Organizational literature has deeply explored the growth of firms and its ties with firm performance. However, there is little literature on high growth companies (the gazelles). Moreover, the majority of literature in organizational growth pays attention to the large companies instead of Small and Medium Enterprises (SMEs). This exploratory qualitative study examines the growth dynamics of 12 gazelle companies in France. The authors identify the variables that determine the emergence and growth of such enterprises and propose a model that explains their growth. One illustrative case is presented.