Edited by Marian V Jones, Colin Wheeler and Pavlos Dimitratos
Chapter 1: Introduction: International Entrepreneurship in the Life Sciences
Marian V. Jones, Colin Wheeler and Pavlos Dimitratos INTRODUCTION Why is international entrepreneurship important to the life sciences industry and why would international entrepreneurship scholars be interested in research focused on one specific industry context? These are the two fundamental questions that brought a number of the authors of this book together to discuss what interests us in research on life science-based ventures, and how we might take that research forward in research agendas of interest and value to the industry community, as well as to those whose business is to pursue and advance knowledge for scholarly purposes. The life science industry, on which many national and regional economies have placed their hopes for growth, consists of a great number of very small, specialized firms with very uncertain futures. Life science small ventures, which perform a range of highly specialized and interdependent roles within a complex and potentially global industry, face considerable challenges with regard to their survival and growth. For science or technology-based new ventures long product development lead-times are often coupled with very short windows of opportunity in an industry characterized by rapid technological change and intense competition, where advances towards open innovation are coupled with the restrictions of what is a highly regulated industry. Resources for development may be in short supply or difficult to access. For these reasons new ventures need to be resourceful, innovative and creative, alert to opportunity, able to build and exploit their core competencies and develop mindsets and capabilities that encourage successful...