Biotechnology firms merge humankind’s knowledge of biological organisms with a broad range of sciences. Consequently, it plays a huge role in research, human health, and medicine.
However, in recent years biotechnology has surged to the forefront due to its pioneering work in food production, climate change efforts such as biofuels, and genomics.
Biotech firms can continue to improve the world, providing they offer new or better products and services. However, it may not be straightforward or cost-effective, unless they manage innovation properly.
Challenges in Biotechnology
Like all sectors, biotechnology faces considerable challenges when it comes to innovation. Regrettably, many of these challenges limit growth and must be addressed if a company is to prosper. Fortunately, that can be remedied by approaching innovative change from a new angle.
Talent Pool Narrow
Even though many biotech firms have experienced success with some products, the pressure to innovate never ends. There is always the possibility that a competitor will create a more efficient, less costly, or revolutionary solution.
Yet, biotech companies are finding it harder than ever to find the qualified and highly-educated people they need, especially within narrow fields. The talent pool continues to shrink as the population ages. Plus, fewer students are emerging from science, technology, engineering and mathematics (STEM) education programs.
Talent Competition Reaches Beyond Biotech Realm
The very skills biotechnology heavily depends upon are in high demand. According to the World Economic Forum, technological, analytical, and critical thinking skills vital to research and testing are amongst the top ten needed by all business in the world. Consequently, biotech firms face competition for talent from all sectors, not just within their realm.
As a result, biotechnology firms must look outside of their region for the talent, credentials, experiences and diversity they need. Even then, they may not find crucial talent. Consequently, it makes sense to approach the skills gap in a new manner.
Difficult to Plot Path Towards Appropriate Talent & Innovations
Small biotech startups have already accomplished much and they have talent in place. Consequently, leveraging the innovations in small biotech firms can be extremely advantageous.
For instance, according to The World Bank, these firms are responsible for nearly 70 percent of new drug approvals in the United States. Additionally, startups showed a considerably higher net return than multinational firms. Deloitte reports, startups netted 9.3 percent compared to 1.9 percent for multinationals.
As a result, larger companies can benefit from the research, testing, and data collection of these smaller firms. This can speed innovation, shorten the time to market, and save valuable resources.
Nonetheless, many companies do not where to find appropriate innovative biotech startups, scaleups, and mature companies. Additionally, it can difficult to identify suitable actionable innovations in a highly-specialized sector. Luckily, these barriers can be overcome when biotech firms partner for success.
Partnering for Biotech Success
EarlyBirds is a seasoned business leader than can help your company connect with biotech startups, scaleups, and mature companies. With both self and assisted services, we ensure companies find a clear pathway towards actionable innovations that serve them well and waste fewer resources.
EarlyBirds Innovation Ecosystem
The EarlyBirds Innovation Ecosystem is a Business-to-Business portal connecting Innovators, Early Adopters, and Subject Matter Experts. Early Adopters are leaders or influencers in an organisation eager to identify new and disruptive technologies. They want to seize opportunities, solve business challenges, or create new products and services.
The Ecosystem has a data pool of over 4 million global innovations that may already address your biotech needs. Innovators are willing to barter their knowledge and research expertise in exchange for investment. Alternatively, organisations can list their challenges and creators will respond with appropriate actionable innovations.
EarlyBirds also offers several programs for those needing additional guidance and support. Led by experts, these programs help organisations identify appropriate technologies to create an actionable path towards biotech innovation. This helps save valuable resources and accelerates change.
EarlyBirds Explorer Program
The Explorer Program is tailored towards those who need innovation as a service to supplement existing innovation programs, or to conduct innovation projects when required.
EarlyBirds Challenger Program
The Challenger Program focuses on a single organisational or technical challenge. It looks for the most relevant innovators that meet organisational, technical, and risk requirements.
The program is run by an EarlyBirds Subject Matter Expert who ascertains business needs. The SME then searches the data pool to identify and curate options for further evaluation. The most suitable option is chosen and the SME drafts a roadmap of next steps, POC, trial, or implementation.
EarlyBirds is a valuable resource for biotech firms looking to secure their place in the sector for years to come. Staying relevant and coming up with new solutions to meet market demands is an ongoing challenge not easily tackled alone.
Whether your business looks to alleviate disease, find biological energy solutions, adapt the human genome, or create a ground-breaking food source, we can help you find talent and resources. Let us steer you towards innovative solutions and connect your organisation to appropriate startups and their disruptive technology.
Our expertise extends to biotech, energy, operations & maintenance, education, finance and insurance, the public sector, and more. If you’re interested in partnering for success, please register at https://earlybirds.io/, or contact us to discuss your needs.