New venture strategies and performance in a catching‐up economy

Purpose - The purpose of this paper is to explore both the strategy types and strategic growth trajectories of new ventures and examine the relationship between these trajectories and new venture performance. Design/methodology/approach - The paper uses evidence from six case studies of Greek high technology new ventures over a lengthy time frame. The longitudinal research design of the study allowed for the complexities of the growth phenomenon to be captured in an effective and efficient manner. Findings - Based on an integrative three‐dimensional framework of new venture strategies, four strategy types are identified. At a static level, evidence suggests that the more strategic dimensions are emphasised in a venture strategy, the more balanced the venture's strategic position and thus, the higher its performance. With respect to the venture's dynamic trajectories, among all possible alternatives, it was found that two are the most successful. The first secures growth through focusing first on a specific innovative product/service in the domestic market and then expanding in the global market. The second secures growth through focusing first on a specific innovative product/service in the global market and then expanding the venture product scope. Research limitations/implications - The findings imply that the product and geographic dimensions of new venture strategies are the main performance differentiators, while the innovativeness dimension is asine qua nonof new ventures growth and performance. Implications for theory, business practice and policy making are discussed. Originality/value - The paper contributes to knowledge in the area of new venture growth by developing a strategic typology in a catching‐up economy, where little research can be found.