130:. For this reason, hidden champions feel a strong need to work abroad early in their company's development. Hidden champions also operate extremely close to their customers, and their customers' needs are an important driver for their innovations. On the other hand, customers of hidden champions depend on their products and they cannot easily change their source. This often makes for a high level of co-dependence between the producer and the customer, a result of the one product risk.
52:
149:, high performance, and consultation close to the customer. They "earn" their market leadership through performance and not through price aggression. Their high real net output ratio is often achieved by working with proprietary processes which make it hard for competitors to imitate their products. On the other hand, management tasks like finance are often outsourced.
99:. Simon postulates that Germany's strong exports are supported by a large number of midsize firms. These smaller companies are normally known only in their market by their customers and suppliers, and are relatively unknown to the wider public. When these companies are very successful on the international markets they are hidden champions.
190:
Hidden champions provide a best practice example. While a lot of business is local, it can be a goal to become the number one on such a local market. Also large companies may find some interesting lessons about international management. Hidden champions teach that exceptional management means doing
102:
Simon conducted detailed research on 500 such companies and established a framework to describe them. The framework was also able to identify the main differences and traits common to hidden champions. With this framework in hand it was found that there are hidden champions everywhere around the
152:
It also seems to be evident that to maintain market leadership hidden champions do business on their own, rather than depend on working in cooperation with others. Even sales in countries abroad are often organized from the parent company base. This keeps significant know-how inside, and helps
111:
Most of the hidden champions produce inconspicuous products. In the market for these products they are the top producer in the world. Often, but not always, these companies are family owned. They export most of their products, and so contribute significantly to the current account of their
26:. He first used the term in 1990 as a title of a publication in a scientific German management journal, describing the small, highly specialized world-market leaders in Germany. According to his definition, a company must meet three criteria to be considered a hidden champion:
160:
Leadership style is authoritarian on strategic issues but participative on operations level. The leaders identify themselves with the company, are focused on their products, and stay for a long time, much longer than is normal in large public corporations.
168:
in general, is to attract international professionals. Hidden champions need people who are happy to live in a remote location, who are attracted by job content, and who do not care much for a formal and prescribed career path. In
Germany the concept of
191:
small things better than the competitors instead of managing only one great thing. Simplicity in processes and organizational structures is another lesson. Investors may find determined, clearly focused, continuously successful companies.
156:
The corporate culture of hidden champions is distinctive. Their values are conservative: hard work, strict selection, intolerance of underperformance, low sickness rates and high employee loyalty –and most are based in smaller towns.
123:. They have to accept the risk of being a single product manufacturer. They divide between "good" and "bad" market share. The good is earned by performance and a solid foundation, the bad from price aggression and discounting.
717:
Venohr, Bernd; Meyer, Klaus E.: The German
Miracle Keeps Running : How Germany’s Hidden Champions Stay Ahead in the Global Economy Berlin: Working Paper No. 30, Institute of Management Berlin, Berlin School of Economics,
173:
is known to some extent, and therefore hidden champions there are able to utilise this label to recruit staff. In 2011, the first "Hidden
Champions Day" was organized by the student initiative bdvb e.V. at the
133:
A lot of the hidden champions established their main product as an innovation and were able to keep this single position in the market, or were at least able to keep a leading position. Their markets are mostly
1124:
943:
Audretsch, David B., Lehmann, Erik E., & Schenkenhofer, Julian (2018). Internationalization strategies of hidden champions: lessons from
Germany. Multinational Business Review, 26(1), 2-24.
537:
866:
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The idea of market leadership means more than counting market share. Leaders as employees need an "inner flame" to become, and to remain, the number one. Hidden champions normally work in
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are relatively small but highly successful companies that are concealed behind a curtain of inconspicuousness, invisibility, and sometimes secrecy. The term was coined by
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The idea and adaptation of hidden champions was implemented in a fund called Hidden
Champions Fund, founded in Singapore by 8I Holdings Ltd.
1138:
1004:
Business models in the area of logistics : in search of hidden champions, their business principles and common industry misperceptions
1090:
Internationalisation of hidden champions : market entry and timing strategies with international management and business ethics cases
745:
Simon, Hermann: Hidden
Champions of the 21st Century : Success Strategies of unknown World Market Leaders. London: Springer, 2009.-
1109:
531:
126:
One result of working with unique products in niche markets is quite often the need to deal on the global market in order to achieve
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mentioned in the book by
Hermann Simon: "Hidden Champions - Success Strahtegies for World Market Leaders", Campus Frankfurt 1996,
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Whiteboard: guest article by Prof. Hermann Simon on the socio-economic factors that shaped the 'Hidden
Champions', Jan. 2013
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1191:
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Whiteboard: guest article by Prof. Hermann Simon on the 13 management principles behind Hidden
Champions, Dec. 2012
957:
Hidden champions of the B. C. forest industry : are small firms at the cutting edge of value chain innovation?
836:
202:
This list of companies selected by
Hermann Simon in 2009 gives an idea of the specialization of hidden champions:
729:
727:
1177:
Benchmarking and Hidden Champion to promote local development : Tools description and their application
591:
64:
949:
Hidden champions : how young and small technology oriented firms can attain high export sales ratios
30:
Number one, two, or three in the global market, or number one on the company's continent, determined by
1160:
1066:
The German Miracle Keeps Running : How Germany’s Hidden Champions Stay Ahead in the Global Economy
561:
1156:
450:
261:
1035:
In: Weissman, Arnold: Erfolgreich mit den GroĂźen des Managements. Frankfurt a. M.: Campus, 2008.-
146:
23:
540:(gynecological and urological examination chairs, specializes in medical technological products)
298:
1068:
Berlin: Working Paper No. 30, Institute of Management Berlin, Berlin School of Economics, 2007.
1048:
Hidden Champions of the 21st Century : Success Strategies of unknown World Market Leaders.
786:
Hidden Champions of the 21st Century : Success Strategies of unknown World Market Leaders.
665:
Hidden Champions of the 21st Century : Success Strategies of Unknown World Market Leaders.
175:
600:(software and engineering services for the networking of electronic systems in the automobile)
557:
330:
120:
997:
Proceedings of the Australian and New Zealand Marketing Academy Conference 1–5 December 2001
418:
8:
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Japan's Hidden Champions Hold the Key to Revitalization of Regional Economies, 2009
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Hidden Champion Region Stuttgart : Ergebnisse einer empirischen Untersuchung.
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Die heimlichen Gewinner : die Erfolgsstrategien unbekannter WeltmarktfĂĽhrer.
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119:. For these markets they design unique products, which are produced with a high
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Stuttgart : Förderverein für Marketing an der Universität Hohenheim, 2008.
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Hidden champions : lessons from 500 of the world's best unknown companies.
833:
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83:, these organisations are not substantially different from organisations like
63:. The book explores how Germany was able to consistently be (at the time) the
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Electro-Nite (measurement, monitoring and control of molten metal processes)
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31:
686:
Hidden champions: lessons from 500 of the world's best unknown companies.
481:(terminal blocks, connectors, interface solutions, industrial automation)
408:
320:
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Business Strategy Review, Volume 20, issue 1, Spring 2009, p. 39-43
361:(medical assistance, health-care, security and risk management services)
103:
world, but they are most frequently found in German-speaking countries.
61:
Hidden champions: lessons from 500 of the world's best unknown companies
51:
603:
460:
231:
68:
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Merrilees, Bill; Blackburn, Jillian; Tiessen, James; Lindman, Martti:
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in order to promote the advantages and opportunities of working for a
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Wiesbaden: Zeitschrift fĂĽr Betriebswirtschaft (ZfB) 60(1990)9, P. 876
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Hidden (SME) Champions : The Role of Innovation and Strategy
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Competitive advantages of hidden champions are rarely because of
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952:. Mannheim : Zentrum fĂĽr Europ. Wirtschaftsforschung, 2006.
623:
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534:(inspection, verification, testing and certification services)
301:(charging devices, power supplies, led drivers, battery packs)
185:
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The first English book about the subject was Hermann Simon's
696:. The earlier version, published in German: Simon, Hermann:
215:
76:
258:(security printing, papermaking and cash handling systems)
999:. Auckland: College of Business, Massey University: 2001.
976:
The Best of German Mittelstand - THE WORLD MARKET LEADERS
805:
652:
Hidden Champions: Speerspitze der deutschen Wirtschaft.
88:
16:
Nickname for less known but highly successful companies
1020:
Boston (Mass.): Harvard Business School Press, 1996.-
688:
Boston (Mass.): Harvard Business School Press, 1996.-
475:(climbing gear, caving gear, work-at-height equipment)
164:
A serious problem for hidden champions, as it is for
112:
countries, and are more successful than the average.
756:
276:(technical textiles for blinds, truck sheeting etc.)
197:
1171:
High cost Germany shows how to succeed in exporting
959:Ottawa : Library and Archives Canada, 2007. -
153:recruit highly qualified staff at a small company.
995:. In: Chetty, Sylvia (Ed.); Collins, Brett (Ed.):
1033:Lehren der Hidden Champions des 21. Jahrhunderts.
407:(electronic components, including electrical and
317:(electric fencing, livestock, weighing equipment)
1183:
828:The Jamba! GmbH (German for Ltd.) is since 2009
55:Annual exports 2003-2008 by different countries
46:
323:(single manufacturer of large stage curtains)
67:. While Germany has global corporations like
453:(scanning probe and tunnel-grid microscopes)
1081:Voeth, Markus; Herbst, Uta; Barisch, Sina:
186:Lessons to be learned from hidden champions
1092:. Hamburg: Management Laboratory, 2010. -
630:(all implants, and located in the area of
441:(regulating mechanism inside wristwatches)
832:, no longer independent, and belongs to
307:(facades for skyscrapers, subsidiary of
50:
345:(developing, engineering of fine fuses)
1184:
447:(supplier of fish processing systems)
606:(remote-controlled heaters for cars)
499:(electronic interconnect components)
212:ARCITECTA (data management platform)
937:
871:, Helmut BĂĽnder, 19. November 2012"
445:Nordischer Maschinenbau Rud. Baader
224:(removal of fire and water damages)
13:
932:
736: (archived September 29, 2011)
730:Website des „Hidden Champions Day“
538:SCHMITZ u. Söhne GmbH & Co. KG
106:
14:
1203:
1103:
869:Strahler machen es der Sonne nach
867:"Frankfurter Allgemeine Zeitung,
700:Frankfurt a. M.: Campus, 1996. -
240:(farm and construction equipment)
198:List of selected hidden champions
1134:Business Week, JANUARY 26, 2004.
766:. 8I Holdings Ltd. 28 March 2018
532:Société Générale de Surveillance
367:/Jamster (cell phone ring tones)
65:number one exporter in the world
894:
859:
842:
822:
811:
391:(cabins for passenger aircraft)
246:(medical software and hardware)
1139:stimmt., Friday, July 31, 2009
970:Langenscheidt, Florian (Ed.),
904:WeltmarktfĂĽhrer aus der Region
799:
778:
739:
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1:
1006:. Wiesbaden: Gabler, 2010. -
978:. DAAB Verlag, Cologne 2015,
902:"IHK Plus, Hidden Champions,
638:
42:Low level of public awareness
830:Fox Mobile Distribution GmbH
576:(aquarium and pond supplies)
487:(high performance materials)
47:Discovering hidden champions
7:
505:(tripods for movie cameras)
493:(solar energy, solar cells)
329:(optical sensors including
145:, more because of quality,
10:
1208:
469:(formwork and scaffolding)
264:(adhesives for chip cards)
234:shipping company; defunct)
209:(anatomical teaching aids)
138:with intense competition.
1050:London: Springer, 2009.-
788:London: Springer, 2009.-
667:London: Springer, 2009.-
262:DELO Industrie Klebstoffe
1192:Types of business entity
1144:October 9, 2009, at the
764:"Hidden Champions Fund"
315:Gallagher Group Limited
147:total cost of ownership
806:3B Scientific homepage
451:Omicron NanoTechnology
295:(tubes for toothpaste)
176:University of Mannheim
56:
1076:Uncommon common sense
331:photomultiplier tubes
121:real net output ratio
54:
562:employee recognition
527:(industrial heating)
435:(small touch panels)
419:fractional ownership
299:Friwo Gerätebau GmbH
1151:inchina, 2009-09-14
628:Stryker Corporation
582:(vacuum technology)
570:(fitness equipment)
521:(coated fine paper)
327:Hamamatsu Photonics
1127:2019-01-30 at the
1115:2013-01-15 at the
1002:Neubauer, Regina:
594:(car seat heating)
588:(wristwatch hands)
580:ULVAC Technologies
305:Josef Gartner GmbH
128:economies of scale
57:
1155:The Korea Times:
1098:978-3-9812162-4-0
1056:978-0-387-98147-5
1012:978-3-8349-2526-8
984:978-3-942597-48-7
965:978-0-494-16879-0
955:Hanna, Rosemary:
794:978-0-387-98147-5
751:978-0-387-98147-5
673:978-0-387-98147-5
598:Vector Informatik
552:videoconferencing
395:McIlhenny Company
359:International SOS
287:rapid prototyping
250:Corticeira Amorim
39:below $ 5 billion
1199:
1074:; Meyer, Klaus:
1064:; Meyer, Klaus:
1046:Simon, Hermann:
1031:Simon, Hermann:
1016:Simon, Hermann:
946:Fryges, Helmut:
938:Books and papers
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274:Dickson Constant
218:(cinema cameras)
20:Hidden champions
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1117:Wayback Machine
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632:Warsaw, Indiana
616:Zimmer Holdings
479:Phoenix Contact
433:Nissha Printing
389:Lantal Textiles
353:powdered metals
282:(wind turbines)
270:(regional jets)
252:(cork products)
228:Beluga Shipping
200:
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171:hidden champion
143:cost leadership
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107:Success factors
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509:SAES Getters
459:(industrial
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32:market share
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558:O.C. Tanner
425:of private
409:fiber optic
343:HiFi-Tuning
1173:, 11-01-31
1161:2010-28-04
1157:2009-28-04
922:2013-07-09
887:2013-07-09
808:, 10-03-04
796:. P. 2-13.
639:References
461:explosives
349:Höganäs AB
285:EOS GmbH (
232:heavy-lift
69:Volkswagen
856:, Page 63
818:ARCITECTA
568:Technogym
564:programs)
515:producer)
467:PERI GmbH
370:Austrian
256:De La Rue
1186:Category
1142:Archived
1125:Archived
1113:Archived
770:28 March
753:. P. 378
675:. P. 15.
554:systems)
544:Tandberg
503:Sachtler
289:systems)
244:Brainlab
974:(Ed.):
732:at the
604:Webasto
548:Polycom
525:Schwank
497:Radiall
491:Q-Cells
485:PLANSEE
439:Nivarox
415:NetJets
337:Heraeus
280:Enercon
268:Embraer
97:Visteon
73:Siemens
37:Revenue
1096:
1054:
1039:
1024:
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