Differences in the Strategic Orientations of Nordic and US-Based Young Biotechnology Ventures

Abstract

Small, young life science ventures are simultaneously affected by strong global and local forces. These are reflected in the strategic orientations - like market orientation, entrepreneurial orientation, and technological orientation - adopted by the ventures. This chapter presents a comparison of a sample of Silicon Valley- based biotechnology ventures with biotechnology firms of similar age and size in Northern Europe (Finland and Sweden) and in South Florida and Philadelphia Area in the United States. Altogether, 85 firms are analyzed. The results of the empirical study show that while ventures’ market orientation remains rather similar regardless of their location, some other aspects of firms’ strategic orientations do differ from one geographic area to another. It is suggested that these differences predominantly reflect the location specific institutional environments and resource endowments.

Keywords: BIotechnology, entrepreneurship, market orientation, entrepreneurial orientation

JEL Classification: M13