Identifying and Averting the Difficulties in Converting Biotechnological Innovations into Successful Commerce: Case of Bahrain PDF

Keywords

Biotechnological Industry, Entrepreneurs, Innovative, Market Environment, Obstacles.

Abstract

The purpose of this study is to examine the difficulties encountered by Bahraini entrepreneurs in converting innovative ideas in the biotechnology field to a profitable trade. Methodology - The study applies a qualitative approach. Semi-structured, one-to-one interviews with four managers have been done to identify the obstacles they faced. Findings - Initial results prove that some factors, including funding, workforce skills, government regulations, and the Bahraini market environment, significantly affect success in the biotechnology industry. Further analysis suggests that the Bahraini market environment is the more fundamental obstacle compared to the others. Two additional factors, namely time management and infrastructure, have an insignificant effect on Bahrain’s progress in the biotech industry. Practical implications - This study is targeted at regulatory bodies in Bahrain and entrepreneurs to assist them in pinpointing the obstacles faced in the biotech industry and address them subsequently. Originality– This research contributes to innovative entrepreneurship literature relating to the biotech industry in the Gulf Cooperation Council (GCC) countries, primarily in Bahrain. As the 2030 vision for Bahrain depends on diversification of income sources, it is interesting to examine the difficulties that challenge entrepreneurs once they try to convert innovative ideas in the field of biotechnology into a successful trade story. Recommendation - improving the workforce skills to be competitive in the market with current impacts of the COVID-19 pandemic and validating these results quantitively are recommended.