Bio-prospecting is combination of two individual words; "bio" means biological resources and "prospecting" means future utility. Bio-prospecting is exploitation of biological resources to test their potential for commercial use.

Bio-prospecting involves the study of micro-organisms, plants, animals and other biological resources for their potential for commercial development. It has the potential to create a wide range of benefits. Richness in biological resources gives a great potential for economic growth. Community related to Research and Development is harnessing the potential of herbs, whether it is cosmetic or medicines and even the electronic industry is trying to capture the biological resources for data storage.