Licensing as a commercialisation strategy for new technology-based firms

We investigate licensing as a commercialisation strategy for new technology-based firms (NTBFs) in the biopharmaceutical industry using a combination of survey and database research methods. We found that most firms in our sample were not fully integrated regardless of their company age which is consistent with the picture of NTBFs as agents of technology transfer. Comparing fully and not-fully integrated firms we find differences in the use of licensing strategies. According to Ford and Ryan [Harvard Business Review 59 (1981) 117] fully integrated companies apply licensing for strategic reasons and for financially unattractive projects. Our results provide partial support for this theory. (C) 2004 Elsevier B.V. All rights reserved.