Question 5 of 17intermediate💡 UnderstandLong Answer5 marks

Elaborate the significance of a Biotechnology Entrepreneur.

Correct Answer

Biotechnology entrepreneurship consists of all the activities that an entrepreneur does to build and sustain an enterprise based on biotechnological innovation. It is an enterprise built by the amalgamation of science and business.

Biotech entrepreneurs are the backbone of the biotech industry. They are innovators with a vision that their ideas will impact the life of masses for the better. Entrepreneurs are the harbingers of a prosperous society as they not only create employment but also contribute to the economic development of the country.

The significance of a biotech entrepreneur lies in their ability to solve real-life problems of people around the world. They are found to be altruistic in nature while starting their enterprise. Additionally, financial rewards act as motivators to prove that their discoveries can be commercial successes.

A key aspect of their significance is the assimilation of two distinctly different disciplines. While biotechnology is pure science, the enterprise becomes commerce. The entrepreneur bridges this gap, moving a life science discovery from the research phase to the commercial market.

Exercise: EXERCISES | Q: 6 | (Page 18)
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Explanation

The answer is derived from the sections '13.3.1 Significance of Biotechnology Entrepreneur' and '13.3.2 Assimilation of two distinctly different disciplines'. It covers the definition, the role of entrepreneurs as the backbone of the industry, their contribution to society and economy, their motivations (altruism, financial, problem-solving), and their role in merging science with commerce.