Entrepreneurial Microbiology: A Perspective of Microbiology for Wealth Creation
The study discovered that entrepreneurial microbiology has the potential to have a big social and economic effect on the globe with the correct funding and assistance and concluded that entrepreneurial microbiology has the potential for wealth creation through the increase in demands for microbial goods and biotechnology.
Abstract
This research paper frantically inquired to ascertain the entrepreneurial potential of Microbiology for wealth creation and poverty reduction. This study adopted a qualitative research methodology through the extant and systematic, exploratory review of literature to carry out this study which is modified to understand the motivations, viewpoints, theories and views of scholars in order to address the study issue. This study relied on a secondary source of data. This study revealed that there are many chances for innovation and expansion when microbiology is pursued as a business or entrepreneurship. Infectious illnesses, food safety, environmental pollution, and renewable energy are some of the most urgent issues confronting society today. The paper found that the worldwide market for microbial goods, estimated at USD 160 billion in 2022, grew at a compound annual growth rate (CAGR) of 6% between 2023 and 2033. The sector is expected to grow to be worth USD 286.53 billion by 2033. Entrepreneurs in this industry are creating new goods and technology to solve these issues. The study discovered that entrepreneurial microbiology has the potential to have a big social and economic effect on the globe with the correct funding and assistance. The study concluded that entrepreneurial microbiology has the potential for wealth creation through the increase in demands for microbial goods and biotechnology. The study recommended a more robust top-level Microbiology and biotechnology design and implementation within the entrepreneurial ecosystem for wealth creation and poverty reduction, as well as economic development of Nigeria. Microbiologists should develop entrepreneurial mindset and culture in opportunity identification and economic exploitation of such business opportunities for self-sufficiency and self-actualization.