Dedicated biotechnology firms (DBFs) are supposed to have a long life expectancy due to their links with venture capital, research universities and clusters. Our unique database on over 1000 Canadian DBFs shows that they are resilient; survival factors are the application (human health DBF survive better), venture capital support, location in clusters. Yet one half of Canadian DBFs that were created since 1980 have already disappeared. We develop hypothesis explaining their death. We rely on two streams of theoretical thinking (institutional theory and resource-based view) to address the dispartion or survival of startups.