Science-based industries: a new Schumpeterian taxonomy

Science-based industries (SBIs) are the fastest-growing sector of the knowledge economy. SBIs have been categorized in traditional Schumpeterian typologies that are unable to explain their many differing industrial dynamics. However, new concepts already exist to improve our understanding of SBIs, including many coming from evolutionary theories (such as technological trajectories, path dependence, lock-in, self-reinforcing mechanisms, etc.), to develop the main theoretical issues, including a new typology, of these industries. Such is the goal of this paper. (C) 2000 Elsevier Science Ltd. All rights reserved.