This is a much longer topic for discussion. But there are 2 types of biotech entrepreneurs. Not saying which is good/bad. Many biotech "entrepreneurs" are management team for hires. They don't really source their own ideas, don't truly make judgement calls on the assets/ideas. And in many ways, they don't really take risks - as they start day 1 with a good market-rate salary. When they pitch a story, it was prepared for them by the VCs who found the asset. They are more akin to operating partners brought in by PE firms to run a company. Then there are founder-entrepreneurs in the sense that they come up with their own ideas/deal-flow. And have to sell the story to both VCs and the team they recruit. Take no salary (or defer salary) until a big round. And even then, take a below-market salary. This is a different skill set and is truly risk taking. On a risk adjusted NPV basis, the former is more positive. Many CFOs/CBOs get fabulously rich parachuting in 1-2 years before a clinical read-out. Even if it fails, their contract includes a generous 6-12 month severance. They then parachute to another VC NewCo - often before their severance runs out. Rinse and repeat. The latter is a tough slog. When a guy like @Mykalt45 succeeds, even if the deal size is not as big, it really is a testament to grit.