Abstract
From the beginning of humanity, people have relied on the usage of biotech-based products. Bioentrepreneurship or BioE is the drive of knowledge and innovation, traveling from academic world to industrial platform. In contrast to enterprise, bio-enterprise is the amalgamation of bioscience with business by the application of biological concepts or scientific entities for the benefit and the creation of a corporation. It is a strictly monitored industry because of involved scientific risks, time demands, and ethical clearance, as well as requiring huge capital. Every successful entrepreneur showcases certain traits that they have inculcated or relied on to build their business. These traits are not mere skills, but are the qualities that contribute in becoming an ideal bio-entrepreneur. The chapter deals with striking features of bio-entrepreneurs that have made them a conglomerate of global standard and play an essential role in making them leaders.
TopIntroduction
Biotechnology can be defined as an interdisciplinary branch of biology involving the use of living organisms to develop or make products intended for the use of humans and its interest (Amarakoon et al., 2017; Steiner, 2020). To a layman, biotechnology is the amalgamation of biology with the modern technologies aimed at making our lives easier. Biotechnology is correlated to the field of medicine, agriculture, diagnostics, food and beverage industry etc. where it facilitates the production of biotechnologically significant products (Singh et al., 2016). Many of these applications related to these fields have posed as a perfect opportunity for commercialization of the technique or the end product. Biotechnology is the process of industrialization of living organisms, using any of the following techniques such as Genetic engineering, enzyme engineering, etc. (Gupta et al., 2016). Due to its potential for creation of new products via different processes, biotechnology has emerged as a key tool for the acceleration of economic development of any developing nation.
An individual who creates a new business opportunity by investing into an idea and executing it all the way to a commercial product, bearing most of the risks is called an entrepreneur. According to Joseph Schumpeter’s vision, “the function of the entrepreneur is to reform or revolutionise the pattern of production by exploiting an invention or, more generally, an untried technological method of producing a new commodity or producing an old one in new way, opening a new source of supply of materials or a new outlet for products, by organizing a new industry” (Bull & Willard, 1993). Due to the initiatives of the government, entrepreneurs are also moving towards Biotechnology for a sustainable business. According to Segen's Medical Dictionary, Bioentrepreneur is a person who is the driving force behind a start-up biotechnology company holding key patents or has performed the fundamental scientific work which underpins the company. (Tajonar, 2014). According to Global Market Insights, Inc., biotechnology market value would be worth $729 billion by 2025 (Global Market Insights, 2021).
Many researchers and investors have metamorphosized into becoming a bio entrepreneur with a small idea and have made it successful with a workplan. The enthusiasm showed by the governments have been one of the major factors that have been a crucial push amongst entrepreneurs to establish a start-up venture in this field and put an economic footprint on a country’s growth rate (Table 1). Every successful bioentrepreneur displays a set of values that put them on a pedestal of success. This chapter deals with all those characteristics that an individual should possess for becoming a successful bio entrepreneur. This chapter will also trace the journey of success for few such bio entrepreneurs who displayed all these qualities.
Key Terms in this Chapter
Bioentrepreneurship (BioE): The process of generating value from the advancement of life sciences is bioentrepreneurship. Multiple terms, like bioscience entrepreneurship, life science entrepreneurship or bioscience corporation, apply to it.
Business Plan: A business plan is a structured text that explains in depth how a business determines its priorities and how to accomplish its goals, typically a start-up. A strategic strategy sets out a written vision from marketing, financial, and organizational backgrounds for the organization.
Bio-Pharmaceutical: Any prescription drug product produced from, derived from, or semi-synthesized from biological sources is a biopharmaceutical product, also known as a biologic(al) medicinal product, or biologic.
Make in India: Make in India is the Government of India's main national initiative aimed at encouraging investment, fostering creativity, enhancing skills growth, securing intellectual property, and developing the country's best in class manufacturing infrastructure.
Intellectual Property Rights: Intellectual property is a property concept that encompasses the human intellect's intangible inventions.
Biotechnology-Based Products: The term bio-based product refers to biomass-derived products, wholly or in part, such as seeds, trees or animals (the biomass can have undergone physical, chemical or biological treatment).