Biotechnology is a rapidly emerging domain that is impacting how we live and work daily. This paper delineates some of the major biotechnologies, their applications, and benefits to both societies and individuals. Challenges to commercialization to move biotech research from the lab to the marketplace are explored. The financial value of biotechnology is captured when the research breakthrough solves an economic societal challenge. The path is to commercialization is especially perilous for biotech due to its long lead time – measured in decades – and costs to transform the ideas into an innovation. Additionally, issues of intellectual property, patenting and licensing in the biotech industry are probed. Caveats on biotech’s growth rate are examined and future prospects are prognosticated.