Hidden champions are relatively small but highly successful companies that are concealed behind a curtain of inconspicuousness, invisibility, and sometimes secrecy. The term was coined by Hermann Simon. He first used the term in 1990 as a title of a publication in a scientific German management journal, describing the small, highly specialized world-market leaders in Germany.[1] According to his definition, a company must meet three criteria to be considered a hidden champion:[2]
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