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This study examines the role of knowledge in the venture growth process, ranging from the research and innovation stage to the established firm. First, it addresses the typologies of knowledge and expertise and the means of knowledge based value adding in diverse stages of the new business growth. The complexity of contributing business growth, both with structured intellectual assets, such as the patents, and especially with unstructured knowledge and expertise as assets, has been the source of the research questions of this study; it is understood that a proper guidance model is required to enhance the growth process. Thus, the elements for managing and governing the interests of the stakeholders derived from the venture-to-capital theory have been adopted in this paper as a starting point for creating a more robust view of managing knowledge and expertise in the venture growth process. Finally, the aim of this study is to conceptualise the ownership management of emerging business from the research stage to viable business start-up firm, and to go even beyond this by evaluating the feasibility of the model considering SMEs’ growth strategies. The search for a new model actually involves exploring change management that is outlined by risk taking and rewarding mechanism, social issues, and the investment of both capital and immaterial intellectual properties where the key resources are the founder team, the other key persons, and investors. Further, this model is characterized by four determinants, and it denotes the dynamism of the entire model.