Living up to the expectations set by ICT? The case of biotechnology commercialisation in Finland

Technology Analysis and Strategic Management

Volumn 19, Issue 3, 2007, Pages 329-349

  Luukkonen, Terttu ^a   Palmberg, Christopher ^a  

^a Elinkeinoelaman Tutkimuslaitos   (Finland)

Author keywords

[No Author keywords available]

Indexed keywords

BIOTECHNOLOGY; COMMERCIALIZATION; INDUSTRIALIZATION; INFORMATION AND COMMUNICATION TECHNOLOGY; MODELING;

EURASIA; EUROPE; FINLAND; NORTHERN EUROPE; SCANDINAVIA;

EID: 34249744701     PISSN: 09537325     EISSN: 14653990     Source Type: Journal    
DOI: 10.1080/09537320701281565     Document Type: Article

References (73)

1. Public funds for R&D and the building of science parks in the 1990s and early 2000s totalled nearly 400 million. If the investments of a public venture fund, Sitra, are taken into account, the sums amount nearly €1 billion.As a comparison, gross domesticR&Dexpenditure in Finlandwas €5.5 billion in 2004. See T. Luukkonen & C. Palmberg, Suomen teollisuuden seuraava läpimurto? Uuden biotekniikan vertailu tietotekniikka-alaan, in: T. Luukkonen (Ed.) Biotekniikka - tietoon perustuvaa liiketoimintaa (Helsinki, Taloustieto, 2004).
2. C. Perez, Technological Revolutions and Financial Capital (Cheltenham, UK, Edward Elgar, 2002).
3. A. Arundel, Agricultural biotechnology in the European Union: alternative technologies and economic outcomes, Technology Analysis & Strategic Management, 13(2), 2001, pp. 265-278;
4. P. Nightingale & P. Martin, The myth of the biotech revolution, Trends in Biotechnology, 22(11), 2004, pp. 564-569;
5. G. P. Pisano, Can science be a business?, Harvard Business Review, 84(10), 2006, pp. 115-125.
6. G. Eliasson & Å. Eliasson, The biotechnological competence bloc, Revue d'Economie Industrielle, 78(4), 1996, pp. 7-26.
7. Perez, op. cit., Ref. 2.
8. Ibid.
9. Ibid., p. 8.
10. Ibid., p. 11.
11. Ibid.
12. Pisano, op. cit., Ref. 3.
13. Technological opportunities are commonly considered to reflect the productivity of research and development (R&D), and hence to precondition the rate and nature of technological change and innovation across sectors, one of the aspects of technological regimes. See A. Klevorick, R. Levin, R. Nelson & S. Winter, On the sources and interindustry differences in technological opportunities, Research Policy, 24, 1995, pp. 185-205.
14. S. Breschi, F. Malerba & L. Orsenigo, Technological regimes and Schumpeterian patterns of innovation, The Economic Journal, 110, 2000, pp. 388-410;
15. Luukkonen & Palmberg, op. cit., Ref. 1. 16 M. McKelvey, Evolutionary Innovations: The Business of Biotechnology (Oxford, Oxford University Press, 2000).
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17. Perez, op. cit., Ref. 2;
18. Nightingale & Martin, op. cit., Ref. 3.9
19. C. Edquist (Ed.), Systems of Innovations - Technologies, Institutions and Organisations (London, Pinter, 1997).
20. Eliasson and Eliasson 's concept can be traced back to the Swedish so-called Dahménian school on industrial dynamics. For a further discussion, see D. Johansson & N. Karlsson (Eds) Den svenska tillväxtskolan - om den ekonomiska utvecklingens kreativa förstörelse (Uddevalla, Mediaprint AB, 2000).
21. Perez, op. cit., Ref. 2.
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26. R. Hermans&T. Luukkonen, Findings of the ETLA survey on Finnish biotechnology firms, ETLA Discussion Papers No. 819, The Research Institute of the Finnish Economy, Helsinki, 2002;
27. T. Luukkonen & M. Maunula, Riskirahoituksen merkitys biotekniikka-alalla - pääomasijoittajien vertailu yritysten näkökulmasta, ETLA Discussion Papers No. 1057, The Research Institute of the Finnish Economy, Helsinki, 2006.
28. T. Luukkonen, Biotekniikkayritykset vähenevät, Suhdanne 1/2005, ETLA, Helsinki, 2005.24.
29. Source: Statistics Finland. If contents provision is included, the number of firms is over 20,000.
30. L. Paija (Ed.), Finnish ICT Cluster in the Digital Economy (Helsinki: Taloustieto Oy, 2001).
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34. Communication from Tekes (Finnish Funding Agency for Technology and Innovation).
35. T. Luukkonen, Patentointi biotekniikka-alalla, ETLA Discussion Papers No. 938, The Research Institute of the Finnish Economy, Helsinki, 2004.
36. Cf. A. Carree & A. Thurik, Self-employment in the OECD countries, Labour Economics, 7(5), 2000, pp. 471-505.
37. J. Ali-Yrkkö, Nokia's Network - Gaining Competitiveness from Co-operation (Helsinki, Taloustieto Oy, 2001).
38. H. Koski, P. Rouvinen & P. Ylä-Anttila, Tieto & Talous - Mitä "Uudesta Taloudesta" Jäi? (Helsinki: Edita, 2002).
39. M. Fransman, Telecoms in the Internet Age - From Boom to Bust ...? (New York, Oxford University Press, 2002).
40. T. Luukkonen, Venture capital industry in Finland - country report for the Venture Fund project, ETLA Discussion Papers No. 1003, The Research Institute of the Finnish Economy, Helsinki, 2006.
41. A. Rantala, Onko Suomessa riittävästi yritysdynamiikkaa? PTT-katsaus 4, 2004, pp. 41-47.
42. Eliasson, op. cit., Ref. 20.
43. Perez, op. cit., Ref. 2, p. 73.
44. Ibid.
45. Eliasson, op. cit., Ref. 20.
46. Ibid.
47. See, e.g. M. Kenney & R. Florida, Venture capital in Silicon Valley: fueling new firm formation, in: K. Martin (Ed.) Understanding Silicon Valley: The Anatomy of an Entrepreneurial Region (Stanford, CA, Stanford University Press, 2000), pp. 98-123;
48. R. J. Gilson, Engineering a venture capital market: Lessons from the American experience, Stanford Law Review, 55(4), 2003, pp. 1067-1103.
49. A. Hyytinen & M. Pajarinen, Financial systems and venture capital in Nordic countries: A comparative study, in A. Hyytinen & M. Pajarinen (Eds) Financial Systems and Firm Performance (Helsinki, Taloustieto Oy, 2003).
50. Finnish Venture Capital Association (FVCA), Pääomasijoittaminen Suomessa 2002 (Helsinki, FVCA, 2003).
51. Cf. Eliasson, op. cit., Ref. 20.
52. The Finnish Venture Capital Association (FVCA), Yearbook 2004 (Helsinki, FVCA, 2004).
53. V. Antila, Bioalan riskiraha niukaksi - Julkista rahoitusta tarvitaan aiempaa enemmän, Kemia-Kemi, 30, 2003, pp. 31-32.
54. Luukkonen & Maunula, op. cit., Ref 22.
55. Hermans & Luukkonen, op. cit., Ref 22.
56. J. Ali-Yrkkö, A. Hyytinen & J. Liukkonen, Exiting venture capital investments: Lessons from Finland, in: A. Hyytinen & M. Pajarinen (Eds) Financial Systems and Firm Performance (Helsinki, Taloustieto Oy, 2003).
57. Hyytinen & Pajarinen, op. cit., Ref. 43.
58. Ali-Yrkkö et al., op. cit., Ref. 50.
59. Luukkonen, op. cit., Ref. 58.
60. P. Rönkko, Growth and internationalization of technology-based new companies: Case study of 8 Finnish companies, in: L. Paija (Ed.) Finnish ICT Cluster in the Digital Economy (Helsinki, Taloustieto Oy, 2001).
61. Ibid.
62. Eliasson & Eliasson, op. cit., Ref. 4.
63. D. J. Teece, Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy, Research Policy, 15, 1986, pp. 285-305.
64. T. Luukkonen, Variability in organisational forms of biotechnology firms, Research Policy, 34, 2005, pp. 555-570.
65. Luukkonen, op. cit., Ref. 58.
66. Then Telecom Finland, later Sonera; currently TeliaSonera.
67. C. Palmberg, Technological systems and competent procurers - the transformation of Nokia and the Finnish telecom industry revisited, Telecommunications Policy, 26, 2002, pp. 129-148.
68. Ali-Yrkkö, op. cit., Ref. 32; C. Palmberg & O. Martikainen, Overcoming a technological discontinuity - the case of the Finnish Telecom industry and the GSM, ETLA Discussion Papers No. 855, The Research Institute of the Finnish Economy, Helsinki, 2003.
69. A comparison of Finnish biotechnology patents in USPTO compared with those with a Swedish origin shows that they are approximately on a par in spite of the larger science base of Sweden (see Figure A1 in Appendix).
70. Teece, op. cit., Ref. 57.
71. Ibid., p. 304.
72. G.Avnimelech, M. Kenney & M. Teubal, Building venture capital industries: understanding the U.S. and Israeli experiences, BRIE Working Paper 160, 2 March 2004.
73. Pisano, op. cit., Ref. 3.