Another core technology altering nearly every dimension of our lives as outlined in a recent MIT Sloan Management Review article is biotechnology. Biotechnology is really the combination of technology, chemistry, and life sciences. At first glance, many business leaders may believe that biotechnology only impacts the health care field. The rapid advances in biotechnology, however, show enormous promise and have the potential to “both expand existing industry boundaries and create entirely new industries,” according to Dr. Albert H. Segars, author of the article and PNC Distinguished Professor of Strategy and Entrepreneurship and Faculty Director of the Center for Sustainable Enterprise at the University of North Carolina Kenan-Flagler Business School.
- Industrial Processing – applications in product development, pollution control, bio-recycling, and hazardous waste.
- Biometrics/Bio-identification – expanding the use of biomarkers as a gateway to information access and commerce.
- Bioinformatics – analysis of large sets of data used in the Human Genome Project, Disney’s theme park design, and more.
- Medical – advancements in the field of genomics, production of vaccines, antibiotics, gene therapy, and personalization of implantable devices.
- Food & Agriculture – significant gains in the production of plants, improved quality of livestock, pest-resistance crops, nutrient supplementation, and manufactured power fibers.
- Energy – alternative energy sources, production of biofuels from algae and other plant and waste sources.
Click here to read the entire MIT Sloan Management Review article.