> "That's the failure point for most biotech startups -- they dont have a useful application of their tech."

This is precisely the failure of every academic ever. We can examine this through the Theil-lens where they're trying to create a narrative of uniqueness where their research applies + revolutionizes everything ( when it does not ).

But everyone knows this is not the case. This is the central plague of all academic research, that its the pursuit of novel understanding before useful application.

I would argue that this is more a defining characteristic of the current academic pyramid scheme than biotech startups.

Biotech startups dont go out for VC unless they HAVE a market.

Biotech phds go to the NIH regardless of whether theres a market.