How do we measure the bioeconomy? Simply adding “bio” to the beginning of “economy'' doesn't alter how an economy functions. “Because [the bioeconomy] is economic activity, you can measure it. You can set targets, make new economic accounts, and can make new definitions of ways to measure it,” says Mary Maxon, Senior Fellow at Schmidt Futures.

Maxon is part of the Task Force for Synthetic Biology and the Bioeconomy, a group within Schmidt Futures, a philanthropic initiative of Eric and Wendy Schmidt that bets early on exceptional people making the world better. Boldly stated, Schmidt Futures “... scours the Earth for the next visionaries, betting early on the power of their ideas to solve hard problems in science and society.”

At a high level, the Schmidt Futures Task Force seeks to identify new public and private funding opportunities to accelerate and expand the bioeconomy for public benefit, from talent mobilization to bioproduction infrastructure. A major component of this task force’s work centers on assessing the barriers preventing translation of synthetic biology discoveries into broader public benefit and economic activity. Measuring the economic activity generated by bioengineered products and materials is no easy task, as there are no reliable means for measuring this activity developed yet.

Take paint, for example. Some ingredients in paint come from petrochemicals; but those molecules can also be made from renewable, bio-based feedstocks. The two molecules are chemically identical, even though they come from very different sources. So, how does one measure the economic contribution conferred by using the bio-generated molecules?

Or consider something as simple as laundry detergent. “In many cases, there's potential for [a bioengineered molecule] to be a greener chemical, or a safer chemical, or a plant-derived chemical. But that’s not necessarily what people think of when they think about a biotech agent,” says Andrea Hodgson, Fellow at Schmidt Futures and also part of the synthetic biology Task Force.

Built With Biology believes that “telling the story” of how biology will positively impact consumers and businesses is the key to advancing adoption of bioengineered solutions. If with the support of Schmidt Futures, we can demonstrate how bio-based alternatives generate revenue, improve quality, or are more attractive to consumers, the bioeconomy will grow.

It’s important to note that the US government is one of the largest consumer groups in the country. As such, it’s a vital source of financial and legislative support for the bioeconomy, and through the great power of public procurement, an important stabilizer of new markets. However, educating policy-makers (i.e., Congress) to help overcome regulatory hurdles is a daunting task. It will take time, money, and hard work to make bioproducts cost-competitive, build consumer confidence, and clarify the pathways to market.

We at Built With Biology support and believe in the Schmidt Futures Task Force on Synthetic Biology and the Bioeconomy. In them, Maxon and Hodgson have assembled a world-class diverse team of scientists, engineers, thought leaders, and business builders… all of whom are focused on helping public policy makers better understand how they can support the people and companies using biology to make the planet a better place.

Please plan to join us for the SynBioBeta annual conference (April 12-14 in Oakland, CA) to hear Eric Schmidt, Former CEO of Google and co-founder of Schmidt Futures with his wife Wendy, discuss why he believes, “The answers to the world’s toughest challenges already exist inside the imaginations of the world’s brightest minds. This is the story we choose to tell: we will bet long on human ingenuity every time.”

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