Harmonizing science and business agendas for growth in new biotechnology firms: Case comparisons from five countries

Abstract

In seeking to support the longevity of firms in high technology industries, much research effort has been directed at understanding the stages of growth and development of these firms. One industry regarded as vitally important to most national economies is biotechnology. Although our knowledge of the growth of biotechnology firms remains embryonic, we know that it is a multistage process requiring a changing blend of scientific and business skills at points along a developmental path. In this paper data are presented from a multiple case study, in which new biotechnology firms (NBFs) from five different countries were analyzed using in-depth interviews with CEOs, supported by archival and observational research. A conceptual model is developed from the literature which is further refined using the empirical evidence of the multiple case study. The resultant model captures the temporal aspects of the tension between the science and business agendas as the NBF traverses its commercialization pathways. The authors find that a common feature of successful NBFs is their ability to harmonize the changing scientific and business agendas as the company progresses through its development cycle.