The Key to Turning Technology into Products? Management.

The fundamental business model for platform technology companies hasn't changed: Build the platform, and apply the resulting discovery capability to internal product development while leveraging its value to raise cash or barter for resources. But investors today prefer companies that can articulate a short route to proof-of-concept data,. And unlike 6-10 years ago, more start-ups are now being formed around clinically savvy drug development teams that are better able to select alternative paths to near-term opportunities--be it in-licensing or even M&A--that allows companies greater flexibility.