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Entrepreneurship in Action
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- Entrepreneurship in Action
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- University Of Winchester (UoW)
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Entrepreneurship in ActionBusiness Case & Evaluation
BioTeq – Human Re-
Engineering
(ThomasNet, 2019) 1
,Table of Contents
Background............................................................................................................................................3
Current Growth Challenges...................................................................................................................3
Opportunities........................................................................................................................................4
Stakeholder Analysis..............................................................................................................................6
Critical Success Factors..........................................................................................................................8
External Environment and Competition..............................................................................................10
Business Model Innovation..................................................................................................................19
Critical Evaluation................................................................................................................................30
Reflection.............................................................................................................................................31
References...........................................................................................................................................33
2
, Background
Corporate entrepreneurship involves an organisation structuring activities that seize opportunities,
take risks and embrace innovations (Burns, 2012). In many ways have technology and innovation
shifted towards facilitating our everyday life. One of which – microchip implants inserted into
humans’ bodies to provide a quick and easy swipe access into homes, cars or even gyms (Wahlquist,
2017). BioTeq Limited entered the market in 2016 as a result of the limited range of human implants
focused companies’ availability in the UK industry sector (BioTeq, 2016). According to HM
Government (2017), it is a major challenge for the near future to invest into biotechnology and
implement new policies in order to stay ahead in digital competition (Hanna, 2018). Company’s
implant development and production facilities are in Hampshire, but manufactured in China, then
sent back for testing, and finally launched onto the market (BioTeq, 2016). The chips, needles, plastic
packaging etc. are delivered from the same manufacturer in China that supplies veterinary products
including microchips for animals. There are currently 100 microchips produced in a day, costing 90
pence per chip for the company, and therefore creating a positive profit margin (Wagner, 2018).
However, only 150 people were microchipped so far (Matthews and Castro-Edwards, 2019),
prompting to identify growth opportunities and provide entrepreneurial solutions in order to
undertake BioTeq’s challenge.
Current Growth Challenges
The main issue is public Issue of:
unacceptability of human Addressing the issue of unacceptability by people due to the health
apprehension and social norms
microchipping. Not yet a well-established market in the UK
Especially with the Rapid technological changes – need constant updating to adapt to these
changes
risks already posed High-risk of imitation because anyone can buy microchips and plant into
humans
by the employers Shaped by:
breaching Social, ethical and technological factors
employees’ privacy Evidence:
and controlling Employers breach employees privacy
Access to vulnerable companies and individuals information systems
them using tech Microchips are not yet well-advanced and they keep only basic
information
devices (Kollewe,
Other security issues such as possibility of a complete human control by
2018). This could governments and cloning
Framing as:
lead to
Strategic challenge – overcome those risks and problems
implemented Opportunity – propose solutions to these problems
microchips system vulnerability to
sensitive company or personal information due to new opportunities for hacking (Boccara, 2019).
3
, Also, at this early stage of innovation process it disrupts social norms (see Figure 1) and many
employees believe that it is not sufficient just to be able to access doors, computers and cars (Edler
and Fagerberg, 2017 and PBS NewsHour, 2019). Other risks involve factors such as apprehension
around long-term health despite that devices should last a lifetime and concerns around the
originality because it is easy to imitate microchipping systems (McCance, 2017 and Parniangtong,
2017). Also, the implants ‘have been tested in many millions of mammalian insertions plus an
increasing number of human situations’ (BioTeq, 2016). Although in the US and Sweden human
implantable technology is growing, in the UK it is only at a start-up phase (Ma, 2018). As a result,
BioTeq need to adapt to rapid technological changes by constantly updating devices as well as
provide ethical assurance to the public (Lohrmann, 2018).
In Figure 1 fairly and very
negative impact is highest
rated from society point of
view, therefore the
challenges mentioned above
are mainly shaped by the
society (World Bank Group,
2019).
Opportunities
The opportunities Figure 2 (Gans et al., 2018)
are prospects for
new products or services to be seized by
organisations to deliver value for its client
(Oyson, 2016). In order to pinpoint the most
effective entrepreneurial opportunities a useful
strategic tool is utilised in the Figure 2. BioTeq
microchips are targeted at niche market or
more specific at innovators and early adopters
totaling 16% who are active seekers about new
inventions and are able to cope with uncertainty that it poses, as illustrated by the Rogers (1983)
model in the Figure 3. This can be linked with disruption strategy because of the direct competition
with a few established firms (Vogel, 2019) and reshaping or disrupting the way assistive technology
has been used (Gans et al., 2018).
4
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