We've long been impressed by the role of venture capitalists as gatekeepers of technology. This power to anoint technologies for development will have a profound impact on society, simply because the venture community will not make all potential technologies available to the clinician. On a less global scale, public market investors are technology takers rather than choosers because their investment options are limited to the technologies blessed by the VCs.

However, the venture community's power is limited, if not flawed, by the troubled state of the business and funding models for biotech. In the former case, science blessed by capital is converted into technology and then into products of immense profitability. But the sense of failure by now weighs heavily on this scenario, limiting the usefulness of the model in predicting success