Raising financing through strategic timing.

We provide further detail on the global nanobiotechnology sample from which our exemplar was drawn, on our methodology for developing a proxy for patent value, and on the North American de novo nanobiotechnology firms which provide context. In section S1, we describe the selection and classification of our global nanobiotechnology sample. In section S2, we argue that the value of a patent to a de novo nanobiotechnology venture lies in the combination of the patent’s broad, blocking and relevant nature. We then define and support our criteria for broad, blocking and relevant patents. Finally, in section S3, we present data on the founding, patenting and success of our entire sample of North American de novo nanobiotechnology drug delivery firms.