In this episode we argues that biotechnology startups often fail during the transition to commercialization because of poor governance rather than scientific shortcomings. While public policy effectively supports technical validation, it frequently overlooks critical factors like intellectual property ownership, financial structures, and transaction readiness. This oversight leads to "value leakage," where breakthroughs are sold at a loss or transferred to foreign entities without benefiting the original founders or local economies. To bridge this "valley of death," I proposes that funding agencies mandate governance audits and cap-table stress testing as conditions for support. Ultimately, the text advocates for a shift in innovation policy that prioritizes value retention and institutional design to ensure scientific success translates into meaningful economic and societal returns.