> Fifty Years will invest at the seed stage, based on a built product, and ideally some market validation. Right now, Fifty Years is into synthetic biology...

> Fifty Years will invest at the seed stage, based on a built product, and ideally some market validation. Right now, Fifty Years is into synthetic biology... I'm inclined to blame a confused journalist, but otherwise: What are these guys smoking? This stuff is all "hard tech" by definition - by the time you have a working product in these fields, you are waaay past the seed stage. This is mostly because they are so hard - biology in particular is so difficult that entrepreneurs tend to target things that would be obviously great products if only someone could make them work. (Eg: jet fuel from algae at a competitive price: Build it and the world will batter down your door. Lab-grown meat is in the same category.) Almost all the risk is product risk, and little-to-no market risk. An allegedly "seed stage" biotech fund that insists on a built, market-validated product just looks like they have no idea what they're talking about.