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New Economy Innovation Systems: Biotechnology In Europe And The Usa

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  • Philip Cooke

Abstract

It is proposed that developments in the commercialization of science and technology in "new economy" sectors such as telecommunications, information technology and biotechnology presage a new kind of systemic innovation. This is both regionalized and localized around hubs of knowledge-driven entrepreneurship, and subject to extremely rapid exploitation in consequence of search and invest activities of corporate venturing arms of large firms, venture capitalists and business angels. The millennium meltdown of Internet stocks has brought caution but also learning gains to new economy investors, but the underlying model remains robust. Unlike the typical European regional innovation system, which is supported by extensive public sector enterprise support activities, "New Economy Innovation Systems" are far less dependent on public enterprise support intervention. Learning this new, rapid mode of exploitation is essential if commercialization gaps between Europe and North America are to be reduced. The key questions concern the appropriate role of public innovation support, the commercialization advantages and limits of venture capital, and the prospects for the new approach in less-favoured regional settings.

Suggested Citation

  • Philip Cooke, 2001. "New Economy Innovation Systems: Biotechnology In Europe And The Usa," Industry and Innovation, Taylor & Francis Journals, vol. 8(3), pages 267-289.
    • Handle: RePEc:taf:indinn:v:8:y:2001:i:3:p:267-289
    DOI: 10.1080/13662710120104583
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    References listed on IDEAS

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    1. Steven Casper;Hannah Kettler, 2000. "The Road to Sustainability in the UK and German Biotechnology Industries," Monograph 000466, Office of Health Economics.
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    Cited by:

    1. Stephen Roper & Helen Xia, 2014. "Unpacking open innovation: Absorptive capacity, exploratory and exploitative openness and the growth of entrepreneurial biopharmaceutical firms," Research Papers 0019, Enterprise Research Centre.
    2. Muñoz, Félix & Encinar, María Isabel, 2011. "Agents intentionality, capabilities and the performance of Systems of Innovation," Working Papers in Economic Theory 2011/03, Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History).
    3. Belussi, Fiorenza & Sammarra, Alessia & Sedita, Silvia Rita, 2010. "Learning at the boundaries in an "Open Regional Innovation System": A focus on firms' innovation strategies in the Emilia Romagna life science industry," Research Policy, Elsevier, vol. 39(6), pages 710-721, July.
    4. Graf, Holger & Broekel, Tom, 2020. "A shot in the dark? Policy influence on cluster networks," Research Policy, Elsevier, vol. 49(3).
    5. Xing, Jack Linzhou & Sharif, Naubahar, 2020. "From creative destruction to creative appropriation: A comprehensive framework," Research Policy, Elsevier, vol. 49(7).
    6. G. Page West III & Charles E. Bamford & Jesse W. Marsden, 2008. "Contrasting Entrepreneurial Economic Developments in Less-Developed Latin American Markets: Applications and Extensions of Resource-Based Theory," Discussion Paper Series 2008-03, McColl School of Business, Queens University of Charlotte.
    7. Stefano Basilico & Uwe Cantner & Holger Graf, 2023. "Policy influence in the knowledge space: a regional application," The Journal of Technology Transfer, Springer, vol. 48(2), pages 591-622, April.
    8. Su, Yu-Shan & Wu, Feng-Shang, 2015. "Regional systems of biotechnology innovation — The case of Taiwan," Technological Forecasting and Social Change, Elsevier, vol. 100(C), pages 96-106.
    9. Cristina Porumboiu, 2021. "The Importance of Clusters for the Development of New Industries," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 24(80), pages 70-80, June.
    10. G. Page West III & Charles E. Bamford & Jesse W. Marsden, 2008. "Contrasting Entrepreneurial Economic Development in Emerging Latin American Economies: Applications and Extensions of Resource-Based Theory," Entrepreneurship Theory and Practice, , vol. 32(1), pages 15-36, January.
    11. Kolympiris, Christos & Kalaitzandonakes, Nicholas & Miller, Douglas, 2015. "Location choice of academic entrepreneurs: Evidence from the US biotechnology industry," Journal of Business Venturing, Elsevier, vol. 30(2), pages 227-254.
    12. Rolf Sternberg & Matthias Kiese & Dennis Stockinger, 2010. "Cluster Policies in the US and Germany: Varieties of Capitalism Perspective on Two High-Tech States," Environment and Planning C, , vol. 28(6), pages 1063-1082, December.
    13. Der-Shiuan Lee & Breandán Ó Huallacháin, 2012. "Spatial Network-based and Regional Proximity in US Biotechnology," Chapters, in: Marina van Geenhuizen & Peter Nijkamp (ed.), Creative Knowledge Cities, chapter 12, Edward Elgar Publishing.
    14. Carlsson, Bo, 2004. "The Digital Economy: what is new and what is not?," Structural Change and Economic Dynamics, Elsevier, vol. 15(3), pages 245-264, September.
    15. Dirk Dohse & Sascha Walter, 2012. "Knowledge context and entrepreneurial intentions among students," Small Business Economics, Springer, vol. 39(4), pages 877-895, November.
    16. Luis Carvalho & Mario Vale, 2018. "Biotech by Bricolage? Agency, institutional relatedness and new path development in peripheral regions," Papers in Evolutionary Economic Geography (PEEG) 1801, Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography, revised Jan 2018.

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