Bubbles in Biotech: Testing the Entrepreneurial Model of Science-Based Innovation
As industrial policy, the promotion of scientific entrepreneurship has much in common with the laissez faire economics to which it is closely related. On the assumption that UK research is already world class and of a nature capable of generating new applications and industries, the direction of industrial development is left up to the direction of the research itself, albeit as influenced by the research councils. And because this involves the abandonment of any attempt to relate industrial policy to existing skills and manufacturing capabilities, it is assumed that appropriate infrastructures will emerge in response to economic opportunity. In this vaguely-conceived vision of the future, there is no thought of adapting industrial development to existing communities; the whole will be replaced by a knowledge-driven economy.
KeywordsStock Exchange Press Release Biotechnology Company Biotechnology Industry Select Committee
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