The Spatial Clustering of Science and Capital
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The Spatial Clustering of Science and Capital
The Spatial Clustering of Science and Capital: Accounting for Biotech Firm-Venture Capital Relationships*Walter w. Powell 509 CERAS Bldg. Stanford Uni The Spatial Clustering of Science and CapitaliversityStanford, CA 94305 Arizonawoody p@sta nford ■ ẹd u 85721fax: 650-725-7395 kkọput@u.arízọna.edụJames I. Bowie Department of SociologySociologyUniversity of ArizonaTucson AZ 85721Kenneth w. Koput 405 McClelland Hall Department of Management &PolicyUniversity ofTucson. AZfax: 520-621-4171Laurel The Spatial Clustering of Science and Capital Smith-DoerrDepartment ofBoston University 96 Cummington street Boston, MA 02215SEPTEMBER, 2001Forthcoming, Regional Studies* Research support provideThe Spatial Clustering of Science and Capital
d by National Science Foundation (#9710729, w.w. Powell and K.w. Koput, Co-Pls). We appreciate the helpful comments of Gemot Grabber and Joerg Sydow.2The Spatial Clustering of Science and Capital: Accounting for Biotech Firm-Venture Capital Relationships*Walter w. Powell 509 CERAS Bldg. Stanford Uni The Spatial Clustering of Science and Capitaley. The location of both research-intensive biotech firms and the venture capital firms that fund biotech is highly clustered in a handful of key U.S. regions. The commercialization of a new medicine and the financing of a high-risk startup firm are both activities that have an identifiable timeline The Spatial Clustering of Science and Capital, and often involve collaboration with multiple participants. The importance of tacit knowledge, face-to-face contact, and the ability to learn and maThe Spatial Clustering of Science and Capital
nage across multiple projects are critical reasons for the continuing importance of geographic propinquity in biotech. Over the period 1988-99, more tThe Spatial Clustering of Science and Capital: Accounting for Biotech Firm-Venture Capital Relationships*Walter w. Powell 509 CERAS Bldg. Stanford Uni The Spatial Clustering of Science and Capitalesearch projects further along the commercialization process. Similarly, as VC firms grow older and bigger, they invest in more non-local firms. But these patterns have a strong regional basis, with notable differences between Boston, New York, and West Coast money. Biotechnology is unusual in its d The Spatial Clustering of Science and Capitalual dependence on basic science and venture financing; other fields in which product development is not as dependent on the underlying science may havThe Spatial Clustering of Science and Capital
e different spatial patterns.KEYWORDS: BIOTECHNOLOGY, VENTURE CAPITAL, NETWORKS, SPATIAL AGGLOMERATION.3IntroductionOur focus is on the relationships The Spatial Clustering of Science and Capital: Accounting for Biotech Firm-Venture Capital Relationships*Walter w. Powell 509 CERAS Bldg. Stanford Uni The Spatial Clustering of Science and Capitalre designed with a termination point in mind, at which time the venture capitalist exits and moves on. Nor are they exclusive relationships. A venture capitalist is likely to invest in many different biotech firms, including some who are likely to be competitors in a particular therapeutic area, suc The Spatial Clustering of Science and Capitalh as cardiology, or with a particular technology, such as genomics. Biotech firms may well have backing from multiple venture capitalists, either as pThe Spatial Clustering of Science and Capital
art of a collective, such as a group or syndicate, or separately as a means to finance discrete projects, such as a specialized use of a more general The Spatial Clustering of Science and Capital: Accounting for Biotech Firm-Venture Capital Relationships*Walter w. Powell 509 CERAS Bldg. Stanford Uni The Spatial Clustering of Science and Capitalrporations, and selling minority equity stakes. For a biotech firm to become financially successful, it needs to develop a promising pipeline with numerous new medicines. Each potential product is, in some respects, a separate project that involves different internal staff and disparate external col The Spatial Clustering of Science and Capitallaborators. At a venture firm, a portfolio of investments is developed with divergent levels of risk, different timelines, and varied expected payoffsThe Spatial Clustering of Science and Capital
. For both biotechs and venture firms, learning across partners and projects, and developing experience working with diverse parties, is critical to sThe Spatial Clustering of Science and Capital: Accounting for Biotech Firm-Venture Capital Relationships*Walter w. Powell 509 CERAS Bldg. Stanford Uni The Spatial Clustering of Science and Capitalme as projects, firms and regions mature. Our data are drawn from the commercial field of human biotechnology, specifically the wave of founding of new biotech firms in4the U.S. over the period 1988-1999. This field is remarkably clustered spatially, with over 48% of all U.S. firms located in either The Spatial Clustering of Science and Capital Northern California, the Boston Metropolitan area, or San Diego County. We map the industry's growth, showing a pattern ofcluster-based proliferationThe Spatial Clustering of Science and Capital
. We match our biotech data to a data set on firms that provide venture capital to our sample of biotech companies. Venture capital is also spatially The Spatial Clustering of Science and Capital: Accounting for Biotech Firm-Venture Capital Relationships*Walter w. Powell 509 CERAS Bldg. Stanford Uni The Spatial Clustering of Science and Capital are exclusively local, have a local component, or are non-local.The Cọ-Ịọcatiọn ọf Science and CapitalWe take as our starting point the spatial concentration of two key factors of production in the commercial field of biotechnology: ideas and money. Casual observers might wonder why these two endow The Spatial Clustering of Science and Capitalments, which are highly fungible, easily transportable, in short, weightless (LEADBEATER, 2000), are so strongly concentrated regionally. Abundant eviThe Spatial Clustering of Science and Capital
dence points to the clustering of both knowledge and capital.Ideas, especially knowledge from the frontiers of cutting-edge science, have a strong tacThe Spatial Clustering of Science and Capital: Accounting for Biotech Firm-Venture Capital Relationships*Walter w. Powell 509 CERAS Bldg. Stanford Uni The Spatial Clustering of Science and CapitalE, 1994). Consequently, to understand the science, one has to participate in its development. Hence new scientific advances have a form of natural excludability (ZUCKER, DARBY, and BREWER, 1998). In the early years of the biotechnology industry, firms were founded in close proximity to research inst The Spatial Clustering of Science and Capitalitutes and universities where the advances in basic science were being made (KENNEY, 1986; AUDRETSCH and STEPHAN,5The Spatial Clustering of Science and Capital: Accounting for Biotech Firm-Venture Capital Relationships*Walter w. Powell 509 CERAS Bldg. Stanford UniThe Spatial Clustering of Science and Capital: Accounting for Biotech Firm-Venture Capital Relationships*Walter w. Powell 509 CERAS Bldg. Stanford UniGọi ngay
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