Edited by Marian V Jones, Colin Wheeler and Pavlos Dimitratos
Chapter 2: Assessing the Internationalization Capabilities of Life Science New Ventures
* Marian V. Jones, Colin Wheeler, Pavlos Dimitratos and George Vlachos INTRODUCTION New ventures in the life science industry include technology start-ups, founded on the basis of one or more technologies with potential for exploitation. Technology start-ups are founded at various stages in the innovation process which may involve long product development times followed by very rapid market entry. In life sciences it is not unusual for product lead-times to exceed 12 years, much of which may be laboratory-based and may include lengthy periods spent in clinical trials. Ultimately the product will be launched into an industry that is dynamic, rapidly changing and global. Life science new ventures at foundation will be ‘born’ into that global industry and as such could be described as ‘born-global’. Born-global firms are of interest to national policy makers because of their potential for rapid international growth and superior performance, and ideally those with new and leading-edge technologies would seem to have a head start in the race to be first-to-market. Empirical evidence on the success of born-global firms tends to be based on the retrospective examination of surviving firms. Less is known about the resources and capabilities that early-internationalizing firms might have to enable them to survive and develop in a global industry. In this chapter we suggest that life science new ventures that are founded explicitly to exploit a technological innovation may be born into a global industry but may not have the resources or capabilities to internationalize successfully. Drawing on the concept of...
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