This work explores the fusion of bio-technology and sports footwear design and envisions a future where people enhance their physiology to meet their specific needs. Through tissue engineering, the wearer’s own biomaterials are utilized to optimize performance and customization. It seeks to redefine the enhancement of long-distance running by creating a physical bond between footwear and feet. Based on both design fiction and industrial design, the project speculates on the impact of biotechnological advances. It reflects a curiosity-driven exploration of the human body and its potential transformation. The thesis concludes with reflections on such innovations in footwear design and the role of design fiction in imagining future possibilities. It forms a contribution to Design Ecologies and illustrates the intersection of design, ecology, biology, and fiction, in addressing contemporary challenges.

在台灣的高科技產業發展中，創投扮演了重要的角色，其所提供的資金與協助促進了新創事業的成長，造就了台灣資訊電子產業的躍居世界舞台與傲人的經濟成長。2000年人類基因圖譜的解出，似乎加快了基因技術的應用與相關產業的發展，進而成為全球經濟成長的新動力，因此我國創投的投資觸角也積極地延伸到生物技術產業上。 　　過去有關創投的相關研究多集中在投資評估準則的總體性研究，甚少針對某一產業的特性不同，來做進一步的研究，特別是在生物科技產業方面，因此，本研究將針對生物技術產業的特性與創投的股東背景、經營團隊與合作網路等組成因子，來探討其所產生的投資策略與行為。 　　本研究採用個案訪談之定性研究，選擇六家在生技產業投資比重較大的國內創投公司做訪談，再依據本研究架構進行分析整理，得到了以下之結論： 　　一、 生技產業的特性對投資策略與行為之影響 　　　1. 創投因看好生技產業的成長潛力而將提高此方面的投資比重，而生技產業的投資金額以美國為最高。 　　　2. 創投在生技產業的投資階段傾向涵蓋不同的階段。 　　　3. 創投在生技產業的投資以醫藥產業及其週邊之醫療器材為主，主要考量是醫藥產業是目前為止較高報酬的領域。 　　　4. 創投在生技產業的投資區域以美國為主，其中最重要的原因與該地區之產業群聚有關。 　　　5. 創投在生技產業的投資傾向以投資組合管理及聯合同業投資來降低投資風險。 　　　6. 創投在生技產業的投資傾向不聘任外部顧問，而傾向以經營團隊之專業評估為主，再以已投資公司與事業夥伴為諮詢對象。 　　　7. 創投在生技產業的投資回收策略為上市或購併，投資回收期間並不會因為生技產業的產品開發期長而延長。 　　　8. 創投在生技產業的投資評估，著重整體性評估（不會只看技術或智慧財產權），會因事業投資階段而有不同的評估重點，投資案愈偏早期，愈著重技術與人。投資案愈偏成熟期，所需評估的項目愈多。 　　　9. 生技產業的特性雖對創投的附加價值沒有影響，但創投對生技產業的投資案有提供附加價值，會因投資案事業發展階段之不同，而提供所需之協助，附加價值則以資訊蒐集與人脈介紹為主。 　　二、創投的組成對投資策略與行為之影響 　　　1. 創投的股東對外部顧問策略、投資案源與投資評估有影響，對投資金額、投資階段、投資領域、投資區域、風險控管、回收策略與附加價值沒有影響。 　　　2. 創投的經營團隊對投資金額、投資階段、投資領域、投資區域、風險控管、外部顧問、回收策略、投資評估與附加價值有明顯的影響，對投資案源則有些影響。 　　　3. 創投的合作網路對外部顧問、投資評估與附加價值有影響，對投資案源更是有明顯影響，而對投資金額、投資階段、投資領域、投資區域、風險控管與回收策略沒有影響。　 　　三、生技產業的特性對創投的組成之影響 　　　1. 生技產業的特性對創投董事會內的股東背景沒有影響。 　　　2. 生技產業的的特性影響到創投招募技術專業之經營團隊。 　　　3. 創投未因生技產業的特性而建構新的合作網路，而傾向運用集團中原有之合作網路，尤其是過去的已投資公司，為創投主要的諮詢者。 / Venture capital plays an important role in the development of high technological industries in Taiwan. It provides the essential fund and useful assistance to promote the growth of start-up companies. Because of it, the growth of economy in Taiwan dramatically increases and Taiwan has become the kingdom of information and communication industries around the world. In the year 2000, the complete sequence of human genome has enhanced the speed of the development in the field of biotech and its associated industries. In addition, the investment in biotech industry is expected to stimulate another trend of global economic growth. Therefore, venture capital in Taiwan also actively extends its influence in the field of biotech industries. 　　The majority of researches in venture capital seems to concentrate on the overall evaluation of the general criteria of investment, few studies focused on one particular industry, especially the biotech industry and its characteristics and aspects. Therefore, this study will aim at the characteristics of biotech industry and the constituent factors of venture capital to explore the strategies and behaviors of investment. 　　A qualitative research was conducted in six important venture capital firms in Taiwan using a method of intensive personal interview. The summaries of the research findings are as follows: 　　I. The impacts of the characteristics of biotech industry on the strategies and behaviors of investment: 　　　1. Venture capital firms will increase investment percentage in biotech area because of its potential of growth, and the majority amounts of venture capital seem to be invested in the United States. 　　　2. The venture capital firms’ investments in biotech tend to cover various stages. 　　　3. The fields venture capital firms invest in biotech appear to be focused on pharmaceuticals and medical devices, because the operating return from this area is higher than any others so far. 　　　4. The location of biotech companies venture capital invested are focused on the United States, which seem to have obvious phenomenon of clustering. 　　　5. Through portfolio management and co-investment, venture capital firms can reduce risk while investing in biotech. 　　　6. Instead of relying on outside consultant when invest in biotech, venture capital firms prefer to depend on inside management teams for due diligence. In addition, the past invested firms and partners are helpful while needed. 　　　7. The exit strategies of venture capital firms are initial public offering or merger & acquisition when invest in biotech companies, and the period of investment appears to be not correlated with the long product life cycle of biotech industry. 　　　8. Instead of emphasis on technologies or intellectual properties, venture capitalists emphasize all factors which evaluating biotech companies. Their decision criteria depend on venture development stages, the earlier stages these cases are, the more important technologies and management teams are, the later stages these cases are, the more factors are considered. 　　　9. Venture capitalists add values to the biotech companies they invested, not because of the characteristics of biotech industry, but differ from development stages of cases. Most of add values are information collection and networking. 　　II. The influences of the constituent factors of VC on the strategies and behaviors of investment: 　　　1. The stockholders of venture capital affect outside consultant strategy, deal flow, due diligence, but make no influence on investment amount, venture development stage, field, location, risk control, exit strategy and value-added. 　　　2. The management teams of venture capital obviously influence investment amount, venture development stage, field, location, outside consultant strategy, risk control, exit strategy, due diligence and value-added, and make a little influence on deal flow. 　　　3. The networking of venture capital make a little influence on outside consultant, due diligence and value-added, and make obvious influence on deal flow, but do not affect investment amount, venture development stage, field, location, risk control and exit strategy. 　　III. The influences of the characteristics of biotech industry on the components of venture capital: 　　　1. The characteristics of biotech industry don’t appear to affect the background of stockholders in the board. 　　　2. Venture capital firms recruit professional management teams because of the same particular characteristics of biotech industry. 　　　3. While investing in biotech industry, venture capital firms utilize networks, especially the past invest , as their main consultants.

本研究主要探討生技產業公開說明書之風險因子揭露以及首次公開發行(IPO, initial public offering)前之策略聯盟關係對首次公開發行折價所產生之影響。本研究以美國生技產業首次公開發行公司為研究對象，樣本期間為1997年至2012年。 許多文獻指出當初級市場認購人間資訊不對稱程度越大時，IPO價值之事前不確定性(ex ante uncertainty)越高，因此以事前不確定性的概念來衡量資訊不對稱程度，並透過公開說明書中資訊之揭露作為事前不確定性的代理變數以探討其與IPO折價現象之關聯。本研究即利用公開說明書之風險因子揭露作為事前不確定性的代理變數，並預期揭露的數量多寡與內容描述將影響IPO折價。另外，由於文獻指出策略聯盟所傳達的正面訊號，可能有助於生技公司減少因產業特性所造成的不確定性，因此本研究預期生技公司於IPO前擁有策略聯盟關係將影響IPO折價。 本研究參考過去文獻，建立資訊揭露的四級指標加上風險因子所揭露的項目多寡，系統性地衡量生技公司公開說明書之風險因子，並以多元迴歸分析檢測假說。實證結果顯示：風險因子的內容描述越具量化或越具體，IPO折價越大，並且發現大公司之風險因子揭露數量與IPO折價具正向關係，而生技公司於IPO前擁有策略聯盟關係對IPO折價幅度具有顯著負向關係。研究結果顯示公開說明書之風險因子揭露及策略聯盟與事前不確定性所產生之IPO折價現象之關聯性。 / This study investigates whether disclosure of risk factors in the prospectus and the effect of strategic alliances before IPO date will influence underpricing of the biotech firms. Data is collected for biotech companies of U.S IPOs issued from 1997 to 2012 as the research sample. Much literature indicates that the greater is the information asymmetry between different investors, the higher is the ex ante uncertainty about an initial public offering’s value. Hence, the ex ante uncertainty is measured as the degree of asymmetric information. And there are a number of studies that use different measurement as a proxy for ex-ante uncertainty including disclosures in the prospectus to examine its relation to underpricing. This study uses risk factors in the prospectus as a proxy for ex-ante uncertainty and expects that the quantity of risk factors and the content or description of risk factors will influence underpricing. Furthermore, since previous studies consider that strategy alliances convey a positive signal to investors which would reduce the uncertainty from the industrial characteristics of the biotech industry and would mitigate investors’ concern, this study expects that a biotech IPO with strategic alliances before IPO date will affect underpricing. Referring to past literature, this study builds four-class index for disclosure score and uses the number of risk factors to systematically measure risk factors in the prospectus. The empirical results show that a biotech IPO with more quantitative information or some specific information of risk factors will experience higher underpricing. In addition, in larger firms the greater are risk factors disclosed no matter the quantity or the content and its description, the higher is underpricing. And there is a significantly negative relation between strategic alliances before IPO date and underpricing. In conclusion, disclosure of risk factors in the prospectus and the effect of strategic alliances are related to underpricing as expected.

Tesis por compendio / [ES] La importancia de la biotecnología ha sido reconocida y demostrada en la práctica a lo largo de los años. Específicamente las aplicaciones en la biotecnología de la salud resaltan por su impacto en la vida humana en particular. Pero ese tratamiento que llega a manos del necesitado tuvo que transcurrir un largo período de ensayos, fracasos y mejoras; que implicó el desembolso de grandes sumas de capital, la consecución de actividades específicas desarrolladas por diferentes actores en disímiles partes del mundo, así como la toma de decisiones en condiciones sumamente inciertas. Por tales motivos, un momento crucial cuando se trata de decidir si se prosigue con la investigación de un candidato a fármaco, es su valoración. El método más empleado hasta la actualidad para valorar proyectos de biotecnología de la salud es el árbol binomial de opciones reales, basado en historiales estadísticos de proyectos similares. Pero coexisten e influyen otros factores, cualitativos y cuantitativos, en el valor que añade un candidato a fármaco, más allá de los flujos de caja que este promete. Adicionalmente, los esfuerzos en obtener los fondos financieros que este tipo de innovaciones requiere no son insignificantes, sobre todo en países con economías menos desarrolladas como Cuba. Por tanto, el método de valoración que se emplee debe ofrecer una visión holística y de largo plazo de los efectos del proyecto. En este contexto se plantea la siguiente interrogante de investigación: ¿qué componentes debe tener un modelo de valoración de proyectos biotecnológicos para convertirse en una herramienta flexible y estratégica en la toma de decisiones de las empresas? En esta tesis se considera que la respuesta a esta incógnita se encuentra en un modelo que capte los atributos intrínsecos del proyecto en cuestión, las características propias de la empresa y el mercado, el largo plazo como período preferente para la previsión, las interdependencias entre todos los negocios vinculados durante la transformación de un candidato a fármaco en un producto establecido, la incertidumbre en factores o parámetros, los efectos secundarios provocados por el proyecto o empresa, así como las condiciones del macro entorno. En tal sentido, el objetivo principal de esta investigación es proponer e implementar un modelo matemático para estimar el valor agregado por todas las actividades y empresas interconectadas a lo largo de la cadena de valor de cualquier proyecto de biotecnología de la salud. La propuesta de modelo consiste en el cálculo de un indicador único que incluye los componentes económico, financiero y de sostenibilidad. Esta investigación doctoral arroja el primer estudio bibliométrico que analiza las publicaciones en biotecnología de la salud desde la perspectiva de la cadena de valor, propone un Sistema Nacional de Innovación para Cuba, emplea la técnica ANP tomando como base el enfoque de cadena de valor, y aplica la IGP a las decisiones de financiación. Todo ello se presenta a través de 7 capítulos, 4 de los cuales son artículos publicados/en proceso de publicación. / [CA] La importància de la biotecnologia ha estat reconeguda i demostrada a la pràctica al llarg dels anys. Específicament les aplicacions a la biotecnologia de la salut ressalten pel seu impacte en la vida humana en particular. Però este tractament que arriba a les mans del necessitat va transcórrer un llarg període d'assajos, fracassos i millores que va implicar el desemborsament de grans sumes de capital, la consecució d'activitats específiques desenvolupades per diferents actors en dissímils parts del món, així com la presa de decisions en condicions summament incertes. Per aquests motius, un moment crucial quan es tracta de decidir si es prossegueix amb la investigació d'un candidat a fàrmac, n'és la valoració. El mètode més usat fins ara per valorar projectes de biotecnologia de la salut és l'arbre binomial d'opcions reals, basat en historials estadístics de projectes similars. Però coexisteixen i influeixen altres factors, qualitatius i quantitatius, en el valor que afegeix un candidat a fàrmac, més enllà dels fluxos de caixa que este promet. Addicionalment, els esforços a obtenir els fons financers que requereix aquest tipus d'innovacions no són insignificants, sobretot en països amb economies menys desenvolupades com Cuba. Per tant, el mètode de valoració que es faci servir, ha d'oferir una visió holística i de llarg termini dels efectes del projecte. En este context es planteja la interrogant de recerca següent: quins components ha de tenir un model de valoració de projectes biotecnològics per convertir-se en una eina flexible i estratègica en la presa de decisions de les empreses? En esta tesi es considera que la resposta a esta incògnita es troba en un model que capti els atributs intrínsecs del projecte en qüestió, les característiques pròpies de l'empresa i el mercat, el llarg termini com a període preferent per a la previsió, les interdependències entre tots els negocis vinculats durant la transformació d'un candidat a fàrmac en un producte establert, la incertesa en factors o paràmetres, els efectes secundaris provocats pel projecte o l'empresa, així com les condicions del macro entorn. En este sentit, l'objectiu principal d'esta investigació és proposar i implementar un model matemàtic per estimar el valor agregat per a totes les activitats i les empreses interconnectades al llarg de la cadena de valor de qualsevol projecte de biotecnologia de la salut. La proposta de model consisteix en el càlcul d"un indicador únic que inclou els components econòmic, financer i de sostenibilitat. Aquesta investigació doctoral presenta el primer estudi bibliomètric que analitza les publicacions en biotecnologia de la salut des de la perspectiva de la cadena de valor, proposa un Sistema Nacional d'Innovació per a Cuba, utilitza la tècnica ANP prenent com a base l'enfocament de cadena de valor, i aplica la IGP a les decisions de finançament. Tot això es presenta a través de 7 capítols, 4 dels quals són articles publicats en procés de publicació. / [EN] The importance of biotechnology has been recognized and demonstrated in practice over the years. Specifically, applications in health biotechnology stand out for their impact on human life. But this treatment that reaches the hands of the needy had to undergo a long period of trials, failures, and improvements, which involved the disbursement of large sums of capital, the achievement of specific activities developed by different actors across the world, as well as the decision-making under extremely uncertain conditions. For these reasons, a crucial moment when deciding whether to continue researching a drug candidate is its assessment. The most used method to value health biotechnology projects is the binomial real options tree, based on statistics of similar projects. However, other qualitative and quantitative factors coexist and influence the value a drug candidate adds, beyond the cash flows it promises. Additionally, the efforts to obtain the financial funds that this type of innovation requires are not insignificant, especially in countries with less developed economies such as Cuba. Therefore, the valuation method must offer a holistic and long-term view of the project's effects. The following research question is raised in this context: What components should a biotechnology project valuation model have to become a flexible and strategic tool in companies' decision-making? In this thesis, it is considered that the answer to this unknown is found in a model that captures the intrinsic attributes of the project under study, the characteristics of the company and the market, the long term as the preferred period for forecasting, the interdependencies between all the businesses linked while transforming a drug candidate into an established product, the uncertainty in factors or parameters, the project or company's side effects, as well as the conditions of the macro environment. In this sense, the main aim of this research is to propose and implement a mathematical model to estimate the added value by all interconnected activities and companies along the value chain of a health biotechnology project. The model proposal consists of the computation of a single indicator that includes the economic, financial, and sustainability components. This doctoral research provides the first bibliometric study that analyzes health biotechnology publications from the value chain perspective, proposes a National Innovation System for Cuba, uses the ANP technique based on the value chain approach, and applies the IGP to financing decisions. All of this is presented through 7 chapters, 4 of which are published papers/in the publication process. / Oramas Santos, O. (2024). La gestión de la cadena de valor en las ciencias de la vida: propuesta de modelo para estimar el valor añadido de los proyectos de biotecnología de la salud [Tesis doctoral]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/207126 / Compendio