Michael Vitale delves into the process of commercialising Australian biotechnology, both the critical success factors and the obstacles, to paint a picture of the business reality for Australian emerging technology start-ups. Are the odds stacked against Australian biotech innovators? Or can they overcome the lack of capital, shortage of skilled management and inconsistent public policies to grow and thrive? The study makes recommendations for start-ups, research institutions and governments to work towards a viable, sustainable and globally competitive Australian biotechnology sector.