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without consulting an experienced administrator to manage the business affairs. There are, however, the occasional entrepreneurs who can navigate both the business and technical sides with equal success. These leaders will usually retain the position of chief executive officer (CEO) as the company continues to grow. The technical entrepreneur who recruits experienced business people to help foster the growth of the company quite often ends up becoming the firm's chief scientific officer or the chief technical officer. This is probably the most commonly encountered scenario for companies that end up being traded on the stock exchange by releasing an initial public offering (IPO) of shares in the business.

A successful entrepreneur must also be an effective leader, able to contribute with creative ideas as well as to motivate staff and colleagues. He or she is often an individual with unending enthusiasm, a strong vision, and the ability to convince others that this vision will be successful. Entrepreneurs must have the conviction to do what is necessary to successfully execute the company's vision, while being flexible enough to adjust to new or different opportunities when they present themselves.

For a successful entrepreneur in the field of biotechnology, the rewards can be enormous. There is the satisfaction that comes from starting with an original idea and, through hard work, making it a reality, but there are financial rewards as well. Biotechnology entrepreneurs may draw initial salaries of $150,000 or more, and potentially can claim very valuable stock options should their start-up companies eventually go public. A number of CEOs ultimately became multimillionaires on the strength of such options in the biotech boom of the late 1990s. see also Financial Analyst.

Anthony J. Recupero


Pappas, Michael G. The Biotech Entrepreneur's Glossary, 2nd ed. Shrewsbury, MA: M. G. Pappas & Company, 2002.

Robbins-Roth, Cynthia. From Alchemy to IPO: The Business of Biotechnology. Cambridge, MA: Perseus Publishing, 2001.

Werth, Barry. Billion-Dollar Molecule: One Company's Quest for the Perfect Drug. New York: Simon & Schuster, 1994.

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Biotechnology: Ethical Issues

Biotechnology is the use of organisms or their parts or products to provide a valuable substance or process. Fermentation using microorganisms in brewing, baking, and cheese production are biotechnologies that date back centuries. Production of human insulin in bacteria to treat type I diabetes mellitus without causing allergic reactions is a more modern example of biotechnology. Two widely used biotechnologies that manipulate genes are recombinant DNA technology, which endows single-celled organisms with novel characteristics using genes from other organisms, and transgenic technology, which creates multicellular organisms that bear genes from other types of organisms. Genetically modified (GM) fruits and vegetables, such as a type of corn that manufactures a bacterial insecticide, are transgenic plants.

Ethical issues that arise from modern biotechnologies include the availability and use of privileged information, potential for ecological harm,



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