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Cambridge Journal of Economics 2005 29(3):343-357; doi:10.1093/cje/bei044
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© The Author 2005. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

The evolution and performance of biotechnology regional systems of innovation

Jorge Niosi* and Marc Banik*

* Department of Management and Technology, Université de Québec à Montréal

Address for correspondence: Jorge Niosi, Department of Management and Technology, Université de Québec à Montréal, P.O.Box 8888, Station Centre-Ville, Montréal, H3C 3P8, Canada; email: niosi.jorge{at}uqam.ca

The paper maintains that biotechnology regions develop as complex systems: they start with star scientists in research universities, generating knowledge spillovers, then move progressively towards regional technology markets. In the process they attract venture capital (or modify the behaviour of existing venture capital firms with the addition of biotechnology portfolios). The routines of universities are also modified with the addition of intellectual property and technology transfer offices intervening as sellers in the newly created knowledge markets. The paper also considers whether companies located in regional agglomerations grow faster than isolated ones, and whether companies spun-off from universities have a better performance than start-ups. The study is based on about 90 Canadian-based publicly quoted biotechnology companies.

Key Words: Biotechnology • Evolutionary economics • Regional innovation systems • University spin-offs

JEL classifications: O18, O33, O51

Manuscript received March 21, 2003; final version received November 12, 2004.


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