Chance, Nécessité, et Naïveté
This chapter analyzes the early years of the first generation of biotechnology companies. The setting is the 1970s, a time when landmark scientific discoveries in molecular biology triggered all manner of perturbations in university science, pharmaceutical research, and venture finance. The result was the creation of a new form—a science-based commercial entity, which emerged from overlapping networks of science, finance, and commerce. This novel collection of organizational practices that coalesced into a dedicated biotech firm (DBF) proved highly disruptive. Using historical analysis of archival materials, supplemented by interviews with DBF founders, this chapter pieces together the “lash-up” process that melded elements from three separate realms—academic science, venture finance, and commercial health care—into an interactively stable pattern.