184 S. Bailey

 (4) "Does he tend to look up and compare his company to highly success-
ful ones, or does he look down to failures for comparison? An as yet unre-
ported characteristic of the highly successful entrepreneur is the tendency
to be critical of his own performance."
 Schrage summarized the successful entrepreneur as being "high in
achievement motivation, low in power motivation and high in awareness
of self, the market and his employees."
 Another view of the importance of management in technology-based
businesses is expressed by Rind (1973). An entrepreneur has to be aware of
the fact that the management team really is the business, and that the
quality of management is all important. The success of a venture invest-
ment in a technology situation seems to center on a team led by a manager.
 A fitting summary to this chapter is expressed by Koch et al. (1983).
"High-technology companies bring to a region not only new jobs, but also
new ways of managing people to produce a product in a highly competi-
tive environment. Our research brought to light a quiet revolution going
on in American industry. Those companies on the cutting edge of behav-
ioral change. Successful high-technology companies are led by enlightened
managements. They are disillusioned with traditional corporate struc-
tures. They believe there must be a better way to operate a business. The
model they provide is one of integrating people with technology to get
results. The ingredients necessary for successful operation of a technology
firm are increasingly becoming the same ingredients needed to operate
successfully in traditional industries. High technology is a product of the
information age. A management style conducive to this age naturally has
developed."


 CONCLUSIONS

 The biotechnology industry and the companies participating in it have
experienced a roller-coaster ride. Their great expectations of the late 1970s
reached a crescendo of optimism with the first public offerings of many of
the firms. "Going public" perhaps raised false expectations of quick profits
to the investing public. The resultant disappointment as product develop-
ment and commercialization dragged on was to be expected. As products
are finally certified for use, the investor enthusiasm is quickly re-kindled.
 This is not an unusual environment for a venture capitalist. The bio-
technology issue that has concerned financiers is the very lengthy, and
entirely uncertain paybacks from the projects. External factors, such as
legislation, regulation, and glutted markets exacerbate this problem.