Doctoral thesis of philosophy how do business networks influence the commercialisation of innovative new technologies a study of the australian biotechnology sector

How Business Networks Influence the Commercialisation of Innovative New Technologies? A Study of the Australian Biotechnology Sector A thesis submitted in fulfilment of the requirements for the degree of Doctor of Philosophy Avni Misra B.Sc (University of Delhi, India) M.Sc (University of Rajasthan, India) MBM (RMIT University, Australia) School of Economics, Finance and Marketing College of Business RMIT University August 2018 Jai Baba Saccha Fakir Jai Baba Makhdum Declaration I certify that except where due acknowledgement has been made, the work is that of the author alone; the work has not been submitted previously, in whole or in part, to qualify for any other academic award; the content of the thesis is the result of work which has been carried out since the official commencement date of the approved research program; any editorial work, paid or unpaid, carried out by a third party is acknowledged; and, ethics procedures and guidelines have been followed I acknowledge the support I have received for my research through the provision of an Australian Government Research Training Program Scholarship Avni Misra Date of Submission: August 2018 ii Acknowledgements From the outset, this research has been a joy and privilege, made possible by the generous help and support of countless people both at RMIT University and beyond First, I would like to thank the Almighty, my parents (Mr Jitendera Misra and Mrs Neelam Misra) and my special friends Baba (Mr Surinder Sharma) and Ms Bindu Ahuja for giving me their rock-solid support and blessings in every form to help me achieve my goals Many people have supported and enriched my PhD journey, and this thesis is a result of the faith they showed in me and the support they provided during the ups and downs From the beginning, my supervisors—Professor Mike Reid and Dr Marion Steel—have provided me with incredible support and guidance I not have enough words to thank you both for making this possible for me I can proudly say I had the best supervisory team at RMIT University You have challenged my thinking collaboratively and constructively and have helped in shaping my career towards becoming an academic I would also like to thank you both for being so patient and supportive during the hard times—you always encouraged me and motivated me to aim higher and see the light at the end of the tunnel Thank you for sharing your personal and professional experiences to provide solutions for any issues that I faced during this journey In addition, I thank Professor Tim Fry and the RMIT School of Economics, Finance and Marketing for providing me with the financial support and facilities that made this journey possible, especially the support provided for conference-related travel and stay The experiences were very inspiring I have valued the wise counsel of many, including Associate Professor Angela Dobele, Professor Lisa Farrell, Kathleen Griffiths, Dr Bernardo Figueiredo, Dr Kieran Tierney, Jane Fry, Associate Professor Aston De Silva, Dr Sandy Fitzgerald and others at RMIT University I am grateful for their time and generous advice to help me solve issues I was facing while writing my thesis They were also very motivational and provided me with encouragement, inspiration and whiskey and beer One of the highlights of conducting this research was the opportunity to meet and work with many talented experts from the Australian biotechnology industry Their generosity, iii kindness and time is highly appreciated In particular, I thank Mr Glenn Cross, Ms Tanya Daw and Ms Jo Beamsley from AusBiotech There are also many who cannot be named in the thesis for the sake of confidentiality, but I am deeply indebted to them all for their contributions My thesis would not have been possible without the support and humour that was generously contributed by my friends Manish, Anshuli, Karan, Alexander, Parineeta, Pooja, Claudia, Robyn, Saskia, Aman, Shekhar, Akash, Brijesh, Nupur, Sally, Jonathan, Alla, Walla and many more You all know who you are and I thank you for your understanding while I have been absent In addition, I thank Mohit and Anjali, members of my extended family, for constant support and inquiries about my progress and the encouragement to ‘get it done’—without which completing this thesis would not have been possible I would also like to thank the person who was there when I started but did not make it with me to the end of this journey His contributions to support me at the beginning of this journey are appreciated Lastly, I would like to thank Elite Editing for doing a great job in editing this thesis and editorial intervention was restricted to Standards D and E of the Australian Standards for Editing Practice iv To Mum, Dad and Baba v Table of Contents Chapter 1: Introduction to Research 1.1 Context and Questions 1.2 Research Problem 10 1.3 Thesis Three-Paper Format 11 1.4 Thesis Structure 18 1.5 Summary 19 Chapter 2: A Conceptual Model of the Required Network Effects for Commercialisation of new Biotechnology Innovations (Paper 1) 20 2.1 Introduction 21 2.2 Theoretical Focus and Key Concepts 24 2.3 Methodology 34 2.4 Analysis and Results 41 2.5 Conclusion and Implications 55 Appendix A: Journal Articles Analysed For Content Analysis 61 Business Articles for Content Analysis 69 Appendix B: Percentage distribution of selected articles 70 Chapter 3: Network-Based Barriers and Promoters from Biotechnology Labs to Australian Markets (Paper 2) 71 3.1 Introduction 72 3.2 Theoretical Background 75 3.3 Research Methods 83 3.4 Empirical Findings 88 3.5 Discussion 109 3.6 Contribution 119 3.7 Limitations 122 Chapter 4: Ecosystem Mechanics and Their Effects on the Process of Biotechnology Commercialisation (Paper 3) 123 4.1 Introduction 124 4.2 Theoretical Background 126 4.3 Development of the Conceptual Framework 128 4.4 Methodology 143 4.5 Key Findings 147 4.6 Discussion 158 4.7 Conclusions and Implications 163 Chapter 5: Discussion and Conclusion 167 5.1 Purpose of the Study 167 5.2 Theoretical Contribution 171 5.3 Implications for Industry 181 5.4 Research Limitations 185 5.5 Future Research 187 5.6 Final Summary 189 REFERENCES 191 APPENDIX 234 Interview Instrument for Biotechnology Industry Experts 234 vi APPENDIX 235 Interview Instrument for Venture Capitalists 235 APPENDIX 237 Letter of ethics approval for this research 237 vii List of Figures Figure 1: Figure of Inductive Content Analysis 38 Figure 3: Biotechnology Commercialisation Process 42 Figure 3: Conceptual model showing different network effects on the biotechnology commercialisation process 51 Figure 4: Conceptual model showing different network effects on the biotechnology commercialisation process 78 Figure 5: Revised framework showing network barriers and promoters during different stages of the biotechnology commercialisation process 110 Figure 6: Preliminary framework showing the effects of network dynamics on the process of biotechnology commercialisation 129 Figure 7: Revised framework showing the interactions related to the effects of network dynamics 160 viii List of Tables Table 1: Effect of ARA Network Components on the Innovation Process 28 Table 2: Effect of ARA Network Components on the Commercialisation Process 31 Table 3: Network Effects and its Components 40 Table 4: The Phases and Stages of Biotechnology Commercialisation Process 43 Table 5: Types of Network Influences 46 Table 6: Types of Network Outcomes 47 Table 7: List of Participant Profiles 85 Table 8: The Codes and Frequency of Key Codes from the Data 89 Table 9: Respondent Profiles Showing Differences in Motivation 97 Table 10: Characteristics of Rigid and Fluid Structures 135 Table 11: Overview of Interview Participant Profiles 144 Table 12: Outcomes of Thematic Analysis of the Interview Data 148 Table 13: Showing Theoretical Contributions for Study 172 Table 14: Showing Theoretical Contributions of Study 175 Table 15: Showing Theoretical Contributions of Study 179 ix List of Abbreviations ARA Actor-Resource-Activity BCP Biotechnology 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Would you shed some light on the new product development process of your organisation? How you commercialise these new products? What are the issues that your organisation deals with when taking these new products to market? What type of organisations you mainly deal with? How you collaborate to meet your requirements for the NDP? What are the issues that your organisation comes across when working with other organisations? What are your recommendations for improving the commercialisation process? Are there any comments that you would like to make or any other information that you think I should be aware of? Thank you for your time 234 APPENDIX Interview Instrument for Venture Capitalists (A consent form containing all the details of this research was given to the respondents prior to the interview) Thank you for your time today This interview will take between 45 and 60 minutes The purpose of this interview is to gain your insights and opinions on the process of taking a new innovative product through to commercial viability and launch I would like to audio record this interview so that I have an accurate record but I will turn it off at any time you indicate If a question is not relevant to your business, please let me know and we will move to the next question So can you tell me some core activities of your organisation? What type of organisation captures your interest for investment? a How you find out about these companies and organisations? Why is biotechnology an area of interest for your organisation to invest in? On what basis you decide to invest in start-up Biotechnology organisations? b At what point in the innovation and commercialisation process you invest? What are the risks and uncertainties that you face when investing in the new product development process? This research is based on organisational collaboration which are involved in taking new high technology products to market So according to you what are the challenges that an organisation faces during this process? What is the role of your organisation during the commercialisation of new Biotechnology products? What you think is role of overall business networks during the process of Biotechnology commercialisation? What type of collaborations does your organisation have with other organisations that are involved in commercialisation of new biotechnology products? 235 10 What are your recommendations for improving the commercialisation process? Are there any comments that you would like to make or any other information that you think I should be aware of? Thank you for your time 236 APPENDIX Letter of ethics approval for this research 237 ... Manish, Anshuli, Karan, Alexander, Parineeta, Pooja, Claudia, Robyn, Saskia, Aman, Shekhar, Akash, Brijesh, Nupur, Sally, Jonathan, Alla, Walla and many more You all know who you are and I thank... Considering the broad context of the study, the range of participants and their profiles, this approach was advantageous as it further simplified the gathering of new information that led to new findings... (Aarikka-Stenroos & Sandberg, 2012; Siegel, Waldman, Atwater, & Link, 2004) and the networks are capable of barring or promoting the commercialisation of the innovation in the market (Bandarian,