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The venture split

Minding the Seed Gap

The venture split

The two ends of the venture spectrum are nicely illustrated by the strategies of Atlas Venture and Oxford Bioscience Partners: the former takes very little out of academia, while the latter systematically scans for new ideas.

"In the early 1990s, you would license technology as early as possible so you would be an originator," said Atlas' Jean-Francois Formela. "Today, as the entire market is moving away from technology investing to asset investing, we are looking for assets. What people want is products or issued patents. So the hurdle is much higher these days, because people want to invest in molecules."

As a result, Formela said, "there is no science that is of interest to venture

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