When the financial markets went south a couple of years ago, a few prescient members of the venture community began rethinking their strategies for building and funding new companies. Others held off, however, in the hopes that the financing window would come back as before, and everyone could return to business as usual.

While the window certainly will come back in some way, shape or form, the venture funds no longer are counting on it to the same extent as in the past. And if a survey of nine venture capitalists is any indication, the transformation of thinking in this group is now complete.

Many of the new themes are focused on lowering the costs of getting to a return on investment. They range from setting up companies with limited infrastructure, to more partnering, to moving work overseas to cheaper labor centers and countries with faster-moving regulatory authorities.

This new thinking encompasses three broad categories: starting companies, building companies and exiting companies.

Starting companies

The venture community is being far more selective about what projects it's choosing to become full-fledged companies. No longer is it the case that every idea will have a shot at becoming a fully integrated biopharmaceutical company. In fact, they're avoiding the Fibco model altogether.