Board Of Technologists: Start-Up Your Engines!

• Share

(4 of 4)

WOODWARD: You can get a read on it in two or three years. Life sciences is definitely longer. But almost every year the most successful successes are the first comers. That seems to be the case because the best ideas are also the most obvious from early on. When we look at the life cycle from birth to the exit of the venture investors, first comers have the shortest run to making a public stock offering.

TIME: Nanotechnology--the science of building molecular-scale materials--is enjoying a wave of popularity. How do you read the sector?

WOODWARD: Has it made a difference in your life?

TIME: I can buy nanoenhanced tennis balls.

GAVIN: I am taking the cheap seats. In other words, I am sitting on the sideline because I don't want to fund basic research. I think that is where it is right now, even in the medical area, which may be one of the earlier applications.

PRESTON: Much of nanotechnology is an example of overinflated pricing. Having said that, I have seen some wonderful nanotech companies. Nanotech in sensors can be used very intelligently. I think those will win. If there's a product, a customer and money to be made, that's a different story.

TIME: Is Google's initial public offering [IPO] a one-of-a-kind event or a sign of things to come?

WOODWARD: It is just wonderful Google has chosen to do its IPO with a public auction of its shares. An auction is the clearest and fairest and most efficient way to set the price for it. And the fact that it has chosen to use the Internet as a part of its IPO will open it up to millions of people who otherwise wouldn't be able to participate.

RIESCHEL: But I think it has no legs. Is this heralding an age where it will be easy to go public? I don't think that is the case at all.

HEESEN: We think there may be a psychological boost by the Google IPO, but by and large we have seen a pretty conservative market thus far.