In the ever-evolving landscape of business drivers, technology has reigned supreme for the past few decades. However, forward-thinking entrepreneurs and investors seeking the next wave of substantial growth are recognizing the pivotal role that science will play in shaping the future. Those who embrace this early and effectively leverage its vast potential will position themselves as the frontrunners in the emerging science-driven economy.

While science was once the primary catalyst for global business growth, it has since been overshadowed by technology. Yet, with a planet facing pressing challenges and a confluence of cultural, political, environmental, and demographic factors, the stage is set for science-based businesses to thrive.

Recent years have witnessed scientific research giving birth to entirely new industries. A notable example is the artificial meat industry, which is projected to grow from $4.1 billion in 2017 to $8.6 billion in 2026, boasting a global compound annual growth rate (CAGR) of nearly 8% between 2019 and 2026, according to Allied Market Research.

Artificial meat is merely a glimpse of the boundless growth potential in the realm of science. From breakthroughs in materials science driving innovations like ultra-thin solar panels and electric vehicle batteries to genetic research empowering companies like 23andMe, the opportunities for business exploration fueled by scientific advancements are virtually limitless. As the pace of scientific progress continues to accelerate, we can expect an exponential rise in the areas open to commercialization.

Equally significant is the progress made in bridging the gap between scientific knowledge and commercial applications. We are honing the ability to connect scientific breakthroughs with market needs, assess the risks associated with introducing science-based applications, and train scientists in business innovation.

As the CEO of three science-based ventures, I have witnessed firsthand the transformative potential of this model and the immense opportunities it presents. For instance, at Creo, our innovative approach to fermentation has allowed us to develop microbial strains capable of producing rare cannabinoids without relying on traditional plant cultivation. By leveraging advancements in biosynthesis, we are addressing market demands while complying with regulations, minimizing environmental impact, and expanding access to these potent ingredients.

Placing science at the core of a business model also confers a unique competitive advantage. The specialized knowledge and expertise required to develop and market science-based solutions create strong barriers to entry, enabling companies to establish defensible niches in the market. This breathing room from intense competition is crucial for startups driving innovation.

So, how can entrepreneurs effectively harness the power of science for business growth? Based on my experience, the following steps are of utmost importance:

Igniting True Fusion: Uniting Science and Business for Future Success

Business leaders must move beyond mere partnerships with complementary-skilled scientists and instead foster organizations that seamlessly blend the realms of science and business. It is about fostering a collaborative synergy between science-minded entrepreneurs and practically inclined scientists, creating a harmonious interplay that can genuinely transform the world.

Embrace the Significance of Your Role

Your work will immerse you in the company of exceptionally brilliant individuals. Researchers may astound you with their technical acumen, and scientists may make you feel intellectually inadequate in comparison. It is natural to be awed by their expertise. However, it is essential to recognize that just as you rely on these brilliant minds, technologists, and researchers also depend on you. The commercialization of intricate breakthroughs necessitates the combined efforts of both parties. They cannot achieve it alone, and your contributions are invaluable.

Translate Science into Human Context

Science thrives within the realm of controlled experiments, but the real world is messy and imprecise. To achieve true commercial success, it is paramount to ensure that scientific advancements are meaningful and applicable to real people in their everyday lives. Understanding this crucial bridge between scientific ideals and practical human needs is the cornerstone of successful commercialization.

Anticipate Constraints Early on

Throughout the journey, your ideas will face practical challenges and limitations. The availability or suitability of materials for production may be constrained, and manufacturing tolerances may necessitate adjustments to your plans. If you work in a linear or sequential manner, you may find yourself constantly retracing steps to align with real-world constraints. To avoid these setbacks, proactively consider the practical limitations from the earliest stages and approach your endeavors with the end goal in mind.

It is evident that science is poised for a triumphant resurgence in the forefront of commerce and industry. Those who aspire to embrace the opportunities of the future would be wise to recognize and embrace this unfolding reality.