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Financial and Organisational Innovation in UK Biotech

英国生物技术的财务和组织创新

基本信息

批准号：
EP/E037208/1
负责人：
Charles Baden Fuller
金额：
$ 95.74万
依托单位：
City, University of London
依托单位国家：
英国
项目类别：
Research Grant
财政年份：
2007
资助国家：
英国
起止时间：
2007 至无数据
项目状态：
已结题

来源：
https://gtr.ukri.org/projects?ref=EP%2FE037208%2F1
关键词：
Financial Organisational Innovation UK Biotech

项目摘要

Biotechnology firms in the UK increasingly access funds from financial markets, such as the Alternative Investment Market (AIM), rather than traditional venture capital (VC) firms because they are dissatisfied with the poor advice and lack of funding support from traditional VCs. In addition, many of these firms have adopted innovative business models that speed up product development processes by using highly experienced boards of directors and advisors to access external knowledge. Because previous research has focused on funding from venture capitalists, at present little is known about what sorts of business models are most appropriate for this new form of funding and how these boards and advisors are motivated by new forms of financing. This research seeks to (a) understand how these changes impact firm performance and (b) develop innovative management tools to help firms set up a powerful board, and show how that board should operate and how it should access AIM, other non-VC sources of money, and specialist advisors.Previous research on biotechnology start-ups typically draws on a model extrapolated from US experience in the 1980s, where the stages of firm development are linked to types of funding: seed funding (including university technology funds); business angels; V-C (venture capital) followed by IPO (initial public offering on financial markets) or trade sales. While the model may have once been useful, it is increasingly inappropriate for the UK as some firms are short-circuiting stages of the cycle, while others are developing alternative routes. The fact that AIM is now larger than VC as a total supply of finance to UK technology in general and to biotechnology in particular emphasises how the UK has moved towards a distinctive market-based biotechnology funding model.Under this new model, university spin-outs and other start-up firms exploit strong intellectual property over their technology to go straight from founding to forming a highly-skilled board of directors. These boards develop credentials impressive enough for a medium sized public-listed-company very early and are used to access levels of external, specialist professional knowledge normally associated with well established firms. Firms adopting this model rely much more heavily on high powered boards and specialists for managerial advice (rather than VCs and university technology transfer offices). It has been assumed that this knowledge outsourcing strategy could not work as start-up firms lack the resources to attract such high-level advisors. However, preparatory research and first hand experience (one of the proposers is on several biotechnology boards) suggests that the practice is increasingly important. The two strands of research within the project - funding innovations and new managerial knowledge arrangements - are closely connected. It seems clear that using high-powered boards and high levels of external advisors makes a young firm more attractive for floatation on public markets, enabling them to draw on much larger sources of funding. While the opportunity to be involved in public visible, fast growth firms attracts the high-powered boards in the first place. By better understanding these changes, and developing management tools to assit firms this project will asssit the development of high-tech biotech firms within the UK economy and extend the application of innovative forms of financing.

英国的生物技术公司越来越多地从另类投资市场(AIM)等金融市场获得资金，而不是传统的风险投资(VC)公司，因为它们对传统风险投资公司的糟糕建议和缺乏资金支持感到不满。此外，这些公司中的许多公司都采用了创新的商业模式，通过使用经验丰富的董事会和顾问获取外部知识来加快产品开发过程。由于之前的研究都集中在风险资本家的资助上，目前对什么样的商业模式最适合这种新的融资形式，以及这些董事会和顾问如何受到新融资形式的激励，知之甚少。这项研究试图(A)了解这些变化如何影响公司业绩，以及(B)开发创新的管理工具，以帮助公司建立一个强大的董事会，并说明董事会应该如何运作，以及它应该如何获得AIM、其他非风投资金来源和专家顾问。以前对生物技术初创公司的研究通常参考一个模型，该模型是根据20世纪80年代美国的经验推断的，在该模型中，公司发展阶段与融资类型有关：种子资金(包括大学技术基金)；商业天使；V-C(风险资本)，然后是IPO(金融市场首次公开募股)或交易销售。尽管这种模式可能曾经有用，但它越来越不适合英国，因为一些公司正在缩短周期的阶段，而另一些公司则在开发替代路线。AIM目前对英国科技、尤其是生物技术的总融资规模超过风险投资，这一事实突显出英国是如何走向一种独特的基于市场的生物技术融资模式的。在这种新模式下，大学衍生企业和其他初创企业利用其技术的强大知识产权，直接从创立到组建一个高技能的董事会。这些董事会很早就开发出足以令人印象深刻的证书，足以让一家中型上市公司印象深刻，并用于获取通常与知名公司相关的外部专业专业知识水平。采用这种模式的公司更多地依赖权力强大的董事会和专家提供管理建议(而不是风投公司和大学技术转移办公室)。人们一直认为，这种知识外包战略不能奏效，因为初创公司缺乏资源来吸引这样的高级别顾问。然而，准备研究和第一手经验(其中一位提出者是几个生物技术委员会的成员)表明，这种做法越来越重要。该项目中的两个研究方向--资金创新和新的管理知识安排--密切相关。似乎很明显，使用高权力的董事会和高水平的外部顾问会使一家年轻的公司在公开市场上市时更具吸引力，使它们能够利用更大的资金来源。虽然参与上市的机会显而易见，但快速增长的公司首先吸引的是实力雄厚的董事会。通过更好地了解这些变化，并开发管理工具来帮助公司，该项目将评估英国经济中高科技生物技术公司的发展，并扩大创新融资形式的应用。