Edited by Maureen McKelvey, Annika Rickne and Jens Laage-Hellman
Chapter 12: Examining the Marketplace for Ideas: How Local are Europe’s Biotechnology Clusters?
* Steven Casper and Fiona Murray 1. INTRODUCTION Competitive advantage in the biotech industry depends on several key factors: the existence of vibrant academic institutions (Kenney 1986), venture capital and other forms of risk ﬁnancing (Lerner 1995; Powell et al. 1996; Sorensen and Stuart 2001), managerial talent, (Gulati and Higgins 2002) and the embeddedness of ﬁrms in collaborative inter-ﬁrm networks (Powell et al. 1996; Carlsson 2002). Such factors certainly provide considerable explanation for the explosive development of the biotech industry in regions of the USA such as San Francisco and Boston. However, the slower growth of regions such as New York, Chicago and several European biotech clusters requires a more detailed and nuanced understanding of the emergence of local biotech clusters. In this chapter we propose the concept of a marketplace for ideas: the social context in which ideas are brought together with human and ﬁnancial capital to build a vibrant cluster. The notion of the marketplace highlights both the key resources that provide the foundation for the formation and growth of biotech ﬁrms and the more social network-like setting for these interactions in contrast to a pure neoclassical market. This chapter uses the marketplace conception of biotech cluster development to examine the following question: Why do some clusters develop superior capabilities to commercialize science than others? In particular we ask whether or not this marketplace is geographically bounded and operates within a local context or alternatively if ﬁrms are clustered locally but draw on the resources of a global...
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.