New insights into biology and pathophysiology are typically driven by fundamental research at academic institutions. Traditionally, such discoveries indirectly contribute to advances as industry seeks new projects and drug targets from basic research. The identification of new drug candidates and subsequent validation work are a strength of industry-led research. Efforts toward human proof-of-concept studies and clinical trials in patients often involve collaboration between industry partners, academic centers, clinical specialists, and clinical trial experts. Increasingly, hybrid models of drug development are being explored, wherein venture firms incubate startup companies internally to develop new approaches and patents, rather than licensing these from academic institutions, and then establish agreements with biopharma to further the development of the drug. Illustrated by Rachel Davidowitz.