Human capital for successful entrepreneurial ventures: the profile of the top management team (TMT) in UK biopharmaceutical SMEs

Calin Gurau, Leo Dana and Frank Lasch

International Journal of Entrepreneurship and Small Business, 2010, vol. 11, issue 4, 436-454

Abstract: A biopharmaceutical company is a knowledge-based organisation. Rapid change, increased competition, faster life cycles, globalisation, new process models, breakthrough technologies – all contribute to the complexity of the organisational and business context of modern biopharmaceutical firms. In this context, an appropriate structure and use of the human capital available within the organisation can help the organisation to obtain positive business results. An investigation of TMT's roles and capabilities can open the way for a better understanding of this critical issue. This study attempts to identify the TMT profile in UK biopharmaceutical SMEs and to investigate the link between the managerial human and social capital and the performance of the firm during the three main phases of the product development process. The results show that firm size influences the managerial areas of expertise, as well as their distribution between executive and non-executive directors. Some of these professional competencies are significantly correlated with the level of firm performance during the main phases of the firm development process.

Keywords: social capital; top management teams; United Kingdom; biopharmaceutical companies; UK; entrepreneurial ventures; knowledge-based industries; rapid change; competition; life cycles; globalisation; new process models; breakthrough technologies; managerial performance; new product development; NPD; firm size; expertise; executive directors; non-executive directors; professional competencies; company performance; firm development process; pharmaceutical industry; biotech firms; small and medium-sized enterprises; SMEs; entrepreneurs; entrepreneurship; human capital. (search for similar items in EconPapers)
Date: 2010
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