This paper studies the R&D behaviour of fast growing SMEs using CIS III data for 16 countries. We group the countries into
three groups that roughly have the same position in technological development. The first finding is that R&D is more important
to high growth SMEs in countries that are closer to the technological frontier. The second finding is that high growth SMEs
are more innovative than non-high-growth SMEs only for countries close to the technological frontier. This suggests that gazelles
derive much of their drive from the exploitation of comparative advantages. From a policy perspective this suggests that there
are important limits to centralise policies that aim at fostering high growth SMEs.
Keywords:R&D, high growth firms, Europe, CIS
Forschungsbereich:Industrie-, Innovations- und internationale Ökonomie