Effective Leadership through Bioentrepreneurship and Bioinnovation

Abstract

For biotechnology firms need leaders that can lead scientists beyond the science and turn new discoveries into commercially viable products. Bioentrepreneurial leaders are continuous learners; they are adaptable to change and flexible, they are not afraid to take risks, and they challenge existing assumptions with the objective of generating greater value through novel bioinnovative discoveries. Without bioentrepreneurial leadership, many discoveries will not make it to the marketplace. Biotechnology scientists, by nature, tend to work for the greater good and hope that their discoveries will benefit mankind. Yet it is often the hyper focus on addressing the scientific and technical aspects of a problem that leads to difficulties. Scientists do not generally have the necessary skills or mindsets required to meet commercial or monetary milestones to successfully commercialize products. Therefore, bioentrepreneurial leaders must themselves be willing to continuously learn and adapt to a dynamic industry and at the same time they must inspire and motivate employees at all levels of biotechnology firm to also learn and adapt. Creativity and innovative thinking are required at all stages, and across all disciplines in the organization. Only when this happen will the firm succeed with new innovations through product development and commercialization.