Hidden Champions Revised: Towards a New Conceptual Framework

Daniela Podevin

, Laura Bies

, Tobias Greff

and Dirk Werth

August-Wilhelm Scheer Institute, Saarbrücken, Germany

Keywords: Digital Transformation, Hidden Champions, Artificial Intelligence, Business Transformation.

Abstract: The business environment for Hidden Champions has evolved dramatically, with rapid technological

advancements and the rise of Artificial Intelligence (AI) accelerating change and increasing the importance

of data. This paper explores the need for an updated Hidden Champions model that reflects the critical roles

of innovation, technology utilization, and social media visibility, emphasizing the transformative impact of

AI on competitiveness. It suggests that mastery of AI and effective data use are indispensable for companies

seeking to secure and expand their market positions in the current digital era. Integrating these elements,

alongside a robust social media presence, is proposed as an essential criterion for identifying Hidden

Champions. The paper argues that these updated core elements can serve as helpful indicators of a company's

potential for growth and competitive advantage, highlighting that firms at the forefront of AI and data

analytics can outperform rivals, regardless of their size or global footprint. It concludes that adapting to these

changes by embracing AI, leveraging data, and engaging with social media can significantly enhance a

company's ability to innovate and remain competitive in the fast-evolving market landscape. The Hidden

Challenger model presented in this study proposes a strong theoretical basis, explaining the core elements

and enabling future research to empirically validate the innovative model. It aims to guide companies and

policymakers toward strategies that bolster competitiveness and ensure sustainable growth in an age

dominated by digital transformation and AI.

1 INTRODUCTION

The profound changes in the global business

landscape in recent years can be attributed to the rapid

advancements in technology and the transition

towards a digital economy. These shifts have

fundamentally redefined industry structures,

competitive dynamics, and success paradigms. The

integration of digital technology into businesses has

significantly altered how the world engages in

commerce, communication, and development on a

global scale (Mićić, 2017). The advent of digital

technologies has revolutionized the fields of

innovation and entrepreneurship, expanding the

scope for value creation and capture (Nambisan et al.,

2019). This evolution signifies a pivotal

transformation in the operational and competitive

strategies of global businesses. Within this context,

Germany holds a remarkable position, with its share

of Hidden Champions worldwide amounting to

https://orcid.org/0009-0001-8361-8564

https://orcid.org/0000-0003-1624-6315

46.2% (Simon, 2012). These 1,307 companies,

identified by Prof. Dr. Hermann Simon, have

bolstered Germany's export performance, showcasing

the country's reliance on export-driven economic

growth (Mönnig & Wolter, 2020). As such, Hidden

Champions have been instrumental in Germany's

economic achievements.

The advent of digital transformation marks a

significant epoch, affecting both personal and

professional spheres and bringing about

comprehensive changes (Oswald et al., 2022). This

shift has particularly impacted business models,

prompting substantial reconfigurations (Schallmo et

al., 2017). The landscape is now dotted with examples

of enterprises that have rapidly risen to prominence

by adeptly leveraging digital technologies, often

displacing established market leaders in the process

(Oswald et al., 2022).

Viewing digital transformation as the cornerstone

of growth and prosperity, Germany recognizes the

imperative to identify and understand the success

Podevin, D., Bies, L., Greff, T. and Werth, D.

Hidden Champions Revised: Towards a New Conceptual Framework.

DOI: 10.5220/0012720100003764

Paper published under CC license (CC BY-NC-ND 4.0)

In Proceedings of the 21st Inter national Conference on Smart Business Technologies (ICSBT 2024), pages 59-65

ISBN: 978-989-758-710-8; ISSN: 2184-772X

strategies of companies thriving in this digital era

(Samerski & Müller, 2019). It becomes evident that

the traditional Hidden Champions model may no

longer be adequate to address the evolving demands

of the digital marketplace.

This era, characterized by the dominance of

Artificial Intelligence (AI) and data, heralds a period

where these elements are crucial for innovation and

competitiveness. AI not only propels innovation but

also allows for the optimization of processes,

expansion of value propositions, and the creation of

new business models (Lee, 2018). The proliferation

of Big Data and advancements in analytics enable

deeper insights into customer behavior, market

trends, and operational efficiency necessitating

business models to adapt more rapidly than ever

(McKinsey Global Institute, 2018). The integration of

AI and analytics into strategic planning amplifies

competitive intensity and expedites the pace of

innovation, making agility a critical factor for success

in this challenging landscape.

Accordingly, this scientific paper suggests a novel

framework to identify and scrutinize the success

strategies of Hidden Champions in the digital age.

This proposed approach aims to encapsulate the

dynamic shifts within the business environment,

highlighting pathways to sustained economic success

amidst digital transformation and underscoring the

pivotal role of AI and data in achieving corporate

success. To achieve this, a detailed examination of the

Hidden Champions concept is required, with a focus

on the implications of rapid technological change and

the significance of AI and data in transforming

business models for the digital age.

2 HIDDEN CHAMPIONS

2.1 Fundamentals of the Model

Since 1990, author Prof. Dr. Hermann Simon has

been engaged with the subject of Hidden Champions.

He is the founder of the so-called "Hidden Champions

Theory" (Membership - Association of German

Hidden Champions, n.d.). His definition is widely

spread and referenced in various publications.

According to Simon (Simon, 2012a), a company must

meet the following criteria to be classified as a

Hidden Champion:

• It must be among the top 3 in its market

worldwide or number 1 on its continent.

• Its revenue must be under 5 billion euros.

• It must have low public awareness.

Hidden Champions are highly innovative, yet

little-known small and medium-sized enterprises

(SMEs) with global or continental market leadership

in specialized products.

Hidden Champions have a global orientation due

to targeted globalization efforts (Simon, 2009).

Furthermore, Hidden Champions have ample internal

resources and a high capacity for innovation,

distinguishing them from other SMEs (Witt & Carr,

2013). Digitalization is crucial for Hidden Champions

to maintain their connection to international networks

and participate in innovation-related digitalization

processes (Wittenstein, 2020).

2.2 Related Paper

Hermann Simon's work in the 1990s laid the

foundation for understanding the strategies and

characteristics of Hidden Champions, focusing on

small and medium-sized world market leaders from

Germany (Vollert, 2012; Simon, 2007; Pittrof, 2011).

Audretsch et al., 2018, examined the

internationalization strategies of German Hidden

Champions, characterized by high export ratios and

specialization in premium products in niche markets.

They highlighted that Germany, with its traditional

support for a qualified workforce and strong medium-

sized business structure, proves to be an ideal

environment for Hidden Champions (Audretsch et al.,

2018). Schenkenhofer provides a comprehensive

analysis of the literature on Hidden Champions,

identifying four main research areas:

internationalization strategies, research and

development strategies, geographical distribution,

and other relevant topics. The study emphasizes that

Hidden Champions innovate more than other

companies, often in close collaboration with external

research institutions (Schenkenhofer, 2022).

Wittenstein explores how Hidden Champions

respond to digital transformation, arguing that, due to

stronger dynamic capabilities, Hidden Champions are

better equipped for digital transformation than other

companies. Despite challenges such as limited

openness to radical innovations and a focus on

incremental improvements, the findings suggest that

Hidden Champions may be better prepared for digital

transformation than other firms. Breyer-Mayländer

specifically focuses on the challenges and

opportunities of digital transformation for Hidden

Champions. The study sheds light on how medium-

sized world market leaders specializing in niche

markets approach digital transformation and the role

of innovative technologies in this process. It focuses

on adapting expertise to new requirements,

ICSBT 2024 - 21st International Conference on Smart Business Technologies

developing leadership skills, and creating training

opportunities as part of lifelong learning (Breyer-

Mayländer, 2022).

The study by Greeven et al. examined the various

types of innovations employed by different types of

companies, including Hidden Champions, in the

Chinese market, as well as their competitive

strategies and global business practices (Greeven,

2023). Kamp and Ruiz de Apodaca conducted a

sample survey involving 20 companies in Spain to

investigate whether international niche market

leaders achieved their leading position as "early

movers" or as "diligent followers". Their findings

suggest that early market entry promotes the

attainment of market leadership in niche markets, that

the pioneer advantage is easier to sustain in niche

markets than in mainstream markets, and that soft

measures are more effective in niche markets than in

larger markets. Their results also demonstrated that

Hidden Champions and niche market leaders can be

significant sources of technological advancement and

economic value for the locations they inhabit. They

emphasized that policymakers should pay more

attention to this type of company (Kamp & Ruiz De

Apodaca, 2023).

These studies underscore the significance of

Hidden Champions for the global economy and

provide valuable insights into the strategies through

which small and medium-sized enterprises can

become world leaders in their specific niches. They

demonstrate how innovation capability, strategic

market focus, and a strong export orientation

contribute to the success of these enterprises.

2.3 Limitation of the Model

Rammer and Spielkamp highlight in their studies that

small and medium-sized world market leaders,

known as Hidden Champions, distinguish themselves

through unique features such as operational

efficiency, strong corporate cultures, and a focus on

niche markets. Their competitive strategy is based on

technological leadership and customer-specific

solutions, granting them global competitiveness

(Rammer & Spielkamp, 2019). The success of

Hidden Champions is not a matter of chance but the

result of a targeted strategic alignment, efficient

resource utilization, and innovative processes.

Despite similar investments in innovation as other

companies, Hidden Champions achieve higher

efficiency, attributed to superior technological

capabilities and investments in human capital and HR

management (Rammer & Spielkamp, 2019b). These

findings show that research and development

activities, as well as the improvement of

technological processes, are crucial for market

leadership (Schlepphorst & Schlömer-Laufen, 2016).

Hidden Champions actively contribute to the

digitalization of their rural regions of origin by

advancing both the digital infrastructure and digital

competencies (Rietmann, 2023). These insights

suggest that the traditional understanding of Hidden

Champions may require re-evaluation.

3 INTRODUCING THE CONCEPT

OF HIDDEN CHALLENGERS

This is where the concept of Hidden Challengers

comes into play, taking into account the constantly

changing requirements of a dynamic technological

environment. The need for such a new concept is

underscored by the speed of technology and the

associated ever-evolving niche markets and

innovation capabilities. Hidden Challengers could

reflect the changing strategies and characteristics,

particularly regarding their adaptability and ability to

succeed in a rapidly changing technological

landscape. Adapting to these new conditions and

continuously developing their core competencies

could be crucial for Hidden Challengers in the future

to secure and expand their market leadership.

3.1 Digital Innovation Beyond Urban

Dominance

The essence of the Hidden Challenger model lies in

adapting their business models to digital

transformation and efficiently utilizing technology.

Through the proper use of technological capabilities

and their innovation strength, they are capable of

competing for market shares with established

companies. Unlike the first criterion of Hidden

Champions, which requires being among the top three

globally in their industry or leading on their continent,

the Hidden Challenger concept does not adere to this.

This shift particularly acknowledges companies in

rural areas where traditional success criteria may not

apply equally, making the first criterion redundant in

this context. Rural companies rarely rank among the

top three globally or number one on their continent,

partly due to unequal conditions highlighted by the

study of Räisänen and Tuovinen in 2020, which also

revealed that companies in rural areas face

disadvantages in digitalization, evident through

poorer infrastructure and slower internet connections

(Räisänen & Tuovinen, 2020). By not meeting the

Hidden Champions Revised: Towards a New Conceptual Framework

first criterion, these entities fall outside the Hidden

Champions model, often remaining under the

political radar. However, rural companies have

broken stereotypes, becoming a driving force

significantly contributing to the transformation and

development of rural areas worldwide. The key to this

success is technology, which has primarily improved

market access (FasterCapital, 2023). The increasing

participation of rural companies in the global market

brings several benefits to the regions, such as

revitalizing the local economy through job creation,

increasing purchasing power by generating income,

and attracting investors, leading to improved quality

of life in the countryside and reducing urban-rural

migration. The most significant advantage is inspiring

the next generation through investments in local

infrastructure and educational and health initiatives.

This phenomenon highlights the need to reconsider

existing concepts and criteria to adequately capture

and understand the peculiarities and challenges of

companies in rural areas. This insight could be

significant for further research in the Hidden

Champions sector, opening perspectives for

analysing and evaluating these companies. Overall,

this consideration emphasizes the relevance of a

differentiated approach to the Hidden Champions

concept, particularly regarding their geographical

location and changing economic conditions.

3.2 Core Elements of the Hidden

Challenger Model

Figure 1: Core Elements of the Hidden Challenger model.

3.2.1 Innovation Capabilities

Another extremely important aspect is the companies'

innovation capability. Studies by Hanaysha et al. in

2022 confirmed that the innovation capability of

small and medium-sized enterprises significantly

impacts their economic sustainability, a finding also

supported by a 2023 study by the Boston Consulting

Group. The study showed that an innovation-oriented

culture is one of the attributes that equip companies

better for the future, allowing them to perform above

average. These companies can better withstand

resilience and leverage innovations for value-added

growth. Innovation is not only crucial for individual

companies, but also for countries and governments,

especially for countries with scarce natural resources

like Germany (Haag et al., 2023).

To assess a company's innovation capability,

various metrics exist. Helm et al. explored which

metrics are best suited for evaluating a company's

innovation strength. They divided innovation power

into three dimensions: innovation capability;

innovation activity; innovation success. Their

findings suggested that no single metric is sufficient

to conclusively evaluate a company's innovation

strength. However, the best results were achieved

with approaches like the Innovation Score Card and

the Scoring Method (Helm et al., 2006). This insight

is considered in the new Hidden Challenger model,

where these methods are applied to measure

innovation strength, and the limitations of these

methods are mitigated by the other criteria of the new

model, thus reducing their weighting.

3.2.2 Technological Capabilities

In the evolving landscape of global business and

innovation, technological capabilities have become a

pivotal attribute for companies aiming to enhance

their resilience against market fluctuations and

competitive pressures. A particular area of focus

within this domain is the application of AI, which has

been identified as a critical component in driving

forward-looking strategies and operations (Treacy,

2022; Weber, 2023). The deployment of such

technologies not only enables businesses to

streamline their processes, but also allows for the

development of new products and services, tailored to

meet the ever-changing needs of their customers.

The concept of digital maturity is essential for

assessing a company's technological capabilities,

offering a comprehensive evaluation of how

effectively a business adopts and integrates digital

technologies across all areas of its operations. This

assessment goes beyond simply having technology

within the organization, focusing instead on the

extent to which digital tools and systems are utilized

to achieve strategic objectives and foster innovation.

Groskovs and Vemula (2018) propose a digital

maturity assessment model that serves both as a tool

ICSBT 2024 - 21st International Conference on Smart Business Technologies

for researchers and a strategic instrument for

managers, addressing the need for a conceptually

clear method to measure digital maturity at the

business model level (Groskovs & Vemula, 2018).

Additionally, Eremina, Lāce, and Bistrova (2019)

highlight the significance of digital maturity in

enhancing a company's competitive moat and

operational efficiency through their methodology

applied to enterprises in the Baltic States (Eremina et

al., 2019). For Hidden Challengers, the journey

towards digital maturity involves several key steps,

including the adoption of AI and other advanced

technologies, the digitization of core processes, and

the establishment of a culture that encourages

experimentation and the adoption of digital-first

approaches. By measuring their digital maturity,

companies can identify areas of strength and potential

gaps in their technological capabilities, enabling them

to develop targeted strategies for improvement. This

measurement is not a one-size-fits-all process, but

rather should be tailored to reflect the unique context

and objectives of each organization. Various

frameworks and tools can be utilized to gauge digital

maturity, including self-assessment checklists,

maturity models, and benchmarks against industry

standards. These assessments provide valuable

insights into a company's digital infrastructure, its use

of data and analytics, digital talent and skills, and the

overall digital culture.

Integrating these technological capabilities, with

an emphasis on digital maturity and the strategic

application of AI, allows Hidden Challengers to not

only navigate the complexities of the digital age but

to thrive within it. By prioritizing technological

advancement and digital transformation, these

companies can enhance their competitiveness, drive

innovation, and secure a strong position in the global

market. This approach positions Hidden Challengers

to capitalize on the opportunities presented by digital

technologies, enabling them to outmanoeuvre larger,

less agile competitors and redefine the paradigms of

success in their respective industries.

3.2.3 Digital Visibility

The new framework emphasizes public awareness as

one of the key points. In the Hidden Champions

model, this criterion is negatively evaluated. Our

alternative Hidden Challenger model emphasizes the

necessity of digital visibility for business success.

Digital marketing is crucial for promoting growth and

visibility, even for Hidden Champions.

In a world where audiences increasingly use

digital platforms for information and engagement,

neglecting digital presence can lead to a loss of

market relevance. Adaptability and data-driven

decisions remain central pillars of success. Hidden

Champions should not see digital marketing as a

departure from their core competencies but as an

extension that allows them to adapt to digital needs

and preferences. In our model, digital marketing is

not just an advantage, but a necessity for Hidden

Challengers in the digital age to solidify their market

position and enhance their visibility without

compromising their core identity. This digital

visibility is measured using the Niche Brand

Awareness Index, which utilizes online media,

underlined by studies showing that digital marketing

is essential for competitive advantage impacts

business outcomes and is key in digital

transformation for success (Leeflang et al., 2014;

Gurbaxani & Dunkle, 2019; Dolega et al., 2021).

4 DISCUSSION

The three aspects, innovation power, technological

capabilities and digital visibility are overlooked in the

Hidden Champions model. This leads to highly

innovative and promising companies being neglected

as long as they are not among the top three globally

or market leaders on their continent. The Hidden

Challenger model aims to change this by focusing on

the innovation capability, digital transformation and

digital visibility of companies. In the context of

Hidden Champions, companies that are successful

despite low public awareness, the digital age poses

new requirements. Traditionally, these companies are

distinguished by high expertise and market success

while remaining less known to the public. However,

in the digital age, this reticence in public perception

could pose a challenge.

This leads to the following three criteria for the

new Hidden Challenger Framework:

 Company’s innovation strength measured using

the Innovation Score Card and the Scoring

Method

 Company’s technological capabilities measured

using self-assessment checklists, maturity

models, and benchmarks against industry

standards

 Company’s digital visibility is measured using the

Niche Brand Awareness Index

Hidden Champions Revised: Towards a New Conceptual Framework

5 CONCLUSION

The revision of the Hidden Champions model to

incorporate innovation strength, technological

capabilities, and digital visibility reflects the evolving

demands of the digital era, providing a more precise

method for identifying companies with high growth

potential and competitiveness. Companies that drive

innovation and effectively leverage technology,

regardless of their global positioning, can succeed,

with a strong presence on social media platforms

potentially correlating with higher competitiveness.

These insights offer valuable perspectives for

businesses and policymakers to adapt their strategic

decisions and strengthen competitiveness. Early

adaptation to the changes in the revised model can

potentially lead to long-term success for companies,

bolstering their position in a rapidly changing

business environment.

6 IMPLICATIONS FOR FUTURE

WORK

In comparison to Simon’s Hidden Champion model,

the Hidden Challenger model represents a more up-

to-date view of current demands placed on

businesses, being much more responsive to the

changing requirements of a dynamic technological

environment. Despite its promising contextualisation,

however, at the present time it lacks empirical

validation and tangible measurable metrics that could

substantiate its success. Metrics like the Niche Brand

Awareness Index and the Innovation Score Card or

the Scoring Method could be used to validate the

Hidden Challengers model in future research.

Moreover, further research is warranted, to determine

how the core aspects of the model interact with each

other and may be of varying importance to business

success, and to establish the weighting of the core

elements in the identification of Hidden Challengers.

It is recommended that the proposed model be tested

in specific regions and industries to assess its

applicability and effectiveness in different contexts.

The research gaps are to be systematically addressed

in further studies to validate and refine the Hidden

Challenger model and provide a strong empirical

basis for future research.

ACKNOWLEDGEMENTS

This work has been developed within the framework

of the research project Mittelstand-Digital Zentrum

Saarbrucken. The research project is funded by the

German Federal Ministry for Economic Affairs and

Climate Action (BMWK) under the funding code

01MF22007B.

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