Board control and innovation: An empirical study of small technology-based firms

Commitment to innovation is becoming increasingly important for the development and competitiveness of small technology-based firms. Innovation creates opportunities for expansion, growth and profitability (Zahra, Neubaum and Huse, 2000) and is often an important way of achieving competitive advantage (O’Gorman, 1997). Firms who fail to update and renew their product offerings, technology platforms and business models will, on the other hand, sooner or later be squeezed out of the market by more innovative organizations (Bettis and Hitt, 1995; MacPherson, 1997). Consequently, a strong commitment to innovation seems crucial for the long-term growth and prosperity of technology-based firms.