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Indonesia is a country that has a great potential of biological resource. The important thing for Indonesia is to utilize these biological resources properly in sustainable ways for the welfare of the nation. Indonesia is considering the development of Biopark, an approach to establish the modern biotechnology research facilities and infrastructure, which has priority in revitalization of agriculture, countryside, marines, and fisheries. The establishment of Biopark is expected to be a stimulus for foundation of start-up or value growth of established company and in the future it is expected to be another stimulus for forming a biotech cluster. The government of Indonesia already made Biopark development plan in 2009, but to date it has not been realized yet. The possible problem is that the project seems to have a negative net present value. It needs appropriate way to assess the value of investment in Biopark, considering more than one source of uncertainty and potential growth in the future. The way to commercialize the result of research and development by Biopark, which is done by start-up or established company, is also considered. Real options analysis, especially growth option, can be a useful framework to value the investment in Biopark. Valuation of investment in Biopark by real options analysis is expected to encourage stakeholders to start the project as soon as possible. This research has a role in valuing potential unique project, Biopark, especially in condition of Indonesia.
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