Hennessy explians that the biotech and biomedical space are characterized by the importance of patents. Contrarily, patents are not crucial in intellectual property companies because there are often many comparable ways to do the same thing. Additionally, most IT companies spun out of a university fail because they miss the market window, not because the technology fails. For biotech companies, success is much more based on the patent and the quality of the technology, he adds.
Apr 21, 2004