Mark Ahn, who I’ve talked about before, shared his insights recently on Entrepreneur Podcast Network. Bioentrepreneurship is Mark’s specialty. His consulting company, Pukana Partners, Inc., provides bedrock strategies for both large and small biotech companies, so let’s hear what Mark has to say about recent trends in entrepreneurship.
Entrepreneurs operate with cutting edge technologies and innovative business strategies. First, our digitalized economy encourages older enterprises to develop new marketing techniques. Think of a website, such as Airbnb, Inc., and how much more exposure it receives than a print-only marketing campaign for a traditional bed and breakfast operation. Second, the globalization of capital markets ensures that entrepreneurs need to think internationally to succeed. Finally, digital life sciences and biology tailor any medicine to the individual’s needs.
The rate of entrepreneurship has fallen recently. The recession curtailed many risk-taking individuals whose efforts may have created as much as 90 per cent of new jobs. In the 20-30 year-old demographic, lower participation in entrepreneurship may spring from student debt. Concurrently, life sciences took a leap forward in business model applications.
20-30 per cent of the time. The trend shifted to individualized medicine, in which cellular biology research provides designer drugs. For instance, hemophilia A may be cured by one injection, as opposed to traditional expensive treatment for life. This major change focuses on the patient becoming their own drug factory. New approaches in life sciences entrepreneurship mean that an entrepreneur may build a company from scratch to cure a complex disease, such as Alzheimer’s, and then go public or merge with established businesses. Mark sees this trend as 3 B’s: Bench, representing the laboratory research bench; Bedside, getting the cure to the patient; and Business Models, companies which change with the times to benefit from the trend.
For more from Mark Ahn, check him out on Twitter.