This case concerns Bio3 Research, a small biotechnology company established in Italy in 2001 that focuses on cardiovascular disorders, connective tissue regeneration, and renal disorders. The case reports on Dr. Pilato, founder and chief executive officer of Bio3 Research, while reflecting with his chief operating officer on the investments required to finance his patents and products pipeline. The case offers a discussion around the entrepreneurial process of Bio3 Research, from opportunity identification to opportunity development and exploitation. The case then reveals Bio3 Research's business model and examines its activities and management practices in the patent market. In a recessive world economy, Bio3 Research has an exciting portfolio of patents and products in high–growth markets but must decide between financial options, as the company cannot exploit all of these opportunities on its own.
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