Marketing‐, R&D‐, and production‐related activities need to be orchestrated with the architecture of a firm’s business model to build, grow, and sustain a chemical company in today’s competitive environment. This orchestration inevitably requires that chemists, chemical engineers, and other R&D experts acquire business skills from the fields of strategy and innovation to jointly create value with marketers, business developers, and executives with backgrounds in business administration. Consequently, there is a growing demand in the chemical industry for trained specialists who not only have a solid chemical knowledge but also a good understanding of the underlying management processes. What is needed are experts in both chemistry and business – business chemists.

Business Chemistry is a practitioner‐oriented book that grew from this demand. It takes the characteristics of the chemical industry (e.g., research intensity, business‐to‐business relationships) into consideration while introducing experts with backgrounds in science and engineering to the most relevant and latest managerial topics for the chemical industry and related sectors, such as biotechnology, consumer products, and pharmaceuticals. The book is structured into two parts. The first part deals with key topics from the field of strategy, such as industry‐specific challenges impacting strategy formulation and execution, as well as analytical methods and concepts of strategic analysis applied by chemical companies. The second part covers key topics from the field of innovation, such as concepts and tools for new product and new business development in the chemical industry as well as collaborative activities with customers and suppliers. All chapters within these two parts of the book are written by experienced practitioners from companies such as ALTANA, A.T. Kearney, and Evonik Industries, and leading academics from the field of business chemistry.

We would not have been able to edit this book without the support from several individuals. Firstly, we would like to thank all co‐authors for their valuable contributions and great commitment to offering insights into the chemical industry. Secondly, Birte Golembiewski, Gerrit Knispel, and Nicole vom Stein are thanked for their feedback and for facilitating the editing process. We also thank Walter W. Zywottek for a vital discussion about various topics covered in the book. Of all the great contributors behind the scenes, we finally wish to thank our publisher Wiley, especially Shagun Chaudhary, our project editor, Sarah Higginbotham, our lead manuscript editor, and Rebecca Ralf, Managing Editor Life Sciences Books. Without their support, this book would not have been possible.

We hope that this book will be informative, useful, and enjoyable for you, and that it will enable you to build and sustain thriving businesses in one of the most exciting and versatile industries of all.