Critical Success Factors for Innovative Companies: the Case of Genetic Testing Industry

Abstract

The goal of the study was to identify critical success factors impacting the innovative companies’ business potential in the genetic testing industry. The author approached the topic from the perspective of investment funds. The results comprise sixteen critical success factors adapted to genetic testing industry’s specifics and an elaborated qualitative assessment tool. The author contributed to filling theoretical gap as well: the genetic testing industry’s ecosystem was analyzed and structured, the industry’s value chain was built, and industry’s participants were grouped in clusters. In order to justify the relevance of the identified critical success factors the author carried out case studies of three Russian companies operating in the genetic testing industry. The proposed qualitative assessment tool allowed to reveal companies’ strong and weak points and to give recommendations to the companies and implications to potential investors. The result of the case studies proves the relevance of the identified critical success factors and provides with implications for further research.