Important distinctions between Biotechnology, Biomedical Industry and Software Industry
- Software industry is mostly concerned with meeting consumer / business needs with rapidly developed software. Biotechnology, Biomedical products are usually based upon years of research efforts.
- Venture capital firms involved in Biotechnology, Biomedical industry keep close connection with Academic research partners & research labs.
- With long term research & subsequently costly government approval process, Biotechnology, Biomedical industry products demand larger investment.
Development of Manufacturing Industry
- Thailand, Malaysia: Both countries have size-able Automotive & Electrical / Electronics industry.
- Competence: Power, Infrastructure, Required low cost labor, Government support.
- Mostly developed and licensed by foreign producers. Local producers depend on foreign engineering. Local experts lack skills required for producing quality marketable Cars / Electronic products.
- India: Power, Infrastructure roadblock to development of manufacturing sector.
- Japan: Education system capable of producing engineering, business experts.
Recipe for growing new Silicon Valleys
Visionary engineer-entrepreneurs created the first success stories of Valley.
But over time: Venture Capital (plus early stage investors, startup incubators), Universities & Research Labs, Government support played vital roles.
Any place wanting to be the next Silicon Valley:
- 1a. Venture Capital ecosystem with their technical, business growth & management support: Google/Alphabet’s growth into one of the largest companies in United States in terms of market capitalization
- 1b. IPO support, Stock Market
- 2. University & Research Labs (providing minds & talents, training, employees and ideas; DIY education)
- 3. Government Laws; Tax cuts and subsidies
- 4. Infrastructure
- 5. Big Market
- 6. Entrepreneurial, risk-taking culture; Success Stories