Universidad Panamericana | Entrepreneurship, connections and innovation: Keep a company afloat
Entrepreneurship, connections and innovation: Keep a company afloat

Entrepreneurship is currently a key factor in all countries, whether developed or less developed, since it significantly impacts poverty reduction, job creation, development sustainability and revitalization of the surroundings.

At the same time, entrepreneurship encourages innovation in companies toward their development, growth and competitiveness. Thus, a greater the number of entrepreneurs in a country brings more job opportunities and greater possibilities for innovation. All of this contributes to the improvement of the country’s economy and people’s quality of life.

Dr. Antonia Terán Bustamante, a researcher at UP’s School of Economic and Business Sciences, Mexico City campus, has been working to verify the above through three different investigations:


Connecting companies and universities

As the researcher explains, it is essential for companies to start new things throughout their life cycle, allowing them to continue innovating and to be more competitive.

“Intra-entrepreneurship, also known as corporate entrepreneurship, helps companies to renew and revitalize their business, innovate, and improve business performance,” Dr. Terán notes.

She also adds that, “This intra-entrepreneurship takes place among employees within an organization, while entrepreneurship mostly tends to be concentrated outside of the company context.

In terms of connecting universities and research centers to carry out joint projects, she suggests that this activity is very important for both actors.

“This academic-productive sector connection stimulates the use of research results carried out at universities, and translates them into economic and social value where both actors win,” she explains.

Entrepreneurship, connections and innovation: Keep a company afloat

Entrepreneur: A key figure

The researcher points out that entrepreneurs are essential: “They have the ability to innovate. They see life as full of possibilities and opportunities, they have vision and a willingness to try new things or do them differently, and they can take risks and make mistakes responsibly, react and solve problems…”

Accordingly, she indicates that entrepreneurs are needed as central figures in the innovative process along with researchers: “An entrepreneur plays a key role in economic development, both because of his strategic vision and his ability to generate innovation in the market, employment, and economic growth.”

Entrepreneurship, connections and innovation: Keep a company afloat

Example case: Instituto Bioclon

Dr. Terán was most recently involved in a research project entitled Capacidades de emprendimiento e innovación: el caso de una empresa biofarmacéutica en México (Entrepreneurship and innovation skills: The case of a Mexican bio company); there, she analyzed Instituto Bioclon, a Mexican biopharmaceutical company and world leader in research, development and production of antivenoms against stings and bites from poisonous animals. The research identified innovation as the company’s main source of competitiveness.

“The competitive advantages that the company has developed over time resulted from its entrepreneurial approach, where the company’s efforts are articulated within a strategic plan based on constant innovation in processes, products, marketing and organization. Its management model focuses on innovation and technology and is supported by a robust university-industry program,” she explains.

In addition, she explains that Instituto Bioclon is one of the few biopharmaceutical companies in Mexico that has a broad portfolio of patents and trademarks both nationally and internationally. “This achievement is thanks to the company’s connection with academia, jointly sharing the registration of several patents with universities,” she further notes.

Entrepreneurship, connections and innovation: Keep a company afloat

Example results

The doctor points out that the results of her research, although they cannot be generalized, “demonstrate an excellent example of a company that has developed organizational skills to adequately connect with universities and research centers.”

Regarding the above, she adds that this has allowed Instituto Bioclon to innovate, improving its processes and generating more patented products in a sector as difficult as biopharmaceuticals (due to certain regulations and processes that have to be carried out in order to launch new products).

Entrepreneurship, connections and innovation: Keep a company afloat

Collaboration has boosted learning and knowledge absorption, allowing the company to accumulate entrepreneurial, technological, and management capacities, which in turn have increased innovation levels,” she concludes.

Researcher data

Entrepreneurship, connections and innovation: Keep a company afloat

Dr. Antonia Terán Bustamante

School of Economics and Business, Mexico City Campus