(1) Describe this aspect in the movie (what happens, with whom, why is it entrepreneurship/entrepreneurial).
This documentary focuses on how innovation has disrupted the way that the current regulatory system works in the US. It explains how regulatory institutions are outdated and they are no longer efficient for the rapid changes in technology advancement nowadays.
The documentary begins explaining the importance of having regulations in all industries to provide security and safeness to society, it explains the process in which regulators inspect all businesses in order to verify that they comply with the minimum regulatory rules to function.
Also, the documentary refers to four major industries and main companies/organizations involved in those industries to illustrate examples of innovations and regulation. One of the companies shown is Wake Forest Institute, they are trying to find an innovative solution to reduce waitlist times for patients who are waiting on an organ donor. The objective of this institute is to create and 3D-print organs by creating tissue from human cells. This way patients that need an organ transplant, don’t need to wait until they receive an organ from another person. Even though, this sounds like an amazing solution for such a big problem, doctors, and scientists behind all this work and research, are concern because they might not be able to implement it anytime soon. Current regulations need to inspect these new procedures and if they don’t comply with them, new ones need to be created which takes a long time. This is only one story from the four organizations that shared their narrative on how their innovative solutions are trying to survive against regulations.
(2) Discuss why it is interesting.
This is an interesting documentary because it addresses the two faces of regulation, and how big companies might find ways to solve their issues and even impeding other smaller companies to enter a market. I wasn’t aware of any of the innovative solutions that are proposed by these companies, but I believe that these are revolutionary ideas that might change markets and even create new ones.
(3) elaborate on the interaction/relationship between entrepreneurship and society from the perspective of the movie.
This documentary is the most vivid example of Schumpeter’s concept of “Creative Destruction”. Four stories from different people, organizations and industries are shared in this documentary. Although their activities are very diverse and does not seem to relate to each other, all four have a common mission, finding innovative solutions to some of the biggest threats for humanity. From finding a solution for hunger, without wasting useful resources and sacrificing animals, to 3D-printing organs to solve organ transplant’s biggest problems.
These organizations are working very hard to find solutions to just a few problems that humanity is facing right now. However, they have a huge obstacle, regulations. Regulatory institutions were created many years ago to audit and verify that the items or elements that we use or consume are safe. Although, these institutions are beneficial to society, today, their current rules and processes are becoming obsolete, and they are not capable of keeping up with the current technology advancement. This is causing a great problem for entrepreneurs, innovators, scientists, and people who are finding new solutions, because their solutions can’t be implemented until it’s proven that they are safe to society. Moreover, big companies that have been in the same market for years, might be considered obsolete after the entrance of these new innovations, thus they are fighting and using regulations to stop innovators.
A clear example of this is Eat Just Inc, they have found a solution to create food reducing the waste of resources and without sacrificing animals. However, other companies that generate food in the traditional way are fighting against the innovation, because they know that they will eventually be replaced by this new innovating solution. Entrepreneurs have been pushed into a position where they need to skip the regulatory process and go directly to the market. In summary, we need to find a mid-point between extreme regulation and no regulation, because regulation is important, and we need to affirm that what we are using, or consuming is safe but we also need it to be fast and efficient, so companies don’t need to skip it in order to be accepted in a market.
