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Table of Contents
Front Cover
Biotechnology Entrepreneurship
Copyright Page
Dedication
Contents
List of Contributors
Foreword to the Second Edition
Foreword to the First Edition
Preface to the Second Edition
What is contained within these pages?
Why did I write this book?
Why a second edition?
Preface to the First Edition
Acknowledgments
I. Understanding Biotechnology Entrepreneurship
1 What is Biotechnology Entrepreneurship?
The Significance of the Biotechnology Entrepreneur
The Integration of Two Distinctly Different Disciplines
Biotechnology Entrepreneurship Versus General Entrepreneurship
Time and Money Differences Between Biotechnology Products and Other Products
Regulatory Requirements
The Biological Uncertainty Factor
Entrepreneurship and Intrapreneurship
The Biotechnology Entrepreneur, Manager, and Leader
Essential Biotechnology Entrepreneurial Characteristics
Awareness of the Unknown-Unknowns
Be a Multidiscipline Translator: Improve your Ability to Speak and Understand the Language of Business and Science
Understanding the Purpose and Principles of Negotiation
Acquiring Characteristics of Wise Leadership and Skilled Management
Embracing Worthy Core Values
Utilizing Creativity and Imagination to Solve Problem
Four Backgrounds of Biotechnology Entrepreneurs
Being the Entrepreneur for a Season
Driving Forces Behind a Biotech Entrepreneur's Decisions
Learning from "Failure"
Summary
References
2 A Biotechnology Entrepreneur's Legacy - Henri A. Termeer's Story and his Advice to Entrepreneurs
Path to Entrepreneurship
Risks of Joining a Biotechnology Company
Genzyme in the Early Days
The Importance of Understanding Business and Finance
Raising Capital
Managing the Uncertainty of Biotechnology
Core Values.
Integrating the Science and Business
The Value of a Business Background and Experience
Driven from Within
In Touch with Events Outside the Company
Good Fortune and Success
Closing Advice
Reference
A Tribute to Henri A. Termeer
The Henri Termeer I Knew
A Tribute to Henri A. Termeer
Empathy, Generosity, Discipline, and Engagement: Reflections on the Life of Henri Termeer
3 A Biotechnology Entrepreneur's Story: From Start-Up to International Contract Development and Manufacturing Organization
The genesis of Althea Technologies
The First Year
Reinventing the Company-Again
Our Own Trademark: Co-CEOs
Building a Great Culture
Accelerating the Growth of the Company
Turning a Challenge Into an Opportunity
Orchestrating a Successful Exit-New Beginning with Ajinomoto
Final Words
4 Seven Characteristics of Successful Biotechnology Leaders
Success and Failure
Requirements for Achieving Success: Organizational Growth
Seven Factors for Success
Be Adaptable
Be Authentic
Articulate Vision
Strategic Decision Maker
Communication
Recognize and Use a Diverse Set of Opinions
Empower and Develop Employees
Conclusion
References
Further Reading
II. Overview of the Biotechnology Industry
5 Unleashing the Promise of Biotechnology to Help Heal, Fuel, and Feed the World
Health Biotechnology: Helping to Save and Extend Lives
Saving Lives with Vaccines
Surviving Cancer Like Never Before
Improving Quality of Life
Rare Diseases
Faster Detection, Better Accuracy, Greater Mobility
Personalized Medicine
Gene Editing
Looking Ahead
Food and Agricultural Biotechnology: Helping to Feed the World
Plant Biotechnology
Other Traits
Stacked Traits
Benefits of Plant Biotechnology
Animal Biotechnology
Animal Biotech: Beyond Food.
Industrial and Environmental Biotechnology: A Better Way to Make Things
Working with Nature
Supporting Sustainability
Advanced Biofuels
The Biobased Economy
Synthetic Biology: A New Approach to Engineering Biology
Transforming Industries and the World
The Public Policy Environment for Biotech Innovation
Promise for the Future
References
Further Reading
6 Five Essential Elements and Regional Influences Required To Grow and Expand a Biotechnology Cluster or Hub
It's Not about the Climate, the Cost of Living, Culture, or the Scenery
Biotechnology Clusters are Actively Developing Worldwide
What is a Biotechnology Cluster?
What are the Benefits of Having a Biotechnology Cluster?
The Five Essential Elements Necessary for Growing a Biotechnology Cluster or Hub
"Growing" biotechnology clusters
Essential Element 1: Abundance of High Quality, Adequately Funded, Academic Research
How is quality research assessed?
Choosing the best product application based upon the research
Awareness of challenges with new discoveries
Common goals
Research at academic institutions verses commercialization at for-profit corporations
Essential Element 2: A Ready Resource of Seasoned and Experienced Biotechnology Entrepreneurs and Mentors
Successful and Unsuccessful Companies will Birth Other Companies
Essential Element 3: Access to Available Sources of at-risk, Early-Stage, and Development-Stage Capital Willing to Fund Sta...
Early/Seed Stage-Risk Capital Needed
Needed Follow-On Capital during Development Stages
Essential Element 4: Adequate Supply of Technically Skilled Workforce Experienced in the Biotechnology Field
Essential Element 5: Adequate and Dedicated Wet-Laboratory and Facilities at Affordable Rates
Important Considerations.
Other Enhancers of Biotechnology Cluster Development
Risk-Taking Entrepreneurial Culture
Collegiality and Collaborative Spirit
Maintenance Factors Versus Drivers
Inhibitors of Biotechnology Cluster Growth
The Role of Government in Developing Biotechnology Clusters
Where do you to Start if you Desire to Build a Biotechnology Cluster?
Four Major Steps for Developing a Strategy to Grow a Biotechnology Cluster in your Region
Summary
References
III. The Human Capital Component
7 Building, Managing, and Motivating Great Teams
Fundamentals of Entrepreneurial Process Related to Teams
The Importance of Building and Maintaining an Entrepreneurial Culture
Summary of "Lessons Learned" (Further Experiential Perspective)
Key Questions to Ask When Building the Team-the Academic Perspective
Building a Biotechnology Organization
Finding and Hiring Good People
What Makes Teams Work, or Not?
Understanding Factors That Motivate Teams
Framework for an Entrepreneurial Team Motivation Model
Summary and Conclusion
Acknowledgments
References
8 Building Human Relationship Networks
Purposeful Networking Expands Limited Resources
If You Don't Already Have a Networking Mindset, Develop One to Succeed
What Is Purposeful Networking?
Why Is Purposeful Networking Important?
How Can Purposeful Relationship-Building Help a Biotech Startup Succeed?
A Roadmap to Creating Purposeful Relationships
Prebuilt, Organized Support Networks: Build on Connections that Already Exist
Investors Can Be Sources of Mentoring and Advice Before They Are Sources of Capital
Engage Contacts and Associates at Universities and Research Institutions to Widen your Network
Small Business Innovation Research and Small Business Technology Transfer Programs Are Vital Sources of Funding for Prototy.
Associations and Industry Groups Are a Source of Connections and Leadership Opportunities
Members of the Media Can Be Your Friends
Community Leaders Are Always Seeking the Next Crop of Leaders-to-Be
Networks Are Fluid and Change Over Time
Boards of Advisors and Directors Can Help Accelerate Company Success
Building an Advisory Board to Help Your Company in the Early Stages
The Right Board of Directors Can Help You and Your Company Succeed
Considerations for Selecting Your Formal Board of Directors
The Role and Responsibilities of Boards of Directors Are Prescribed by Law
Set a Consistent Board Meeting Calendar and Format and Hold to It
Directors' Compensation Usually Takes the Form of Options that Vest Over Time
Human Networks Lead to Mentoring
What Mentoring Does a Bioscience Entrepreneur Need?
Personal Traits and Characteristics
Conclusion
Endnotes
9 Mentorship: Why You Need a Team of Mentors to be Successful
Why do you Need Mentors?
How is it that Good Mentors Help You?
What Would Keep you From Finding a Mentor?
What to Look for in a Good Mentor?
Where to Find a Good Mentor?
How to Scare off a Good Mentor?
You Need Different Mentors for Diverse Types of Assistance
The Mentoring Processes: How Does it Work?
Some Formal Mentorship Programs
Other Ways to Get Mentorship Help
What Mentors Cannot do for you?
For Those Considering Being a Mentor
Summary
IV. The Innovative Technology Component
10 Understanding Biotechnology Product Sectors
Biotechnology Product Sectors and Technology Sectors
Biotechnology Product Sectors
Product Development Sector Costs Vary Greatly
Product Development Timeframe Varies for Biotechnology Sectors
Creating Value
Overview of Product Sectors
Therapeutics
Mechanisms of Action for Therapeutics.
Therapeutic Categories.
Biotechnology Entrepreneurship
Copyright Page
Dedication
Contents
List of Contributors
Foreword to the Second Edition
Foreword to the First Edition
Preface to the Second Edition
What is contained within these pages?
Why did I write this book?
Why a second edition?
Preface to the First Edition
Acknowledgments
I. Understanding Biotechnology Entrepreneurship
1 What is Biotechnology Entrepreneurship?
The Significance of the Biotechnology Entrepreneur
The Integration of Two Distinctly Different Disciplines
Biotechnology Entrepreneurship Versus General Entrepreneurship
Time and Money Differences Between Biotechnology Products and Other Products
Regulatory Requirements
The Biological Uncertainty Factor
Entrepreneurship and Intrapreneurship
The Biotechnology Entrepreneur, Manager, and Leader
Essential Biotechnology Entrepreneurial Characteristics
Awareness of the Unknown-Unknowns
Be a Multidiscipline Translator: Improve your Ability to Speak and Understand the Language of Business and Science
Understanding the Purpose and Principles of Negotiation
Acquiring Characteristics of Wise Leadership and Skilled Management
Embracing Worthy Core Values
Utilizing Creativity and Imagination to Solve Problem
Four Backgrounds of Biotechnology Entrepreneurs
Being the Entrepreneur for a Season
Driving Forces Behind a Biotech Entrepreneur's Decisions
Learning from "Failure"
Summary
References
2 A Biotechnology Entrepreneur's Legacy - Henri A. Termeer's Story and his Advice to Entrepreneurs
Path to Entrepreneurship
Risks of Joining a Biotechnology Company
Genzyme in the Early Days
The Importance of Understanding Business and Finance
Raising Capital
Managing the Uncertainty of Biotechnology
Core Values.
Integrating the Science and Business
The Value of a Business Background and Experience
Driven from Within
In Touch with Events Outside the Company
Good Fortune and Success
Closing Advice
Reference
A Tribute to Henri A. Termeer
The Henri Termeer I Knew
A Tribute to Henri A. Termeer
Empathy, Generosity, Discipline, and Engagement: Reflections on the Life of Henri Termeer
3 A Biotechnology Entrepreneur's Story: From Start-Up to International Contract Development and Manufacturing Organization
The genesis of Althea Technologies
The First Year
Reinventing the Company-Again
Our Own Trademark: Co-CEOs
Building a Great Culture
Accelerating the Growth of the Company
Turning a Challenge Into an Opportunity
Orchestrating a Successful Exit-New Beginning with Ajinomoto
Final Words
4 Seven Characteristics of Successful Biotechnology Leaders
Success and Failure
Requirements for Achieving Success: Organizational Growth
Seven Factors for Success
Be Adaptable
Be Authentic
Articulate Vision
Strategic Decision Maker
Communication
Recognize and Use a Diverse Set of Opinions
Empower and Develop Employees
Conclusion
References
Further Reading
II. Overview of the Biotechnology Industry
5 Unleashing the Promise of Biotechnology to Help Heal, Fuel, and Feed the World
Health Biotechnology: Helping to Save and Extend Lives
Saving Lives with Vaccines
Surviving Cancer Like Never Before
Improving Quality of Life
Rare Diseases
Faster Detection, Better Accuracy, Greater Mobility
Personalized Medicine
Gene Editing
Looking Ahead
Food and Agricultural Biotechnology: Helping to Feed the World
Plant Biotechnology
Other Traits
Stacked Traits
Benefits of Plant Biotechnology
Animal Biotechnology
Animal Biotech: Beyond Food.
Industrial and Environmental Biotechnology: A Better Way to Make Things
Working with Nature
Supporting Sustainability
Advanced Biofuels
The Biobased Economy
Synthetic Biology: A New Approach to Engineering Biology
Transforming Industries and the World
The Public Policy Environment for Biotech Innovation
Promise for the Future
References
Further Reading
6 Five Essential Elements and Regional Influences Required To Grow and Expand a Biotechnology Cluster or Hub
It's Not about the Climate, the Cost of Living, Culture, or the Scenery
Biotechnology Clusters are Actively Developing Worldwide
What is a Biotechnology Cluster?
What are the Benefits of Having a Biotechnology Cluster?
The Five Essential Elements Necessary for Growing a Biotechnology Cluster or Hub
"Growing" biotechnology clusters
Essential Element 1: Abundance of High Quality, Adequately Funded, Academic Research
How is quality research assessed?
Choosing the best product application based upon the research
Awareness of challenges with new discoveries
Common goals
Research at academic institutions verses commercialization at for-profit corporations
Essential Element 2: A Ready Resource of Seasoned and Experienced Biotechnology Entrepreneurs and Mentors
Successful and Unsuccessful Companies will Birth Other Companies
Essential Element 3: Access to Available Sources of at-risk, Early-Stage, and Development-Stage Capital Willing to Fund Sta...
Early/Seed Stage-Risk Capital Needed
Needed Follow-On Capital during Development Stages
Essential Element 4: Adequate Supply of Technically Skilled Workforce Experienced in the Biotechnology Field
Essential Element 5: Adequate and Dedicated Wet-Laboratory and Facilities at Affordable Rates
Important Considerations.
Other Enhancers of Biotechnology Cluster Development
Risk-Taking Entrepreneurial Culture
Collegiality and Collaborative Spirit
Maintenance Factors Versus Drivers
Inhibitors of Biotechnology Cluster Growth
The Role of Government in Developing Biotechnology Clusters
Where do you to Start if you Desire to Build a Biotechnology Cluster?
Four Major Steps for Developing a Strategy to Grow a Biotechnology Cluster in your Region
Summary
References
III. The Human Capital Component
7 Building, Managing, and Motivating Great Teams
Fundamentals of Entrepreneurial Process Related to Teams
The Importance of Building and Maintaining an Entrepreneurial Culture
Summary of "Lessons Learned" (Further Experiential Perspective)
Key Questions to Ask When Building the Team-the Academic Perspective
Building a Biotechnology Organization
Finding and Hiring Good People
What Makes Teams Work, or Not?
Understanding Factors That Motivate Teams
Framework for an Entrepreneurial Team Motivation Model
Summary and Conclusion
Acknowledgments
References
8 Building Human Relationship Networks
Purposeful Networking Expands Limited Resources
If You Don't Already Have a Networking Mindset, Develop One to Succeed
What Is Purposeful Networking?
Why Is Purposeful Networking Important?
How Can Purposeful Relationship-Building Help a Biotech Startup Succeed?
A Roadmap to Creating Purposeful Relationships
Prebuilt, Organized Support Networks: Build on Connections that Already Exist
Investors Can Be Sources of Mentoring and Advice Before They Are Sources of Capital
Engage Contacts and Associates at Universities and Research Institutions to Widen your Network
Small Business Innovation Research and Small Business Technology Transfer Programs Are Vital Sources of Funding for Prototy.
Associations and Industry Groups Are a Source of Connections and Leadership Opportunities
Members of the Media Can Be Your Friends
Community Leaders Are Always Seeking the Next Crop of Leaders-to-Be
Networks Are Fluid and Change Over Time
Boards of Advisors and Directors Can Help Accelerate Company Success
Building an Advisory Board to Help Your Company in the Early Stages
The Right Board of Directors Can Help You and Your Company Succeed
Considerations for Selecting Your Formal Board of Directors
The Role and Responsibilities of Boards of Directors Are Prescribed by Law
Set a Consistent Board Meeting Calendar and Format and Hold to It
Directors' Compensation Usually Takes the Form of Options that Vest Over Time
Human Networks Lead to Mentoring
What Mentoring Does a Bioscience Entrepreneur Need?
Personal Traits and Characteristics
Conclusion
Endnotes
9 Mentorship: Why You Need a Team of Mentors to be Successful
Why do you Need Mentors?
How is it that Good Mentors Help You?
What Would Keep you From Finding a Mentor?
What to Look for in a Good Mentor?
Where to Find a Good Mentor?
How to Scare off a Good Mentor?
You Need Different Mentors for Diverse Types of Assistance
The Mentoring Processes: How Does it Work?
Some Formal Mentorship Programs
Other Ways to Get Mentorship Help
What Mentors Cannot do for you?
For Those Considering Being a Mentor
Summary
IV. The Innovative Technology Component
10 Understanding Biotechnology Product Sectors
Biotechnology Product Sectors and Technology Sectors
Biotechnology Product Sectors
Product Development Sector Costs Vary Greatly
Product Development Timeframe Varies for Biotechnology Sectors
Creating Value
Overview of Product Sectors
Therapeutics
Mechanisms of Action for Therapeutics.
Therapeutic Categories.