This report has studied rapidly growing firms in Sweden during the period 1997–2007. The main aim has been to analyse whether there are any characteristics that distinguish gazelles, apart from the contribution they make to growth. The fact that they grow more rapidly than other firms indicates that in some way they differ from other firms. For this reason, it is of interest to follow these firms over a longer period and develop the analysis of rapidly growing firms, their characteristics and what the implications are for determining growth policy.