This study focuses on Nippi’s business case about cell culture substrate and shows the effectiveness of external knowledge utilization for new business development. Nippi starts the production under patent technology licensed from Osaka University and Kyoto University, though the firm itself has worked on basic research about cell culture substrate. Nippi has learned a lesson that external knowledge utilization saves time and cost from past experiences. Also, Nippi’s case study shows that achievement in basic research institutions promotes new business development and contributes to growth of the regenerative medicine industry. Therefore, this research suggests the importance of continued public investment in their research.