Who’s Winning the “Survivor” Race? Gazelle or Non-Gazelle Startups

High-growth firms are of particular interest for academics and policymakers due to their serious contributions to the economy, job market, and knowledge creation. Previous studies have majorly focused on firm growth rates, their persistence over time, and their determinants. Nevertheless, open research windows still remain in predicting what sort of companies will grow or even survive and in understanding the inconsistency of high-growth levels. The complexity of the relationship macroeconomic environment, high-growth regimes and firm capabilities deserves further research efforts.