Social capital and the identification of valuable knowledge for knowledge acquisition: a case study

Abstract

Immunostep is a biotechnological company which has developed an external knowledge acquisition strategy based on the utilisation of its social capital and its capability to recognise and assimilate valuable new knowledge for the improvement of its innovation capabilities. The main advantages that social capital management provide to this company are: (1) the development of strong and close ties with other firms and institutions for the purposes of knowledge exchange (development of structural social capital), (2) the achievement of a high reliability in its business relationships (development of relational social capital), and (3) the establishment of compatible objectives and shared cultural values with a number of external agents (development of cognitive social capital). In turn, this case study shows that the way social capital is strategically managed by a firm is an essential aspect for the successful development of knowledge acquisition. Moreover, the success of the integration and use of the knowledge acquired depends strongly on the firm's capability to correctly identify, assess, and anticipate the potential value of such external knowledge.