I think his spectrum is basically right, for most businesses in those industries, at the present time. But it may differ over time, as the maturity of the industry changes. Biotech might eventually become routine; and, in the enterprise, there was invention risk when the concept of the relational databases was first developed (or perhaps its inventors were quite sure they could make it work). In the future, there might be similarly seminal inventions, that transform the enterprise. It's so inefficient you'd think there'd be a better way.
I'm not sure you can ever totally avoid market risk. Preferences change over time and there's always the risk of a market drying up during the time it takes to develop and produce a new product.
Examples of ideas with pure invention risk anyone?
