we have three locations for biotech start-ups. One is the traditional one where gene tech was there. If you go there, you drive around, you see about one hundred startups in biotech right. And there is south of San Francisco around University California San Francisco, that campus has become another place for biotechs. And then near Berkeley there's another place that has all biotech startups. So not one hub, three hubs in the Bay Area for biotech start-ups.
Why they are not as popular as software? Because software, five minutes its online. But biotech, you have to invent it, you have to develop it, you have to test it on people, in the United States the law says there is a minimum of five years to do. Remember you have to test it for so many years, then it gets approved.
So gene therapy was actually invented more than ten years ago I think. it was until now the first case is coming to the market, now for the first time, the first kind of gene therapy has been approved now. So biotech is less popular because the results are so long. But actually today I think the impact of biotech is number one. So great investors today will look into biotech.
I have a list in my computer. I have a slide about biotech with the main inventions and they start from the 90s. So in the last twenty years we had all these inventions and this will change dramatically the world. What is interesting I think is zero comes from Silicon Valley.
But I'm sure that twenty years from now people will think “oh gene therapy it is from Silicon Valley right”, but it wasn't invented there. “oh IBG yeah it was in Silicon Valley right”no. So there will be the same story. You know people will think that there would be one start up from Silicon Valley that would become the big start-up. Genomics was invented, you know Human Genome Project right, by Maryland, but everybody thinks oh 23andme which is a Silicon Valley, but they did not invent it, it is not even the best.