Tal Zaks

And this is especially, I think, germane given the experience we had at COVID.

And this is especially, I think, germane given the experience we had at COVID.

So I joined one of the best VC firms I could find, Orbimed, because they have a track record of actually being successful. And I wanted to learn the answer to that question. And luck certainly plays a role. But here's a few thoughts. that I think are not as obvious. We all recognize the importance of learning from failure.

So I joined one of the best VC firms I could find, Orbimed, because they have a track record of actually being successful. And I wanted to learn the answer to that question. And luck certainly plays a role. But here's a few thoughts. that I think are not as obvious. We all recognize the importance of learning from failure.

And I listened to your podcast with Jared Kushner the other day, his version of what is God trying to teach me, and I thought that was extremely well put. For many, many years, my favorite quote of all times was Nelson Mandela's who said, in life, I've either succeeded or I've learned. And coming out of the COVID success, it actually made me realize

And I listened to your podcast with Jared Kushner the other day, his version of what is God trying to teach me, and I thought that was extremely well put. For many, many years, my favorite quote of all times was Nelson Mandela's who said, in life, I've either succeeded or I've learned. And coming out of the COVID success, it actually made me realize

That's a misguided quote because it suggests that you haven't learned from your successes as much. And I would argue that the best investors actually learn more from the successes than the failures. And that's not trivial. When you fail, there's a whole bunch of things you can point at as causal elements. But when you succeed, as you say, What was it? Was it luck? Was it talent?

That's a misguided quote because it suggests that you haven't learned from your successes as much. And I would argue that the best investors actually learn more from the successes than the failures. And that's not trivial. When you fail, there's a whole bunch of things you can point at as causal elements. But when you succeed, as you say, What was it? Was it luck? Was it talent?

Was it getting the right people around the table? It's a combination of factors. And I think the good investors develop this sense of pattern recognition of what works. And as I've tried to uncover it for myself, frankly, out of my own curiosity, I think in the domain in which I function, which is venture capital, and it's very different from private equity or some other corners of investors, but

Was it getting the right people around the table? It's a combination of factors. And I think the good investors develop this sense of pattern recognition of what works. And as I've tried to uncover it for myself, frankly, out of my own curiosity, I think in the domain in which I function, which is venture capital, and it's very different from private equity or some other corners of investors, but

For venture capital and specifically for what I call collaborative venture capital, which is the type of venture capital we have, which is to say that, yeah, we will often seed companies, but we very quickly look to syndicate deals. We look to work with other investors. We look to broaden the investor base, but also broaden the competencies we have around the board.

For venture capital and specifically for what I call collaborative venture capital, which is the type of venture capital we have, which is to say that, yeah, we will often seed companies, but we very quickly look to syndicate deals. We look to work with other investors. We look to broaden the investor base, but also broaden the competencies we have around the board.

For me, the answer has been really a combination of talent of people and the content that we believe has a leg to stand on. And What it means, and when I call ourselves collaborative venture capitalists, it's because, at least for me, it's always critical to look at the talent that comes together as much as it is the content.

For me, the answer has been really a combination of talent of people and the content that we believe has a leg to stand on. And What it means, and when I call ourselves collaborative venture capitalists, it's because, at least for me, it's always critical to look at the talent that comes together as much as it is the content.

Yes, I get excited by the science of what they're trying to solve, but I have to get excited about the people who have the experience and the wisdom to navigate and understand what it takes. Because as that book points out, and you correctly point out, it's almost never a straight line.

Yes, I get excited by the science of what they're trying to solve, but I have to get excited about the people who have the experience and the wisdom to navigate and understand what it takes. Because as that book points out, and you correctly point out, it's almost never a straight line.

And if it's not a straight line, it means that you need people around the table who have the experience and ability to look around corners. And it means that you need enough of a capital and strategy structure to give you some degrees of freedom of movement. I can tell you early on in my career as an investor, I made an investment in a small company. It was a very rational thought.

And if it's not a straight line, it means that you need people around the table who have the experience and ability to look around corners. And it means that you need enough of a capital and strategy structure to give you some degrees of freedom of movement. I can tell you early on in my career as an investor, I made an investment in a small company. It was a very rational thought.

It was for a certain idea of a drug that would have a certain effect against cancer. And it was a small team and it was very linear. And it didn't pan out.

It was for a certain idea of a drug that would have a certain effect against cancer. And it was a small team and it was very linear. And it didn't pan out.