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The case explores the creation and venture capital financing of Renovo, a biotechnology start-up created in 2000 at the University of Manchester, UK. At the time of the deal, Renovo secured one of the largest first round venture financings for a UK-based biotechnology start-up and at the time of writing, the company continues to grow rapidly. The case examines a variety of issues central to the creation of technology start-ups from both the entrepreneur's and the VC's perspective, with the overall goal of constructing a deal acceptable to both parties. In a broader context, the case illustrates the notion of milestone-based financing for venture capital-backed technology start-ups, and the complexities of creating a business from within an academic institution.