Why do so many European biotechnology companies fail? This book finds an answer in the behavior of the investors who dominate the industry and control the behavior of the companies they invest in. Starting from a detailed analysis of the history of the industry from its earliest days, this book cuts through the hype and mythology to identify what really happened to the biotechnology industry in Europe, what went wrong with the business, the management and the investment, and who are the controlling figures that made it happen. Bains uses real case studies and a wealth of statistical data to show how systematic under-investment and extraordinary business decisions have made European companies stunted mimics of their US counterparts. Building on an inside knowledge of how Venture Capital really works, he shows how this is not an accidental side-product of European inexperience or lack of business acumen, but a necessary result of how Venture Capitalists run their businesses in Europe. This is an essential book for entrepreneurs, investors and policy-makers alike, as well as being a valuable information source for anyone interested in how high-tech businesses are created.