Biotechnology and Venture Capital Case Study Review

These flashcards summarize key concepts from the biotechnology and venture capital case study, emphasizing the relationship between government funding and private sector commercialization.

Biotechnology

A sector that utilizes living systems and organisms to develop or create products, often relying on foundational scientific research.

NIH

National Institutes of Health; a key government agency that funds biomedical research and supports the development of biotechnology.

Public funding

Financial support provided by the government to facilitate research and development.

Venture Capital

Investment funds that provide capital to startups and small businesses, typically high-risk and offering high potential returns.

Risk-taker

An entity or individual that undertakes financial risks in hopes of achieving a desired outcome, notably in the context of innovation.

Proof of concept

Evidence that a concept or theory is feasible or viable, often resulting from initial stages of research.

Innovation

The process of translating an idea or invention into a good or service that creates value or opens up a market.

Knowledge Creator

An entity, such as the government, that develops and produces new knowledge and innovations.

Commercialization

The process of bringing new products or services to market after they have been developed.

Structural Dependence

The reliance of one sector or entity on another for resources, support, and foundational knowledge.

Public risk, private reward

The phenomenon where the public sector bears the risks of research while private entities profit from the innovations.

Division of innovative labour

The separation of roles among entities in the innovation process, where the government leads foundational research and the private sector develops commercial applications.