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@Zymergen filed their S-1 in March, marking a pivotal milestone for #SynBio and creating an opportunity for me to write a reflective and celebratory tweetstorm.
A tale of #SynBio in 3 IPOs (past, present, and future)
(1/8)
A tale of #SynBio in 3 IPOs (past, present, and future)
(1/8)
1st Gen:
Amyris (past)
2nd Gen:
Ginkgo (future - we don't know when, but it may be soon!)
3rd Gen:
Zymergen (present)
(2/8)
Amyris (past)2nd Gen:
Ginkgo (future - we don't know when, but it may be soon!)3rd Gen:
Zymergen (present)(2/8)
1st Gen syn bio companies were full stack - they chose to build vertical businesses in a few products with huge markets, but when those markets didn't work (RIP 
biofuels) the companies struggled.
Enter Zymergen & Ginkgo...
(3/8)
biofuels) the companies struggled. Enter Zymergen & Ginkgo...
(3/8)
2nd Gen syn bio companies, led by Zymergen and Ginkgo, offered syn bio as a service - make *many* products to spread risk and let customers take on scale up.
But the pool of potential customers is small, and value-capture is limited when you're not full stack...
(4/8)
But the pool of potential customers is small, and value-capture is limited when you're not full stack...
(4/8)
3rd Gen companies are building their own, limited pipelines based on a common platform.
New startups are launching with the 3rd Gen model, but Zymergen joined this cohort by pivoting from services (2nd) to pipeline (3rd), starting w/ self-owned electronics materials.
(5/8)
New startups are launching with the 3rd Gen model, but Zymergen joined this cohort by pivoting from services (2nd) to pipeline (3rd), starting w/ self-owned electronics materials.
(5/8)
In the meantime, Ginkgo is taking a different approach.
Ginkgo is driving usage of their 2nd Gen platform by helping create and invest in potential customers: 3rd Gen companies. This is done via their "Ferment Consortium".
(6/8)
Ginkgo is driving usage of their 2nd Gen platform by helping create and invest in potential customers: 3rd Gen companies. This is done via their "Ferment Consortium".
(6/8)
So the Zymergen IPO is a landmark moment not for "horizontal platform" syn bio companies, but for "pipeline" syn bio companies.
And Ginkgo's exit, whether IPO, SPAC, or other, will be a landmark moment for true "horizontal platform" business models.
(7/8)
And Ginkgo's exit, whether IPO, SPAC, or other, will be a landmark moment for true "horizontal platform" business models.
(7/8)
After the last decade of R&D and business model development, it looks like syn bio is here to stay. Very excited to see what the next decade brings and how the 4th and 5th Gen of synthetic biology develop!
(8/8)
(8/8)
Whoops! Should point out that Amyris has also shifted to a 3rd Gen model and has had a lot of success with it, especially lately.
Didn't intend any Amyris hate (many friends work there and love it!), just an innocent omission. My bad!
Didn't intend any Amyris hate (many friends work there and love it!), just an innocent omission. My bad!
