27.6 Entrepreneurship in Bioeconomy

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Some of the points which need due consideration and solution are as follows.

(i) The amount and volume of waste varies greatly, depending on the effectiveness of

the product collection system. It is therefore important to improve the uniformity of

the waste collection and homogeneity of waste. (ii) Waste resources include a good

range from distributors to hospitals, leading to lower collaboration. (iii) As waste

decomposes rapidly, there are problems with timely transfer and temporary storage

facilities [23, 24]. (iv) The market for organic goods is dependent on enforcement

policies, which require strong legal support and significant public participation.

Compared to conventional products, public opinion may be concerned about the

increasing demand for bio-based products, as they are more expensive [27, 28].

(v) The technology for such plants, in its infant stage, is still not economically

viable.

27.5

Economics of Bioeconomy

The future or rather the success of bioeconomy is dependent on how economically

viable the approaches/ideas are put forth. This in turn depends on the following fac-

tors: (i) advancements and the degree of integration between the fields of biological

sciences and information technology, (ii) validation of alternatives to fossil fuels and

their economic feasibility, and (iii) changes that are likely to take place in terms of the

organizational structure of an industry and among industries and also integration of

industries with varying outputs [29, 30].

27.6

Entrepreneurship in Bioeconomy

Entrepreneurship can be defined as the ability to ascertain, manage, and maintain a

business venture together with its potential risks to form profits. Any situation that

fosters uncertainty also fosters the entrepreneurial skills. The current business setup

is still wrought with uncertainties that can fail any entrepreneurship venture. Sup-

port from government agencies is hence important to encourage entrepreneurs, and

policies drafted to ensure their sustenance during times of economic failures [31].

Though opportunities in bioeconomy are high, it is important to assess the

viability and profitability of these entrepreneurial opportunities. Assessment of

entrepreneurship opportunities should include questions such as:

1. What are the values that are more sought for by customers?

2. Do opportunities meet competence and experience?

3. Would the customers be willing to pay more?

4. Is there an opportunity for growth in the market?

5. Will the risk and potential be balanced out?

This is an important part of entrepreneurship as this is an innovative process and

assessment is extremely crucial in bioeconomy. Both businessmen and customers

should collaborate to produce a realistic business model [31].