Forbes August 15, 2019
Bruce Booth

The startup paradigm for the creation and funding of new biotech companies has evolved enormously over the past two decades. Recently there’s been a pair of articles from Tech VCs about applying alternative models of company creation (herehere) to the world of biotech, so thought it was worth reflecting on the prevailing venture formation landscape and offering up some counterpoints.

Back in 2015, I shared my perspective on five changes to the biotech venture model since 2005 – and to a large extent those same dynamics remain at work today. I’ll start with a quick review for context.

When I first started in the venture business fifteen years ago, founding biotech entrepreneurs would often prepare pitch decks and then shop them around...