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From biotech to venture capital: the unexpected journey
In 2023, my career took an unexpected turn when I lost my job in the biotech field due to a failed clinical trial. Rather than succumbing to despair, I made a bold decision: I would venture into the world of venture capital. This may sound like a daunting leap, but it became a transformative journey that reshaped my understanding of investment, collaboration, and innovation.
Learning the ropes of venture capital
My first step was to immerse myself in the literature surrounding venture capital. I devoured numerous books, but two stood out for their insights: The Business of Venture Capital by Mahendra R. and Secrets of Sand Hill Road by Scott Kupor. These readings provided a solid foundation, helping me grasp the intricacies and nuances of the venture capital landscape.
Engaging with fellow investors was another crucial aspect of my learning. Over the next two years, I connected with 350 venture capitalists, family offices, and angel investors. Each conversation was an opportunity to share deal flow and discuss evolving investment trends. I meticulously tracked these interactions, which proved invaluable as I navigated this new terrain.
Identifying a niche: healthcare and AI
As I pondered the direction of my fund, I recognized a unique opportunity at the intersection of healthcare and artificial intelligence. In December 2022, while sitting in a coffee shop, I articulated my investment thesis: AI was on the verge of achieving critical mass. The following month, ChatGPT reached an astonishing milestone of 100 million monthly active users in just two months, affirming my prediction.
Crafting a compelling pitch
With a clear vision in mind, I developed a pitch deck that outlined my fund’s investment thesis. I shared this with 50 trusted colleagues, welcoming their feedback and criticism. This iterative process was essential to refining my approach, ensuring that my thesis was robust and well-supported.
Building a portfolio of promising startups
Next, I reached out to startups aligning with my investment thesis, creating a streamlined and founder-friendly intake process. Today, we are reviewing 300 AI-healthcare startups, each one demonstrating incredible potential to drive innovation in the sector. We adhere to a golden rule: no application should go unanswered.
Establishing valuable relationships
Building connections with key figures in both the healthcare and AI sectors was crucial. I sought to cultivate relationships with industry leaders and academics, fostering an ecosystem of collaboration and mutual support. This network has been instrumental in positioning my fund as a key player in the healthcare innovation landscape.
Creating a strong team and community
Recognizing my limitations, I focused on assembling an exceptional team. I was honest about my weaknesses, recruiting individuals with diverse expertise to complement our collective strengths. Together, we built a community of strategic Limited Partners who bring more than just capital to the table. They include highly qualified clinicians, tech executives, and finance professionals, all committed to actively participating in this pivotal moment for AI and healthcare.
Engaging with the ecosystem
To further bolster our network, we initiated regular events, including webinars, pitch competitions, and networking gatherings for Limited Partners. These events attracted numerous potential portfolio companies and investors, fostering a vibrant community focused on advancing healthcare innovation.
The importance of clear communication
My background in investor relations has proven invaluable in this journey. Clear and frequent communication with all stakeholders has been a cornerstone of our success at Intelligence Ventures. I take immense pride in what we have built together, and I invite others who share a passion for innovation and growth to join us.
If you have ever taken a leap before feeling fully prepared, I would love to hear your story. Let’s connect and explore how we can collectively drive forward the crucial developments in AI and healthcare.