Biotechnology or bioeconomy: Six of one and half a dozen of the other?

Different views and definitions pertain to the concept of bioeconomy. Few propose a workable definition enabling scholars and decision makers to identify analyze and manage the bioeconomy. Two technological delineations based on patent IPC codes delimitate a bioeconomy based on biotechnology inventions or based on a broader set of technologies. The two definitions are applied to two samples of firms, one with biotech firms and one with biorefineries that are considered by scholars as core to the bioeconomy. The relevance of these definitions for identifying the innovation practices of bioeconomy companies and reporting on their development of sustainable activities is assessed. • This article models the knowledge base of the bioeconomy, comparing the biotechnology and biorefinery approaches. • This modelisation is based on an original compilation of bioeconomy patents and a new database of biorefineries worldwide. • Very few of the technologies developed in the bioeconomy can be classified as green technologies. • The bioeconomy fails to deliver on its promises of innovation and sustainability.