The importance of fast-growing companies, so-called gazelles, for the creation of jobs and wealth in society is undisputed (e.g. Birch 1981). Less is known about how a firm can become – and stay – a gazelle. While innovation is often pointed out as a key to successful business development, the relationship between investments in innovation and R&D activities and profitable long-term growth is still unclear. The aim of this paper is to evaluate the importance of innovation aspects for rapid growth in small and mediumsized enterprises, SMEs. Empirically, it is based on an initiative to enhance fast growth in SMEs in a region in Sweden. Early results from analyzing 39 cases indicate that innovation factors distinguish fast-growing companies from lowgrowing ones.