One thing I don't see happening in biotech is an end-run around the law such as AirBNB pulled off. That's going to get you into a lot of very hot water.
For instance my company (Glowing Plant, YC S14) is entirely predicated on such an understanding. We read the rules and realized that if we engineered a plant with a gene gun instead of agrobacterium it would not be regulated in the United States. This saves us millions of dollars in getting a product to market and means we can pursue an agile product development strategy. Game changer.
I'm aware of another 4-5 such opportunities for syn bio products where you can get to market for low or zero regulatory permission.
Trying to move fast and break things in a regulated industry strikes me as producing fragile business plans, at best.
[0] http://www.nature.com/news/glowing-plants-spark-debate-1.131...
[1] http://www.nature.com/nature/journal/v475/n7356/full/475265b...
Most of what people think about when they hear biotech still falls under typical FDA CFR regulations for either pharmaceuticals or durable medical devices. I think that's what the grandparent was talking about.