Differentiating Public Policy for Technology Startups – Essential for Biotech?
DOI:
https://doi.org/10.5912/jcb672Keywords:
Entrepreneurship, technology, ICT, biotechnology, startups, business cycle.Abstract
The paper presents the limited quantitative and qualitative analysis of the biotechnology and ICT industries in Lithuania and Estonia, as well as public policy instruments aimed at supporting the development of these industries. In depth analysis of the employment profile of the select biotechnology and ICT enterprises is provided. The paper suggests that existing public policy instruments designed to promote enterprise and innovation fail to differentiate among technological fields. This and other factors cause preference to the short cycle technological fields, such as ICT. Very few instruments are available for the needs of the biotechnology industry, and the long cycles and return horizons of biotechnology development are not recognized. These oversights are detrimental to the biotechnology sector and high-tech local employment. Suggestions on the policy reform are made.
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