The goal of this paper is to point out the role played by private equity investors (venture-capital companies and corporate investors) in the emergence of a new biotechnology industry in Germany in the second half of the 90's. This analysis takes into account the different business models and...

I investigate the mechanisms through which a cluster policy can enhance entrepreneurship defined as new venture creation. The paper is based on the study of a cluster policy (‘BioRegio’) that strongly simulated new firm creation in biotechnology in Germany after 1996. The process induced by...

The article demonstrates that the German biotechnology industry?s birth and growth went along with the succession of three different business models. Based on an analysis of the activity carried out by founders and managers in the beginning phase of their firm, it shows that at each phase of the...

15 Prozent der zwischen 1995 und 1999 neu gegründeten Biotechnologieunternehmen erhielten Venture Capital (VC). Am begehrtesten waren Medikamenten- und Wirkstoffentwickler sowie Dienstleister im Bereich medizinischer Anwendungen. Hier wurde nahezu jedes dritte Unternehmen mit VC finanziert.