This paper examines three technology routes for lowering the carbon intensity of biofuels: (1) a leapfrog route that focuses on major technological breakthroughs in lignocellulosic pathways at new, stand-alone biorefineries; (2) an incremental route in which improvements are made to existing U.S. corn ethanol and soybean biodiesel biorefineries; and (3) a transitional route in which biotechnology firms gain experience growing, handling, or chemically converting lignocellulosic biomass in a lower-risk fashion than leapfrog biorefineries by leveraging existing capital stock.