Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. * Korespondenčni avtor / Correspondence author 85 Prejeto: 22. januar 2021; revidirano: 11. februar 2021; sprejeto: 16. februar 2021. / Received: 22nd January 2021; revised: 11th February 2021; accepted: 16th February 2021. DOI: 10.37886/ip.2021.021 Position of Slovenian High-Growth Firms within the European Context Stojan Črv * ITW Appliance Components d.o.o., Poljubinj 89E, 5220 Tolmin, Slovenija stojan.crv@gmail.com Abstract Purpose and Originality: This research aimed to present the position of Slovenian high-growth firms (HGFs) or gazelles in the European area and compare Slovenian high-growth firms with their European counterparts in terms of their growth rates. This research is based on a systematic review of high-growth firms and their position in Slovenia and Europe. The comparison of data on Slovenian high-growth firms and those in the European area enabled us to position the Slovenian high-growth firms within the broader European context. Method: The survey is based on a systematic review of the Financial Times newspaper ranking of the 1000 high-growth firms in Europe and the Dnevnik publishing house ranking of the 500 high- growth firms in Slovenia, as well as on data obtained from the statistical office of the European Union and Slovenia. Using the Minitab software, we verified the normality of the distribution of the considered data, performed the transformation of non-normal distributed data and calculated the Pearson correlation coefficient »r« between the individual considered factors, based on which we then confirmed the hypotheses. The distribution of data was shown with Pareto and bar charts. Results: The research showed the position of Slovenian high-growth firms in the European area. According to the research findings, it is evident that both Slovenian and European high-growth firms are mostly smaller organizations. The biggest share of high-growth firms is in Germany, while the biggest share of such firms in Slovenia is in the Osrednjeslovenska (Central Slovenia) region. The growth rate of high-growth Slovenian and European firms is comparable. The level of sales revenues and the number of employees do not show any impact on the companies' growth rates, while gross domestic product, on the other hand, contributes positively to their growth rate. By comparing the Slovenian and European high-growth firms considered in the survey, we found that the European firms show a higher growth rate than their Slovenian counterparts, while they are comparable in sales revenues. Society: The research enables better visibility of high-growth firms among the general public. The wider society evaluates the impact, operation and social responsibility of high-growth firms in a given environment. Last but not least, a well-informed public can positively contribute to the success of high-growth firms. Limitations / further research: This research is limited to comparing Slovenian high-growth firms with those in the European area based on two HGF rankings. Based on the fact that Slovenia is a small country in the common European area, it would be appropriate to conduct a survey or comparison with smaller European countries and to position Slovenian high-growth firms within this group. The other possibility would be to use a greater number of representative rankings and repeat the existing survey. Keywords: high-growth firms, gazelles, Slovenia, Europe, companies' performance indicators, growth rate. Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 86 1 Introduction There has been a growing interest in high-growth firms lately (Hölzl, 2014, p. 199). Different factors and their impact on companies' (in)ability to cope with rapidly changing environment are widely researched and discussed, especially in periods of greater economic fluctuations or even in times of major crises. Successful companies thus attract public interest, but the real interest and attention are given to high-growth firms (Krasniqi & Desai, 2016, p. 1075). This is due to the widespread opinion that fast-growth firms significantly contribute to creating jobs and have a positive impact on economic growth Henrekson & Johansson, 2009, str. 227). According to an increasing body of literature on this subject, the vast majority of high-growth firms, also known as gazelles, are small and young businesses (Pereira & Temouri, 2018, p.11-14). Among the potential positive factors of these firms' growth and entrepreneurial dynamics are the research and development activity, innovation and organization flexibility, which are the principal modes of operation and which enable them to respond promptly to external and internal changes as well as to structural economic changes (Segarra-Blasco, Teruel & Jové-Llopis, 2018, p. 661-662). However, high-growth firms are not immune to institutional, social, cultural and economic characteristics of the environment in which they originate (Giner, Santa-María, & Fuster, 2016, str. 75). Therefore, these factors have a direct or indirect impact on these firms. Nevertheless, regardless of the environment in which they originate, they all operate in common markets, either in the European Union or global markets. Slovenian high-growth firms, operating also in the EU market, are compared with one another on Slovenia's relatively small geographic territory. The comparisons have been made since 2001 by the Dnevnik publishing house within the framework of the Gazelle project. This raises the question of Slovenian high-growth firms' position within the European context where the comparison of the fastest growing firms is made by the Financial Times newspaper. The research allows for a comparison of a list of high-growth firms in Slovenia with that of their counterparts elsewhere in Europe. Furthermore, Slovenia and Europe's comparison provides Slovenian high-growth firms and those with such aspirations an insight into a wider economic area and their position therein. The research aims to stimulate Slovenian high- growth firms to implement continuous improvement processes and thus, vigorously enhance their competitiveness and performance. 2 Theoretical framework There is a constant public interest in successful companies. The increased interest in high- growth firms has been driven by their remarkable ability to create new jobs (Brown & Mawson, 2016, p. 207). The two authors conducted research among Scottish high-growth firms. They observe that high-growth firms adopt more aggressive forms of international expansion when compared with other firms. Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 87 However, high-growth firms also differ in many other aspects, such as their geographical location and industry in which they operate. In this regard, high-growth firms are the subject of many studies examining individual factors that are at work in these firms. Henrekson and Johansson (2009, p. 240) undertook a detailed analysis of the existing studies on high-growth firms and found that these studies differ in their definitions of gazelles, measures of growth and time periods over which growth was measured. Moreover, high-growth firms also differ in size, industry affiliation, age and geographic location. High-growth firms exist in all industries but are still somewhat overrepresented in service industries. The authors also note that a certain proportion of high-growth firms generate a disproportionately large share of new jobs compared to non-high-growth firms. They also state that size is not a factor that would significantly impact the growth of a firm. It seems that the factor of newness is more important than size. Different studies deal with the analysis of factors that have an impact on the rapid growth of firms. One of these studies was conducted by Pereira and Temouri (2018, p.11-14) on a sample of firms from 11 European emerging countries. The survey results suggest that there is a negative correlation between a firm's age and the likelihood of it becoming a high-growth firm. This means that younger firms are more likely to become high-growth firms. The authors note that smaller firms are those that are most likely to become high-growth firms. Regarding institutional factors, the authors emphasize that an improvement in an institutional environment positively impacts the likelihood of firms becoming HGFs. Reduction of bureaucracy and its greater efficiency seem to have a larger positive impact as compared with corruption and investment climate. A study covering 179,970 firms from nine European countries, which was conducted by Weinblat (2018, p. 33), indicates that among the most important variables affecting a firm's growth are the number of employees and the firm's age. The growth rate differs between firms. Characteristics of Slovenian firms with different types of growth were examined by Tajnikar, Ponikvar and Bonča (2016, p. 43-45). Their findings show that firms' rapid growth is based on the better use of existing capacities and the adjustment of the volume of capacity to changing market conditions. Such firms are mainly export-oriented. The majority of HGFs are in manufacturing (HGF stands for a high-growth firm). Authors point out that fast growth can only last a short while because different companies emerge as generators of fast growth in different years. As regards the life cycle, it could be said that younger companies start growing by investing in production capacity and employing workers, whereas older companies try to utilize their existing capacity better. The study also shows the negative side of fast growth, which may be reflected in the company's reduced liquidity and indebtedness. The fact that HGFs do not grow in the same way was also established by Delmar, Davidsson and Gartner (2003, p. 211) who conducted an analysis of Swedish firms. They found that different forms of growth are measured with different growth measures. Nevertheless, the authors note that a firm's growth is systematically related to the firm's age, size and industry affiliation. Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 88 When it comes to successful long-term operation of a company or instead the life cycle of HGFs, some researchers focus their attention on the duration of the period of rapid growth. In relation thereto, Hölzl (2014, p. 225-226) examined the factor of the survival of companies in Austria in the period of three to nine years after becoming HGFs. As is evident from the research results, the mere fact that a company is a high-growth firm does not increase the likelihood of its survival compared to other companies. Moreover, the majority of HGFs are not able to repeat this exceptional growth. The classification of a company as a high-growth firm is probably related to the large one-off project of the company's expansion. As was already mentioned in the introduction, HGFs also differ in terms of their geographic location. This diversity also includes the factor of the state as the institution that sets the rules and thus helps shape the factors affecting the high growth of firms. Krasniqi and Desai (2016, p. 1075) conducted a research of the role of state institutional factors in HGFs in twenty-six transition countries, including Slovenia, and discovered that the interaction between formal and informal institutions positively influences HGFs. They further found that formal institutions in fast-reforming transition economies discourage HGFs, while informal institutions in slow-reforming transition economies encourage them. Nowadays, institutions stimulate companies through various mechanisms to move towards the so-called green way of working. This is where the ecological awareness and orientation of HGFs, as well as their use and utilization of the so-called green technologies, comes into focus. The role of ecological or rather green technologies in 5,498 manufacturing firms in Italy was analyzed by Leoncini, Marzucchi, Montresor, Rentocchini and Rizzo (2019, p. 900). The study confirmed the important role of green technologies in fostering the firms' growth, as measured by employment growth. By using green technologies, firms enter green markets more easily, while on the other hand they optimize their internal operations by decreasing production costs due to greater resource efficiency and possibility of recycling these resources. All this contributes to a higher growth of firms. There are many studies that emphasize the leading role of HGFs in job creation. Of course, these jobs vary in terms of their complexity, affecting the need for employment of people with different skills and levels of education. In her study of Danish firms, Eklund (2020, p. 700- 701) establishes that the correlation between a firm's high growth and highly educated employees' share is rather important. Moreover, a firm's high growth is facilitated by its organizational as well as human capital. The author also concludes that innovation capabilities can significantly contribute to a firm's high growth. It is the innovations that positively impact a firm's growth and are actually a synonym for its long-term existence and performance. In addition to green technologies, innovations are those that today receive a lot of attention and incentives. The role of innovation in HGFs in EU countries was studied by Segarra-Blasco, Teruel and Jové-Llopis (2018, p. 655-659). The countries were classified into three clusters (core countries, Mediterranean countries and new EU member states, including Slovenia). The key finding of the research is that there is a Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 89 positive and highly significant correlation between investments in R&D and the likelihood of introducing innovations. In terms of size, the study notes that medium and larger firms show a larger propensity to innovate than small firms. Moreover, a firm is more likely to be innovative if it is an export-oriented firm and one that cooperates with other firms within a group because this provides them with greater support in carrying out innovative activities. This is especially evident in the Mediterranean and new EU member states. While institutional cooperation seems to be more important for core country firms, Mediterranean firms rely more on market cooperation. Cooperation with other firms that belong to the group positively affects new EU member states' ability to innovate. Access to public funds, including EU subsidies, is also a variable that positively impacts innovation and significantly affects the likelihood of a firm being an innovative firm and thus also a high-growth firm. Innovation as an impact factor was also emphasized by Brüderl and Preisendörfer (2000, p. 66-67) who mainly focused on employment effects and the growth potential of newly established businesses in Upper Bavaria, Germany. The authors claim that job creation can be attributed to a small number of fast-growing firms, while a firm's size and innovation are a strong predictor of rapid growth. Slovenian HGFs operate in a domestic market and, above all, in external or international markets because they are mostly export-oriented. This is the competitive environment in which they operate and in which they compare themselves with other foreign HGFs. Although the growth rate is based on the positive change in sales value within a specific period of time, the absolute value of sales in the examined body of literature is not identified as an independent factor that would positively impact growth rates of HGFs. On the other hand, the number of employees is identified as a significant factor affecting a firm's growth rate. Finally, it should be noted that the geographical locations of HGFs or the environments in which they operate differ greatly. Moreover, access to public funds and subsidies as well as the economic power of the country in which HGFs are located cannot be ignored because all these are factors that contribute to innovation and result in faster growth of firms. Our research aimed to examine these statements. Therefore, a number of hypotheses were formulated that relate to correlations between the characteristics of HGFs in Slovenia and those in other European countries. Hypothesis 1: »The growth rate of Slovenian HGFs is comparable to that of other European HGFs.« Hypothesis 2: »The number of employees does not impact a firm's rapid growth.« Hypothesis 3: »Sales revenues do not impact a firm's rapid growth.« Hypothesis 4: »The level of gross domestic product has a positive impact on the number of HGFs.« Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 90 3 Method The Financial Times newspaper uses its own method of selecting HGFs in Europe by means of which it compiles the FT 1000 ranking featuring 1000 fastest growing companies in Europe. A significant indicator on the basis of which companies make a list is the firms' growth rates in the last three years. The selection committee conducts an extensive inquiry of companies and their data with the purpose of making the ranking as complete and representative as possible, but the ranking is not ideal as some companies do not want to make their figures public or do not participate for other reasons. Companies that wish to participate may apply via the website of Financial Times or company Statista. In addition, through research in company databases and other public sources, Statista identifies the companies in Europe that could be potential candidates for the FT 1000 ranking. These companies are then invited to participate in the competition by post, email and telephone. Companies that wished to be listed in the ranking for 2020 had to meet the following criteria:  revenue of at least € 100,000 generated in 2015,  revenue of at least € 1,500,000 generated in 2018,  the company is independent and not a subsidiary or branch office of another company,  the revenue growth between 2015 and 2018 was primarily organic and  if a company is listed on a stock exchange, its share price has not fallen by 50 % or more since 2018. The countries that were eligible to participate in the competition for the fastest growing companies in Europe in 2020 were as follows: Austria, Belgium, Bosnia & Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom. The minimum average growth rate required to be included in the FT 1000 ranking for 2020 was 38.4 per cent. The Dnevnik publishing house performs the selection of HGFs or gazelles in Slovenia. The selection is based on the firms' growth in the last six consecutive financial years with the purpose of promoting companies that are focused on long-term growth. The selection is conducted in five steps. In the first step, company Bisnode analyzes financial data and compiles a ranking of the fastest-growing companies in six Slovenian statistical regions defined in the Dnevnik methodology. These regions are the following: Dolenjsko-Posavska (Lower Carniola-Sava), Dravsko-Pomurska (Drava-Mura), Gorenjska (Upper Carniola), Osrednjeslovenska (Central Slovenia), Primorsko-Notranjska (Littoral-Inner Carniola) and Savinjsko-Zasavska (Savinja-Central Sava). Companies can make the regional list if they have a minimum of 15 employees, net revenues from sales of € 400,000 in the selected year, if they operate profitably and have exhibited the highest revenue growth in the last five years. In addition to the listed criteria, companies' ranking also depends on their credit rating, profit, personal incomes, management efficiency, and values of sustainable growth. Members of the Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 91 selection committee then have interviews with the firms' owners and managing directors through which they establish some other attributive factors, such as the level of internal communication, corporate social responsibility, sales orientation and target markets, level of development and innovation, possible patent protections as well as the implementation of the firms' vision, strategy and goals. In the third step, the committee takes into consideration all firms identified in the first two steps and nominates three of them for the title of the fastest- growing firm or gazelle within its region. Innovative companies and those operating internationally are given precedence. The selection committee then selects the first, second and third fastest growing firm within each region. The regional winner is then eligible to compete on a national level and list the fastest growing firms in the country. In the final stage, three fastest growing firms in Slovenia are selected and presented with the Golden Gazelle, Silver Gazelle and Bronze Gazelle awards based on their economic performance, growth rate and positioning in the wider environment. A comparison between the methods of the Financial Times and Dnevnik shows differences between the two. The ranking compiled by Financial Times is based on the growth rate in the preceding four consecutive financial years, while the Dnevnik ranking takes into consideration the growth rate in the preceding six consecutive financial years. The method of entering the ranking also differs. While companies cannot apply to enter the Dnevnik ranking by themselves, this is possible with the Financial Times ranking. The Dnevnik method of ranking the 500 fastest growing companies in Slovenia does not change in a given year, while the entry conditions according to the Financial Times method are adjusted every time a new ranking of 1000 fastest growing European countries is compiled. However, both rankings include data on the growth rate, sales revenues, and the number of employees of each firm listed in the ranking. Our research was conducted on the basis of the Financial Times ranking of Europe's 1000 fastest growing companies and the Dnevnik ranking of Slovenian gazelles or the 500 fastest growing companies in Slovenia. Data for our research was taken from these two rankings, namely for the first 500 HGFs from each ranking. The research model (Figure 1) illustrates the main steps to verify the set hypotheses and the positioning of Slovenian HGFs within the European context based thereupon. Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 92 Figure 1. Research model. Figure 2 shows factors considered in our research and the set hypotheses. Figure 2. Factors considered in Slovenian and European HGFs, and the set hypotheses. The Financial Times ranking illustrates the growth rates of the 1000 fastest growing companies in Europe in a four-year period from 2015 to 2018 inclusive, while the Dnevnik ranking of the 500 fastest growing companies in Slovenia illustrates the growth rates for a six- year period, from 2013 to 2018 inclusive. The survey includes data on sales revenues and number of employees for 2018, as they are considered in both rankings. Because the Dnevnik Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 93 ranking lists 500 fastest growing companies, we only considered data for the first 500 companies listed in the Financial Times ranking. We thus made sure that the sample size was equal. Comparing the above-mentioned data for the same factors ensured the validity of the method of our research. Data on gross domestic product for 2018 was obtained from the European Union's statistical office (Eurostat) and that of the Republic of Slovenia. When selecting the fastest growing companies, both Financial Times and Dnevnik verify the data's reliability and validity according to their methods. Moreover, both newspaper companies have been compiling the ranking of the fastest-growing companies for several years, thereby enabling the analysis of the trends of the rapid growth of companies and the measuring suitability of the selection methods. The same applies to the statistical offices of the European Union and the Republic of Slovenia. By making this information publicly available, they all guarantee their reliability and credibility. Distribution of data that illustrate the number of HGFs in individual countries of the European Union and regions of Slovenia is shown by Pareto and bar charts. Prior to statistical analysis of data by means of the Minitab software, the normality of the distribution of the considered data was verified. Non-normal distributed data was transformed with Johnson transformation. Normal distributed data obtained in this manner was then applied to verify the hypotheses. Correlations between the companies' growth rates, sales revenues and the number of employees, as well as between gross domestic product and the number of HGFs were examined by means of the Pearson correlation coefficients »r«. 4 Results 4.1 HGFs in Slovenia regions and European countries According to the Companies Act of the Republic of Slovenia (ZGD-1), companies are classified as micro, small, medium-sized and large companies. This classification also takes into consideration the number of employees, namely:  a micro company: up to 10 employees,  a small company: from 11 up to 50 employees,  a medium-sized company: from 51 up to 250 employees and  a large company: more than 250 employees. In view thereof, European HGFs from the Financial Times ranking for 2018 and Slovenian HGFs from the Dnevnik ranking for 2018 were distributed by size (Figure 3). Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 94 16% 47% 30% 6% 0% 76% 20% 4% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% micro small medium large share company size EU companies SLO companies Figure 3. European and Slovenian HGFs distributed by size. Among the considered companies, small companies' share is the highest, followed by medium-sized, micro and large companies. The Dnevnik ranking for 2018 lists HGFs from six Slovenian regions (Figure 4). Figure 4. Number of high-growth firms by individual Slovenian regions. Slovenian regions are illustrated with bar charts, while the sum of Pareto shares is shown with a line. There is a significantly higher number of HGFs in the Osrednjeslovenska (Central Slovenia) region, followed by the Dravsko-Pomurska (Drava-Mura) region, while the number of HGFs in other regions is very similar. The Financial Times ranking for 2018 lists HGFs from 27 European countries (Figure 5). Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 95 Figure 5. Number of high-growth firms by individual European countries. Figure 5 shows European countries illustrated with bar charts, while the sum of Pareto shares is shown with a line. Germany and the United Kingdom stand out as the two leading countries; Italy and France follow them closely, while Spain comes in fifth place. Other countries constitute the lower part of the ranking. 4.2 Comparison of growth rates of HGFs in Slovenia and elsewhere in Europe Correlations between various factors were examined by means of the Pearson correlation coefficients »r«. The critical value of the Pearson correlation coefficient for 500 high-growth firms (N = 500) at a level of confidence of 95% (ɑ = 0.05) is at 0.0877. The same critical value was considered in all the correlation calculations that follow. A possible correlation between the growth rates of Slovenian firms listed in the Dnevnik ranking for 2018 and those listed in the Financial Times ranking for 2018 is shown in Table 1. Table 1. The Pearson coefficient values for the correlation between the growth rates of Slovenian and European companies. Growth rate EU Growth rate SLO r = 0.997 Confidence interval (CI) = 0.997; 0.998 p < 0.001 Standard deviation = 3.022 The correlation coefficient has a significant positive value indicating a complete correlation between the growth rates. The first thirty European HGFs exhibit significantly higher growth rates than Slovenian HGFs, after which the growth rates gradually converge (Figure 6). Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 96 0 50 100 150 200 250 300 350 400 1 50 99 148 197 246 295 344 393 442 491 growth rate No. of companies EU companies SLO companies Figure 6. Comparison of growth rates of HGFs in Slovenia and elsewhere in Europe. The matrix plot of growth rates is shown in Figure 7. Figure 7. Matrix plot of growth rates of HGFs in Slovenia and elsewhere in Europe. The matrix plot of growth rates illustrates a complete correlation between the growth rates of Slovenian and European companies as well as a significant positive value of the Pearson correlation coefficient (Table 1). Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 97 4.3 Correlation between sales revenues, number of employees and growth rate The correlation between sales revenues and the growth rate and the number of employees and the growth rate of Slovenian HGFs is shown in Table 2. Table 2. The Pearson coefficient values for correlation between sales revenues, number of employees and growth rates in Slovenian HGFs. Slovenia Growth rate Sales revenues r = 0.071 Confidence interval (CI) = -0.017; 0.158 p < 0.112 Standard deviation = 81.39 Number of employees r = 0.029 Confidence interval (CI) = -0.059; 0.116 p < 0.524 Standard deviation = 184.12 No correlation between sales revenues and growth rates in Slovenian HGFs was identified. The same applies to the number of employees and the growth rate. Correlations between sales revenues and growth rates as well as between the number of employees and growth rates of European HGFs are shown in Table 3. Table 3. The Pearson coefficient values for correlation between sales revenues, number of employees and growth rates in European HGFs. Europe Growth rate Sales revenues r = 0.193 Confidence interval (CI) = 0.108; 0.276 p < 0.001 Standard deviation = 51.81 Number of employees r = 0.078 Confidence interval (CI) = -0.010; 0.165 p < 0.081 Standard deviation = 245.50 There is a weak correlation between sales revenues and growth rates in European HGFs, while no correlation was identified between the number of employees and growth rates. Sales revenues of Slovenian HGFs are comparable to those of European HGFs (Figure 8). Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 98 0 200 400 600 800 1000 1200 1400 1600 1800 1 50 99 148 197 246 295 344 393 442 491 sales revenues No. of companies EU companies SLO companies Figure 8. Comparison of sales revenues of HGFs in Slovenia and elsewhere in Europe. 4.4 Correlation between gross domestic product and the number of HGFs Gross domestic product (henceforth GDP) is often used to compare different regions or countries' development levels. These development levels may be reflected in a higher number of HGFs. A correlation between gross domestic product and the number of HGFs in Slovenia (Table 4) and elsewhere in Europe (Table 5) was thus explored. Table 4. The Pearson coefficient values for the correlation between the gross domestic product and the number of HGFs in Slovenia. Slovenia Number of companies GDP r = 0.954 Confidence interval (CI) = 0.631; 0.995 p < 0.003 Standard deviation = 4,861 There is a strong correlation between the gross domestic product and the number of HGFs in Slovenia. Table 5. The Pearson coefficient values for the correlation between the gross domestic product and the number of HGFs in Europe. Europe Number of companies GDP r = 0.770 Confidence interval (CI) = 0.552; 0.890 p < 0.001 Standard deviation = 872,803 As regards the European companies, the correlation between the two considered factors is also strong. Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 99 5 Discussion Slovenian and European HGFs studied in the research were mostly small companies with up to 50 employees (see Figure 3). The proportion of such companies in Slovenia is at 76 %, while in Europe it is 47 %. They are followed by medium-sized companies with up to 250 employees, constituting 20 % of HGFs in Slovenia and 30 % in Europe. In Slovenia, there are no micro-companies with up to 10 employees among HGFs, while the share of such companies elsewhere in Europe is at 16 %. Large companies with over 250 employees come last. The percentage of such companies in Slovenia (4 %) is similar to that in Europe (6 %). The findings of our research are consistent with those of some other studies, noting that the share of small companies among HGFs is rather significant (Henrekson & Johansson, 2009, p. 240) because the likelihood of small companies becoming HGFs is higher (Pereira & Temouri, 2018, p. 12). As regards the number of HGFs in Slovenia, the Osrednjeslovenska (Central Slovenia) region comes first, followed by the Dravsko-Pomurska (Drava-Mura) region. The number of HGFs in these two regions is higher than elsewhere in Slovenia. Compared with the Osrednjeslovenska (Central Slovenia) region, the share of HGFs in the Dolenjsko-Posavska (Lower Carniola-Sava) region, which is in the third place, is lower by as much as 65 %. These regions are then followed by the Primorsko-Notranjska (Littoral-Inner Carniola), Savinjsko- Zasavska (Savinja-Central Sava) and Gorenjska (Upper Carniola) region (see Figure 4). The number of HGFs in these last four regions is very similar. In more developed regions, conditions for the creation and development of HGFs seem to be better. Other studies (Tajnikar, Ponikvar & Bonča, 2016, p. 43) also found that the number of HGFs is the highest in the most developed Slovenian regions. Among the 27 studied European countries, the highest number of HGFs listed in the Financial Times FT 1000 ranking is in Germany followed by the United Kingdom, Italy, France, Spain and others (see Figure 5). The fifth country in the ranking is Spain, with a proportion of HGFs smaller by 59 % than that in Germany, which is in the first place. Central and Eastern European countries are not to be found among the leading countries in the ranking. For example, Poland comes in sixth place, while the Czech Republic is in ninth. The share of HGFs in Slovenia is at 0.4 %, ranking the country in the 24th place among the 27 studied countries. It probably comes as no surprise that in Germany, the economic superpower, the number of HGFs is the highest. The more competitive the country is, the better the conditions for creating companies, particularly smaller ones, resulting in a higher number of HGFs (Pereira & Temouri, 2018, p. 13). In the study, we calculated the Pearson correlation coefficients for predefined factors (see Chapter 4) by means of which the set hypotheses listed in the following chapter were confirmed or refuted. Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 100 Hypothesis 1: »The growth rate of Slovenian HGFs is comparable to that of other European HGFs.« The calculated Pearson coefficient value for correlation between the growth rate of HGFs in the Dnevnik ranking for Slovenia and the growth rate of HGFs in the Financial Times FT 1000 ranking for Europe has a significant positive value (r = 0.997). Although studies of other authors emphasize differences in measures of growth (Henrekson & Johansson, 2009, p. 240) or growth rate measurement methods (Delmar, Davidsson & Gartner, 2003, p. 211), our research confirms that there is a complete correlation between the studied growth rates (Table 1). Based on the calculation, it can be established that Hypothesis 1 was confirmed by our research. Hypothesis 2: »The number of employees does not impact a firm's rapid growth.« The calculated correlation coefficient between the number of employees in Slovenian HGFs listed in the Dnevnik ranking and these companies' growth rate is low (r = 0.029). There is an insignificant correlation between the two studied factors (Table 2). The calculated correlation coefficient between the number of employees in European HGFs listed in the Financial Times FT 1000 ranking and these companies' growth rate is also low (r = 0.078). Also in this case, the correlation between the number of employees and the growth rate is insignificant (Table 3). Although Weinblat (2018, p. 33) finds in his research that a company's growth rate is affected by the number of employees, our research did not establish any correlation between the two factors. Based on the calculation of both correlation coefficients, it can be established that Hypothesis 2 was confirmed by our research. Hypothesis 3: »Sales revenues do not impact a firm's rapid growth.« A potential correlation between sales revenues and growth rates of HGFs listed in both rankings that were studied in our research was determined on the basis of the calculated correlation coefficient. The correlation coefficient for Slovenian HGFs (r = 0.071) shows that there is an insignificant correlation between the two factors (Table 2). In view of the calculated correlation coefficient for European HGFs (r = 0.193), it was established that there is a weak correlation between the two factors (Table 3). Sales revenues do not impact the rapid growth of Slovenian HGFs, while, based on the statistically significant correlation coefficient, sales revenues in European HGFs seem to have a slight effect on their rapid growth. Based on the calculation of both correlation coefficients, Hypothesis 3 can only be partially confirmed. Hypothesis 4: »The level of the gross domestic product has a positive impact on the number of HGFs.« The calculated correlation coefficient between the gross domestic product of individual Slovenian regions studied in the research and the number of HGFs in those regions (r = 0.954) confirms a very strong correlation between these two factors (Table 4). Moreover, the Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 101 correlation coefficient between the gross domestic product of individual European countries and the number of HGFs in those countries (r = 0.770) confirms a strong correlation between the two (Table 5). Based on the calculation of both correlation coefficients, it can be established that Hypothesis 4 was confirmed by our research. The Pearson correlation coefficients calculated in the research have demonstrated the existence or non-existence of correlations between the examined factors. On the one hand, the calculated correlation coefficients are low, while on the other, they are very high which means that correlations between individual factors are weak, insignificant or strong. No medium or moderate correlations were established in our research, making the confirmation of hypotheses easier. For our research, the critical value of the Pearson correlation coefficient was at 0.0877. At the beginning of our research, we were interested in the position of Slovenian HGFs within a wider European context and their position in respect of the comparison of Slovenia and other European countries in terms of their growth. By confirming Hypothesis 1, it was established that growth rates of Slovenian and European HGFs are comparable as there is a complete correlation between the studied growth rates (Table 1). Growth rates are shown in Figure 7. There are two Slovenian companies among the 500 fastest growing companies in Europe listed in the Financial Times FT 1000 ranking, namely in the 92nd and 284th place. Both companies are classified as micro companies having less than ten employees. These two companies were not listed in the Dnevnik ranking of the 500 fastest growing companies in Slovenia. This can be attributed to different entry conditions for both rankings (see Chapter 3). Based on the studied growth rates, we positioned Slovenian HGFs within the context of other European HGFs as well as within the wider European area. For this purpose, we merged the Financial Times FT 1000 and Dnevnik rankings and arranged HGFs in order by their growth rates. Although other authors also acknowledge that growth rates are calculated using different methods (Delmar, Davidsson, & Gartner, 2001, p. 32), the only difference in our study is the time component. The Financial Times FT 1000 ranking period is two years longer than that of the Dnevnik ranking. Nevertheless, both calculations are representative, taking into consideration four or rather six consecutive financial years. Moreover, when merging the two rankings, we took into consideration the fact that, based on the calculated Pearson correlation coefficient between the growth rate of HGFs in the Dnevnik ranking for Slovenia and that of HGFs in the Financial Times FT 1000 for Europe, there was a complete correlation between the two (Table 1). HGFs in the merged ranking were thus ranked by their growth rates from the highest to the lowest (Appendix). The merged ranking represents the first 608 HGFs since from here on out follows only Slovenian HGFs. As regards the growth rates for 2018, the first place was taken Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 102 by a company from the United Kingdom having a growth rate of 37.463 %. The highest- ranked Slovenian HGF was the golden gazelle for 2018 positioned in the 16th place with a growth rate of 5.288 %. The second highest-ranked Slovenian HGF or the silver gazelle was in the 46th place with a growth rate of 2.377 %, while the third HGF or the bronze gazelle was in the 48th place with a growth rate of 2.270 % (see Appendix). In view of sales revenues in 2018, the position of Slovenian HGFs among their European counterparts is better. The first place in the merged ranking was thus taken by a Slovenian company with sales revenues of EUR 1,771 million, followed by a Czech company with revenues of EUR 1,079 million. The third and fourth places also belonged to Slovenian companies with sales revenues of EUR 221 million and EUR 203 million respectively. There are as many as ten Slovenian companies among the top twenty HGFs. When compared with growth rates (Figure 6), sales revenues of Slovenian HGFs are much more comparable to those of European HGFs (Figure 8). 6 Conclusion The research was based on the analysis of HGFs in Slovenia and elsewhere in Europe, and comparisons between them. The results of our research show that the studied HGFs are mostly small businesses, which is also consistent with the findings of authors Henrekson and Johansson (2009, p. 240) who note that the biggest share of HGFs is made up of small companies. It was also established that most HGFs in Slovenia are located in the Osrednjeslovenska (Central Slovenia) region. It is namely a fact that the majority of HGFs are concentrated in the most developed regions of Slovenia, such as the Osrednjeslovenska (Central Slovenia) region (Tajnikar, Ponikvar & Bonča, 2016, p. 43). Our research shows that Germany stands out among the European countries with the highest number of HGFs, followed by the United Kingdom, Italy, France and Spain. Conditions for establishing smaller companies are better in more competitive countries (Pereira & Temouri, 2018, p. 13), resulting in a higher number of HGFs. Our research confirmed that growth rates of Slovenian and European HGFs are comparable since the calculated value of the Pearson correlation coefficient (Table 1) indicates that there is a complete correlation between the studied growth rates. It is also noteworthy that the number of employees and the amount of sales revenues do not affect the rapid growth of a company, although Weinblat (2018, p. 33) argues that the number of employees also impacts the rapid growth of companies. Our research shows that the growth rate is positively affected by the level of gross domestic product. A comparison of all considered HGFs in our research showed that the first three Slovenian HGFs or rather the golden, silver and bronze gazelle rank between the 16th and the 48th place among the European HGFs. When it comes to growth rates, European HGFs exhibit higher growth rates than the best Slovenian HGFs. However, in terms of sales revenues, Slovenian HGFs are fully comparable with their European counterparts. There are a number of studies (Brown & Mawson, 2016, p. 207; Hölzl, 2014, p. 225-226; Krasniqi & Desai, 2016, p. 1; Leoncini, Marzucchi, Montresor, Rentocchini & Rizzo, 2019, p. Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 103 900) that explore HGFs in individual countries or communities of countries. No scientific research was found that would compare Slovenian HGFs with larger territories or global markets and that would show positive effects in terms of facilitating competitiveness, growth and potential collaboration with other companies. Our research is based on a systematic review of HGFs in Slovenia and their counterparts elsewhere in Europe, which is a much greater territory to explore. Based on the comparison of data on Slovenian HGFs and their European counterparts, Slovenian HGFs were positioned within the wider European context and thus internationalized. We believe that our approach to the research is applied rarely, if at all. Our research helps Slovenian HGFs gain insight into their position among other European HGFs in terms of their growth rates and sales revenues. Companies can use such comparisons to plan or upgrade their business strategies or draw up their business plans to improve their business operations. Moreover, other fast-growing companies that are likely to become HGFs can use the data to compare themselves with their counterparts and to analyze the environment they are entering. The purpose of our research is also to increase the visibility of HGFs among the general public. The wider society evaluates the impact of HGFs, their attitude towards the stakeholders and corporate social responsibility towards the environment in which they operate. Better visibility of HGFs on the one hand and a well-informed public familiar with the activities within these HGFs on the other can have a positive impact on the companies' performance. The research that we conducted was limited to only two representative rankings of HGFs – the Financial Times FT 1000 ranking of European HGFs and the Dnevnik ranking of Slovenian HGFs – and five factors, namely the growth rate, sales revenues, number of employees, number of companies by individual countries and gross domestic product. These two rankings provided us with enough data to confirm the hypotheses in our research and to position Slovenian HGFs within the wider European context. In view of the small geographical size of Slovenia, our research was limited to the European territory. Considering the scope of our research, further research studies that include a greater number of comparable rankings of HGFs and data of national as well as European statistical offices would be recommended. Such research studies could also consider a more significant number of factors than those studied in our research. Research comparing Slovenian HGFs with firms from neighbouring countries or countries comparable in size to Slovenia (e.g. the Czech Republic, Slovakia or Croatia) would also be interesting. Such studies could provide suggestions for the harmonization of the so-called entry conditions for HGFs to be listed in various rankings as well as for the implementation of uniform criteria for the calculation of individual factors. All this would contribute to an easier and more transparent implementation of studies, classification and comparisons in the future. Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 104 References 1. Brown, R., Mawson, S. (2016). The geography of job creation in high growth firms: the implications of 'growing abroad'. 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Pridobljeno na http://pisrs.si/Pis.web/pregledPredpisa?id=ZAKO4291# Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 105 Appendices: Common ranking of the fastest growing firms The Dnevnik ranking of the 500 Slovenian and the Financial Times ranking of the 500 European HGFs were merged into a new common ranking which represents the first 609 HGFs by their growth rates in 2018 from the highest to the lowest. After 609 th place there are only Slovenian HGFs and therefore are not listed in the following ranking. Slovenian companies are listed in bold italics. High-Growth Firm Country Growth rate High-Growth Firm Country Growth rate 1 OakNorth Bank United Kingdom 37463% 71 LVS Brokers Finland 1742% 2 Wolt Enterprises Finland 15642% 72 Dall Energy Denmark 1741% 3 Bolt Technology Estonia 12960% 73 Mediforma, d. o. o. Slovenia 1730% 4 Elements Global Services Spain 10233% 74 Sneakers & Jackets France 1716% 5 Les Eco-Isolateurs France 10078% 75 Viralize Italy 1710% 6 Gismart United Kingdom 8788% 76 Ruehe Healthcare Germany 1692% 7 Enens France 8603% 77 Laundryheap United Kingdom 1663% 8 Qred Företagslån Sweden 7301% 78 COMATCH Germany 1638% 9 Mamma 2.0 Italy 7110% 79 NoviCap United Kingdom 1635% 10 In Touch Networks United Kingdom 6325% 80 Elvie United Kingdom 1623% 11 Farmermobil Germany 6056% 81 GPA Innova (Dlyte) Spain 1611% 12 Holidu Germany 6031% 82 Lumenaza Germany 1604% 13 Feiniko Handelsgesellschaft Germany 5854% 83 Skills RH France 1557% 14 Franco Fresco Germany 5487% 84 ENPIRE Poland 1530% 15 MessengerPeople Germany 5378% 85 PALS E HIJOS IMPORT Spain 1513% 16 Milšped, d. o. o. Slovenia 5228% 86 Mrs Wordsmith United Kingdom 1501% 17 Foot District Spain 5129% 87 Nexolub Spain 1486% 18 Deelit Ventures Netherlands 5116% 88 INNOVI Recherche France 1475% 19 ID Finance Investments Spain 5019% 89 Parkster Sweden 1463% 20 getAir Germany 4706% 90 Bending Spoons Italy 1450% 21 PastBook Netherlands 4623% 91 ComplyAdvantage United Kingdom 1449% 22 Supermercato24 Italy 4567% 92 MAKING SCIENCE Spain 1430% 23 Donatella Germany 4495% 93 Società Gestioni Lavori Italy 1430% 24 Futureplay Finland 4410% 94 Ooni United Kingdom 1428% 25 Jobandtalent Spain 4093% 95 Ubiquicom Italy 1410% 26 Jungle Creations United Kingdom 3900% 96 Flight Club Darts United Kingdom 1408% 27 # sinob Germany 3614% 97 Narajan Slovenia 1408% 28 Global-e Online United Kingdom 3567% 98 Studapart France 1373% 29 Rinah Italy 3425% 99 Tylia Invest France 1359% 30 Domator24.com Poland 3419% 100 Enesco Italy 1359% 31 UPLINK Network Germany 3417% 101 ConceptIF Pro Germany 1357% 32 Trouva United Kingdom 3353% 102 Carcamovil Spain 1354% 33 STA PORTAGE (H2S) France 3271% 103 Tingopol Estonia 1350% 34 SoftwareHut Poland 3090% 104 Samy Road Spain 1347% 35 Beattie Passive Group United Kingdom 3027% 105 Grupo Grl (Élite Diseños) Spain 1317% 36 Fensterblick Germany 2926% 106 GAP Vehicle Hire United Kingdom 1314% 37 Eskimoz France 2900% 107 OTA Insight United Kingdom 1312% 38 Indie Campers Portugal 2878% 108 Priomold Germany 1277% 39 Zonneplan Netherlands 2807% 109 Nurole United Kingdom 1276% 40 ITP Nord Germany 2778% 110 Cru Wine United Kingdom 1271% 41 Agriconomie France 2697% 111 InnovaMaxx Germany 1245% 42 Bettzeit Germany 2662% 112 Signaturit Solutions Spain 1227% 43 Blue Motor Finance United Kingdom 2586% 113 P&W Bau Germany 1226% 44 Vidsy Media United Kingdom 2528% 114 Total Tiles United Kingdom 1212% 45 Darktrace United Kingdom 2446% 115 E paper Italy 1211% 46 Tekoma Marguč, d. o. o. Slovenia 2377% 116 Kiwi.com Czech Republic 1189% 47 Sorted Group United Kingdom 2300% 117 Oradian Croatia 1167% 48 Aparati, d. o. o. Slovenia 2270% 118 Egarri France 1167% 49 FOSTEC & Company Germany 2250% 119 GOVECS Germany 1157% 50 Stillfront Group Sweden 2222% 120 Stayincortina Italy 1155% 51 Tappx Spain 2157% 121 DMS Germany 1135% 52 Payment Assist United Kingdom 2140% 122 We Can Do HR Poland 1132% 53 Workcapital Spain 2126% 123 Univers Auto France 1130% 54 Yoyo Wallet United Kingdom 2103% 124 Crossflow Payments United Kingdom 1127% 55 TMT International Italy 2096% 125 Quantion Spain 1117% 56 CBE, d. o. o. Slovenia 2068% 126 Democom Italy 1110% 57 SourceBreaker United Kingdom 2021% 127 RTB House Poland 1108% 58 Glassbox Digital UK United Kingdom 2020% 128 FirstPhone Hungary 1102% 59 LittleBIG Connection France 1990% 129 YouLoveWords France 1097% 60 Hostmaker United Kingdom 1962% 130 Landbay Partners United Kingdom 1089% 61 Golden Bees France 1958% 131 Verocaffè Italia Italy 1088% 62 Chez Nestor France 1951% 132 Soorce Germany 1085% 63 Solnet Green Energy Finland 1926% 133 ISO Spaces South West United Kingdom 1084% 64 Osiway France 1909% 134 Voxpopme United Kingdom 1080% 65 Nexumstp Italy 1898% 135 Vadeca Facility Services Portugal 1074% 66 MeP Trans Estonia 1848% 136 Superprof France 1072% 67 Bluwalk Portugal 1811% 137 Typeform Spain 1059% 68 Discover Car Hire Latvia 1780% 138 Dipe Concept France 1043% 69 Missoma United Kingdom 1780% 139 Fitbox Germany 1042% 70 Grapevine (The Insiders) Netherlands 1757% 140 MF-CT, d. o. o. Slovenia 1037% Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 106 High-Growth Firm Country Growth rate High-Growth Firm Country Growth rate 141 Prodigi Group United Kingdom 1026% 226 DataValue Consulting France 760% 142 Pekarna Kaučič, d. o. o. Slovenia 1025% 227 Seargin Poland 760% 143 TBT Italy 1023% 228 A.N.NE Germany 759% 144 Biochem Organics Romania 1020% 229 Fram Skandinavien Sweden 755% 145 Malagris Lithuania 1016% 230 Versoprobo Italy 752% 146 Eltim, d. o. o. Slovenia 1012% 231 Proficio Marketing Czech Republic 750% 147 Applifting Czech Republic 1011% 232 Reverse Media Group United Kingdom 734% 148 MTM Ruhrzinn Germany 1011% 233 Grabyo United Kingdom 729% 149 Rezatec United Kingdom 1009% 234 Housekeep United Kingdom 727% 150 ACCENTA Music Germany 1009% 235 Powerspace France 727% 151 Facephi Biometria Spain 1000% 236 DUSAPRO Immobilien Germany 719% 152 Mia Italy 993% 237 REMA-Solutions Germany 715% 153 eila Consulting Germany 992% 238 Eciglogística Spain 711% 154 Ankerkraut Germany 978% 239 Forsyth Barnes United Kingdom 706% 155 Cornexim Hungary 977% 240 Gute Marken Online Germany 706% 156 Adsmurai Spain 974% 241 New Wave Capital United Kingdom 703% 157 2E Vertriebs-GmbH Germany 973% 242 My Portage France 703% 158 Beer52 United Kingdom 964% 243 Born Stahlbau Germany 698% 159 Circle Imperium Netherlands 963% 244 tecRacer Consulting Germany 697% 160 Widget Brain Holding Netherlands 963% 245 Medical Net Italy 696% 161 Velotransport Italy 961% 246 Eksist, d. o. o. Slovenia 695% 162 Dani AFC, d. o. o. Slovenia 956% 247 Midstream Lighting United Kingdom 693% 163 Technobell, d. o. o. Koper Slovenia 955% 248 Budišin, d. o. o. Slovenia 693% 164 FIDUCIM France 953% 249 Good one Lithuania 691% 165 Matsmart in Scandinavia Sweden 946% 250 Lapelle Italy 685% 166 Moluna Germany 945% 251 Goap, d. o. o. Slovenia 682% 167 Metis Germany 937% 252 Eesti Metsameister Estonia 681% 168 CP Group Germany 934% 253 Cookies Factory Italy 681% 169 Ogury United Kingdom 931% 254 MC2 Technologies France 675% 170 Elements Talent Consultancy United Kingdom 931% 255 Stavební Interiérové Systémy Czech Republic 672% 171 Miyagi Italy 923% 256 cosos Germany 670% 172 ARES France 918% 257 HalalBooking United Kingdom 669% 173 Q Agency Croatia 917% 258 Idento France 668% 174 Binary Subject Portugal 912% 259 T-WATT Czech Republic 668% 175 Königskinder Immobilien Germany 904% 260 DrDoctor United Kingdom 665% 176 Macropix Italy 903% 261 SKILLSDAY France 665% 177 New Systems HandelsgmbH Austria 902% 262 Sonarworks Latvia 663% 178 Rojen Commerce Romania 901% 263 griep Baulogistik Germany 662% 179 YourParkingSpace United Kingdom 901% 264 checkout.com United Kingdom 662% 180 Infratech Bau Germany 900% 265 ZeitWerk Personal Germany 661% 181 n Dreams United Kingdom 898% 266 Tresorit Hungary 657% 182 Nova Cartotecnica Roberto.s Italy 898% 267 Oxwork France 657% 183 Geneplanet, d. o. o. Slovenia 884% 268 STEPS France 657% 184 Neuhoff Massivbau Germany 868% 269 Virtus Lab Poland 654% 185 HR XPERIENCE Germany 863% 270 Aquis Exchange United Kingdom 653% 186 Ogrodosfera Poland 857% 271 Eco Pro France 652% 187 Velvet Media Italia Italy 857% 272 Maxxi Engineering Italy 648% 188 Sendcloud Netherlands 853% 273 Alpha Real Estate Holding Germany 647% 189 Ds Glass Italy 852% 274 Kumulus Vape France 646% 190 Liikennevirta Finland 850% 275 Nuevo Conseil et Formation France 645% 191 MetaMinds Romania 845% 276 Recambios Endado Spain 645% 192 Prestige Car Center Finland 840% 277 SCA Investments (Gousto) United Kingdom 637% 193 Eland Oil & Gas United Kingdom 835% 278 Nu'Art Events Italy 637% 194 InTradeLog Hungary 829% 279 Noonic Italy 635% 195 Gecko Labs United Kingdom 826% 280 Brodynt Global Spain 634% 196 Riedl CNC, d. o. o. Slovenia 824% 281 Dolly Noire Italy 634% 197 Silxo United Kingdom 822% 282 Ideria France 634% 198 SOLSOL Czech Republic 820% 283 Simples Análises Portugal 627% 199 Ministry of Programming Bosnia and Herz. 819% 284 Hyper Recruitment Solutions United Kingdom 626% 200 Ramge Software Distribution Germany 819% 285 Italianway Italy 624% 201 Genius Sports Group United Kingdom 814% 286 Rosano Dry Fruit Italy 622% 202 ITP TECHNOLOGIE France 813% 287 Gruppo Del Barba Consulting Italy 621% 203 Letisan (RocketBaby) Italy 813% 288 Oni Foods Overseas Spain 618% 204 Štolfa GP, d. o. o. Slovenia 812% 289 Žaga Pogorelc, d. o. o. Slovenia 618% 205 Santigado Portugal 809% 290 WeWATCH Security Service Germany 612% 206 Kombitex Germany 808% 291 SuperAwesome United Kingdom 610% 207 Tower Hamlets GP Care Group United Kingdom 801% 292 Vmway Italy 609% 208 Mega tekstil, d. o. o. Slovenia 800% 293 CLICKLEARN Aps Denmark 603% 209 DEFAMA Deutsche Fachmarkt Germany 800% 294 Dexatel Estonia 601% 210 Etno Cafe Poland 800% 295 BXR IndustrieService Germany 601% 211 Lockwood Publishing United Kingdom 800% 296 City Shop West Kiosk Germany 600% 212 Plan Communications Holding United Kingdom 798% 297 Heltti Finland 600% 213 Gipin, d. o. o. Slovenia 798% 298 Zero Italy 599% 214 Globalwork Italy 792% 299 BKE Eisenbahn-Service Germany 599% 215 Parlem Telecom Spain 791% 300 Naïo Technologies France 594% 216 Anteco Systems (AnyTech365) Spain 791% 301 Decor Leader Italy 593% 217 Praesto, d. o. o. Slovenia 782% 302 Nutrisslim, d. o. o. Slovenia 593% 218 Xtream Codes Bulgaria 781% 303 Standal Spain 592% 219 Mobile Wave Solutions Bulgaria 780% 304 Mytho Italy 587% 220 Watt And Volt Greece 776% 305 Motius Germany 586% 221 84codes Sweden 775% 306 Rumi Storitve Slovenia 586% 222 VH24 Germany 773% 307 Herrero Brigantina Spain 586% 223 Sagles, d. o. o. Slovenia 771% 308 Lorefice & Ponzio Italy 586% 224 JBR Capital United Kingdom 770% 309 Qaiware Bulgaria 582% 225 PlasmaPro Estonia 769% 310 SIMWERT Germany 580% Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 107 High-Growth Firm Country Growth rate High-Growth Firm Country Growth rate 311 507, d. o. o. Slovenia 579% 396 Feroles, d. o. o. Slovenia 473% 312 CogBooks United Kingdom 577% 397 A..E. Genc Warenhandels Germany 473% 313 Sierra Paper Spain 575% 398 Prohit, d. o. o. Slovenia 473% 314 INDOS Financial United Kingdom 571% 399 truu wasserweik Germany 471% 315 Ecosupply Portugal 568% 400 Kolinpharma Italy 471% 316 Streetec Germany 568% 401 Mabotrans, d. o. o. Slovenia 471% 317 Buzzoole Italy 562% 402 GSM Telecom Products Norway 470% 318 Cye Energia Spain 562% 403 Reech France 470% 319 Monterosa Productions United Kingdom 560% 404 Mercur Commerce, d. o. o. Slovenia 468% 320 Treves, d. o. o. Slovenia 558% 405 Neo Systems France 467% 321 PTM Germany 556% 406 Fountain Partnership United Kingdom 466% 322 SZM, d. o. o. Slovenia 552% 407 FUGU France 465% 323 Mapri, d. o. o. Slovenia 550% 408 Iplan Gestión Integral Spain 464% 324 Šeruga VAC, d. o. o. Slovenia 549% 409 Mojstrovina, d. o. o. Slovenia 464% 325 Gioielleria Duca Italy 547% 410 New adVentures Portugal 463% 326 Epidemic Sound Sweden 547% 411 Pulsar Photonics Germany 463% 327 TECHPROS Norway 547% 412 Podium Engineering Italy 462% 328 gohenry United Kingdom 543% 413 Vizolution United Kingdom 462% 329 Northmill Group Sweden 543% 414 Azuri Technologies United Kingdom 460% 330 LBBZ Germany 543% 415 Bitset, d. o. o. Slovenia 460% 331 Solar Clim - BF Cote d'azur France 542% 416 BigChange United Kingdom 459% 332 Assetz Capital United Kingdom 541% 417 ADay's March Shirts & Staples Sweden 456% 333 Maxpay Malta 541% 418 Intito Finland 456% 334 HiveMQ Germany 537% 419 Le Slip France 456% 335 All Good Poland 537% 420 Home Instead Germany 455% 336 freestyle Germany 537% 421 Schneider Financial Solutions United Kingdom 454% 337 New Truck Italy 536% 422 ARCESI Occitanie France 452% 338 Scribbr Netherlands 532% 423 CSHARK Poland 452% 339 Heart Apartments Italy 531% 424 Fill Up Média France 449% 340 GpasPlus France 530% 425 Bunker Partner Estonia 447% 341 Pharazon (PHZ Full Stack) Finland 529% 426 Holla Online Finland 446% 342 Personalhaus Bielefeld Germany 529% 427 lengoo Germany 446% 343 CLAREO France 529% 428 ELS Express Logistik Service Germany 443% 344 Comal Impianti Italy 527% 429 GROUPE INOVEFA France 441% 345 C-Astral, d. o. o. Slovenia 526% 430 Eco CO2 France 441% 346 SPG Steiner Germany 524% 431 Pan-Jan, d. o. o. Slovenia 439% 347 Velocity Outlet United Kingdom 522% 432 Torsion Group United Kingdom 433% 348 Laser Wire Solutions United Kingdom 520% 433 ETYO France 433% 349 CO.NET Germany 520% 434 Fb.M. Italy 431% 350 Phenofarm Italy 519% 435 Farmacosmo Italy 431% 351 AlterBoutique France 519% 436 Famoco France 430% 352 myElefant France 519% 437 Da.Dif Consulting Italy 430% 353 Senergica Italy 518% 438 B-MB, d. o. o. Slovenia 429% 354 Global Control 5 Poland 517% 439 Durophan Handelsgesellschaft Germany 428% 355 VIPCON Germany 516% 440 Sl Frais Distribution France 428% 356 innercircle Germany 515% 441 A.B.C., d. o. o. Slovenia 427% 357 Vialterra Infraestructuras Spain 515% 442 Quickcom Italy 427% 358 Alprem oprema, d. o. o. Slovenia 515% 443 Sonet plus, d. o. o. Slovenia 427% 359 Burgar-teh, d. o. o. Slovenia 514% 444 MPPM, d. o. o. Slovenia 426% 360 Transmission United Kingdom 513% 445 Lämpö-Valli Finland 426% 361 Zelená pošta Slovakia 512% 446 Bauer Energiekonzepte Germany 426% 362 Rhenus logistika, d. o. o. Slovenia 509% 447 T1 Solution Czech Republic 424% 363 Trans and Trade 1 Bulgaria 509% 448 Super, d. o. o. Slovenia 424% 364 SILKHOM France 508% 449 Tavan Tiefbau Germany 422% 365 Dato avtomatizacija, d. o. o. Slovenia 508% 450 Links, d. o. o. Slovenia 422% 366 LIT Tranzit, d. o. o. Slovenia 507% 451 SOS sejemske rešitve, d. o. o. Slovenia 421% 367 Rocksteady Music School United Kingdom 505% 452 Workable Software United Kingdom 420% 368 Botron Software Solutions Bulgaria 503% 453 Lestro-Ledinek, d. o. o. Slovenia 420% 369 Kariera, d. o. o. Slovenia 502% 454 eSMART Technologies Switzerland 419% 370 CSG (Greencell) Poland 502% 455 Tropic Skincare United Kingdom 418% 371 JSC Medium Group Lithuania 500% 456 cerascreen Germany 417% 372 WED2B United Kingdom 500% 457 Dein Stellplatz Germany 417% 373 Xcede Recruitment United Kingdom 497% 458 Lazer Lamps United Kingdom 416% 374 LEAD Consult Bulgaria 494% 459 Awinsi Technologies France 416% 375 Cloudi-Fi France 494% 460 Nanushka International Hungary 415% 376 Pergola, d. o. o. Slovenia 492% 461 Energía, Innovación y Desarrollo F. Spain 415% 377 C2A France 492% 462 Branchspace United Kingdom 413% 378 Fast-Up Partners France 489% 463 B-Open Solutions Italy 413% 379 AFR-IX Telecom Spain 489% 464 UAB Incorpus Lithuania 412% 380 StillKom Norway 489% 465 Aconity3D Germany 412% 381 raumweltenheiss Germany 487% 466 Bittnet Systems Romania 412% 382 MyPostcard.com Germany 485% 467 nanosun Czech Republic 411% 383 Arpilabe France 485% 468 PR, d. o. o. Slovenia 411% 384 I.C.E. Italy 484% 469 Genba Digital United Kingdom 409% 385 Alternativa Impianti Italy 483% 470 GoodCall Czech Republic 409% 386 Impera, d. o. o. Slovenia 483% 471 Dairylac Spain 409% 387 NowaLed Poland 482% 472 ON ZE AIR France 409% 388 Rosenbauer, d. o. o. Slovenia 480% 473 Faniani skupina, d. o. o. Slovenia 409% 389 bizforward Germany 477% 474 Pomorska Platforma Pracy Poland 409% 390 Globalis Viagens e Eventos Corp. Portugal 476% 475 Ekipa2, d. o. o. Slovenia 408% 391 Forever Entertainment Poland 475% 476 Financial Consulting Lab Italy 408% 392 Cablex Plastik, d. o. o. Slovenia 475% 477 L - Inox, d. o. o. Slovenia 408% 393 Exacaster Lithuania 474% 478 MOORE France 408% 394 Rotra, trgovina, d. o. o. Slovenia 474% 479 Treesystem Italy 408% 395 Adrenaline X-Treme Adv. Group Italy 473% 480 Audensiel France 407% Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 108 High-Growth Firm Country Growth rate High-Growth Firm Country Growth rate 481 Tips, d. o. o. Slovenia 407% 545 Varovanje Galekom, d. o. o. Slovenia 370% 482 Simes, d. o. o. Slovenia 406% 546 WILLIE BEAMEN France 369% 483 Basemark Finland 405% 547 Kompas Novo mesto, d. o. o. Slovenia 369% 484 Tegar, d. o. o. Slovenia 404% 548 Interstar, d. o. o. Slovenia 368% 485 Lesnina MG oprema, d. d. Slovenia 402% 549 Arhel, d. o. o. Slovenia 368% 486 Synapsy Italy 402% 550 Sitem Motori Elettrici Italy 366% 487 Enerdat - S, d. o. o. Slovenia 401% 551 Fekra Consulting France 366% 488 OBIZ CONCEPT France 401% 552 Emark Slovakia 366% 489 Edubroker Poland 401% 553 Te-Tis Testen, d. o. o. Slovenia 365% 490 Werksräder24 Germany 400% 554 Aluvar, d. o. o. Slovenia 365% 491 Upgrade Italy 399% 555 Resgreen Europe Spain 365% 492 Conditus, d. o. o. Slovenia 398% 556 Aplast, d. o. o. Slovenia 364% 493 Edilbiangi Italy 398% 557 IS Prime United Kingdom 363% 494 KBS Group Germany 398% 558 Almac Italy 363% 495 BAM GmbH Germany 398% 559 GPS Germany 363% 496 Fokus Premium Poland 397% 560 Communis Projektbau Germany 362% 497 D' agencija, d. o. o. Slovenia 396% 561 Novastar Greece 361% 498 VanMoof Global Holding Netherlands 394% 562 Ledinek Engineering, d. o. o. Slovenia 361% 499 Stiltz United Kingdom 392% 563 ITFS Poland 361% 500 Stilles, d. o. o. Slovenia 392% 564 Don Don, d. o. o. Slovenia 361% 501 Haberkorn, d. o. o. Slovenia 392% 565 Avtoservis Koper, d. o. o. Slovenia 360% 502 AerFin United Kingdom 391% 566 ContactEngine United Kingdom 360% 503 France Bières France 390% 567 Peter Kenkel Germany 360% 504 STEBU Germany 390% 568 hedgehog lab United Kingdom 359% 505 Microblink Croatia 390% 569 Innocv Solutions Spain 358% 506 Omnia Group Italy 389% 570 Victus, d. o. o. Slovenia 358% 507 Versandmanufaktur Germany 388% 571 Sgerm, d. o. o. Slovenia 357% 508 Autovia Italy 388% 572 Alpha FX Group United Kingdom 357% 509 MC Conseil France 387% 573 Castel Italy 356% 510 Intellienergy Italy 387% 574 mVISE Germany 356% 511 Younited Credit France 387% 575 Resal, d. o. o. Slovenia 355% 512 Unify Communications United Kingdom 386% 576 Mežnar, d. o. o. Slovenia 354% 513 Readly International Sweden 385% 577 Thiga France 354% 514 Fering fam, d. o. o. Slovenia 385% 578 Škerjanc, d. o. o. Slovenia 353% 515 Regius, d. o. o. Slovenia 384% 579 Virs, d. o. o. Slovenia 353% 516 Zuum, d. o. o. Slovenia 384% 580 Pekrul ProjektPartner Germany 353% 517 Mizarstvo Košak, d. o. o. Slovenia 383% 581 Solid World, d. o. o. Slovenia 352% 518 Go Concept France 383% 582 We Exhibit Italy 352% 519 Dermaroller Germany 383% 583 Willy Stadler, d. o. o. Slovenia 350% 520 Axopar Boats Finland 383% 584 Prima Solutions France 350% 521 The Currency Cloud Group United Kingdom 382% 585 GomSpace Group Sweden 350% 522 E-Novia Italy 381% 586 Tarlogic Security Spain 349% 523 KEROC Norway 381% 587 Signor Prestito Italy 348% 524 DCMN Germany 381% 588 Berus, d. o. o. Slovenia 348% 525 MBS vzdrževanje, d. o. o. Slovenia 380% 589 Vaukan, d. o. o. Slovenia 348% 526 Liko, d. d. Slovenia 379% 590 Kiddus Accesorios Spain 348% 527 FPTP France 379% 591 Lipar, d. o. o. Slovenia 347% 528 IGW Italy 379% 592 RadarServices Smart IT-Security Austria 347% 529 Coatransporti, d. o. o. Slovenia 378% 593 A-sprint, d. o. o. Slovenia 346% 530 T-Momo, d. o. o. Slovenia 378% 594 Darson, d. o. o. Slovenia 346% 531 Bulchicken JSC Bulgaria 377% 595 Ni-Mi, d. o. o. Slovenia 346% 532 halsdorfer + ingenieure projekt Germany 377% 596 SGS Facility Management Germany 345% 533 Norma Meccanica Italy 376% 597 MyChauffage.com France 344% 534 Catalyx Switzerland 376% 598 CCHG (VPZ) United Kingdom 344% 535 Joannes Distribution France 374% 599 Fincite Germany 344% 536 Mediterranean Food Solutions France 374% 600 Kalit, d. o. o. Slovenia 344% 537 Ino, d. o. o. Slovenia 373% 601 Cerámicas Anoru Spain 344% 538 Solis Straža, d. o. o. Slovenia 373% 602 Kleine Riesen Nord Germany 344% 539 Dorssen hrm, d. O. O. Slovenia 372% 603 Protekt Dolenjska, d. o. o. Slovenia 343% 540 Infinum Croatia 372% 604 Euro Grad, d. o. o. Slovenia 343% 541 R exy Czech Republic 372% 605 OKK, d. o. o. Slovenia 343% 542 WKND Latvia 371% 606 MDT & T, d. o. o. Slovenia 343% 543 3fs, d. o. o. Slovenia 371% 607 Kyo Electric Spain 342% 544 Aura Italy 370% 608 Ergos Technology Spain 342% *** Stojan Črv is a doctoral student of Quality Management at the Faculty of Organization Studies in Novo mesto. He has a Master's Degree in Business Sciences and a BSc in Mechanical Engineering. He has also completed the Six Sigma Black Belt training. Mr Črv has been working in the field of quality for more than 20 years and is the quality manager at industrial enterprise ITW Appliance Components d.o.o., which is a part of the American multinational corporation ITW. He is also an external or leading auditor of the quality management system according to ISO 9001 standard, of the environmental management system according to ISO 14001 standard as well as of the occupational health and safety management system according to ISO 45001 standard. *** Izzivi prihodnosti / Challenges of the Future, Članek / Article Maj / May 2021, leto / year 6, številka / number 2, str. / pp. 85-109. 109 Povzetek: Položaj slovenskih hitro rastočih podjetij v evropskem prostoru Namen in izvirnost: Namen te raziskave je bil predstaviti položaj slovenskih hitro rastočih podjetij oziroma gazel v evropskem prostoru in izvesti primerjavo slovenskih hitro rastočih podjetij z evropskimi z vidika stopnje rasti. Raziskava temelji na sistematičnem pregledu hitro rastočih podjetij in njihovem položaju v Sloveniji in Evropi. Prav primerjava podatkov o slovenskih hitro rastočih podjetij in tistih v evropskem prostoru omogoča umestitev slovenskih hitro rastočih podjetij v širši evropski prostor. Metoda: Raziskava temelji na sistematičnem pregledu lestvice časopisne hiše Financial Times 1.000 najhitreje rastočih podjetij v Evropi in lestvice časopisne hiše Dnevnik 500 najhitreje rastočih podjetij v Sloveniji ter podatkih, pridobljenih iz statističnega urada Evropske unije in Slovenije. Z uporabo programske opreme Minitab smo preverili normalnost porazdelitve obravnavanih podatkov, izvedli transformacijo nenormalno porazdeljenih podatkov ter izračunali Pearsonov koeficient korelacije »r« med posameznimi obravnavanimi faktorji, na podlagi katerih smo nato izvedli potrditev postavljenih hipotez. Distribucijo podatkov smo prikazali s pareto in stolpčnimi grafikoni. Rezultati: Raziskava je pokazala položaj slovenskih hitro rastočih podjetij v evropskem prostoru. Glede na ugotovitve raziskave je razvidno, da so tako slovenska kot evropska hitro rastoča podjetja v večini manjše organizacije. Največ hitro rastočih podjetij v evropskem prostoru je v Nemčiji, medtem ko je največ takih podjetij v Sloveniji v Osrednjeslovenski regiji. Stopnja rasti hitro rastočih slovenskih in evropskih podjetij je primerljiva, višina prihodkov od prodaje in število zaposlenih ne izkazujeta vpliva na stopnjo rasti podjetja, bruto domači proizvod pa na drugi strani pozitivno prispeva k stopnji rasti. S primerjavo v raziskavi obravnavanih slovenskih in evropskih hitro rastočih podjetij smo ugotovili, da evropska izkazujejo višjo stopnjo rasti kot slovenska, iz vidika prihodkov od prodaje pa so med seboj primerljiva. Družba: Raziskava omogoča boljšo prepoznavnost hitro rastočih podjetij v družbi. Iz tega naslova lahko širša družba oceni vpliv, delovanje in socialno odgovornost hitro rastočih podjetij v določenem okolju. Nenazadnje lahko tudi boljša informiranost družbe pozitivno prispeva k uspešnosti hitro rastočih podjetij. Omejitve/nadaljnje raziskovanje: Raziskava je omejena na primerjavo slovenskih hitro rastočih podjetij s tistimi v evropskem prostoru na podlagi dveh lestvic hitro rastočih podjetij. Glede na dejstvo, da je Slovenija v skupnem evropskem prostoru majhna država, bi bilo primerno izvesti raziskavo oziroma primerjavo z manjšimi evropskimi državami in umestiti slovenska hitro rastoča podjetja v tej skupini, ali pa uporabiti več reprezentativnih lestvic in obstoječo raziskavo ponoviti. Ključne besede: hitro rastoča podjetja, gazele, Slovenija, Evropa, kazalniki podjetij, stopnja rasti. Copyright (c) Stojan ČRV Creative Commons License This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.