Commercialization and Innovation Strategies in Australian Biotechnology: Exploring Marketing Best Practices and Bio-entrepreneurship

Abstract

The present study aims to assess bio-entrepreneurship through inbound-open innovation and out-bound open innovation in the Australian biotechnology. Mediating role of commercialization capabilities and the moderating role of green promotion strategy has also been observed in this regard. The study has been conducted through quantitative research design. Survey technique was used to collect data from the target audience. The researcher analyzed 223 complete and adequately filled survey forms. Results indicated that the direct effects were significant and in-bound and out-bound innovation significantly influence bio-entrepreneurship. The mediation of commercialization capabilities and the moderation of green promotional strategies has also been evaluated. The mediation effects were positive and significant whereas GPS resulted to be an insignificant moderator between variables. The present study holds various theoretical and practical implications. The study extends the literature regarding in-bound and out-bound innovation and its impact on bio-entrepreneurship. The practical insights can also not be ignored in the study as managerial bodies of Australian bio-technology firms can gain insights regarding bio-entrepreneurship. The research limitations and future indications have also been presented in the study.