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  • 11 - Basic Business Concepts and Cost Accounting and Analysis

  • Edited by Sven Gjedde Sommer, Aarhus Universitet, Denmark, Morten Lykkegaard Christensen, Aalborg University, Denmark, Birgir Norddahl, University of Southern Denmark, Morten Ambye-Jensen, Aarhus Universitet, Denmark, Maria Cinta Roda-Serrat, University of Southern Denmark
  • Book:
    Bioprocesses
    Published online:
    24 January 2025
    Print publication:
    13 February 2025, pp 386-423

  • Summary

    Perhaps paradoxically, it is vital for any newly founded company or established business not to focus exclusively on technology development, technology maturation, and product design. Of course, having a product that performs according to specification is critical, but if the market is not well understood, you have a flawed business model, or your manufacturing costs far exceed what customers are willing to pay for your product, then even if the technology is excellent the business might fail. This chapter is devoted to basic business concepts and fundamental principles in cost accounting, analysis, and market research. Topics include an introduction to value chains, calculating capital costs of building new plants or acquiring new units for production (CapEx), operational expenditures (OpEx), learning curve analysis, and assessment of profitability. The chapter will also introduce basic tools and methods for market research, which will provide the necessary insights to position your technology in a constantly evolving market.