Highlights
► We find four principal types of SMEs' business models: global infant, global niche market, focused R&D and global champion. ► We can identify four evolving paths with distinctive changing pattern of innovativeness. ► Four paths consist of disruptive transition, incremental transition, leapfrogging and born-to-be-global. ► Our result can be used a strategic reference for SMEs, and a policy tool for government-funded SME support programs.