Good point.

1) The technology works, but we're beaten to market by a similar technology from a competitor

2) The technology works, but the market chooses not to adopt (VHS vs Beta scenario)

3) We run out of money and have to do another PP

4) We're bought out and the technology is shelved

5) We run out of money and close the business

6) We end up being privatized and watch from the sidelines as they develop this