This work investigates the paths of development of new technology–based firms (NTBFs). The existing literature on new venture development processes is largely built on a linear stages approach. Recent insights however, indicate that in order to better grasp the firms' development routes such linear models per se are no longer sufficient. This work investigates how firms evolve through time with respect to the main variables which literature highlight as strategic for the growth of firms. By clustering the firms in similar organisational configurations at constitution and some years after being on the market, the results highlight the complexity and variety of firm development processes. Our findings contribute to an understanding of the dynamics of the entrepreneurial process
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