Accelerators and decelerators of the growth of NTBFs
Volume 03 Issue 2
Authors
Stefan Slavik, Veronika Bednarova, Hanna Rydehell
Keywords
NTBF, external growth accelerators, internal growth accelerators, external growth decelerators, internal growth decelerators
Citation in APA style
Slavik, S., Bednarova, V. & Rydehell, H. (2025). Accelerators and decelerators of the growth of NTBFs. Journal of Business Sectors, 3(2), 10–25. https://doi.org/10.62222/FOCX2959
DOI
Abstract
Research background:
New technology-based firms (NTBFs) have novel but unfinished technologies and are exposed to an uncertain to indefinite business environment. Their growth is slow, although the growth expectations from founders and especially from investors are high. The factors that accelerate or slow down growth are not well understood.
Purpose of the article:
The aim of the research is to identify external and internal factors that accelerate or slow down growth. Another aim of the research is to clarify the relationships between the factors of acceleration and deceleration of growth. The aim of the research is also to deepen and expand knowledge about the internal causes of the emergence and existence of these factors.
Methods:
Field research was conducted to collect qualitative data that characterizes the technologies being developed, provides evidence of the originality of the technologies, and describes the internal and external factors that accelerate and slow down the growth of firms based on new technologies. The research sample includes 67 NTBFs. The source of knowledge about the growth of the studied firms is the personal experience from a guided interview with the founder, which is recorded in a questionnaire. The respondents' statements were analysed using critical discourse analysis (CDA) with the support of artificial intelligence.
Findings & Value added:
The research results in external growth accelerators (offer of capital, regulatory and political environment, market and economic opportunities, technological progress and innovation), external growth decelerators (availability of capital, regulatory barriers, market competition, economic and political uncertainties), internal growth accelerators (innovative corporate culture and internal processes, qualified and motivated team, strong leadership and strategic vision, use of adopted technologies) and internal growth decelerators (insufficient resources and capacities, resistance to change, lack of innovation and creativity, inefficient processes and systems). The order of factors within each group corresponds to the weight of their positive or negative impact on growth. The knowledge gained can be used to identify growth factors and modify them according to the external and internal capabilities of a particular enterprise. Accelerating the growth of NTBFs is an important source of economic development, a driving force of economic growth and innovative entrepreneurship in most business sectors. Field empirical research has revealed a complex structure of factors that influence the growth of NTBFs and thus determine their viability and competitiveness.