The biotechnology industry performed well in 2008 despite the worldwide economic downturn, but financial services firm Ernst & Young warns that the industry has to find new ways to do business. Revenues of publicly traded biotech companies rose by an average of 12% worldwide in 2008. But capital raised in Europe and the Americas was down by almost half from 2007, and funds raised through initial public offerings fell by 95% for the period (see Nature 458, 1062; 2009). “Firms will need to establish more durable models for funding innovation,” says Glen Giovannetti, Ernst & Young's global biotechnology leader, on the company's website.