This study develops a mathematical framework to analyze the time series of profitability ratios in the early stages of a startup. It is assumed that the expenditure of the startup grows at a steady rate and generates a proportionally identical flow of revenue in each period. The profitability in...

The importance of data and different sources of knowledge in the development of new services and products, and further in the creation of new markets, has dramatically increased during the past few decades. This empirical study uses data from 531 Finnish firms to explore the determinants of...