Exploiting the business opportunities in biotech connections: The power of social networks

Abstract

Networks have a well-established importance in business. Here network analysis, grounded in social network theory, is used to analyse two international biotech business-to-business environments. Of additional value, the methodology employed is described for the benefit of academics and practitioners alike. Swedish and Australian biotech firms are analysed through the examination of internet networks. Once gathered and analysed following the described methodology, several features of the networks can be determined. Most critically, identification of important actors and structural holes within networks allows valuable entrepreneurial opportunities to be unearthed. Biotech firms and suppliers, particularly those with a global reach, are best positioned to take advantage of such information.