🧬 Why 40% of Venture Funds Failed Last Year (And How to Avoid It) | Krish Ramadurai (2/4)
"I was not like, 'Well, this partner helped me on it, and then we shared the deal.' I was like, 'I think I'm good at this because I basically did the output of an entire firm by myself, like, the first two years.'"
In this episode of The Biotech Startups Podcast, host Jon Chee continues his conversation with Krish Ramadurai, exploring his unconventional journey from Harvard academia to becoming a venture capital partner in record time. Krish shares how he applied his research training to venture capital, identifying a new category of compute-driven biotech companies before "TechBio" even existed, and executing twelve investments during his first year as an analyst—all while the COVID-19 pandemic sent markets into free fall.
Krish reveals the critical importance of "shot-calling" in venture capital, explaining why many talented associates and principals get stuck in their careers by not claiming ownership of their wins. He describes compressing his MBA into sixteen months at Washington University while working two full-time positions, his rapid ascent from analyst to partner by consistently performing above his role, and the uncomfortable but necessary transition from technical expert to fundraiser when dealing with limited partners. Throughout the conversation, Krish emphasizes breaking traditional rules when conviction demands it, treating every investment like an evidence-based academic experiment, and understanding that in venture capital, you're only as good as your last deal.
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🧬 Working 3 Jobs at Harvard: How Desperation Built Conviction | Krish Ramadurai (1/4)
"You’ve just got to embrace the suck. When everything sucks, you just execute against it. It's nice because then when that situation happens again, which adult life works like that all the time, you can be more systematically prepared."
In this episode of The Biotech Startups Podcast, we explore Krish Ramadurai's unconventional journey from Chicago's South Side to becoming a Partner at AIX Ventures. Krish shares how a career-ending femur fracture during his track and field career redirected his path from Johns Hopkins to the University of Illinois, where he discovered the intersection of hard science and business that would define his future.
Krish takes us through his audacious approach to getting into Harvard—auditing classes before formal admission, working three jobs simultaneously to afford tuition, and sending over 500 cold emails to find research opportunities. He reflects on how working alongside figures like US Secretary of Defense Ash Carter, CIA Director David Petraeus, and Nobel Prize winner Mike Kremer at the Belfer Center shaped his understanding of applied science and policy intervention. Most importantly, Krish emphasizes how rejection built conviction, turning financial desperation and constant setbacks into the foundation for his success in venture capital.
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🧬 Profit + Purpose: The New Model for Healthcare Investing | Parag Shah Re-Release (2/2)
"Entrepreneurship is great, but, for me, family always came first. [My] wife and kids always came first. I didn't miss a single game or show or anything of the kids, whether it was at 3 PM or 5 PM or 7 PM, I did that. And then I figured out the work otherwise."
We’re revisiting some of our previous episodes over the holidays this year. Our next rerelease is part 2 of this episode of The Biotech Startups Podcast with Parag Shah, where we discuss his journey from leading the life sciences practice at Hercules Capital to founding K2 Health Ventures. Parag shares candid insights about the pivotal moment he transitioned from banking to private credit, his decision to join Hercules as one of the first employees, and the challenges of scaling a fund from $25 million to over a billion dollars as a public BDC.
Parag offers rare transparency about the difficulties of navigating toxic corporate culture while building a successful business, and how those experiences shaped his vision for K2 HealthVentures. He emphasizes the critical importance of work-life balance in entrepreneurship, revealing how he never missed a single one of his children's games or shows despite the demands of building investment firms. The conversation explores the strategic advantages of evergreen fund structures versus traditional LP/GP models, and how K2's unique approach of combining debt and equity across the capital stack, along with dedicating a percentage of profits to underserved healthcare, represents a new model for impact investing in life sciences.
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🧬 How Biotech Companies Get Debt Funding (Without Revenue) | Parag Shah Re-Release (1/2)
"I was fortunate that my parents pretty much allowed for a more experimental, open approach to education being important, but do what you want to do, right? Try different things, take healthy risks."
We’re revisiting some of our previous episodes over the holidays this year. Our first rerelease is part 1 of this episode of The Biotech Startups Podcast with Parag Shah, where we explore his remarkable journey from molecular biologist to CEO and Founding Managing Director of K2 Health Ventures. Parag shares how his upbringing in New York City with immigrant parents who encouraged experimentation shaped his entrepreneurial mindset, and describes the pivotal moment when he realized bench science wasn't his calling while researching at MIT's Whitehead Institute.
The conversation reveals how Parag boldly proposed building Imperial Bank's life sciences lending practice from scratch, despite being young and relatively inexperienced. He discusses lessons learned from MIT about persistence through failure, translating traditional credit frameworks to venture-backed biotech companies, and the complementary role of debt capital alongside equity financing in life sciences.
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🧬 Big Pharma's $180B Patent Cliff: Why VCs Are Betting on Biotech | Sergey Jakimov (4/4)
"The only advice I can give to my 21-year-old self is that advice doesn't work... But whenever you actually need advice on something that you do not know how to start or how to solve or how to figure out, you should really remember that someone in this world has already figured it out."
In this episode of The Biotech Startups Podcast, host Jon Chee concludes his conversation with Sergey Jakimov, Managing Partner at LongeVC, exploring the realities of fundraising from limited partners and building a successful longevity-focused biotech fund. Sergey shares his unconventional approach to LP fundraising—telling his story rather than selling a product—and how personal experiences with age-related diseases drive his science-first investment philosophy.
Sergey explains why Fund One, which launched with 30% GP capital commitment, has achieved over 3x returns in just three years despite challenging market conditions. He reveals why big pharma's massive liquidity reserves, combined with looming patent cliffs like Merck's Keytruda expiration, create unprecedented opportunities for venture-backed biotech innovation. The conversation explores the vital role venture capitalists play in bringing breakthrough therapies to patients—therapies that big pharma would never risk developing on their own.
Looking ahead, Sergey discusses his vision for establishing longevity as an evidence-based, data-driven field while combating the "snake oil" supplements and questionable therapies that damage the industry's credibility. He emphasizes the need to translate scientific success stories into accessible language that attracts generalist capital, ultimately accelerating growth across the entire longevity sector.
The Biotech Startups Podcast by Excedr features weekly conversations with founders, scientists, and investors driving biotech innovation. Host Jon Chee dives into the challenges of building biotech startups, from pre-seed to IPO. New episodes every Monday and Thursday.
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