The proposed OECD project will seek to identify the necessary steps to realize the potential gains of what is called the bioeconomy. The term bioeconomy is interpreted in different ways by different actors. The OECD project supposes the bioeconomy to be the aggregate set of economic operations in a society that use the latent value incumbent in biological products and processes to capture new growth and welfare benefits for citizens and nations. The aim of the OECD bioeconomy project is to evaluate the potential impact of biotechnologies and biosciences on the economy and identify those areas where public policy can be effective in removing barriers, encouraging innovation, and improving understanding and cooperation among the various stakeholders.