Practices of Strategic Foresight in Biotech Companies

Abstract

This paper deals with the practice and requirements of strategic foresight in biotechnology firms. Processes and the degree of method application of strategic foresight are less investigated in small- and medium-sized enterprises. Based on case study research of 30 biotechnology companies in Germany, six different approaches of strategic foresight could be identified. The study shows how strategic foresight is organized, which methods for strategic foresight are implemented, who is responsible for strategic foresight, what the main characteristics of the different approaches are, and how the strengths and weaknesses of strategic foresight practice in biotechnology firms can be characterized. Furthermore, firms’ requirements for suitable foresight processes and methods are identified within the scope of case study research.

Keywords: Strategic foresight, strategic planning, scenario analysis, biotechnology, SME, case study research

JEL Classification: 032