Team:Edinburgh/Other/Entrepreneurship

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Vision: We hope that our could constitute a new golden standard for biosensors as well as being the preferred choice for biologists DIYbiologists that want to design biosensors

Mission Make an universal and reliable biosensor platform/template that is open

Advances in science/biotechnology often create information asymmetries that are often exploited by the company with a legal monopoly like a patent to fester this asymmetry and commercialise it. We recognise and appreciate this ethical dilemma and, therefore, do not intend on registering any patents or apply any form of restrictive licensing. Instead, we aim to employ a RedHat-like open-source model by making technologies and knowledge gained throughout our project publicly available and plan on creating a biosensor platform, with deployment and integration services, training and product-oriented consulting.

Golden circle is an attempt to explain why some people and organizations are particularly able to inspire others and differentiate themselves successfully Why' is probably the most important message that an organization or individual can communicate as this is what inspires others to action. 'Why' is how you explain your purpose and the reason you exist and behave as you do.

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Business model: Representation of the processes by which value is created from a set of technological opportunities, providing a rationale for how firms within the sub-sector create, capture and deliver value. Within a sector or innovation trajectory (e.g. biofuels) there will be a generic type of business model that is determined by a consistent set of factors within the innovation ecosystem. Value chain: The value chain describes the full range of activities required to bring an innovative product from conception to market, usually involving a number of firms with different business models operating in sequence or in parallel. (In a few cases the value chain can consist of a single business model.) Innovation ecosystem The wider economic, regulatory, societal and political context within which a value chain is embedded. It brings together the external factors that will either enable or constrain the ability of businesses involved in the value chain to implement their individual business plans and to cooperate nationally and internationally to create and deliver value

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In the last forty years, the relatively young biotechnology industry has been capable to improve the human quality of life like no other industry. Explicitly, as new biotechnology discoveries have constantly pushed forward the boundaries of what is scientifically possible, more possibilities can be fulfilled with each passing year. Regarding today's situation, thousands of biotech companies are competing in a race to tackle and cure the most detrimental diseases for our society such as heart disease, cancer, diabetes or the modern coronavirus. However, such discoveries come with a risky price to pay as the global playing field of the biotech sector with does not easily forgive the mistakes of even the largest multinationals. The reality is in fact that the biotech sector is built upon a vast collection of failed products and companies and no matter how many of the most brilliant minds work in biotech is not unusual to see companies face the brink of death multiple times over a single year when their products prove themselves to be utter flops.

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Usually, raising capital is one of the most pivotal activities that a management team is in charge of during the very first years of operations of a company. In this regard raising capital for a biotech company is certainly not least important since the intrinsic nature of the biotech industry force the management to seek a tremendous amount of capital over many financing rounds14. Differently from other industries the potential returns and the financial stability of a biotech company are often met once a product is sold on the market or when its IP is sold or licensed to another company. Since multiple years of costly R&D could pass without seeing any significant advancement, is evident how developing and bringing biotech products, services or IP assets to the market is easier said than done; especially considering that biotechnology resides in a very strict regulatory regime that could easily set back the timelines of companies with the most promising R&D advancements and discoveries14. In such circumstances, given the facts that the biotech sector, financially, is particularly adverse to early-stage biotech companies and ceasing operations is the ultimate defeat to avoid at any cost for any company regardless to its growth stage, it is indeed very rational that the biotech manager or entrepreneur should carefully plan how to raise money and be constantly on the lookout for investments throughout the entire existence of the company14.

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Since biotech companies heavily rely on the excellence of their workers and great amounts of monetary and non-monetary resources, a manager or entrepreneur that is looking for investments should identify the environments with a high density of such factors13. Thus environment with a critical mass of human capital (scientific workers and business professionals), funding capital (venture capital, banks and governmental institutions), assets (lab space, material and equipment) and infrastructural support (incubators, high-calibre academic/research institutions and media outlets) constitute the ideal conditions for a biotech company, but the mere quantity of these factors does not guarantee a comprehensive investment-friendly environment for all the biotech companies13.

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