Access to capital is more significant than education for the success of a new venture.
In general, process innovation creates higher returns than product innovation.
Expenditure of R&D is strongly correlated with market performance.
Innovation is generally associated with higher value-added.
The ownership structure and number of founders of a new venture both influence success.
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