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Bubbles in Biotech: Testing the Entrepreneurial Model of Science-Based Innovation

In: Critique of Entrepreneurship

Author

Listed:
  • Peter Armstrong

    (University of Leicester)

Abstract

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.

Suggested Citation

  • Peter Armstrong, 2005. "Bubbles in Biotech: Testing the Entrepreneurial Model of Science-Based Innovation," Palgrave Macmillan Books, in: Critique of Entrepreneurship, chapter 7, pages 162-202, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-55495-5_7
    DOI: 10.1057/9780230554955_7
    as

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