Perhaps a bit tangential, but the reason there aren't more bio-tech startups given the cited number of bio-tech PhDs is because graduate school / academia doesn

Perhaps a bit tangential, but the reason there aren't more bio-tech startups given the cited number of bio-tech PhDs is because graduate school / academia doesn't select for "entrepreneurship potential" (broadly defined), it doesn't nurture this potential over the course of one's graduate education, and it doesn't reward entrepreneurship. Academia has favored "the mind" over every other quality of a human being for a long time. Maybe this is useful for capital-d Discovery. Jury's out on whether it is more effective to train researchers to be founders rather than training founders to be research-oriented.