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Although a growing number of companies are using growth hacking (GH) to grow their businesses, scholars know little about its operationalization, namely through growth hacking capability (GHC), its antecedents and its effectiveness in improving their performance. Indeed, there are no studies that have examined the role of intellectual capital (IC) in this sense. The aim of this study is to fill these gaps and explore the effects of IC (composed of human, relational and structural capital) in influencing GHC and – in turn – whether GHC influences companies’ financial and market performance.

Empirical research was conducted using partial least squares structural equation modelling (PLS-SEM) to examine the validity of the proposed hypotheses and research model. Quantitative data were collected from 38 SMEs in the Italian context through a specifically designed questionnaire.

The results of the analysis show that IC has a positive and significant impact on SMEs’ GHC, thus confirming its role as a relevant antecedent; at the same time, the empirical results underscore the positive effect GHC has on SMEs’ financial and market performance.

First, the present body of work operationalizes GH, thereby, following previous work on lean startup and explores for the first time in literature the effect of IC on it. Second, from a contextual standpoint, the article deepens scholars' understanding of GHC by focusing on SMEs. Lastly, the adopted method represents a novel approach to investigating GHC, as scholarly literature has primarily focused on qualitative and theoretical dimensions.

This case studies the growth of OYO Hotels (OYO) to illustrate the operational processes necessary to succeed in the service sector. The case allows for a discussion of employee- and customer-management systems, tech-driven solutions, and profit drivers. The material unfolds OYO's growth and its solution for making economy hotels discoverable and bookable online.

The case raises a series of questions around OYO's business model, its ability to translate across global markets, and growth potential. It has been successfully taught in a second-year MBA class on the management of service operations.