Initial alliance type shapes firm's future alliances in biotech industry.
The type of alliances a company forms at the beginning affects the alliances it makes later on. In the German biotechnology industry, firms' first alliances shape their future alliance choices. However, as firms gain more experience with alliances, the impact of their initial choices lessens. If a firm starts with a one-on-one alliance, the effect weakens over time. On the other hand, if a firm starts with a multi-partner alliance, the effect also weakens as they gain more experience. This shows that initial alliance choices have an impact, but firms adapt and change their alliance strategies based on their experiences.