Dr. Bryan Hartley

But once the IP expired, generics were going to flood the market, the price was going to come down, our unmet need was going to evaporate. So we would be just in time to have wasted all of our time. And so seeing that down the down the road, we just decided to fold it up and we actually gave back the money that we had been given to pursue the idea.

And I'm told that we are the first team to have ever done that. And we earned a lot of goodwill with those investors for doing that.

And I'm told that we are the first team to have ever done that. And we earned a lot of goodwill with those investors for doing that.

And I'm told that we are the first team to have ever done that. And we earned a lot of goodwill with those investors for doing that.

I will say that super valuable thing to me after I left biodesign, biodesign is great on the inventor side of things. What I was missing in my education was what do investors think? I didn't have the reps.

I will say that super valuable thing to me after I left biodesign, biodesign is great on the inventor side of things. What I was missing in my education was what do investors think? I didn't have the reps.

I will say that super valuable thing to me after I left biodesign, biodesign is great on the inventor side of things. What I was missing in my education was what do investors think? I didn't have the reps.

I wanted to sit on the other side of the investor table and see lots of companies come by so that I could pick up their rubric for how to immediately spot something that had promise versus something that didn't. I learned a ton during that experience, but one of the things that struck me amongst the best investors was that they didn't try to be right.

I wanted to sit on the other side of the investor table and see lots of companies come by so that I could pick up their rubric for how to immediately spot something that had promise versus something that didn't. I learned a ton during that experience, but one of the things that struck me amongst the best investors was that they didn't try to be right.

I wanted to sit on the other side of the investor table and see lots of companies come by so that I could pick up their rubric for how to immediately spot something that had promise versus something that didn't. I learned a ton during that experience, but one of the things that struck me amongst the best investors was that they didn't try to be right.

They tried to weigh their risk and decide which risks they would pay for and which ones they were not willing to pay for. So if you have an idea and it starts with a really brilliant technical solution, I can look at that and I can say, well, I think the risk that you're technically going to be able to do the thing that you say you can is probably pretty low. You seem like a really smart guy.

They tried to weigh their risk and decide which risks they would pay for and which ones they were not willing to pay for. So if you have an idea and it starts with a really brilliant technical solution, I can look at that and I can say, well, I think the risk that you're technically going to be able to do the thing that you say you can is probably pretty low. You seem like a really smart guy.

They tried to weigh their risk and decide which risks they would pay for and which ones they were not willing to pay for. So if you have an idea and it starts with a really brilliant technical solution, I can look at that and I can say, well, I think the risk that you're technically going to be able to do the thing that you say you can is probably pretty low. You seem like a really smart guy.

Is that where I think the risk in the company is hiding, though? The risk might be hiding in the fact that you've never done this before, that it would take too much money to get to market, that the margins on a product that you delivered would be too small. that the value that delivered is too little, or that the competitive space is too crowded.

Is that where I think the risk in the company is hiding, though? The risk might be hiding in the fact that you've never done this before, that it would take too much money to get to market, that the margins on a product that you delivered would be too small. that the value that delivered is too little, or that the competitive space is too crowded.

Is that where I think the risk in the company is hiding, though? The risk might be hiding in the fact that you've never done this before, that it would take too much money to get to market, that the margins on a product that you delivered would be too small. that the value that delivered is too little, or that the competitive space is too crowded.

I mean, there's like 13 different dimensions you can look at a thing. So I would run the list and I would ask people about it. And if they hadn't thought of it and I had, that was usually a red flag. But it could also be an opportunity. You know, what an easy way to make a company more valuable than to surface an unrealized risk and retire it.

I mean, there's like 13 different dimensions you can look at a thing. So I would run the list and I would ask people about it. And if they hadn't thought of it and I had, that was usually a red flag. But it could also be an opportunity. You know, what an easy way to make a company more valuable than to surface an unrealized risk and retire it.

I mean, there's like 13 different dimensions you can look at a thing. So I would run the list and I would ask people about it. And if they hadn't thought of it and I had, that was usually a red flag. But it could also be an opportunity. You know, what an easy way to make a company more valuable than to surface an unrealized risk and retire it.

And then you just look at you look at these risks and you just say to yourself, how much capital do I have to put in play before I can retire those risks? And if that is an exposure you can tolerate, go ahead. If it's not, you just say no. And I think it's important to do that as early as possible because. You know, we're all going to die one day. You probably have enough time.