PROJECT REPORT ON

"BIO-ENTREPRENEURSHIP"
A PROJECT REPORT SUBMITTED TO
TRIDENT ACADEMY OF CREATIVE TECHNOLOGY
UNDER
UTKAL UNIVERSITY
FOR THE PARTIAL FULFILMENT FOR THE DEGREE OF
B.SC. HONOURS IN BIOTECHNOLOGY

SUBMITTED BY
NAME: TAPASWINEE SAHOO
ROLL NO: 2102010190510070
SESSION: 2021-2024

1
 TRIDENT ACADEMY OF CREATIVE TECHNOLOGY

CERTIFICATE
This is to certify that project report entitled "Bio
Entrepreneurship" submitted by “TAPASWINEE SAHOO”
2102010190510070, a final year student of TRIDENT ACADEMY
OF CREATIVE TECHNOLOGY, affiliated to UTKAL
UNIVERSITY, for the partial fulfillment of the degree of B.Sc.
Honors in Biotechnology.

Place: Bhubaneswar Principal

Date: Trident academy of
Creative technology
Bhubaneswar: 751021

2
 DECLARATION

I do hereby declare that the project entitled "BIO-

ENTREPRENEURSHIP" has been submitted by me, in partial
fulfillment for the completion of B.Sc. Honors in biotechnology in
Trident Academy of Creative Technology, affiliated to Utkal
University.

DATE:
TAPASWINEE SAHOO

3
 ACKNOWLEDGEMENT

 I wish to express my deep sense of gratitude towards my

institution, Trident Academy of Creative technology,
Bhubaneswar for giving me the opportunity to prepare the
project report

 I would like to thank all my concerned faculty members of

B.Sc. biotechnology which has been a continuous source of
guidance.

 At last, but not the least, my family and friends for their
simulating discussion and helpful suggestion in various ways
for successful completion of my project report

TAPASWINEE SAHOO
2102010190510070

4
 CONTENTS

1. ABSTRACT
2. INTRODUCTION
3. PILLARS OF BIOENTREPRENEURSHIP
4. CONTRIBUTIONS OF BIOENTRENEURSHIP
5. SKILLS FOR BI0-ENTRENEURSHIP
6. BIO-ENTREPRENEURSHIP IN INDIA
7. PROMOTING BIOENTREPRENEURSHIP
8. CONCLUSION
9. REFERENCES

5
 ABSTRACT
Ever since the onset of civilization, humans have been
continuously improvising and innovating on different
aspects to make their livelihood more sustainable. This
innovation reached a steep uptrend trajectory during the
industrial revolution, and with the discovery of DNA and
emergence of genetic engineering, our civilization entered
a new era of biotechnology where desirable traits can be
easily engineered into organism to obtain a desired
product. However, it was soon realized that to make the
product reachable to the masses, integration of science,
biology, and technology with business is of the utmost
Important.
This resulted in the genesis of the concept of bio
entrepreneurship. Presently, it is a rapidly emerging
discipline connecting two large domains, namely
biotechnology and business. This project overviews bio
entrepreneurship. It highlights the various requirements
and measures implemented to start a bio entrepreneurship
program.

6
 Review of Literature
Bio entrepreneurship also referred as BioE or science
entrepreneurship or bioscience enterprise, life science
entrepreneurship, entrepreneurship in biotechnology or
biotechnology enterprise. It is the entrepreneurship of
biosciences which acts as a bridge of innovation
Connecting academia to industry. It is the business of
utilizing ideas and innovations of biological sciences and
products obtained thereof to gain profit and serve the
society.5 The concept of "bio entrepreneurship" was
introduced by Presides in 1996, who described bio
entrepreneurship as the wealth creation derived from the
application of the biosciences to the business context. Bio-
entrepreneurs look for commercial value in the
technologies that they apply in conducting research in the
field of biotechnology. 6 Biotechnology entrepreneurship is
thus the sum of all activities necessary to build an
enterprise through the melding of both scientific and
business disciplines. It utilizes biological processes for
industrial and other purposes, especially the genetic
manipulation of microorganisms

7
To produce antibiotics, hormones, etc.7 A Biotechnology
company therefore will require a strategic alliance with a
large pharmaceutical company to take the product to
market. 8
The mid-1970s emergence of technologies based on
recombinant DNA and monoclonal antibody technologies,
which evolved from the revolutionary work of scientific
partnerships such as that of Cohen and Boyer, and Kohler
and Milstein, established the foundations for the
biotechnology industry. At present India is among the
world's top biotech powers. However, the concept of "bio
entrepreneurship" is new in India. Scientist in our country
still follows the traditional research culture, they have not
completely Although the need for academic excellence is
understandable, but right now the need of the hour is to
provide safe, affordable healthcare solutions that can be
used to save millions of lives. This is the major work on
the shoulders of the bio-entrepreneurs today. 8 moved out
from their safe zone yet.
Although the need for academic excellence is
understandable, but right now the need of the hour is to
provide safe, affordable healthcare solutions that can be
used to save millions of lives. This is the major work on
the shoulders of the bio-entrepreneurs today.

8
Every bio-entrepreneur should try to find a market for his
research; while he is working on basic research, he must
develop products of commercial value. Every bio-
entrepreneurs must thoroughly understand the grassroots
of biotechnology sector such as research, collaboration,
infrastructure, and technology and commercialization
capital and come up with an alternative business model to
achieve success.

INTRODUCTION-
ENTREPRENEURS &
ENTREPRENEURSHIP
Entrepreneurs are euphoric people with persistence even
in the presence of any controversy. Effective utilization of
resources, increase in per capita income, employment,
conservation of resources, improved of quality of life &
infrastructure, promotion technology and export are some
of the key roles played by an entrepreneur.
They are the instigators of jobs, wealth through hard work
and innovation (Bygrave & Zacharakis, 2010).

9
Salgado0-Banda (2007) researched on 22 countries on
the impact of entrepreneurship on economic grow and
found positive relationship between economic growth and
innovation, also stated that growth of economy will be
higher with the increase in the number of entrepreneurs.
Entrepreneurs are euphoric people with persistence even
in the presence of any controversy. Effective utilization of
resources, increase in per capita income, employment,
conservation of resources, improve a quality of life &
infrastructure, promotion of technology and export are
some of the key roles played by an entrepreneur.
They are the instigators of jobs, wealth through hard work
and innovation (Bygrave & Zacharakis, 2010). Salgado-
Banda (2007) researched on 22 countries on the impact of
entrepreneurship on economic growth and found positive
relationship between economic growth and innovation,
also stated that growth of economy will be higher with the
increase in the number of entrepreneurs.

10
What are the 4 Types of Entrepreneurships?
1. Small Business Entrepreneurship-
These businesses are a hairdresser, grocery store, travel
agent, consultant, carpenter, plumber, electrician, etc.
These people run or own their own business and hire
family members or local employee. For them, the profit
would be able to feed their family and not making 100
million business or taking over an industry. They fund their
business by

11
taking small business loans or loans from friends and
family.
2. Scalable Startup Entrepreneurship-
This start-up entrepreneur starts a business knowing that
their vision can change the world. They attract investors
who think and encourage people who think out of the box.
The research focuses on scalable business and
experimental models, s0, they hire the best and the
brightest employees. They require more venture capital to
fuel and back their project or business.
3. Large Company Entrepreneurship-
These huge companies have defined life cycle. Most of
these companies grow and sustain by offering new and
innovative products that revolve around their main
products. The change in technology, customer
preferences, new competition, etc., build pressure for
large companies to create an innovative product and sell it
to the new set of customers in the new market. To cope
with the rapid technological changes, the existing
organizations either buy innovation enterprises or attempt
to construct the product internally.

12
 4. Social Entrepreneurship-
This type of entrepreneurship focuses on producing
product and services that resolve social needs and
problems. Their only motto and goal are to work for
society and not make any profits.

BIOENTREPRENEURSHIP
Bio-entrepreneur ship is an emerging field of biology that
involves the integration of biotechnology with
entrepreneurship. It aims to foster the goals of
biotechnology with the help of academia-industry
collaboration. The present-day use of the term bio
entrepreneurship refers to the use of any idea from biology
that can be utilized to serve humanity and acquire profit by
establishing a business. It involves building an enterprise
that can develop and commercialize the products of
biotechnology. The integration of science (bio) and
entrepreneurship is defined as bio entrepreneurship,
wherein a business can be established by using biological
entities or any idea, related to sciences to earn the profit. It
can be voiced by several different names such as
bioscience enterprise, biotechnology enterprise, life
science entrepreneurship, BioE or simply as science
entrepreneurship.

13
Therefore, bio entrepreneurship encloses an
understanding of an idea, invents something, brings about
the sum of all activities to create an environment and
infrastructure for well-trained professionals to build
research-based projects and their commercialization. Bio-
entrepreneur ship is manifested as the key driver of the
new bio-economy. The whole World economy is changing
its face by transforming sectors related to health,
agriculture, energy, and environment with bio
entrepreneurship.
Technology, money, scientific and managerial talent are
the essential foundations of bio entrepreneurship. Bio-
entrepreneurs must realize how technologies can be made
available for underdeveloped countries. To carry out this,
hands-on sessions need to be offered in bio
entrepreneurship programs, to the students to handle the
practical problems arising, by providing them a chance to
interact with mentors and bio entrepreneurship
supervisors for the feedback which can enhance their
skills.

14
 RELATIONSHIP BETWEEN
BIOTECHNOLOGY AND
BIOENTREPRENEURSHIP
Bio-entrepreneurs hip is a syngenesis of two large
domains namely biological science & entrepreneurship
with former largely encompassing biotechnological
process. Its main motive is utilization of biological entities,
or any innovative idea related to biological science to set
up a business and gain profit through production and sale
of products for the benefit of human beings. It is a holistic
term which includes all activities required for building an
enterprise for production of biotechnology related
products. Biotechnology on the other hand is a diverse
technological field which involves working with living cells
or use of molecules derived from a cell to apply for the
human welfare using various tools or technologies largely
conceptualized from the biological processes. As the
secret of DNA and its molecular structures gradually
began to unveil through rigorous research of the scientists,
this paved the way for the development of altogether a
new discipline in the name of genetic engineering in which
a segment of DNA carrying a

15
desired gene is made to integrate into the DNA of an
organism or a microbe to get a desired product or
phenotype. Gradually as an elaboration of biotechnology,
it was also applied in the plant world especially in
agriculture domain to obtain desired variety of corps.
Thus, the first biotechnology company, Genentech was
established in 1976 to study and utilize the products of
recombinant DNA technology (Pi-Sano, 2006). This led to
a connection between science and business and since
then there was no looking back.
A classic example is the case of Europe in which France
has set up more than 2000 biotechnology firms followed
by Spain housing more than 1000 firms (Mikulicz, 2020).
In the year 2019, the private biotechnology sector in
Europe raised a whopping 3.3 billion dollars which was
35% more than that of previous year (Senior, 2020). Thus,
with the rise in demand of desired biotechnological
products for the welfare of mankind, pure academic
research related to biotechnology which flourished
somewhere in 1950s paved the way to business which is
in a booming mode at present.
Various measures are being currently undertaken by
governments of different countries to promote
biotechnology with an effort to connect with
entrepreneurship program thereby linking both the
domains.
16
17
 PILLARS OF
BIOENTREPRENEURSHIP
To establish a company under bio entrepreneurship
program, some of the parameters should be considered as
a foundation stone. They can also be considered as pillars
above which the entire program would be spread. All the
pillars need to act synergistically for a period of Over at
least ten years to make a company well functional.
Functioning of all these pillars are very important and any
weakness in one of the pillars during the first decade
becomes the determining factor of future of the
entrepreneurial program and consequently affects the
biotechnology company housing the same (Shoemaker &
Schoemaker, 1998).

18
MANAGEMENT
The management forms the first pillar which a
biotechnology company needs to secure and establish.
Management is largely responsible for getting the work
done in a systematic way and is the architect of
transformation of scientific innovation into products for
sales. The activities of management can further be
classified into five groups –
Planning: A pre-determined course of action to achieve a
predetermined goal

19
Organizing: It is an act of bringing the human resource or
the work power together for implementing the plan and
achieving a desired goal in the form of products.
Staffing: This is also an important activity which is
performed by the management. It consists of total activity
involving the human resources and appointing them in
appropriate places. In addition to it, involves equipping the
human resource of the company with required training to
produce the desired product.
Directing: It is the function through which an entrepreneur
guides and stimulates its employees for better functioning
and to achieve a goal. It is the final action taken by the
entrepreneur after completion of all preparatory tasks.
Controlling: It is the last component of the managerial
functioning and is basically involves a cross checking to
determine whether the actions of the company is in parity
with the plans made or not. If any variation is

20
observed, then corrective steps are performed to
accomplish the desired target (Sinha, 2020).

CAPITAL
Capital forms the second pillar of a bio entrepreneurial
program. In fact, all types of organizations or companies
need capital for proper functioning. A capital is generally a
mix of assets that a company can depend for financing its
business. It comprises of cash and other assets owned by
the company. The monetary assets in the company are
generally stored in the form of shares, equity, and debt
funds. From the time of inception, the company is required
to focus on how much capital it is having and how much it
is getting generated during its functioning years. Lack of
capital or restricted access of capital may result in
constrained growth of the company (Alpers, 2002).

21
TECHNOLOGY
These forms the third pillar of a bio entrepreneurship
program on which the entire program will be implemented.
Since it is intricately related to biotechnology, the basic
aspects of the subject are taken into consideration for
generation of a desired product.

CONTRIBUTIONS OF
BIOENTREPRENEURSHIP
There three pillars are required for setting up a
biotechnology enterprise Such as management, threshold
capital, and technology inspired by innovation
(Schoemaker & Schoemaker, 1998). Biotech-industries
that are built around the concept of bio entrepreneurship
consist of sectors such as Biopharma, Agri-biotech,
Bioinformatics, and Bio-services (Indian Biotechnology
Industry report, 2020). Each of these

22
sectors has made significant contributions in the following
arenas of our day-to-day life.

Generation of Revenues and Tax

According to a report published by the Economic
Contributions of the Biotechnology Industry (retrieve on
Jan 2021), the size of the industries dealing with bio
entrepreneurship have doubled I during 1993-1999. Such
industries could generate revenues of $20 billion and $10

23
billion of tax revenues in total. In the European
Counterparts, Germany has one the fastest growing bio
enterprises globally accounting for 525 German biotech
companies that generate total revenue of more than €3
billion (Europa Bio, 2006).

Creation of Employment Opportunities

According to a report by the Economic Contributions of the
Biotechnology Industry (retrieved on Jan 2021)
biotechnology industries in the US played significant roles
in economy by generating at least 437,400 jobs of which
150,800 jobs were solely from biotechnology companies
and others were from companies depending upon the
primary biotech industries. While in the European context,
Germany alone has a capacity of generating 17,277 jobs
(Europa Bio, 2006). These are jobs that are directly
related to the bio enterprises. Industries that are major
suppliers of raw material and other services are the major
contributors of employment

24
generation (Presides, 1998). Furthermore, the jobs
created by bio enterprise industries are clean and high
paying as compared to the other sectors of industries.

ESSENTIAL
BIOENTREPRENEURIAL SKILLS
Entrepreneurship may be considered as the capacity of an
individual to convert biological concepts generated in the
mind into action resulting in a fruitful outcome which is
beneficial for living beings. Entrepreneurship is largely
associated with industrial innovations.

Curiosity-
'Curiosity' is the key factor which determines the success
of a bio entrepreneurship program. It is most important
element that helps to narrow down the key problem and
find out the potential and the opportunity of solving the
problem. It is the curiosity that is the driving force for
innovation which results in finding a probable solution.

25
Time Management-
Time management' is another important aspect of bio
entrepreneurship. Since it needs to be associated with
biological entity, a constructive approach of time
management should be taken into consideration within the
time span required for completion of a biological process
and any scope to enhance the knowledge through
biotechnological approaches must be emphasized. Once
the timeframe is standard-sized, milestones require to be
set which psychologically and strategically boost the
program towards maturity and enable the entrepreneur to
deliver the outcome in proper time. Strategic Thinking Bio
entrepreneurship is closely associated with research
(Meyers & Hurley, 2008). Research is closely associated
with thinking of the scientists. It is the thinking process that
leads to development of new ideas in order to jot down
creative solutions. Strategic thinking also implies to the
immediate tactics which is required to raise money from
the bio entrepreneurship program to sustain the research
and development process. Thus, it can be said that
research, strategic thinking and bio-entrepreneur

26
ship program are closely woven to one another (Carsruaet
al., 2008).

Efficiency-
"Efficiency is required to solve a problem successfully and
in optimal time. As the name suggests, the entire system
is closely associated with biological system and thus
efficiency is not only required in the machinery domain for
production but also very important in biological domain
too. For example, an efficient microbial inoculants is
required for development of a manure or biofertilizer
through biotechnological approach (Alori & Babalola,
2018; Atieno et al., 2020). Without these criteria, it would
become very difficult to ascertain the potential of the
developed fertilizer and its consequent percolation in the
market. In addition to it, efficiency in mechanical terms is
very vital for enhancing the production of the products.

27
Resilience
"Resiliency' can be put into the psychological domain and
can be defined as the capability to recover from difficulties
and constraints. It indicates the psychological elasticity of
an individual. A resilient researcher is likely to have more
success in bio entrepreneurship program as he shifts his
focus to-wards new opportunity by shifting himself from a
zone of contrivance to a zone of enhancement. He also
optimizes himself according to the demand and milieu of
the research and thus can squeeze out the best from any
situation thereby, delivering a sustainable output.

Communication
'Communication' is of paramount importance in any bio
entrepreneurship program. As the program is a
syngenesis between biology, industry, and business and
thus communication stands out to be a major factor.
Communication with a proper mode of representation of
the products to the client stands out as a determining
factor towards any successful business program and at
the same time, listening to the grievances or any after

28
sales issue also requires to be solved. In every aspect
Communication act like a medium through which such
issues can be floated. An effective communication leads to
overall success in business. In addition to it,
communication is also vital for in house efficiency in the
industry. Effective communication helps to build a strong
bond between entrepreneurs and their employees. In
addition to it, effective communication strategies also help
to implement strategic decision by an entrepreneur in an
organization thereby, speeding up any constructive
process.

Networking
Engaging in network activities leads to overall success in
career and overall business (Jacobs et al., 2019).
Networking provides flow of information which enables
effective distribution of knowledge and information, labor,
and capital (Stam & de Ven, 2019). Networking provides
better opportunities, partnership deals and finding potent
employees which can lead to betterment of industry and
hence steady inflow of capital through profit. It also
expands the horizon and provides an

29
efficient path of flow of information to a wider domain
(Peshev, 2017).

Finance
'Finance' refers to a monetary transaction or any
exchange or measurement related to money. It is largely
the skill of money handling and capital management
(Alhabeeb, 2014). Success in entrepreneurship program
depends on managing and handling the finances properly
and carefully assessing the investment and the risks
involved.

Branding
'Branding' is the practice through which a company
generates its own identity by making unique registered
symbol or design. This is very important as it not only
makes an impression of the company in the mind of the
client or consumer but also enables the customers about
their expectations from the company. Branding is very
important as it impacts the customers and subsequently
influences the market (Smithson, 2015).

30
Sales
'Sales' form the ultimate skill in any entrepreneurship
program. Sales form the key role in building loyalty
between customer and the company. The loyalty in turn
forms the base upon which a customer prefers or
recommends one company. Loyalty is achieved by a
successful interaction between the sales representative
and the customer and in this case also communication
forms an important platform (Ox-ford College of
Marketing). By successfully channelizing the sales, the
revenue earning capacity of the company can be
increased and hence it can bring success to the
entrepreneur with concomitant increase in business
growth.

BỊOENTREPRENEURSHIP IN
INDIA AND ITS CHALLENGES
Bio entrepreneurship is a syngenesis of biology, industry,
and market. When application of biology comes into the

31
picture, it is the biotechnology that dominates the
application arena. India is among the 12 destinations of
biotechnology in the world and comprise of greater than
2700 biotechnology start-ups and greater than 2500
biotechnology companies throughout the country. The
biotechnology industry in India amounted to 63 billion US
dollars in the year 2019 and is projected to reach 150
billion US dollars by 2025 with a compound annual growth
rate of 16.4% (India Brand Equity Foundation). Despite a
considerable boom in the biotechnology industry which
promotes the bio entrepreneurship program, it also faces
some issues and challenges which pose hindrance
towards a smooth growth. The focal point of the issue is
the booming population of India which primarily requires
an affordable and trustworthy healthcare solution. This is
required to save the lives of millions of poor people which
make the Indian population. This is one of the foremost
challenge a bio-entrepreneur faces, as the entire process
requires a perfect streamlining and meticulous planning so
that the products every Indian citizen (Kumar, 2020). In
addition to it, in India, there is a lack of encouragement for
innovation. Though a lot of discussion is made on

32
academic and theoretical level but 'Made in India' concept
is hardly discussed, assimilated, and celebrated. In fact, it
is still not on a triumphant figure possibly due to a lack of
strong policy making or may be due to lack of general
awareness which has overall slowed down its progress
(Babu, 2020). This results in lagging of our country in the
global innovation index. Our country ranked 48 in the
indexed in comparison to China which ranked 14th in 2020
(Wipro website, 2020). India allocates less than 1% of its
GDP on re-search and development which is way low in
comparison to its global counterparts (Das, 2019). Thus,
the major challenge of India is creation of economy which
is knowledge driven. The country requires using
knowledge prudently for increasing productivity in the field
of agriculture, industry, healthcare to render a state of art
service to its booming population majority of which is
either village centric or hovering around the poverty level
mark (Dahlman & Anuja, 2005). For flourishing of
innovation, ideas need to be equipped with an efficient
funding system.

33
 MEASURES TO PROMOTE
BIOENTREPRENEURSHIP IN
INDIA
In India, the government has taken several innovative
approaches to promote bio entrepreneurship. Presently,
India is gradually moving towards a start-up ecosystem. A
start-up business is basically a nascent company,
established by one or a group of entrepreneurs for
development of a product or service and percolating the
same to the market for consumer. The Government has
started this start up initiative on 16th January 2016 and
consists of 19 action points which guide the initiative.
Since its inception, 19,351 start-ups have been recognized
by Department for Promotion of Industry and Internal
Trade till June 2019. In addition to it, the Government of
India has established Funds for Fund of Start-ups (FFS)'
with a core value of Rupees 10,000 crores to meet various
funding requirements of start-up companies with Small
Industries Development Bank of India as the operating
agency (Press information Bureau.

34
Government of India). The following are some of the start-
up programs initiated by the government to promote
entrepreneurial program:

Aspire
It is an initiative by the Indian government, launched to set
up network of technology centers and incubation centers
to promote start-ups for innovative approaches in industry
related to agriculture. The objective of this scheme is to
create new jobs thereby reducing unemployment. It is also
aimed to promote entrepreneurship culture in the country
and for overall development at grass-root level. Aspire
scheme is also aimed to facilitate innovative business
solution and to strengthen the competition in MSME
sectors (Startup India website).

Pradhan Mantri Mudra Yojana

'Pradhan Mantri MUDRA Yojana' is a scheme which is
launched by honorable Prime Minister of India on 8th April
2015 to provide loans with a maximum capping of Rupees
10 Lakhs to non-corporate and non-farm small

35
micro enterprises. The loans are disbursed by banks, non-
banking financial organizations, small finance banks, and
micro finance institutions. As on Jan 01, 202 1, Rs
159837.84 crores have been sanctioned and Rs
132954.73 crores have been disbursed (Mudra website).

Atal Innovation Mission

It is a government of India flagship initiative for promoting
a culture of innovation and entrepreneurship throughout
the country. Its main objective is developing new policies
and programs for harboring innovation in different
economic sectors. It also aims to provide platforms and
opportunity of collaboration for different stakeholders and
creating an umbrella structure to visualize and monitor
entrepreneurship environment. It helped to increase the
ranking of India in Global innovation index from 81 in 2015
to 48 in 2020 (Atal Innovation Mission, Niti Ayog website).

e-BIZ Portal
This is another initiative of the Indian government and is
developed by Infosys Technologies Limited under the

36
supervision of Department of Industrial Policy and
Promotion, Government of India. Its motive is to promote
business development in the country through an online
portal which will connect government with business
services. This is anticipated to reduce the processing time
and unnecessary delays which is required for business
start-ups (Digital India website).

CONCLUSION
In developing countries, bio entrepreneurship can only be
ingrained with the initiation of business and strong base
for research. Also, economic growth can be achieved by
the aid of research scientists and entrepreneurs in the field
of biotechnology for successful start-ups. Presently,
developing nations and policy makers should start
focusing on financial budget allocation for biotechnology
companies for the survival and maintenance of
biotechnology enterprises. It is suggested that coexistence
of technology and scientific proficiency play a determining
role in the growth of any nation. Bio entrepreneurship
conferences should be a regular event every year to
provide a platform for

37
students, start-ups, life science entrepreneurs, investors,
scientists, and industry leaders to learn and expand their
matrix in an encouraging environment (Poon and
Liyanage, 2004). In view of growth of agriculture sector of
any nation, science center's play a significant role to widen
education to ensure the continuous support from rural
base that feeds the entire nation. To expedite the selection
of new seed technology and agronomy practices in a rural
area of any country, adult education programs must be
implemented and designed with utmost simplicity (Teng,
2012). In recent years major developments in the
biotechnology companies have occurred in India due to
favorable policies, persistent government funding,
availability of venture capital and great entrepreneurial
skilled taskforce but despite that analytic gap remain as
hindrance for the development. Innovative research is the
only key solution to achieve sustainable growth that would
last for long, but problem is the lack of experience to
manage funds, involvement of huge investments to
successfully float new molecules. In addition to this, other
problematic areas lie in miscalculation of risks, insufficient
patent protection and lack of regulatory framework
because of which many

38
pharmaceutical firms avoid India because their drugs can
be transformed by the Indian scientists into domestic
generic equivalents without legal Consequences.
Shortage of skilled labor resulting due to 'brain drain' also
encounters poor rating. Scientists leave for Europe and
United States to get higher perks and salaries, to avoid
this, India must take dynamic steps to streamline and
strengthen its biotech regulatory apparatus; support the
commercialization of biotech products and to build greater
public knowledge about biotechnology by providing basic
facilities and well-furnished labs, thereby helping India to
emerge as a distinguished voice on an international
platform about biotechnology related affairs.

39
REFERENCES
 Afandi, M. H. (2018). https://nuclineers.com/
Whats/bioentrepreneurship/.
 http://www.rishibiotech.com/
Bioentrepreneurshiplndia.html
 http://www.rishibiotech.com/
Bioentrepreneurshiplndia.html
 https://bbb.rcb.res.in/bio-entrepreneurship/
 https://www.science-entrepreneur.com/blog-1/
study-bioentrepreneurship
 https://www.igi-global.com/dictionary/essential-
bioentrepreneurial-characteristics/99792
 https://www.researchgate.net/publication/
352413541_Introduction_to_Bioentrepreneurshi
p
 https://www.mhaonline.com/faq/what-is-
bioenterprise

40