Biotechnology merges what’s known about biological living organisms with other disciplines. As a result, it continues to be a major driver of knowledge in areas such as genomics, medical research, food production, biofuels, and more.
Nonetheless, companies that utilize biotechnology must continually innovate. However, this also poses significant challenges for business.
Narrow Field of Study
While the term biotechnology encompasses many fields, the people that work within each area are highly-specialized and highly educated. Additionally, the demand for qualified professionals has never been higher.
Changing Demands
Innovation creates new products and services, but it also an ongoing process. Market demands change and business must change along with it.
For instance, many patients now need medical solutions for modern lifestyle diseases such as Type 2 diabetes. Energy consumers also need alternatives to fossil fuels are reserves dwindle, prices soar, and net zero demands rise. The world also needs alternative food sources to feed our growing population.
However, changing products and services requires direction. Business needs a viable course and a quick way towards test and trial if they are to succeed . Otherwise, they will consume valuable resources with little or no positive results.
Rising Costs
Biotechnology is already a very expensive field due to the talent, equipment, supplies, and facilities needed. However, we are also in an inflationary climate which makes it even more important to spend wisely, particularly when a company is in the development stage.
Biotechnology companies also continue to struggle with increased supply chain costs during a time when they cannot afford delays. However, expanding or strengthening their supply chains may be difficult or impossible using existing resources.
Research within biotechnology is also slow and methodical, since documented evidence is vital. Consequently, it can take years to validate a single area of study.
Fortunately, well-directed innovation can offer excellent return on investment to help organizations cut costs, streamline operations, and increase resilience, while exploring potential new solutions. Innovation needn’t take place solely within a company’s tech silo to achieve excellent results.
Increased Regulatory Compliance
Considering the potential impacts biotechnology can have on people and the planet, it’s not surprising government agencies are cautious. However, the complexity of the process and the number of stakeholders has increased, particularly when companies operate internationally.
Consequently, organizations need to collect, store, analyze, extract, and report more data. Their system must also address any privacy, security, transparency, and ethics requirements regulatory bodies may have.
Partnering for Biotechnology Innovation
Unfortunately, biotechnology companies often struggle when it comes to finding innovation direction. They either try and fail to manage innovation in-house or they do not have clear direction.
Fortunately, it is possible to find solutions with the right insights and expertise. Collaboration with existing startups and scaleups can provide access to an existing knowledge base and assimilated research acumen.
Leveraging the innovations of small biotech firms is very worthwhile. World Bank statistics show small firms were responsible for nearly 70 percent of new drug approvals in the US. Additionally, trailblazing startups netted about five times the R&D return when compared to multinationals.
EarlyBirds offers multiple avenues to access the expertise and knowledge of many startups and scaleups to fulfill the needs of biotechnology organizations. Our expansive marketplace of new and disruptive technologies can help organizations become self-learning, self-sustaining, and incredibly agile.
EarlyBirds also offers Ecosystem Maps, Subject Matter Experts, unique programs for ad hoc or supplementary needs, as well as ongoing transformational support.
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 organization’s challenges. This AI-enabled platform of startups, scaleups, and mature innovators is updated regularly and can be searched and curated using unique tools that meet business and technology needs.
Alternatively, organisations can list their challenges and request solutions from innovators.
Ecosystem Maps
EarlyBirds develops dynamic ecosystem maps of industry domains, emerging technologies, and an organization’s capabilities. These maps help companies understand strengths, weaknesses, and highlight opportunities for collaboration.
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 your organisational, technical, and risk requirements.
The program is run by an EarlyBirds Subject Matter Expert who identifies your key issues. 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.
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EarlyBirds helps biotechnology companies access the talent and innovative solutions they need. We’re highly-experienced in domains such as biotechnology, microprocessors, communications, AI, IoT, and more. We’ve also helped companies in the Manufacturing, Operations & Maintenance, Energy, Education, Cybersecurity, and Public Sector.
If you’re interested in partnering for success, please register at https://earlybirds.io/, or contact us to discuss your needs.