"To rush to do something that involves risk" may be a definition of trust.
The first edition of Bioàgora was held in order to build trust between the scientific community and the investment and business world. Turning a scientific idea into a business reality entails risk for both parties and requires the management of uncertainty and confidence of those involved in the process.
In a broader context we see that in a knowledge-based economy, where technological change and innovation are the engines that allow the expansion of economic activity, trust between the different actors is key factor.
The concept of a trust-based economy is redefined within the context of biocluster. This organizational system is characterized, among others, by the existence of a stable and shared vision for the long-term, the creation of social networks that interrelate businessmen and scientists and the collaboration of public and private capital.
Currently, the biotech sector shows a great dynamism but the investment figures are still very small. In the U.S. and in the UK, venture capital has played a major role in the biotechnology sector, by covering over 40% of total investments. In Spain, this percentage does not even reach 2 percent.
It is necessary to make science accessible to investors, to bring the two languages closer. Because literally there are many research results and many scientific ideas, likely to become a business opportunity, that remain in the drawer.
Today, the main challenge of the knowledge society is the management of uncertainty and we cannot be afraid of failure or fear of making mistakes. The failure of a project does not mean personal failure. Any effort aimed at the use of knowledge in a systematic and effective way is a future challenge for any society.
Europe has a great capacity for knowledge generation, being responsible for one third of the world's scientific output. But we still have to learn to channel this knowledge, to bring ideas from the laboratory for its commercial application. We must build bridges between universities and industry and create a strong network of venture capital to invest in new projects.
Promoting the culture of risk and confidence, some basic ingredients for the economy in general and investment in particular, must be our horizon.
