Abstract Innovation activities provide considerable challenges to small firms due to resource constraints. Conversely, large, established firms are often forced to buy technologies to remain innovative. This paper investigates the interplay of these two aspects in a specific software-based startup context. Based on structured interviews, the paper analyses what characteristics of startups and small firms and resources accessed through networking determine acquisition likelihoods and growth. This addresses a gap in the literature, namely understanding better the dual role of venture capital, specifically with regard to the type of innovation pursued by small firms and in its interplay with other determinants of growth and acquisition.
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