Biotech 1.0 is slow, like a lab science, and Version 2.0 is more like computational sciences.

The first generation of biotech physically cut and pasted from one organism to another. You learned that taxol helped cure cancer, then you found the source organism and extracted the genes to make your drug. Now physical science is becoming information science.

If you thought financial crises came and went, just count on them - another economic collapse, it's almost going to be like not news any more. But for startups this is great, because it's a perpetual driver of disruption.

The future will be less predictable, forecast rises will shrink, company lifetimes will shrink, new entrants will proliferate and it's going to just get more unpredictable.

IT is permeating more industries. Moore's Law knocks down simulation capabilities. We don't need wind tunnels anymore, for example. You can run experiments more quickly.

Every new industry has exuberance in advance of reality. The techies get carried away. There is a period of despair. Then the pendulum swings the other way, and people see the long term potential. It's like when the Internet bubble crashed.