Biotechnology entrepreneurship is the integration of all scientific and business activities that are required to build an enterprise (Shimasaki, 2014). This practice allows an organization to invent, develop, and make money from biotechnology products.
Significance of the Biotechnology Entrepreneur
Although teams of employees with different diverse skills are required to make an organization successful, the value of an entrepreneur cannot be overlooked. Entrepreneurs have the drive and vision necessary for the creation of a company. This is true for all industries including the biotechnology industries. Biotechnology entrepreneurs have leadership qualities and passion that motivates them to invent new products and services. These entrepreneurs have different reasons for their innovations. However, most of them believe that their products or services will improve some biotechnology element and positively impact the lives of many people.
Integration of Science and Business Disciplines
Biotechnology entrepreneurship involves the integration of these two disciplines. Most first time entrepreneurs in science fields think that the success of a product or service is based on completion of scientific research only. On the contrary, entrepreneurship encompasses much more than research. An entrepreneur is defined as a person who organizes, manages, and takes responsibility for all risks of business (Shimasaki, 2014). This means that the biotechnology entrepreneur owns and manages all scientific risks.
Comparison between Biotechnology and General Entrepreneurship
There are both similarities and differences between these two types of entrepreneurship, but the existing differences are far greater. This is because there are challenges that are experienced in biotechnology entrepreneurship that are not present in other types of entrepreneurship. These challenges include the need for huge financing for product development and requirement of longer periods for successful completion. The similarities include the need for a competitive idea, an experienced team, and capital. Experience will be very useful in dealing with leadership and management matters of the organization while capital is required to support the commercialization.
Biological Uncertainty Factor
Biological uncertainty is a major factor that is always present in the product development of biotechnology products. Each product carries a limited amount of biological uncertainty that is only known after a product has been completed and has undergone clinical testing. To ensure the successful commercialization of a biotechnology product, the biological uncertainty associated with it must be managed.
Essential Biotechnology Entrepreneurial Characteristics
Biotechnology entrepreneurs should be passionate and have the desire to learn more about their work. They should be humble, optimistic, persevere through hard times. Also, the entrepreneurs should be able to communicate their vision to others and inspire them to follow. They should be able to manage different activities simultaneously, take calculated risks, and accept responsibility for problems. Finally, the entrepreneurs should source for funds and manage it appropriately.
Essential Biotechnology Entrepreneurial Characterization
Biotechnology entrepreneurs should be creative and imaginative and possess good core values. They should good leadership skills and be aware of all risk factors. Also, they should be able to understand all aspects of business and science and be good negotiators.
Biotechnology entrepreneurship involves various activities from science and business disciplines necessary to ensure the success of a biotechnology organization. Biotechnology entrepreneurs are the backbone of the industry and play a very vital role that includes creation and development of products and services. To do their role successfully, biotechnology entrepreneurs must possess certain key characteristics that include creativity, passion, responsibility, and leadership.
Shimasaki, C. (2014). What is Biotechnology Entrepreneurship? In Biotechnology Entrpreneurship (pp. 45–56). Elsevier Inc.