In the limited scholarly work available on the subject, business development is

conceptualized as or related to discrete projects, specific modes of growth, and

organizational units, activities, and practices. Sorensen [2] integrates these
different perspectives with insights from chairmen and managing directors (CMDs)
, senior business developers, and venture capitalists from successful high-tech
firms from Europe, North America, and India into one construct, which is adopted
in the Palgrave Encyclopedia of Strategic Management:
Business development is defined as the tasks and processes concerning analytical pr
eparation of potential growth opportunities, and the support and monitoring of t
he implementation of growth opportunities, but does not include decisions on str
ategy and implementation of growth opportunities. [3]
Background
In practice, the term business development and its actor, the business developer
, have evolved into many usages and applications. Today, the applications of bus
iness development and the business developer s tasks across industries and countries
, cover everything from IT-programmers, specialized engineers, advanced marketin
g or key account management activities, and sales and relations development for
current and prospective customers. For this reason, it has been diffcult to disc
ern the unique features of the business development function and whether these a
ctivities are a source of profits.
Recent systematic research on the subject has outlined the contours of an emergi
ng business development function with a unique role in the innovation management
process. The business development function seems to be more matured in high-tec
h, and especially the pharma and biotech, industries. [4][5][6]
Business development had its origins in the Industrial Revolution.