Rapid advances in biotechnology have made R&D (research & development) investments an important strategic goal. Yet, despite the increasing growth in R&D investments, an understanding of the decision-making processes surrounding the attainment of a firm’s R&D goal remains underdeveloped. This study addresses this gap where a firm’s R&D goal seeking process is offered. Specifically, unlike prior studies that focus on the firm’s financial goals (i.e. return on assets (ROA)), this R&D goal seeking process draws on a concept of R&D performance aspiration deviations (PAD) where it introduces risk-taking behaviors that impact a firm’s R&D investments. This study argues that a market’s technological progress or market dynamism also influences this R&D goal seeking process. In using fixed effects (FE) linear regressions, hypotheses were developed to examine these arguments in the biotechnology industry.