Toby E. Stuart and Olav Sorenson<\/strong><\/p>\n

One of the most commonly observed features of the organization of markets is that similar business enterprises cluster in physical space. In this paper, we develop an explanation for \ufb01rm co-location in high-technology industries that draws upon a relational account of new venture creation. We argue that industries cluster because entrepreneurs \ufb01nd it dif\ufb01cult to leverage the social ties necessary to mobilize essential resources when they reside far from those resources. Therefore, opportunities for high tech entrepreneurship mirror the distribution of critical resources. The same factors that enable high tech entrepreneurship, however, do not necessary promote \ufb01rm performance. In the empirical analyses, we investigate the effects of geographic proximity to established biotechnology \ufb01rms, sources of biotechnology expertise (highly-skilled labor), and venture capitalists on the location-speci\ufb01c founding rates and performance of biotechnology \ufb01rms. The paper \ufb01nds that the local conditions that promote new venture creation differ from those that maximize the performance of recently established companies.<\/p>\n

Research Policy<\/a><\/em><\/strong><\/em>, 32 (2003): 229-253<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Toby E. Stuart and Olav Sorenson One of the most commonly observed features of the organization of markets is that similar business enterprises cluster in physical space. In this paper, we develop an explanation for \ufb01rm co-location in high-technology industries that draws upon a relational account of new venture creation. We argue that industries cluster […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[25,38,26,27,29,41,30],"_links":{"self":[{"href":"https:\/\/www.olavsorenson.net\/index.php?rest_route=\/wp\/v2\/posts\/56"}],"collection":[{"href":"https:\/\/www.olavsorenson.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.olavsorenson.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.olavsorenson.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.olavsorenson.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56"}],"version-history":[{"count":3,"href":"https:\/\/www.olavsorenson.net\/index.php?rest_route=\/wp\/v2\/posts\/56\/revisions"}],"predecessor-version":[{"id":58,"href":"https:\/\/www.olavsorenson.net\/index.php?rest_route=\/wp\/v2\/posts\/56\/revisions\/58"}],"wp:attachment":[{"href":"https:\/\/www.olavsorenson.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.olavsorenson.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.olavsorenson.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}