Biotech Sweden – A Business Model Case Study in Innovation Journalism

Abstract

Innovation journalism is journalism covering innovation systems. Innovations are today not only the main driving force in most markets, but also fundamental to increased economic performance. If companies like Sony Ericsson or GE Health Care stop innovating new product and service ideas, or if they don’t improve their production techniques, they will be out of business in a few years. The innovation system is the interaction between those who are needed to turn these ideas into a product or service on the market – the commercialization of these emerging technologies. It seems natural that journalistic coverage of the different innovation systems is a very important task and a big publishing business opportunity. Yet, surprisingly few journalists and publishing houses understand what it means or realize the commercial impact. Innovation journalism has not previous existed as a concept, although it exists in practice. Editor Jan Sandred identified in 2001 a business opportunity for a magazine covering the Swedish biotechnology innovation system. The Swedish business-to-business magazine Biotech Sweden was created for the biotech market in cooperation with IDG Sweden, a subsidiary of International Data Group. Although the concept of innovation journalism did not exist at that time, the magazine was modeled very much according to this concept. It became a commercial and editorial success and thus it proves the commercial validity of the concept innovation journalism.