Key differences exist when comparing the company lifecycle of biotech and tech startups. Heuristics of popular startup building methodologies, such as the lean startup, do not have direct translations when building and operating a biotech startup. In this analyst note, we discuss how the biotech company lifecycle differs from the tech company lifecycle and why the VC asset class is uniquely positioned to fund these risky companies. We also provide a comparison between these two industries by looking at the following metrics: time since founding to first VC financing, time between rounds, and time since founding to IPO. Ultimately, while elements of the tech company lifecycle have permeated the biotech industry as synergies between the two continue to grow, we believe biotech companies, at their core, are fundamentally unique.