Tal Zaks

And I know I've got a new medicine on my hand and I don't see the tools that we have today in the near future, changing that. Now, is there a version of the future where they will? Yes, absolutely. But that will require some level of evolution of our healthcare system.

And I know I've got a new medicine on my hand and I don't see the tools that we have today in the near future, changing that. Now, is there a version of the future where they will? Yes, absolutely. But that will require some level of evolution of our healthcare system.

That's a good question. So for us, again, I term us sort of as the collaborative spectrum of venture capital. We will invest at any stage, starting from seed all the way through public pipes. And so we've got a pretty flexible mandate. For us, I think the key elements as we look at an opportunity, it is investment. What is the thesis that this team is trying to do?

That's a good question. So for us, again, I term us sort of as the collaborative spectrum of venture capital. We will invest at any stage, starting from seed all the way through public pipes. And so we've got a pretty flexible mandate. For us, I think the key elements as we look at an opportunity, it is investment. What is the thesis that this team is trying to do?

How much capital is required to get to the next value inflection point? What is that next value inflection point? What is the likelihood of achieving it? If it's already a drug in the clinic, okay, what's the transition? If it's an early bet on a target, what's the likelihood of that target panning out? And if it's a different strategy, then we look at that.

How much capital is required to get to the next value inflection point? What is that next value inflection point? What is the likelihood of achieving it? If it's already a drug in the clinic, okay, what's the transition? If it's an early bet on a target, what's the likelihood of that target panning out? And if it's a different strategy, then we look at that.

So it will depend by the stage of investment, but ultimately it boils down to what is the thesis this team is trying to prove for making the world a better place. How soon will we know that we've achieved some milestone that people will recognize the value inflection, the value created?

So it will depend by the stage of investment, but ultimately it boils down to what is the thesis this team is trying to prove for making the world a better place. How soon will we know that we've achieved some milestone that people will recognize the value inflection, the value created?

One of the most recent opportunities I had that I had to walk away with was a vaccine where it was an interesting idea and it was an early concept, but it became clear that the phase one data are probably not going to be de-risking. You're going to have to take it all the way to phase three to know

One of the most recent opportunities I had that I had to walk away with was a vaccine where it was an interesting idea and it was an early concept, but it became clear that the phase one data are probably not going to be de-risking. You're going to have to take it all the way to phase three to know

Okay, now you're asking me for a quantum of capital and a time horizon that is just not commensurate with the risk involved. I have to see my way to building value incrementally over the life of the investment and the additional capital that will be required. So it's got to be the content, the drug, the theme, the scientific content.

Okay, now you're asking me for a quantum of capital and a time horizon that is just not commensurate with the risk involved. I have to see my way to building value incrementally over the life of the investment and the additional capital that will be required. So it's got to be the content, the drug, the theme, the scientific content.

It's got to be the capital requirements, value, and it's got to be the people. What is the talent around the table? What are the missing pieces? Am I going to be able to help you uniquely from my experience to do that? Because I'm here not just to deploy capital, but actually to deploy my experience as well.

It's got to be the capital requirements, value, and it's got to be the people. What is the talent around the table? What are the missing pieces? Am I going to be able to help you uniquely from my experience to do that? Because I'm here not just to deploy capital, but actually to deploy my experience as well.

Granted, it's at the board level, but nonetheless, I'm not going to be making investments in fields that I know zero about or I'm not interested in leveraging what I do know. So I think these are the three elements. Now, in terms of process, and I don't think in that regard, we're very different. It's really interesting.

Granted, it's at the board level, but nonetheless, I'm not going to be making investments in fields that I know zero about or I'm not interested in leveraging what I do know. So I think these are the three elements. Now, in terms of process, and I don't think in that regard, we're very different. It's really interesting.

Being a venture capitalist, a partner at a firm, you've got two very different sides of the same coin. So the first part of the job is deciding where to deploy capital. So that's the diligence process. You look at an opportunity. You've got a team of junior folks helping you out. You bring in external experts for the stuff you don't know.

Being a venture capitalist, a partner at a firm, you've got two very different sides of the same coin. So the first part of the job is deciding where to deploy capital. So that's the diligence process. You look at an opportunity. You've got a team of junior folks helping you out. You bring in external experts for the stuff you don't know.

And it takes four to six to eight weeks, and you come to a decision on whether that's worth the investment. Now, if you decide to invest, the next part of it, the coin flips, because now the diligence team is not going to help you.

And it takes four to six to eight weeks, and you come to a decision on whether that's worth the investment. Now, if you decide to invest, the next part of it, the coin flips, because now the diligence team is not going to help you.