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This article traces the trajectory of biotechnology firms, clusters and collaborations in Australia between 2003 and 2014. Combining descriptive analyses, network visualizations and statistical modelling of longitudinal data collected from multiple sources, we investigate Australian firms’ ability to overcome the three challenges characterizing biotechnology: first, accessing new knowledge and intellectual property; second, raising early-stage funding for timely product development; and third, bringing products to market. Like biotechnology firms worldwide, Australian firms adopt a network approach to success, relying on different types of collaborative ties with diverse partners to access complementary resources and facilitate learning and innovation. The aspiration here is a virtuous cycle, where networks promote innovation and innovation promotes networks, as occurs in the world superclusters. In contrast, our …