Learning capabilities and the growth of technology-based new ventures

This study considers the impact of organisational learning as endogenous growth driver for technology-based new ventures. Over a period of up to 12 years, the growth path of 44 venture capital backed companies was analysed as critical event series, where the events were the adoption of 50 management control systems. The study shows that the adoption of eight bundles of these systems, which are used as proxies for the emergence of the dynamic capabilities strategic planning, financial planning, and evaluation, human resource planning, and evaluation, product development, marketing and sales, and partnering are positively associated to the growth of the venture. In addition, the growth path, i.e. the order of adoption, is associated with growth performance.