Industrial biotech does it all. The Third Wave in biotech is looking bright for the future. Industrial biotech represents the confluence of market demand and the potential for market solution, according to David Berry, MD, PhD of Flagship Ventures – one of the panel speakers. Synthetic biotechnology, for one, is enabling the next generation in biofuels, while companies like Mascoma are commercializing cellulosic ethanol. The future vision for industrial biotech is to have a significant and meaningful impact on the world. In order to achieve this, one important step is to narrowly focus the problem that needs to be resolved and target specific innovations to that problem rather than creating one-size-fits all solutions. Panelists further discussed all the various applications of industrial biotech – from fuel to food to fashion – as the session title aptly points out.