Biotech industry, more than any other industry, is the offspring of academic research. The nature and formation of the biotech competence bloc are investigated, the experimental nature of its development clarified and the critical importance of competent venture capitalists explained. (The possibly critical, supporting role of Government to provide venture competence when the market fails to process entrepreneurship is discussed. The study documents the importance for industrial technology development (1) to merge different technologies and academic disciplines, and (2) to identify the more narrow set of technological possibilites that satisfy economic restrictions. Industrial firms have to develop management competence to deal with extreme complexity. The consequences of complexity are frequent business failures.
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Eliasson et al. (1996) studied this question.
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