The paper explores the process of early growth of entrepreneurial science-based firms. Drawing on case studies of British and Dutch biopharmaceutical R&D firms, we conceptualize the speed of early growth of science-based firms as the time it takes for the assembly (or combined development) of three types of critical resources - a functionally-diverse management team, early fundraising and development of technology. The development of these resources is an unfolding and interrelated process, the causal direction of which is highly ambiguous. We show the variety of paths used by science-based firms to access and develop these critical resources. The picture that emerges is that the various combinations of what we call "assisted" and "unassisted" paths combine to influence the speed of firm growth. We show how a wide range of manifestations of technology development act as signaling devices to attract funding and management, affecting the speed of firm development. We also show how the variety of paths and the speed of development are influenced by the national institutional setting.
The paper explores the process of early growth of entrepreneurial science-based firms. Drawing on case studies of British and Dutch biopharmaceutical R&D firms, we conceptualize the speed of early growth of science-based firms as the time it takes for the assembly (or combined development) of three types of critical resources - a functionally-diverse management team, early fundraising and development of technology. The development of these resources is an unfolding and interrelated process, the causal direction of which is highly ambiguous. We show the variety of paths used by science-based firms to access and develop these critical resources. The picture that emerges is that the various combinations of what we call "assisted" and "unassisted" paths combine to influence the speed of firm growth. We show how a wide range of manifestations of technology development act as signaling devices to attract funding and management, affecting the speed of firm development. We also show how the variety of paths and the speed of development are influenced by the national institutional setting.
Wind and solar power generation will continue to grow in the energy supply of the future, but its inherent variability (intermittency) requires appropriate energy systems for storing and using power. Storage of possibly temporary excess of power as methane from hydrogen gas and carbon dioxide is a promising option. With electrolysis hydrogen gas can be generated from (renewable) power. The combination of such hydrogen with carbon dioxide results in the energy carrier methane that can be handled well and may may serve as carbon feedstock of the future. Biogas from biomass delivers both methane and carbon dioxide. Anaerobic microorganisms can make additional methane from hydrogen and carbon dioxide in a biomethanation process that compares favourably with its chemical counterpart. Biomethanation for renewable power storage and use makes appropriate use of the existing infrastructure and knowledge base for natural gas. Addition of hydrogen to a dedicated biogas reactor after fermentation optimizes the biomethanation conditions and gives maximum flexibility. The low water solubility of hydrogen gas limits the methane production rate. The use of hollow fibers, nano-bubbles or better-tailored methane-forming microorganisms may overcome this bottleneck. Analyses of patent applications on biomethanation suggest a lot of freedom to operate. Assessment of biomethanation for economic feasibility and environmental value is extremely challenging and will require future data and experiences. Currently biomethanation is not yet economically feasible, but this may be different in the energy systems of the near future.
