Combining Resource Based and Evolutionary Theory: A Synthesis Applied to Bio-Enterprise Networks

Centre for Technology Management (CTM) Working Paper, No. 2007/03

62 Pages Posted: 6 Sep 2011

See all articles by Elizabeth W. Garnsey

Elizabeth W. Garnsey

University of Cambridge - Judge Business School

Yuen Yoong Leong

University of Cambridge - Institute for Manufacturing

Date Written: January 1, 2007

Abstract

This paper explores ways in which new ventures not only adapt to but can transform their own business environment. It proposes a new way to combine evolutionary and Penrosian resource-based theories. A parallel is drawn between the proactive response to resource shortfalls and under-use in the Penrosian firm and the way entrepreneurial participants in innovative networks can build complementary capability. Two case studies of biopharm ventures show how participants cumulatively altered prevailing business conditions and selection processes. The approach shows how evolutionary theory can be used to identify overlooked connections and clarify overlooked causal processes that have collective effects. How entrepreneurial activity lays the basis for further innovation is revealed by an analysis with the wider potential to bridge evolutionary and resource based approaches.

Keywords: Biopharmaceutical networks, entrepreneurial firm, resource-based theory, RBV, evolutionary theory

JEL Classification: D21, L23, M13, M21

Suggested Citation

Garnsey, Elizabeth W. and Leong, Yuen Yoong, Combining Resource Based and Evolutionary Theory: A Synthesis Applied to Bio-Enterprise Networks (January 1, 2007). Centre for Technology Management (CTM) Working Paper, No. 2007/03, Available at SSRN: https://ssrn.com/abstract=1923099 or http://dx.doi.org/10.2139/ssrn.1923099

Elizabeth W. Garnsey (Contact Author)

University of Cambridge - Judge Business School ( email )

Trumpington Street
Cambridge, CB2 1AG
United Kingdom
+44 (0) 1223 338183 (Phone)

HOME PAGE: http://www.jims.cam.ac.uk/people/faculty/garnseye.html

Yuen Yoong Leong

University of Cambridge - Institute for Manufacturing ( email )

17 Charles Babbage Road
Cambridge, CB3 0FS
United Kingdom

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