BIOENTREPRENEURSHIP

WHAT IS ENTREPRENEURSHIP?

Entrepreneurship is a French word meaning “to undertake”. Webster’s define ENTREPRENEUR as “one who organizes, operates and assumes the risk in business venture in expectation of gaining profit.

In common terms, ENTREPRENEUR is someone who uses innovation to utilize current resources in order to generate maximum profit.

It is all about creativity, responsibility, freedom to be able to decide what work one wants to do and how, dedication, diversity and last but not the least having fun and enjoying what one does.

WHY ENTREPRENEURSHIP?

The goal of entrepreneurial education is to teach young people to see opportunities and utilize them to the fullest. Entrepreneurship involves new ideas, approaches, methods and styles that can be tested. Understanding business jargon and a businessperson's view of the world are critical in making the transition regardless of the position , occupation or profession the individual selects.

WHAT IS BIOENTREPRENEURSHIP?

The term “BIOENTREPRENEURSHIP” is relatively new to the world outside USA. The USA is considered to be the birthplace of bioentrepreneurship. The bioentrepreneur has operated in the US for over three decades , even before the IT giants like Microsoft, Sun, Cisco came into being, Biotech companies like Genentech and Amgen were expanding through their research programs, competing and collaborating with the major pharmaceutical companies.

Persidis (1996) described bioentrepreneurship as the wealth creation derived from the application of the biosciences to the business context.

Bioentrepreneurs look for commercial value in the technologies that they apply in conducting research in the field of biotechnology.

TRADITIONAL VS  BIOENTREPRENEURSHIP.


TRADITIONAL ENTREPRENEURS

BIOENTREPRENEURS

BACKGROUND

BUSINESS

SCIENTIFIC

EDUCATION

MBA

LIFESCIENCE (MASTERS, PhDS) AND/OR MBA

AGE

YOUNGER

RELATIVELY OLDER

OBJECTIVES

INVOLVED ONLY WITH DEVELOPMENT AND MARKETING OF THE PRODUCT

IN ADDITION, ALSO HAVE AN IN DEPTH KNOWLEDGE OF THE PRODUCT ITSELF.