Introduction of case companies

According to Eriksson and Kovalainen (2016, 141) the analysis of a multiple case design starts with the analysis of each individual case separately which is referred to as within-case analysis. This can include drafting a general description of the case that emphasizes for instance occurred processes, themes, or problems. This description aims at constructing a meaning by linking empirical patterns (themes, processes, etc.) to each other to form a holistic configuration, i.e., the case. Therefore, the case companies and their internationalization background and high technology product or service are briefly introduced. This is done to elucidate the background of their current situation and the technological nature of their product.

4.2.1. Case Company A: 3D Talo

3D Talo is a SaaS software company founded in 2016. Nowadays 3D Talo has international customers in Sweden, France and Germany that operate in Finland as well. The company does not have customers who operate only abroad. The company was aiming for international markets from inception.

“In principle you have to if you establish a technology startup. There is no single market that is sufficient by itself excluding the biggest ones if you are pursuing the so-called hockey stick growth. The goal is to build a scalable business leaning on brand name recognition, so it is by its nature quite an international game.”

(Wilander, interview 2021)

3D Talo produces VR and AR business solutions. The solutions include various services actualized in virtual reality, such as industry services and factory planning, area development and construction projects, product design, or unique marketing and communication solutions (3D Talo 2021).

4.2.2. Case Company B: Kiho

Kiho (previously Mastercom Oy) is a SaaS software company founded in 2003. At the moment they have customers besides Finland in the US, and they are doing market research for further expansion.

Kiho was aiming to become international from the very beginning.

“First ideas were that it is where we want and there we will go. And that is what started the whole thing. The first customer using our technology was in London. Internationalization was in our thoughts right away.

Quite distantly in the beginning though.” (Koponen, interview 2021)

Kiho’s product is a platform service for various logistic services including worktime monitoring, task management, fieldwork, and fleet management. Their services are used for example by forestry, transportation, crane work and taxi industries by over 1200 companies (Kiho 2021).

4.2.3. Case Company C: Heart2Save

Heart2Save is a health technology firm founded in 2015. The first years were used for initial product development. In 2021 two products were launched, and online shop for consumers was opened. The

company was aiming for international markets from inception because the problem to be resolved is global.

“In the beginning phase there was clarifying the idea, seeking, conducting science and generally showing that the idea works at all.” (Jäntti, interview 2021)

The main product of Heart2Save is a portable electrocardiogram (EKG) measuring device. It contains technology for recording the electrical signal from user’s heart and sending the measured information to a mobile application. The purpose of the device is to detect irregular activities in user’s heart such as arrythmia, inform the user of the danger, and thus save lives. Their primary target customers are arrhythmia risk groups. The device is available as a design necklace and a handgrip version (Heart2Save 2021).

4.2.4. Case Company D: WellO2

WellO2 is a health technology company founded in 2000. Currently WellO2 products can be purchased in Sweden, Norway, Denmark, Australia, Germany, Spain, France, Italy, Russia, and South- Korea (WellO2 2021). The company aimed to become international from the very beginning.

“This type of companies often do. Finland is not sufficient, but it is a good start and the first step. Let’s first conquer Finland and then go elsewhere. It was planned to be an international product from the starting point. Already in the design phase.” (Kuronen, interview 2021)

WellO2’s product is a non-medical breathing exercise device. The device cleanses and strengthens lungs and is aimed at the elderly and people with breathing problems or symptoms from air impurities as well as athletes and singers (WellO2 2021). The current model is the 3^rd generation of the device, and it comprises technology that controls water heating. The next bigger update will introduce smart technology connected to a mobile application (Kuronen, interview 2021).

4.2.5. Case Company E: NewIcon

NewIcon is a health technology company founded in 2007. Its roots are in the early 1990s in industrial automation (Savolainen, interview 2021). Nowadays the company is market leader in pharmacy automation systems in Finland and has delivered pharmacy automation solutions to over 100 pharmacies and hospitals in Finland, Denmark, Russia, Israel, Iran, and China. NewIcon has currently around 70 employees (NewIcon 2021). Contrary to other case companies NewIcon did not aim to international markets from inception.

”Not in the very beginning. In Finland in 2008 we started to assemble our first devices to pharmacies, and I think it was in 2011 when we started to receive enquiries from outside Finland. We focused on Finnish customers and even started to develop products purposefully for Finns. But then word started to spread outside Finnish borders, and we got pulled to that direction.” (Savolainen, interview 2021)

NewIcon manufactures automated dispensing systems, automated dispensing cabinets and compounding systems for intravenous antibiotics based on advanced software and robotics.

(NewIcon 2021).

4.2.6. Overview of the case companies

Table 2 comprises an overview of the case companies’ key figures which facilitates comparison between the firms. According to European Commission (2021) companies categorized as ‘small’ have staff headcount smaller than 50 and have an annual turnover or balance sheet not more than 10 million euros. Companies categorizes as ‘medium-sized’ have staff headcount less than 250 and have either annual turnover not more than 50 million or balance sheet not more than 43 million. Based on the description and figures in table 2, only NewIcon scarcely qualifies as medium-sized with headcount of 69 employees (2019) with their annual turnover of 7,6 million (2019) remaining below the required limit. The remaining four companies are clearly small companies with annual turnover ranging from less than 1 to 4,8 million euros and staff headcount between 2 and 30 employees. In

the case of NewIcon the qualification is also reached by a small margin compared to the magnitude of medium-sized scale. Therefore, it is safe to relate also to NewIcon as a small company in the context of this research.

Table 2. Overview of case companies (Asiakastieto 2021; case interviews).

Company name Kiho 3D Talo Heart2Save WellO2 NewIcon

Founded 2003 2016 2015 2000 2007

Industry Software-as- a-Service

Software-as- a-Service

Health technology

Health technology

Health technology, pharmacy

automation Main high

technology product or service

IoT-based vehicle management platform

Virtual and Augmented Reality business solutions

Portable electro- cardiogram device

non-medical breathing exercise device

automated

dispensing systems, automated

dispensing cabinets and compounding systems

Employees (12/2020)

43 29 6 8 63

Employees (12/2019)

30 28 5 8 69

Turnover € (12/2020)

4 552 000 1 253 000 -215999 3 162 000 4 071 000

Profit € (12/2020)

-1000 -92 000 Not available -121 000 -3 705 000

Turnover € (12/2019)

4 780 000 1 048 000 -220 000 2 133 000 7 638 000

Profit € (12/2019)

38 000 3 000 Not available 190 000 -2 809 000