I just had a meeting with Luis Ruiz (CEO, Advancell, a biotech company), and he shared with me a very interesting concept... Luis is an expert at adding value to early-stage biotech projects, and while discussing several opportunities ahead, he mentioned he wanted to be involved in projects where

(a) if the project is going to fail, he knows it will fail fast (die fast), meaning he wants always to concentrate all the problems ahead in the initial phase

(b) if execution cost is small (both in time and in money), exploring should be really a no brainer

(c) all biotech projects have a critical path, with several identified "killing" points. Usually solving those key points is cheap, and if you are able to do so, the risk of the project is considerably reduced.

I found these thoughts really worth sharing.