Page 53 - OHKF_Biotech_EN
P. 53
Figure 13 Net cashflow of enterprises in different cycles, including the “valley of death”
Net Valley of Death
cash ow
Research Developmental Angel Venture
funding funding fund capital
Going public
Fourth
stage
Third
stage
Second
stage
First stage
Cycle
Fundamental Applied Proof of Working Seed Early Late
research research concept prototype funding stage stage
51
