This article confuses Y Combinator type funds and traditional incubators. The biotech funds listed in here are incubators and have almost nothing in common with Y Combinator.
We tried to explain that to them, but by the time they talked to us they had already written the paper and they didn't seem psyched about the idea of changing it.
I guess they picked their thesis and wanted to stick to it no matter what. The problem is that the thesis just doesn't make a whole lot of sense. The only fund that seems the slightest bit American Idol-like is Seedcamp and only because the companies they fund are dubbed winners.
not to mention the american idol analogy thrown in, which suggests that YC/TS and the traditional incubators that the article confuses YC/TS with actually announce winners and losers. so they are really confusing the YC model + traditional incubators + business plan competitions all at once. sort of surprising that was written by kauffman folks.