“…Past research has identified several relevant determinants of future growth including owner intentions, characteristics and experience, firm age and sector, level of innovation, excess to financial resources and external advice, and external opportunities (Asa & Prasad, 2014;Coad et al, 2018;Fadahunsi, 2012;Hansen & Hamilton, 2011;Lambert, 2018;Morais et al, 2021;Morrison et al, 2003). Level of innovation has been chosen here, as studies have shown that it can serve as a good predictor of growth, as well as being measurable through several methodologies (Ahlstrom, 2010;Qian & Li, 2003;Verhees & Meulenberg, 2004;Wolff & Pett, 2006;Wong et al, 2005).…”