A strong developed bio-based industrial sector will significantly reduce dependency on fossil resources, help the countries meet climate change targets, and lead to greener and more environmental friendly growth. The key is to develop new technologies to sustainably transform renewable natural resources into bio-based products and biofuels. Biomass is a valuable resource and many parameters need to be taken in to account when assessing its use and the products made from its. The bioeconomy encompass the production of renewable biological resources and their conversion into food, feed and bio-based products (chemicals, materials and fuels) via innovative and efficient technologies provided by industrial biotechnology. The paper presents the smart and efficient way to use the agro-industrial, dairy and food processing wastes for biosurfactant’s production. Clarification processes are mandatory to use the raw substrates for microbial growth as well as biosurfactant production for commercial purposes. At the same time it is very essential to retain the nutritional values of those cheap substrates. Broad industrial perspectives can be achieved when quality as well as the quantity of the biosurfactant is considered in great depth. Since substrates resulting from food processing, dairy, animal fat industries are not explored in great details; and hence are potential areas which can be explored thoroughly.