Hennessy explians that the biotech and biomedical space are characterized by the importance of patents. Contrarily, patents are not crucial in intellectual property companies because there are often many comparable ways to do the same thing. Additionally, most IT companies spun out of a university fail because they miss the market window, not because the technology fails. For biotech companies, success is much more based on the patent and the quality of the technology, he adds.
One of the world's leading universities, Stanford was founded in 1885 in what is now Stanford, California. It is comprised of seven schools, four of which are devoted exclusively to graduate education. Stanford's most renowned programs include the Graduate School of Business, Law School, School of Engineering, and School of Medicine. Notable alumni include author John Steinbeck, Supreme Court Justice William Rehnquist, and Google founders Sergey Brin and Larry Page.