Syn-bio applications are likely to disrupt industries that accounted for as much as a third of global output in 2022, according to BCG’s recent studies.
In order to design successful collaborations, companies must take four steps.
1. Identify the constraints or challenges that syn-bio can help tackle
The best starting points for formulating a syn-bio strategy are the most important challenges any incumbent faces today.
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2. Complement your capabilities and assets by joining focused consortiums
Once incumbents have identified their most critical challenges, they must locate the assets and capabilities they will need to tackle them. Some they may already possess… others they will need to procure from the outside.
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3. Decide whether to enter into joint ventures
Most syn-bio consortiums are limited in scope, drawing on existing industry stacks, but joint ventures between incumbents and syn-bio firms offer more opportunities.
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4. Decide the scale of your syn-bio M&A [Mergers & Acquisitions]
A strategy of acquiring and integrating syn-bio startups is an effective way to augment incumbents’ capabilities, as the examples we’ve discussed show. It speeds up learning and capability development, enabling the organization to become more syn-bio-centric.