Technology has been the main driver of business growth for the past 30 years. Tech has been the driving force behind business growth, whether new consumer products, investments in startups, or efficiency improvements.

Tech is still thriving, but entrepreneurs and investors looking for the next wave of growth should look to science as the most critical driver of growth in the next decade. The winners of the new science economy will be those who embrace it early and use the vast potential to create new wealth.

 

Science was once the engine of global business growth. However, tech has largely eclipsed it over the last few decades. Today, however, science-based businesses benefit from a combination of political, cultural, and demographic forces.

 

We have seen new industries created by scientific research in the last few years. For example, according to Allied Market Research, the artificial beef industry will reach $8.6 billion by 2026 from $4.1 billion in 2017, a nearly 8% industry-wide CAGR between 2019 and 2026.

Artificial meats are just one example of the ocean of science-fueled innovation. This new frontier has a virtually unlimited scope. It includes materials science research that creates ultra-thin solar panels, electric car batteries, and genetic analysis that powers companies like 23andMe. With scientific advancement compounding at an alarming rate, science will continue to open up new areas for business exploration in the coming years.

 

We are also making progress in transferring scientific knowledge and discoveries from the laboratory to commercial applications. For example, we are learning how to link scientific advances and market gaps, assess risk associated with bringing new science-based products to market, train scientists in business innovation, and gauge the impact on existing markets.

 

I have been the CEO of three science-based ventures and know how powerful it can be. There is so much potential in this model. My current company, Kreo, has been able to add a new twist to the very fundamental process of fermentation and develop microbial strains capable of producing rare cannabinoids without the use of any plants. We are solving problems at all system levels, including those related to biosynthesis, legislation, environment, and society. Our fermentation-derived cannabisoids do not violate federal laws and don't have the significant environmental impacts of large crops. This will allow these powerful ingredients to be available to more people.

 

A unique competitive advantage is also provided by putting science at the heart of a business model. Companies can create highly profitable niches by leveraging the high level of expertise and knowledge required to market and develop science-based solutions. This is vital for startups that are innovators.

How can entrepreneurs leverage science to grow?

 

These steps have been proven to be crucial in my experience.

 

Real Fusion

Business leaders must do more than create partnerships with scientists who have complementary skills. They must create organizations that integrate science and business. Science-minded entrepreneurs must collaborate with scientists to achieve the interplay between science, business, and society that will truly make a difference.

 

Recognize the Importance Of Your Role

You will be in close contact with some of the most intelligent people through your work. Scientists may amaze you with their technical expertise. Scientists can make it seem like you have an intellectual disability. This expertise can make it easy to feel intimidated. But don't. You need them just as much as these brilliant scientists. Technologists and researchers also need you. Their work is essential in commercializing complex breakthroughs. But they are not alone.

 

Transform Science into Human Terms

Science works in an idealized world of controlled experiments. However, humans live in the messy, unpredictable world of everyday life. To be commercially successful, science must work for people every day.

 

Consider Constraints in Early

Practicalities will test your idea. Material for product production may be difficult or not available. Changes in manufacturing tolerances might be required. You might find yourself constantly backtracking to meet real-world constraints to improve your idea. Avoid these U-turns by considering the practical constraints early on. Always start with the end in your mind.

 

Science is coming back to the forefront of industry and commerce. Therefore, it is essential to accept the future reality if you want to grasp it.

 

Roy Lipski, Co-Founder, and CEO of Cro, is an ingredient company that uses a proprietary platform to produce natural cannabinoids.

 

Image Credit: Gerd Altmann

Image Source: https://pixabay.com/illustrations/artificial-intelligence-brain-think-3382507/

 

Article credit to https://cbdhealthandwellness.net