This paper addresses the evolution of biotechnology clusters in Germany between 1996 and 2003, paying particular attention to their respective composition in terms of venture capital, basic science institutions and biotechnology firms. Drawing upon the significance of co-location of "money and...

The existing literature on cluster embeddedness largely neglects the impact of finance on the development of firms' network linkages. This is striking in so far that particularly venture capital is often referred to as "smart money" providing firms not only with funds but also with network...