Ideas and Insights from Engineering, Science, Medicine and Arts
Edited by Satish Nambisan
Chapter 5: Bioentrepreneurship: opportunities and challenges
Global and regional economies thrive on innovation. Entrepreneurship is their single most important competitive advantage. Clusters and ecosystems designed to facilitate innovation and entrepreneurship have emerged around the world, including those that focus on the life sciences. In this chapter, I will present some basic concepts describing entrepreneurship and the entrepreneurial mindset, how those principles apply to the unique environment of bioscience and healthcare, and lessons learned for those in other entrepreneurial domains. An entrepreneurial mindset refers to a specific state of mind which orientates human conduct towards entrepreneurial activities and outcomes. Individuals with entrepreneurial mindsets are often drawn to opportunities, innovation, and new value creation. Characteristics of such an entrepreneurial mindset include the ability to take calculated risks and accept the realities of change and uncertainty. Scientists, engineers, and medical practitioners are in a unique position to be entrepreneurs, in that they identify unmet healthcare needs and work together with business partners and investors to develop and commercialize solutions that add value. The result is the creation of new drugs, devices, diagnostics, digital health products and services, healthcare delivery innovations, and new healthcare business models. Life science entrepreneurs, also known as bioentrepreneurs, practice the art of bioentrepreneurship. Entrepreneurship has many definitions with specific application to the biomedical and engineering sciences and health. We define bioentrepreneurship as the pursuit of opportunity in the life sciences using scarce, uncontrolled resources. The goal is to create customer/user/patient/stakeholder-defined value by researching, developing, and commercializing biomedical and healthcare innovation.
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