The report summarizes preliminary findings of the CEEMAN-led research on Hidden Champions in CEE and Dynamically Changing Environments, conducted in 2010-2011.
The concept of hidden champions was initially identified and studied by Hermann Simon, where hidden champions are companies holding an international market leadership position in product categories and business models. According to the 1996 study performed on the German economy and the 2009 study extended from Germany also to Austria and Switzerland, Simon re-confirmed that hidden champion type of companies present an important pillar of advanced economies of Germany, Austria and Switzerland.
Their importance for economic development is attributed to three factors. First, these companies exhibit higher resilience to economic recessions, shakeouts and restructurings. Second, they are creating new employment above the average rates in their respective economies. Last but not least, the companies that pursue pure hidden champion type of strategy exhibit much better chances of survival. Of course, some of the hidden champion companies also fail, but the failure rate among them is much lower than the country average.
In general, this type of companies show to be a good indicator of maturity, stability and propensity of the national economy and therefore an interesting field of study. In particular, studying hidden champions in Central and Eastern Europe (CEE) might offer important insights, also on the positive developments in this part of the world.
This summary research report was published for the international conference “Hidden Champions from CEE, Kazakhstan and Turkey”, which was taking place in Vienna, on 17-18 November 2011, while more in-depth study results, including the comparative analysis of hidden champions culture, strategy, and activities will be published in a separate book after the conference.Publisher: CEEMAN
ISBN/ISSN: 978-961-92270-6-0
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