Biotechnology and Entrepreneurship in Developed and Developing Countries

Abstract

Biotechnology entrepreneurship is now associated with a sustained flow of innovations and tools, offering dramatic improvements in human health and a compelling value proposition for health care and agricultural consumers as a result of entrepreneurial orientation being applied. Biotechnology entrepreneurship in developed and developing nations like that of Japan, China, India and that of Nigeria and even some Asian countries is relatively new and distinct field of entrepreneurial endeavors. Most current empirical researches are conducted in the developed economies and cannot be directly extrapolated to the developing economies. This research used a qualitative research method. The data collection methods were interviews, documents review and observations, which improved the quality of the research through data triangulation. In addition, some factors that influence the process of biotechnology entrepreneurship in developed and developing countries were identified as regulation, funding, infrastructure, skills, entrepreneurial and commercialization capabilities, etc. Biotechnology entrepreneurship in developed countries predominantly uses the “system approach” and the “individual approach” in developing nations. The process of biotechnology entrepreneurship in developed countries differs from the process in developing nations due to the differences in the environmental factors that influence biotechnology entrepreneurship, and management strategies, in these economies.