Abstract
We conceptualize barriers to growth as firm-level factors that are necessary conditions for growth. There are five barriers to growth: finance, human capital, growth ambition, growth management knowledge, and product-market fit. The principal novelty is our conceptualization of barriers as necessary conditions for growth. The necessary conditions logic demands that all conditions must be met if the firm is to grow, which has important consequences for the selection of appropriate research methods for examining barriers to growth. Our conceptualization is based on 32 interviews with technology entrepreneurs, investors, and support-institution representatives, data from a 3-month observation of a startup batch in a venture accelerator, and the existing literature. We contextualize barriers in Spigel’s (2015) model of the entrepreneurial ecosystem by specifying how the conditions for barriers on the entrepreneurial ecosystem level influence barriers on the firm level.
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