Entrepreneurship in Biotechnology

1 Independent Biopharmaceutical Companies and Their Specialization in Drug Discovery Technologies.- 1.1 Drug Discovery in Research and Development Pipelines.- 1.2 Growth Problems Generated by R&D Duration.- 1.3 Consequences of Human Genetic Research on Drug Discovery.- 2 Model Structure for High-Technology Firms and Its Dynamic Behavior in Start-Up Phases.- 2. 1 Macro Structure for Entrepreneurial Management of Start-Ups.- 2.1.1 System Dynamics as Research Methodology.- 2.1.2 Advancement of a Novel Disease Target Technology as Phase Objective.- 2.1.3 Impacts of Entrepreneurial Confidence on Voluntary Leaving, Absorptive Capacity, and Corporate Planning Horizon.- 2.2 Micro Structure that Determines High-Technology Performance.- 2.2.1 Average Research Experience of Scientists.- 2.2.2 Diversity of Scientific Disciplines.- 2.2.3 Research Quality as Dependent on Understanding of Failures.- 2.3 Dynamic Behavior from Start-Up Model Experiments.- 2.3.1 Surprise Behavior of Technology Effectiveness.- 2.3.2 Start-Up Success as Determined by Conditions of Corporate Foundation.- 2.3.3 Policy Design to Accelerate Start-Up Success.- 3 Model Structure and Dynamic Behavior for High-Technology Firms in Transition to Growth Phases.- 3. 1 Macro Structure for Contract Research.- 3.1.1 Scope of Transition Model, Boundaries, and Time Horizon.- 3.1.2 Feedback Structures for Growth and Growth Saturation.- 3.1.3 Principal-Agent Theory to Investigate Research Contracts.- 3.2 Micro Structure for Contract Research on Novel Disease Targets.- 3.2.1 Industry Demand for Research Contracts.- 3.2.2 Planning of Scientific Laboratory Personnel.- 3.2.3 Obsolescence/Irrelevance of Scientific Experience and Contract Research Funding.- 3.3 Dynamic Behavior from Transition Model Experiments.- 3.3.1 Simulation Studies on Corporate Transition.- 3.3.2 Attractive ness Fluctuations from Technology Effectiveness.- 3.3.3 Firm Value from Contract Research Funds.- 4 Economic Value Creation in Transition Phases: Access to Equity Capital.- 4. 1 Value Creation from Drug Candidates in Collaborative R&D Pipelines.- 4.1.1 Flow of Drug Candidates Through Pipeline Phases.- 4.1.2 Present Value of Royalty Expectations from Drug Candidates.- 4.1.3 Capital Asset Pricing Model for Discount Rate Estimation.- 4.2 Simulation of Value Creation.- 4.2.1 Present Values of Pipeline Phases.- 4.2.2 Option Premium as a Complement to Present Value.- 4.2.3 Option Premium and Present Value for Investment Decisions.- 4.3 Equity Financing for Growth Phases.- 4.3.1 Fund-Raising Success as Determine by Value Creation in R&D.- 4.3.2 Attractiveness to Investors from Research Track Record and Collaborative Partnership.- 4.3.3 Sensitivity of Fund-Raising Success to Value Creation in R&D.- 5 Strategies for Growth Phases to Sustain Independence.- Appendix 1: Parameter List for Start-Up Model.- Appendix 2: List of Equations for Start-Up Model.- Appendix 3: Parameter List for Transition Model.- Appendix 4: A Dynamic Theory on Cost of Capital for Biotechnology Firms.