The biotechnology industry poses a particular challenge to analysis because its origins were poorly understood or even noticed at the time. The purpose of this paper is to examine and make sense of recent developments in the U.S. biotechnology industry. The pioneers and subsequent followers in biotechnology came from other fields. They altered their career trajectories in sciences like genetics and medical research to enter an unknown and undefined field, which only subsequently became labeled as biotechnology. Those regions exhibiting the greatest success in developing biotechnology clusters also possessed the greatest ability to unleash the potential commercialization latent in those scientists. To generate a successful regional cluster, the existence of world class scientific talent is a necessary condition. However, it is not a sufficient condition. The ancillary or complementary factors must also be available to translate this knowledge into a commercialized product. The complementary factors include the presence of venture capital and other forms of finance, the existence of an entrepreneurial culture, and transparent and minimal regulations fostering the start-up and growth processes.
Small Business Economics – Springer Journals
Published: Oct 3, 2004
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