Technological innovations have been long considered an important predictor of a firm’s growth potential. Recent studies of business models and innovations pointed out that successful business models do not just incorporate innovative technologies as a component, but could themselves be regarded as a subject of innovation (Zott, Amit and Massa, 2011). Thus, a company can innovate and grow in several ways: through incorporating innovative technology into its existing business model and through employing an innovative business model, i.e. an innovative way to create added value in which case the level of technological innovativeness can vary. Studies give evidence that innovative technologies can only enable successful growth and enhanced performance when they are accompanied by business model innovations (cf. Johnson and Suskewicz, 2009). We hypothesize that innovative business models based on innovative technology would demonstrate the highest growth potential. Cognitive factors, such as the founders’ level of entrepreneurial and managerial expertise, as well as their level and area of education would substantially affect business model creation.