Nowadays much attention is paid to the studying of entrepreneur opportunities of various companies, especially those which introduce innovative solutions and approaches. The current work will provide development and description of entrepreneurial opportunity for an imaginary company Abu Dhabi Biotechnology Solutions. This company is engaged in development and manufacturing of electronic organs. A brief description of Abu Dhabi Biotechnology Solutions and its major activities will be noted in this coursework. Significant emphasis will be laid on definition of the problem and its statement, which have given rise to the idea of establishing this particular project. The developed mini case will also depict a value proposition, methods of protecting the introduced idea, the team of the company, sources of financing, and analysis of stakeholders. Description of the company, its projects, directed to solving particular social problems, and vital components of realization of these projects enable people to understand entrepreneurial opportunities of real organizations.
Description of the Company
The current work will provide description and analysis of entrepreneur opportunity for the company Abu Dhabi Biotechnology Solutions. This company is engaged in research and development in the field of biotechnology. The major efforts are devoted to creation of various electronic people’s organs, such as liver and heart.
Problem Definition and Problem Statement
Nowadays scientists in various fields are trying to find a solution to one of the major needs of humanity – necessity of new organs. This necessity is caused by illnesses which affect human body and separate organs, such as heart and liver. Thus, these organs should be replaced or transplanted from others for saving and prolonging human lives. Josep Grino (2013) noted that this procedure is considered to be “the best therapy for terminal and irreversible organ failure” (p. 1). This creates a clear understanding of the enormous value of replacing failing organs by healthy ones.
In the modern world such replacing is connected with serious problems, such as poor access to new organs and transplant rejection. Notwithstanding the fact that the described enactment is viewed as the best practice for numerous diseases (for example, failure of liver), modern health care systems do not give sufficient access to new organs (Grinyo, 2013). Patients obtain organs according to their position in special waiting lists in cases when the organs are obtained by medical centers (Bigaev, 2011). The average percentage of patients that suffer from serious illnesses and are included into waiting lists is about 20-25 % (Grinyo, 2013). Additional delays are caused by distinct practices of health care centers, which coordinate the active inclusion into waiting lists (Grinyo, 2013).
The major barrier to successful organ transplantation is considered to be immune system of a patient. This system tries to combat foreign agents. Regarding organ transplantation, these agents are represented by new organs. A recipient’s immune system rejects these organs (Malhotra, 2015). The major reasons of combating new organs are the following: clots, fluid collections, infections, side effects of medicines, donor kidney problems, non-compliance, recurrent disease, and acute and chronic rejections (Malhotra, 2015). A great variety of these reasons provides an understanding that it is impossible to predict and totally grade their influence. Even when a person obtains a transplant, there are no guarantees that the body will accept it.
The problem statement is presented by development and introduction of the solution, which, on the one hand, will enable people to replace their failing organs that cannot perform their functions adequately, and, on the other hand, will address the described issues of poor access and implant rejection. Patients should not wait for their turn to receive a new organ in a waiting list. It is necessary to find the solution that would minimize the possibility of organ combat by a recipient’s immune system.
The proposed solution to all the stated problems is creation of electronic organs. This will help to eliminate the problem of waiting lists because patients will not be obliged to wait for years for their organs. Each organ will be specially designed. The only time a person would be obliged to wait is the time necessary for design and manufacturing. Specific design will lower the possibility of organ rejection. These devices and response of a recipient’s body to them will be controlled from the outside.
Abu Dhabi Biotechnology Solutions would protect developed electronic organs and mechanism of their design by application of such practice of intellectual protection as a patent. It is “a monopoly right granted by a national or regional patent office to an inventor who has created something new” (Novagraaf, 2016). This will prevent other companies from introducing the same innovation, as well as its manufacturing and realization. The patenting will be realized by providing precise descriptions (schemes, prototypes, and records) of the innovation.
The value proposition of the discussed project is represented by providing people who need organ replacement with new organs according to their specific needs and body’s characteristics without a necessity to wait. Major benefits of this proposition are significant decrease in the waiting time and minimization of the possibility of transplant rejection. The unique feature of this value proposition is a possibility to design a great variety of electronic organs: liver, heart, lungs, etc.
The team of Abu Dhabi Biotechnology Solutions will be represented by employees of various divisions: developing, marketing, and accounting. Employees of the first division will be professionals in biology, electronics, biotechnology, engineering, and medicine. Their knowledge and experience are vital for design of electronic organs. The marketing division will be represented by marketing experts who will introduce ideas of electronic organs, their prototypes, and real cases of realization to broad audience, investors, and potential users. Accountants will have sufficient knowledge and skills in performance of financial calculations.
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Sources of Finance
The company will realize its projects by using finances from various sources: crowd surfing and grants from health care and educational institutions, both local and international. The crowd surfing represents an independent source of financing projects by people and institutions from all over the world, who are attracted by the project (Crowdsurfer, 2016). This source has numerous benefits. Firstly, it encourages many people from different locations to take part in development of something new that may be very useful, or at least interesting for humanity. The project is considered to be suitable for financers because design of electronic organs has numerous advantages to patients who need organ replacement. Use of this source of financing will reduce dependency of Abu Dhabi Biotechnology Solutions on other institutions. At the same time, it is impossible to predict when the sum necessary for the start of the project is collected. For this reason, the company should also use other sources.
Abu Dhabi Biotechnology Solutions can closely cooperate with health care institutions which perform organ transplantations. Transplanting centers will be highly interested in electronic organs, developed by the company. At the same time, Abu Dhabi Biotechnology Solutions will obtain necessary financial support, ability to use knowledge and skills of employees at these institutions, access to information on patients who require organ transplantation, and ability to observe how transplants are accepted by human bodies.
The described company can closely cooperate with educational institutions interested in development of electronic organs and realization of the ideas resulting from research on this matter. It can get strong financial support from local and international health organizations (for example, World Health Organization), which are interested in effective treatment of patients who need organ replacement, reduction of death rate caused by unsuccessful and untimely transplantations, and overall improvement of health condition of the world’s population.
The current work will also provide description and analysis of stakeholders, who play significant role in operational activity of Abu Dhabi Biotechnology Solutions and may potentially influence its work. They will be represented by individuals and institutions. The stakeholders of the discussed company and its project of designing electronic organs are the following: local government and governmental institutions, non-governmental organizations, employees of the company, financial institutions, and public.
Local government and governmental institutions can establish laws and regulations, which may guide design and transplantation of electronic organs. They may regulate export and import of these devices, payment transactions, etc. Additionally, they will have considerable influence on work of Abu Dhabi Biotechnology Solutions. They will regulate labor relationships with employees, accounting practices, relationships with other companies, and procedures of importing and exporting of equipment and materials. Governmental institutions may also provide financial support or reduction of export/import taxation of organs and materials necessary for their design
Non-governmental organizations may guide the use of electronic organs for transplantation and establish requirements to these organs and component materials. They may provide financial assistance or, on the contrary, require state officials (or institutional members) to restrict use of these organs or impose additional fines on them. Non-governmental organizations may take active part in promoting the benefits of using electronic organs and, thus, cause considerable rise of demand on them.
Employees of the company have direct impact on operations of Abu Dhabi Biotechnology Solutions. They perform design of electronic organs, marketing, and accounting operations. Existence of the company as a whole highly depends on their professionalism, skills, and accuracy. However, they may act unethically and disclose the operating secret of manufacturing electronic organs to other companies. This would endanger success of Abu Dhabi Biotechnology Solutions.
Perceptions and opinions of common people concerning organ transplantation also have great impact on the company’s existence and performance. In this reference, public is represented by people who currently or may potentially need organ transplantation, donors, health care providers, and scientists. Their support of the discussed initiative will significantly raise the demand for electronic organs and promote development of various beneficial initiatives by governmental and non-governmental organizations. Otherwise, public opposition to the discussed project will lower the demand and can form additional barriers from local government and non-governmental organizations.
To summarize, the current work provides a brief description of an imaginary company and its entrepreneurial opportunities. Abu Dhabi Biotechnology Solutions develops and manufactures electronic organs. This company and its project address the social issue introduced in the section under the name “Problem Definition and Problem Statement”. Currently, people who suffer from various illnesses often require organ replacement. However, due to complexities of heath care system, they are obliged to wait for significant time. Even if they obtain a new organ, there is high possibility that it will be rejected by their body. The problem statement represents the necessity of finding a solution which will decrease the waiting time and eliminate the possibility of organ rejection. Abu Dhabi Biotechnology Solutions suggests such solution in the form of electronic organs. This idea will be protected by obtaining a patent on it. The value of this project is represented by providing patients who need organ transplantation with new organs according to their specific needs and body’s characteristics without a necessity to wait. The team of the company will be composed of professionals in engineering, biology, biotechnology, electronics, and medicine, as well as highly skilled marketing experts and accountants. Sources of finance are crowd surfing, grants from health care and educational institutions, both local and international. Major stakeholders of the project are local government and governmental institutions, non-governmental organizations, employees of the company, financial institutions, and public.