1. Chapter 2 discusses three types of start-up ideas: new market, new technology, and new benefit. Which of these is illustrated by Biolife’s start-up based on its QR product?

2. Most new business ideas come from personal experience, hobbies, accidental discoveries, or a deliberate search. From which of these sources did the idea for Biolife’s launch come?

3. Considering what you have learned about this start-up and its development, would you say that the founders followed more of an outside-in or an inside-out approach to identify this business opportunity and launch the company? Explain your answer.

4. Conduct a SWOT analysis on the company. What do you think are Biolife’s most significant strengths, weaknesses, opportunities, and threats?

5. How would you characterize the strategy that Biolife is following? Is it a cost-based or differentiation-based strategy? Or is it a focus strategy centred on one of these two fundamental strategies? Be sure to identify the facts or assumptions on which you base your conclusion.