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New Wave | Hugo Rauch | Substack

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🌊 A VC Playbook for Industrial Biotech

What it really takes to turn great biology into scalable, venture-backable companies.

We’re joined by Joško Bobanović, Partner in Industrial Biotech at Sofinnova Partners, one of Europe’s most experienced investors at the intersection of biology, industry, and climate.

In this episode, we dive into how industrial biotech companies are really built, from lab-grade science to full-scale production, and unpack what it takes to turn ambitious biology into durable businesses.

Joško has been investing in this space since long before “climate tech” was fashionable. His perspective is shaped by scars, cycles, and decades of pattern recognition.

In our conversation, we covered:

→ What industrial biotech actually means

→ Why generalist VCs struggle without deep technical partners

→ The difference between great science and venture-scale companies

→ Platforms vs. product companies, and why too many choices can kill startups

→ Why IP strategy and freedom to operate are often underestimated

→ How teams must evolve from scientists to industrial operators

→ Why exits in industrial biotech still skew toward IPOs, not M&A

This is a masterclass in how long-cycle climate technologies really scale, and why patience, specialization, and realism matter more than hype.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com