The success stories in biotechnology are mainly due to the straightforward application of design thinking in both the business and science aspects of our lean startups.
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The Lean Startup is a process for turning ideas into commercial ventures. Its premise is that startups begin with a series of untested hypotheses. They succeed by getting out of the building, testing those hypotheses and learning by iterating and refining minimal viable products in front of potential customers.
Biotech research is incredibly important for health-care innovation.
The Lean Startup process builds new ventures more efficiently. It has three parts: a business model canvas to frame hypotheses, customer development to get out of the building to test those hypotheses, and agile engineering to build minimum viable products.
The Lean Startup has evolved into a movement that is having a significant impact on how companies are built, funded and scaled.
One of the things that launched the strength in biotech is when the pharmaceutical industry itself got a little slow.
Entrepreneurship is not really building a product, it's not having an idea, it's not being in the right place at the right time. It's fundamentally company building.
My passion for innovation and my interest in the 'business of science' has seen Biocon commercialize many innovative platforms and products.
Innovation almost always is not successful the first time out. You try something, and it doesn't work, and it takes confidence to say we haven't failed yet... Ultimately, you become commercially successful.
The potential for synthetic biology and biotechnology is vast; we all have an opportunity to create the future together.
Startups allow technologists and scientists to take risks and change plans in a way that would be frowned upon in a big company. Having said that, big companies will play a key role in certain areas and in partnerships with little companies. Each has its strengths.
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