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Naučne publikacije Državnog univerziteta u Novom Pazaru. Serija B, Društvene & humanističke nauke
2018, vol. 1, iss. 1, pp. 14-27
article language: Serbian
document type: Review Paper
doi:10.5937/NPDUNP1801014D


Biotechnology innovations in entrepreneurship as a basis for launching new business ventures
aDržavni univerzitet u Novom Pazaru, Departman za biomedicinske nauke
bDržavni univerzitet u Novom Pazaru, Departman za ekonomske nauke
cDržavni univerzitet u Novom Pazaru, Departman za filozofske nauke

Abstract

The main aim of the paper is to point to the role that biotechnology entrepreneurship and its respective innovations play in increasing the number of small and medium-sized enterprises. Biotechnology entrepreneurship entails setting up any new business venture by means of modifying living organisms with a view to meeting human needs. The paper highlights the role, importance and seven basic examples of practical application of biotechnology, such as health-related or so-called red biotechnology, agricultural or green biotechnology, industrial or white biotechnology, as well as the application of biology in launching business ventures in the field of ecology, forensics, computer sciences and tourism. The paper expounds on the main characteristics that a successful biotechnology entrepreneur should possess, some of them being: achievement motivation, willingness to take risks, a high internal locus of control, creativity, innovation, the need for independence and a vision. Moreover, the role of universities is emphasized through their support for biotechnology innovations in entrepreneurship, a multidisciplinary approach to curriculum design, organizing workshops and launching biology students' internship programmes.

Keywords

biotechnology entrepreneurship; characteristics of biotechnology entrepreneurs; innovations

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