Factors and circumstances affecting the business performance of firms based on new technologies
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Author(s)Štefan SlavikLink to ORCID Index: https://orcid.org/0000-0002-2890-8091
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Veronika BednarovaLink to ORCID Index: https://orcid.org/0000-0003-2286-8962
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DOIhttp://dx.doi.org/10.21511/ppm.22(3).2024.35
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Article InfoVolume 22 2024, Issue #3, pp. 458-474
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Creative Commons Attribution 4.0 International License
New technology-based firms (NTBFs) invent, develop, and commercialize original technologies whose research, development, and commercial success is highly uncertain and risky. Their growth is lengthy and often insufficient, but investors’ growth expectations are high. The study aims to determine factors and circumstances that affect the growth of new technology-based firms. The source of knowledge is a personal experience from a guided interview with the founder, which is recorded in the questionnaire. The research sample includes 67 NTBFs doing business in Slovakia. The respondents’ statements were analyzed using critical discourse analysis (CDA) with the support of artificial intelligence. The results are the factors that influence the business performance of the investigated companies. The performance of companies that show a long-term loss is affected by very limited access to financial resources, restrictive regulations, and a lack of qualified employees. The performance of companies that show a long-term profit is influenced by favorable access to external capital, effective management of human resources, optimization of internal processes, and improvement of marketing. The order of the identified factors expresses their importance in the thematic group. The secondary results are the accompanying circumstances of the growth of the investigated companies, namely the reasons for the establishment of NTBF and entry into business, commercialization of new technology, and cooperation with investors and banks. The combination of limited access to finance and a lack of qualified human resources creates a complex set of obstacles to the business performance of NTBFs.
Acknowledgment
This work was supported by the Scientific Grant Agency of the Ministry of Education of the Slovak Republic and Slovak Academy of Sciences (VEGA) under the grant “Accelerating the growth of innovative enterprises - scaling up scale-ups and new technology-based firms (NTBFs)”, number 1/0006/22.
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JEL Classification (Paper profile tab)L26, M13, O30, O32
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References60
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Tables0
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Figures1
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- Figure 1. Factors affecting the performance of NTBFs and problems with production capacity, accompanying services, suppliers, and financing
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Qualitative assessment of the development of creative industries in emerging countries: The case of Kazakhstan
Raigul Doszhan ,
Aygerim Nussyupayeva ,
Gulnara Baimakhambetova ,
Laura Ashirbekova ,
Yuriy Bilan
doi: http://dx.doi.org/10.21511/ppm.20(3).2022.28
Problems and Perspectives in Management Volume 20, 2022 Issue #3 pp. 350-361 Views: 590 Downloads: 230 TO CITE АНОТАЦІЯThe creative industries sector is snowballing, and many developing countries see it as a tool for national and local development. Given the regional specificity, political narratives adopted in developed countries may not apply in economies under transition. This paper aims to evaluate the current state of creative business in emerging countries such as Kazakhstan. Adopting the design of a qualitative method, 34 semi-structured interviews were conducted with entrepreneurs and owners of small and medium-sized businesses in Kazakhstan’s creative industries. The Nvivo 10 qualitative data analysis software was used for processing the data. The interviews help to understand better the factors affecting the development of the creative industry. In general, results indicate insufficient support from government agencies, lack of accessible resources to support entrepreneurs (65% of respondents used their capital, while 17% of them were forced to apply for loans from a bank), information availability, and skills shortage. Shortage of skills is also related to the creative brain drain in Kazakhstan. One of the main problems is access to materials and technology since most of the resources are foreign-made and imported.
Acknowledgment
The authors appreciate the grant funding for young scientists Scientific and (or) in the years 2020–2022 the MES science project number AR08052483 “Creative Industries: methodological aspects of classification and quantitative measurements in the Republic of Kazakhstan” in the framework of the budget program 217 “Development of science”.
