Small firms are essential for any national economy due to their aggregate number of employees, their role in technological change and productivity growth, and essentially in economic development (Boter and Lundström 2005; Glower 1999; Eurostat 2016). Whereas much research takes departure in the broader SME category, an explicit delimitation to the smaller firms means that we will find many self-employed and enterprises where the main intention is to secure a livelihood for the owner/manager rather than to expand business operations. Nevertheless, small firms hold important roles for employment and income generation not least in local and regional settings. The smallest category of firms naturally also contains many new ventures, firms which have not yet proven if they will survive or fail in the long run. As such, they constitute crucial components in development and change on a societal level: New ventures are needed for a dynamic and developing economy. Such processes could relate to the development of new technologies, new forms of organization and marketing, and to various ways to approach sustainable development, not least by the use of new business models (e.g. Bocken et al. 2014).