Epsilon Bioanalytics, 2019

Abstract

Mr Ekerm Anya, the Chief Executive Officer, established Epsilon Bioanalytics Co Ltd, from a research-based initiative to a knowledge-driven biotech start-up in 2019 in Tsu City, Mie Prefecture. Mr Ekerm was astonished by fact that most of industries would not take risk on their financial gaining but scientists themselves. As a follow-up, the initiated stealth operating model by Mr. Ekrem Ayna was locked in B-to-B business operation and hindered the company’s expansion plan to other industry sectors. At the initial stage, the founding team acted as technology translators (TT) to conceptualize their consulting approach based on “Genesis Faraday”, a UK based technology transfer scheme’s road map and system. Like other start-up companies, Epsilon had been transitioned through discrete capital financing stages that were tied to or related to the product-development stage of the company. Epsilon had been received investments through project contracts by investors who preferred incremental investment at the later start-up stage beyond 2020. With the extra funding in 2020, Epsilon enhanced its organizational analytical capabilities, thus the know-how and technology to diagnose and conduct industrial risk assessment as a complementary product to its existing services. Since that point, Epsilon had played the pivotal role in guiding clients to understand and adapt in new emerging technologies in a rapidly changing and complex environment in aquaculture industry. This new service had not only provided the scientific and technological consultation and analysis but also supported the research and development transformation by Epsilon to clients for being a successful start-up. Epsilon continued to focus its research activity on the analytical process of product conceptualization to create new services and products for aquaculture clients based on stealth business models. This case study describes the trend in aquaculture industries, challenges in knowledge-based start-up, overcoming strategy, and provides insights to the decision of transforming the knowledge-based start-up to achieve greater success.

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