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<h1>Entrepreneurship</h1>
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<h3>Best Supporting Entrepreneurship Special Prize</h3>
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In previous years, iGEM had an entrepreneurship track. Teams were encouraged to build projects and focus around commercializing their work. We have now moved to an award as the best work in this area may come from teams who are not solely focused on entrepreneurship.
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<p>The Best Supporting Entrepreneurship award recognizes exceptional effort to build a business case and commercialize an iGEM project. This award is open to all teams to show that entrepreneurship is something all teams can aspire to do with their project. This award can go to an new project, or to a previous project that a team aimed to commercialize. Have you filed a provisional patent on your project/device/process? Have you raised money to build and ship products? Have you pitched your idea to investors and received money? As always in iGEM, the aim is to impress the judges!
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To compete for the <a href="https://2017.igem.org/Judging/Awards">Best Supporting Entrepreneurship prize</a>, please describe your work on this page and also fill out the description on the <a href="https://2017.igem.org/Judging/Judging_Form">judging form</a>.
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You must also delete the message box on the top of this page to be eligible for this prize.
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<h5>Inspiration</h5>
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<p>You can look at what other teams did to get some inspiration! <br />
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Here are a few examples:</p>
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<li><a href="https://2016.igem.org/Team:Sydney_Australia">2016 Sydney Australia</a></li>
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<li><a href="https://2016.igem.org/Team:Pasteur_Paris">2016 Pasteur Paris</a></li>
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<li><a href="https://2014.igem.org/Team:UCC_Ireland">2014 UCC Ireland</a></li>
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<li><a href="https://2014.igem.org/Team:Imperial">2014 Imperial College London</a></li>
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<h5>Patents and intellectual property</h5>
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If your team is seriously considering commercializing and looking into building a company after the competition, you may want to look at how you are going to protect your work and secure investment. Investors will usually require some form of intellectual protection, so you may want to investigate how to apply for a patent or provisional patent in your country and region before disclosing your project at iGEM. Remember that you can only be evaluated in iGEM based on what you share on your wiki and at the Jamboree, so any work you don't present can't count towards your project. </p>
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<p>This is an area where we are different as we care about sharing, openness and contributing to the community and investors don't always agree with these values. It is up to you and your team to decide what to do. Remember that most universities have a commercialization department and that you can talk to them before coming to a decision.
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      MARKET ANALYSIS
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      <div class="bla1" style="color: #00B5B5;"> So we wanted to produce crocin, but then what? Before going through with our project we wanted to make sure that we were actually doing something of worth, so we started off by doing a market analysis to confirm that there exists a market for crocin.
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      <div class="bla1" style="color: #00B5B5;"> With the market analysis we concluded that the compounds in the crocin pathway are very expensive, since today the only way to get them are to extract them from saffron. Saffron itself is harvested in a very labour-intensive process and Iran holds 95 % of the saffron production. This means that being able to produce the compounds synthetically could reduce the costs drastically. It’s hard to calculate exactly by how much the cost could be reduced since crocin is still very unexplored, but when comparing our project to a study done on cellulase enzymes we can estimate that a reduction of the price by 30% is possible and furthermore a reduction of 85% is possible on the industrial scale. These numbers definitely incouraged us to go ahead with the project. You can read the entire market analysis <a href="https://static.igem.org/mediawiki/2017/d/d8/Uppsala-Market-analysis.pdf" target="_blank"> here</a>.
  
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Latest revision as of 23:56, 1 November 2017

<!DOCTYPE html> Human Practices

MARKET ANALYSIS

So we wanted to produce crocin, but then what? Before going through with our project we wanted to make sure that we were actually doing something of worth, so we started off by doing a market analysis to confirm that there exists a market for crocin.
With the market analysis we concluded that the compounds in the crocin pathway are very expensive, since today the only way to get them are to extract them from saffron. Saffron itself is harvested in a very labour-intensive process and Iran holds 95 % of the saffron production. This means that being able to produce the compounds synthetically could reduce the costs drastically. It’s hard to calculate exactly by how much the cost could be reduced since crocin is still very unexplored, but when comparing our project to a study done on cellulase enzymes we can estimate that a reduction of the price by 30% is possible and furthermore a reduction of 85% is possible on the industrial scale. These numbers definitely incouraged us to go ahead with the project. You can read the entire market analysis here.