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This paper explores start-up creation in biotech through an in-depth analysis of four new ventures located in the Upper Rhine Biovalley. This analysis helps us discuss the role of several factors in the performance of a new biotech firm. The study specifically outlines three elements, namely: the importance of public science, without which new biotech firms cannot exist; the role of the patent system, which impacts the business model adopted by the firm; and the importance of collaborations, which we study through the concept of distributed entrepreneurship.

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