My brother and his business partner just had a similar experience. They've started their own biotech company, having gotten their Ph.D's in Microbiology last year. A VC firm became interested in them and flew them out to San Francisco, free of charge. The firm was made up of people about a decade younger than them, having made their millions in their teens and early 20's, and mostly invested in e-commerce websites. But, they were considering expanding their portfolio.

They ultimately decided biotech was a great investment, but didn't offer the quick returns e-commerce did, so they passed on the project. But, hey, my brother and his business partner got a free trip to San Fran out of it, which included a day of sightseeing, so it wasn't all bad.

They are now focusing their proposals specifically on VC's who have portfolios in the biotech industry, and are bootstrapping their start-up themselves until they find a large investor. Even on their own, they're hoping to have their first product available this year.

They're not giving up on their dream. They're moving forward with any means they have at their disposal, because it's something they love and truly believe in. It's a good way for any start-up to succeed, as I know they will.