my implication was that this is (to my knowledge) the first round of silicon valley biotech startups, and if it's like the first round of webapp startups, there

my implication was that this is (to my knowledge) the first round of silicon valley biotech startups, and if it's like the first round of webapp startups, there will be a lot of failures, but the seeds will be planted for greater success in the next round. My main point was "perhaps the first round failure is necessary" - of course, I weakened that with my assertion that this second tech bubble is also a bubble and bound to burst.