Whereas the 20th century was one in which vertically integrated companies were powerful, the 21st is the century of virtual companies.

FORBES: Ghost cars, ghost brands

While the water-cooler may be far less crowded, the virtual companies we know well find ways to mix it up with far more people than most conventional biotechs.

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They may even realise that they no longer need to make cars at all, deciding to follow the example of Cisco Systems, a data-networking firm, by becoming virtual companies whose expertise lies in design and brand marketing.

ECONOMIST: Riding the storm | The