CHANGING ROLE AND SCOPE OF VENTURE CAPITAL


 As traditional avenues of venture capital have been shut off to develop-
ing firms, creativity played an important role in raising financing. Re-
search and development partnership and grant financings, licensing agree-
ments and technology transfer arrangements arose to supply much needed
funding to continue development efforts.
 The allure of biotechnology to investors and corporate partners is not
universal. Finding compatible partners for business arrangements is criti-
cal to commercialization of biotechnology.
 The investment in a biotechnology company is not considered to be
different from other technology ventures. Furthermore, the tried and true
axioms of financing apply fully to any business. Entrepreneurs with a com-
mercial vision, a realistic business plan, a business opportunity, and a ro-
bust market for the product are keys to success. Expert management then
continues the maturation of the idea into corporate reality.


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