As a sector. One source is here: https://lifescivc.com/2016/11/biotech-venture-capital-mythbusting-redux/ https://lifescivc.com/2016/11/biotech-venture-capital-

As a sector. One source is here: https://lifescivc.com/2016/11/biotech-venture-capital-mythbusting-redux/ https://lifescivc.com/2016/11/biotech-venture-capital-mythbu... Are you referring to Nasdaq as a whole when you say Nasdaq tech? The Nasdaq components aren't really representative of tech startups: https://www.nasdaq.com/market-activity/quotes/Nasdaq-100-Index-Components https://www.nasdaq.com/market-activity/quotes/Nasdaq-100-Ind... Biotech startups IPO at a much higher rate than tech startups and IPO on average 3 years after series a: https://www.baybridgebio.com/blog/ipo_2018_q12019.html https://www.baybridgebio.com/blog/ipo_2018_q12019.html These IPOs give IRRs of 60% on average to series a investors: https://www.baybridgebio.com/blog/venture_returns_ipo.html https://www.baybridgebio.com/blog/venture_returns_ipo.html Biotech VC portfolios have low loss rates and greater portfolio concentration than tech VCs There have been 10-15 new biotech unicorns a year since 2013 or so, on annual VC funding of $5-15B There are plenty of other sources but i don't have access to them atm