Strategic Planning for Financing and Growing Biotechnology Companies

Abstract

There are significant aspirations from both start-ups and existing biotechnology companies, as they endeavor to finance and grow their innovation. Growth demands substantial investments of time, energy and finance. Additionally, they face major risks and uncertainties in the process of growth and new product development in what is a dynamically changing environment. There is no question that the entrepreneurial spirit is core to biotechnology companies but without a congruent strategy for growth and a plan to secure the necessary finances to fund it they will most likely fail. This paper focuses on the process of strategic planning for financing and growing a biotechnology company. First, the strategic planning of biotechnology companies is discussed and a model of strategic congruence for innovation is proposed. Second, a framework for the process of financing a biotechnology innovation is presented. Third, examines the challenges of growing the biotechnology company. Following that final conclusions are drawn.