Certainly we need more capital from venture capitalists, and we need them to be willing to take risks, and to be more knowledgeable in assessing the material that is presented to them.
How best to go about that, I'm not really sure. What tends to motivate venture capitalists is making money in the long term. Unfortunately, the long term is the problem. Most venture capitalists whom I interact with also fund information technology, so they're used to seeing return on their investment in about 18 months. They find the biotech space to be horrible because we say, “We're only four years in, but we're getting there.”
If there were some way that they could be shielded from their losses and encouraged to be patient venture capitalists, that would be good.