Abstract:

Discovering and creating business opportunities for new venture creation are critical in shaping entrepreneurial actions and the intent to create potential business opportunities. This illustrates the notion of passion which drives entrepreneurs further into the act of opportunity seeking and it is therefore important to consider the various processes in which technology-based biotechnology entrepreneurs channel their entrepreneurial passion of business-driven activities into thriving entrepreneurial opportunities in pursuit. The primary focus of this study is opportunity recognition and creation processes as spoken of by entrepreneurs in the biotech industry in Malaysia. The study draws on Weick’s conceptualization of sensemaking. Based on two cases of family-based businesses operating in the biotechnology industry in Malaysia, this study highlights the critical awareness of entrepreneurial passion, coupled with prior knowledge and experience of the entrepreneur in shaping his or her ability to manage the liability of being a newly created biotechnology venture (liability of newness). It also reflects the importance of which biotechnology institutional support may encourage the successes and failures of family businesses. This supports the challenges of long gestation period in biotechnology ventures which requires strong financial and policy supports from various governments and institutional agencies to facilitate resources limitation.