Hi everybody how are you doing good good good you’re enjoying the networking session so far such an amazing crowd like I cannot believe every person left right is just amazing person to talk to I’m so glad I’m so glad you all are here uh my name is deep mitell and I am
Actually the chairman of Healthcare Committee of Columbia business school Alam Club of New York which is organizing the event with the help of our sponsors as well so welcome to the New York City Healthcare Innovation ecosystem a growth partnering and team making compan I would like to actually say
Thank you to FY and lner for actually specifically actually to sh shabi Khan uh for actually giving this space organizing the event and actually opening the ecosystem to us as well thank you Martin actually say very far but I think you should be for spreading the word and actually
Inviting many of the key influencer on the call on the call or actually in the live event as well I would also like to thank you next and invent for spreading the word and inviting the entrepreneurs many of you actually might actually already associated with them and the um influencers as
Well I would um like to thank you Cindy that Nicholas B actually part of the actually uh what you are not seeing it they are actually making it happen so really really thanks for them and great Applause for me R actually um but I would like to
Actually announce as well I’m so pleased to announce that we as a healthcare Committee of Columbia business school Alam club uh we now actually have chief medical officer Think Tank panel and we also have health and life insurance Chief Information officer in so what does that mean to help their community
And that in our future events you will actually see the members of those committee actually coming here providing the unfiltered feedback about your products whether they will buy your hold the why they will actually buy your product or not which is actually way different than the pitch tag so if you are an
Entrepreneur you definitely want to talk to them because that will prepare you to talk to the investors and these are actually the decision makers who are going to make the decision whether they are going to buy your product or not so definitely with that I would like to
Invite shab shab Khan for the statement thank you deok and thank you everybody for coming I am very very honored to be here and invite all of you to fley um pretty impressive crowd I’ll be honest with you we weren’t expecting this um four weeks ago five weeks ago
When the idea was floated a little bit of history behind this event um I think this is really deu and Martin or Dr Gerson who basically had this idea of try to host an event for the New York ecosystem me and Dr Gerson have connected and are good friends asked for
A venue and um so Foley started TI It Up and turns out that when you connect all these ecosystems the F ecosystem the Endeavor ecosystem the Columbia business school ecosystem you get a very magical sort of audience and presence so thank you everybody for coming and I know that
Uh it’s not easy on a week night people have things to do and you guys all chose to show up so appreciate it most of you should may not know who Foley is um everyone’s got different perceptions or uh views on it but where uh an adlaw 50 Law Firm we’re 1100
Attorneys across 25 offices in the US we are a general practice Law Firm which means that we handle pretty much everything A to Z uh and we’re garage to Global so we we take early stage companies and we try to get them to successful agents um and we’ got a robust team here
Today I should mention Dave canos who came in from Boston uh with with me uh we took the train together and we’re going to fly back tonight so pretty long event or these today but um it was with his support that we’re able to pull this
Off and U his backing as well so uh thank you Dave um last thing I’ll say about fley is we are focused on for main sectors energy manufacturing Innovative Tech and Healthcare so Healthcare is our biggest sector we play in that space a lot we have a lot of strategic relationships
With investors Hospital Systems um you know V capitalist firms and the like um and so this is right up our alley which is why we thought it would make a lot sense to be here today not mention Fara by way uh um Dr Gerson if you want to come up
And say a few words I thought it would be fair for him to say something since he brought me into the loop so please first of all I to say what’s making this evening so special to all of you you now there are really incredible people here who are thought leaders
Decision makers from industry from Academia from large corporations like Microsoft thank you Dr Mo for being here and the a keot speaker this evening um my new friend and good friend sanne Frank who was going to be the keynote who is driving the Train on um Microsoft for startups and the Pegasus program
Unfortunately had some conflicts but Dr R picked up that baton and he’s going to talk to you a little bit about Microsoft they’re doing incredible things and I think I want to just frame for a second the the purpose of of this get together purpose of this get together is to
Recognize that we are really at an inflection point science medicine technology when companies like Microsoft and aircore competencies are coming in with very large checks and buying companies like Neons that is a statement of things to come that’s going to change everybody’s lives we’re all going to be
Patients at some point some of us are Physicians some of us are Health Care Professionals all of this intersection right now is just the beginning of a very very longterm plan and so what I see here is growth partnering which is really the core of the title and deal
Making and the deal making is not about large multi-billion dollar transactions but it’s about all of you who have needs and desires as young entrepreneurs there’s great companies that are represented here at Tech Stars at Mass Challenge and in Microsoft and they all want to build their company so what I
Urge everyone here is the take- home message is that the combination of people uh you know like deepo coming from academic institution people like shabi and Dave coming from a very important skill set the legal kind of framework people like Dr Ru who bring together incredible wealth of knowledge
Are a collaborative effort to really change the entire Health Care System there are people here who hopefully you’re going to be meeting later who are going to be runting some roundt or breakout sessions I see David burer sitting over here he is the CEO of sun
State um Antonio I’m not sure where you are um former uh very senior person in the um um Business Development and m& section of theral Fisher these are people who you can pick their brain Felix Lee from sopi is running uh the US digital program so I urge you to take
This event as the first of many that fley and Endeavor will do we’re going to do things on a quarterly basis and the purpose really is to excite your imaginations so thank you so much for coming here today and thank you for all these participants um now I’m going to
Turn it back over to my friend in I couldn’t have said better than what Dr Mar said actually um to be frank I have a long list of actually the people you would like to know who actually part and sitting with you um I’m not going to
Name actually panelist because I will be naming them later but still actually uh of course uh we have senior sales director UF heal of licenses from MERS of U miss Colin Hill uh we also have executive director of Life Sciences of JB Morgan Philip E Abner uh we also have executive director
Head of noreast life s of JB Morgan George sentu we also have global commercial head of digital health of as Julie Fishman let’s keeps on going let keeps going of course the CEO of sun downside um Medical Center Dr David burer um and the unro Martinez um very P I think I
Said it right willly Pand head of corporate development and innovation of mass challenge so really really such an amazing crowd I’m so glad with that I would actually like to invite David from uh David is uh uh the global chief medical officer of Microsoft he doesn’t need actually any
Introduction um I basically got a chance to talk to him for five minutes it’s so amazing and I think what you will actually find Microsoft has a lot of things to offer and I think a lot of resources as this basically the whole conference is all about is what where
This ecosystem is going and what actually the corporation government is actually doing to make it more Vi so you very much I notice that there’s a camera here so I’ll see right in the middle um so I’m often asked three question questions which I’m going to
Try to answer in less than 10 minutes and the first is what does the global chief medical officer for Microsoft do I guess I’ll answer that the second is what is Microsoft doing in healthcare and the third is how is Microsoft going to be able to help me if I’m a startup
So like hopefully I’ll cover those three but maybe I’ll start with a little bit about myself I’m a physician I’m an internist infection to Z do I’m a health services researcher and I’m a technologist in fact I began my career uh not even realizing that technology
Would be so relevant but in 1988 I was a computer science manager at the University of Michigan my thesis was Ai and Healthcare so I thinking this a while okay I wouldn’t clap too much because there really wasn’t a whole lot of AI and healthare very strong short
Pieces but a lot of cretive power hallucinations or confabulations and I found that I was uh really just thinking maybe out of the box but I wasn’t anticipating all the changes that would occur and we have seen dramatic changes over the past decade and more particularly in the past
Few years specifically with the evolution of AI going from AIML which is I called the traditional AI to then starting to Leverage The Deep learning neural networks to generative Ai and now within generative AI it’s more than just simply predicting the next word or the next pixel it’s actually tapping into
Vast amounts of knowledge and extracting it presenting it in a way that people can utilize it and democratizing it across an entire world through a natural language interface and that’s the reason why Chad gbt is the fastest growing application in the history of the internet I think many of you you know
Are familiar with Instagram Google uh Yahoo at the time I faster than all of those and it is surprising because what we’re seeing is it’s continuing to get better and better and so what we’re not recognizing is that in order for us to be able to apply these newer Technologies in the
Industries we actually need to translate business problems into things that technology can address and while Microsoft and a lot of these other companies have incredible Technologies and expertise in the Technologies they do not have a lot of understanding of what those business problems are so in
The clinical space there are a lot of problems and you know having been a practicing clinician on faculty at UCLA and and the cedar Sinai and the VA and working in other areas I saw it firsthand and now working closely with providers payers Farm attch Life Sciences across the board we see that
There’s so many different problems all of which have unique challenges as well and so we can’t just take a general purpose technology and apply it to these areas which I’m sure all of you know and so they need these translators so I work very closely with the clients and
Partners across the globe ultimately to figure out how Ai and other Technologies can be used to improve upon their outcomes and so that’s a you know a really exciting area and opportunity for us to start thinking about how AI can be a transformative agent and I’m I’m not
You know working with large companies mediumsized and also small and as we start looking at the small companies startups we recognize that the the amount of innovation that occurs within that space is far greater than the amount of innovation on the the big company side and what we also
Collectively and what we what we also recognize is that there are a lot of limitations and you know in addition to all the things I mentioned I’m also an entrepreneur who early in my career and this is how I got to Microsoft I was a co-principal of a startup and at that
Time I can tell you like many of you we were just having a conversation earlier it’s difficult because you’re wearing every single hat you’re the product development you’re the sales you’re the person pulling all the funds in and it’s really hard for a small underresourced organization to be able to do all the
Things that are necessary to grow the business and so that is a challenge but when we think about where we’re allocating funds it has to go into a lot of the infrastructure things like making sure the data is secure making sure you there a lot of cyber attacks out there
Making sure that it’s hippoc compliant making sure that it’s interoperable making sure that it actually leverages the latest and greatest Technologies like GPT uh as opposed to using older models because if you’re not doing the latest stuff and you don’t have those protections no one’s going to buy it and
So that is a challenge and what we realized at Microsoft was that that’s stuff that doesn’t have to be done by the startups and so our objective is really to provide a level of infrastructure that enables every company whether it’s small medium or large to be able to do more in fact
That’s our mission Mission has changed used to be about putting a computer on every desktop it’s now about empowering every individual and every organization to be able to achieve more and we do it by leveraging the technology so let me describe the technology sometimes people
Think of it just as cloud and AI well it’s kind of a nebulous concept well it starts at the most basic level of the data and understanding how you can secure the data and ensure that it’s protected against all the cyber security attacks and things of that sort the
Second layer on top of that is enabling us to be able to take the existing knowledge that we have within the industry and building those capabilities so it Healthcare is Hipp up you know life sciences be GXP compliance I me there’s a whole series of mechanisms
That we recognize that have to be built in and then it includes interoperability and fire compatibility now integration to existing systems and if you’re a startup trying to integrate into the EHR if you’re trying to integrate into existing uh larger system it’s really tough to get people’s attention it’s
Better to leverage an existing Channel which we have already built the paths for so that’s a critical part that you don’t have to take care of so you have to worry about the cyber security elements you don’t have to worry about that that that other layer uh which is
The very industry specific and then you get to the real exciting stuff the AI the generative AI in particular and as we think about the generative AI we have now an ability to do things that we could never Envision before I mean we’ve been talking to Farmer life science
Companies there was a a model that they had built built the traditional AIML on high performance Computing uh and it took them many many years to create a partial fold and they were wondering based on their current rate it would have taken them another thousand years with the existing high performance
Compute to complete the complete F actually took them a matter of months with the generative AI That’s the power that we have with this amazing technology and we’re seeing it right now being applied in clinical practice where doctors and other nurses are now being able to talk to the patient and it’s c
Caped and it’s seamlessly brought into the medical record all what used to be science fiction is all real today largely because of the advancements we’re making and so we’re now recognizing that this is an incredible tool let’s I leverage that and you don’t have to build it yourself you can take
It out of the box is part of the package and then we stop Microsoft goes maybe 60 80% of the way on the stack the rest of the the the 20 40% is all done by our partners and our belief is that the only way we’re going to solve the problems in
Healthcare is through a very large ecosystem that is supported by large partners and so how do we support you we have a program that’s called Microsoft startups and Microsoft startups is designed specifically to encourage organizations to start leveraging Cloud so you know taking advantage of the Azure credits so you can actually get
Going but more importantly than beyond the the technology benefits that you can get everything I talked about there’s an opportunity to work within Microsoft and its partners to leverage our entire ecosystem every major country uh healthc care uh key players whether it’s on the provider side with electronic health
Records whether certain uh sides on med tech Farm Life Science all of them have existing infrastructure players that you have to somehow find ways to integrate it we can help you co-sell into it we can create marketplaces for you to get exposure and it’s a lot easier when
Organizations say we’re going to bet on Microsoft and oh by the way there’s a large number of Partners that can be flipped on if you’re interested as opposed to trying your to break through the doors yourself and so that’s really what we want to do we want to make you
Successful so my goal here is to let you know uh what we have we mentioned Martin mentioned Sally Frank Sally runs our program called Microsoft for startups I would highly recommend that you take a look at that it’s uh on you just look it on the website you form you can fill out
And you can get En roll you can roll very quickly it’s a it’s a fantastic way to start uh and I’m here for the rest of the day to answer any other the questions so I want to thank you for your time and look forward to the rest of the
Program thank you very much David um I would just like to invite van uh van is actually going to introduce to the president of cbsm Dr for sharing that framework and those insights uh now we’d like to invite um Tom me very same career and working with a lot
Of different Investment Bank ah you’re way too kind thank you thank you D for including us and I just wanted to spend two quick minutes and let you guys know what we’re up to at the club specifically related to entrepreneurship about two years ago we launched a a group called Columbia
Angel Network um affectionately known as Can Has anybody heard of it one excellent two yes this part of the reason while I’m here we’ve been here for two years and uh we have about 500 people that follow us on the website and through other channels but um specifically it supports the ecosystem
Of Columbia Founders and entrepreneurs it’s not just the business school I think there’s 19 or 20 different colleges across the campus any entrepreneur that’s tied to Columbia we would love love to have you you know check out our group um there’s a few things that we do the most the most uh
Important one I guess is next Tuesday evening um DL papers hosting us we run quarterly shark tanks so every quarter we get 40 or 50 companies that are all part of Columbia we pick three and they pitch to a group of investors and we try to raise capital for them it’s it’s not
Like we’re going to raise millions of dollars we typically raise anywhere from On The Low End 25,000 to the high end maybe a quarter million so it’s not going to change your world but it’s a great way to at least start raising Capital the networking effect of our
Events I hope are similar to what’s going to happen here tonight and Beyond so it’s wonderful evening plenty of wine and and cheese and for the founders in the room U one of the other things we do for the club is through the club is lots of times people are just getting started
With raising Capital One of the things we offer any founder is the opportunity to pitch to the council as we call ourselves there’s no titles or anything we’re just the council pitch to us we’d love to give you feedback on your presentation not only in how you deliver
It but the actual materials you’re using and we found to be very very effective in making the presenters just more effective at successfully raising Capital so that that’s all I wanted to say any questions that someone might have I could answer good well the last thing I’ll say
Is and we promise not to stalk you but you’re probably all going to get an email at some point in the next 24 hours just to invite you formally to our event we hope to see many of you there so thank you thank you so um thank you very much David and
Uh somebody actually told me um this what actually question asked one of the uh EHR company has that how you actually handle that data inability the answer without actually naming the person I would basically say the answer was that when everybody is on my platform then there is no need
Of so I think so good to see actually that there are parties Microsoft is actually inter and then putting that infrastructure together itself also and I there is a lot to come from opening I it just has started so it just started and the conversation goes actually from
How you jailbreak it and then don’t actually get Twitter somebody posted that okay how this actually you break it but I think there are lot of things um which actually entrepreneurs can do what basically David mentioned 20 to 40% that is actually a lot of value I I would
Basically said please uh pay attention to that and many of you will be actually doing that already so with that I will actually start the panel I will invite actually panelist um panel members Dr Martin uh Dr Felix um the U also so M um the and Matthew
Mag so how many of you love New York City I’m so glad I think I’ve seen actually a hand from a person who is from Atlanta actually there’s no City like New York I love um with that also I would basically say uh that um my I would like to
Introduce myself I’m deep sorry if I’m introducing myself twice but I did already so I’m actually chairman of healthare Committee of col school club and also the CE of next um next is a technology and data science services company and U with that I would actually like to let actually uh
The panelist introduce themselves to the audience um first I will actually say Dr Martin gersen he’s actually the managing partner and CIO of endover vure funds Matthew McAn who is actually the director of Nic Alex Lee who is the US digital medical head of sopi Michael Bon who is actually the
CIO is actually cmio they’re the same they’re the same thing New York City Health and hospitals ping who actually has come from Minnesota and who is actually the CEO of the Roxy the and we Bally have chosen this panel because you will see the the bread U
From Finance to to government sector to the private sector to actually uh the nonprofit organization as well and also the entrepreneur so the view from everybody will be actually um see very useful with that please um we love to actually you can introduce yourself to our AUD this appreciate hardest part
Of turning the microphone so first again I really want to thank everyone for being here it’s a tremendous um combination of of skill sets and interest and passions and and that’s I think what we’re going to highlight here so my background is a little bit of that so I started out as
An FDA attorney I thought I was going to save the world I do my best to still do do that um and then along the course I did get a back uh an academic background in public health and Healthcare economics and in this course I saw how
Important it is to be able to combine different skill sets and so I took the leap and I got my medical D I’m an oncologist an immunologist I did some Neuroscience uh uh basic research as well and then in the course of this I saw all kinds of wonderful things
Happening in medicine and Science and Technology and I got inspired um I got inspired and I did a startup and then I did another startup and another startup and these were all patient Focus patient Centric patient facing because the patient experience really was not so great 20
Years ago it’s improving and in the digital landscape and the digitalization of healthcare is improving that process so I then went on and through these different startups I transitioned into finding a finance uh organ so it was a hedge fund I know I say that cautiously um it was a good hedge fund
Uh and then that morphed into Endeavor one which was launched in 2009 very much focused on biotechnology very much focused on you how can we bring technology to create change I’m proud to say that we were one of the investors in Mna so maybe all of you have a little bit of our
Sorry for the viser person here but um that that more over into 69 Investments um we exited that and then brought that forward into our gent studio and our series B fund which brings me here to the digital landscape and working with companies you know like Microsoft who represent incredible
Opportunities to integrate um really amazing new technologies is what this is all about so thank you for for letting me kind of spread the gospel because maybe I still have a little bit about save the world in me and that’s again a catalyst to everybody out here to speak to everybody here
Afterwards you would to all right I I got the microphone um so I’m like uh I’m a practicing emergency medicine physician I got into that whole Healthcare it landscape infrastructure completely by accident I went to for residency I wound up at one of preeminent places in the world for
Healthcare informatics and I proceeded to have zero contact with the group the entire time I was there um I had no interest I was interested in being Ain I was interested in operations I was interested in finance I was little interested in academic but that was killed pretty quick um I still write
Both chapters by mistake more often than I’d like to admit but it’s it happens um the reason I say that about not wanting to be involved with tech is that I don’t think that’s the main driver of things like when you’re working in healthcare you want to stay patient focused and a
Lot of times people lose focus on that so when I’ve come at I when I was first asked to be a chief medical information officer I told them they had the exact wrong person I they had no interest in coding I had no interest in all these kind of things because I misunderstood
What these types of roles and these kind of interactions were supposed to be which is actually looking to people like a lot of people in the room that are doing Innovation and applying that to healthcare to actually drive patient benefit to maybe give us some ARG that
Can actually go out and do more good for our patients with so change eventually you know I’ve done very very bad I told these guys this before I’ve done a very bad job at every stage of my career predicting what the N next stage will be
I’ve prepped for a job and we gotten a slightly different job and then very very happy about it um but I think being open to what technology can do to improve Healthcare has been really my passion and that’s why looking forward to sharing with you guys
Tonight Felix you want to go next sure okay um uh Felix Lee so I just continues to be the hardest part yeah yes okay um so I I’m Pharmacy by by Background by training practice and in the UK um I’ve had a bit of an Eclectic Journey um I
Spent um 20 plus years in in rolls around strategy Innovation more now towards transformation um in different in different areas inside Healthcare outside Healthcare um and um uh and it’s it’s been a a journey that um has taken me into building up new business models build Partnerships build Investments
Investments in healthcare um and then into building products and services um and uh I’ve been nine years now in in CI so as you know very big part company um I started working along the continum of drum development from the commercial front you know from early stage all the
Way through to life cycle management um but in the past few years I’ve become fully dedicated to digital Health which um in in my role um is actually um something completely away from drugs which um is not very usual or common in a drug company um and so I work on
Patient facing digical Solutions are drug agnostic that help improve the management of chronic conditions and we do that by partnering um we work with innovators um out there um we run Partnerships that help us sary growth um we’ve worked on things like commercialization um enhancing produ development uh in evidence Generation Um
In order to prove value to the different stakeholders the payers the Physicians ET um and I’ve also been fortunate along this journey to have worked in different you know on different sides of the heare ecosystem so the payer provider side to the investor side to the drug development side and then also
Great thanks um I’m mat mcmah I’m the director of the seat office at the naal Institutes of Health and many people know that and think of NIH as the largest funer of basic biomedical research in the world but what most people don’t realize is that we’re also
The largest seed stage investor in small businesses in the United States so we’re spending $1.3 billion every every year and totally non-dilutive Investments and around 1500 small businesses across the United States on Healthcare space and the reason that we do that is because the vision of NIH is not just to
Understand the basic biology of of human experience but also to apply that knowledge to the betterment of um The Human Condition and so what we’ve been trying to do over the last few decades is really build a a comprehensive pipeline that can take those basic science discoveries and at the earliest
Stages help those innovators turn a science project into a product development project and give them the tools and the resources to do that so that’s not only funding through the SBI and St programs um but it’s also wrapping around entrepreneurial and business development services around that funding so that we can really
Position people to move those Technologies into the private sector where they can make their way all the way to the Health Care um environment and really affect patients so my personal background I was an Opthalmology and vision science person for a number of years I was the uh
Principal scientist for a company called second site that developed a bionic eye um but right before second site got Faba approval actually moved to DC to work as a science and technology adviser in the Senate I spent some time there um went over to the House of Representatives and
And spent some time there as a science advisor and then made my way to the National Institutes of Health and so I have kind of a broad background that that helps me be able to come up with ways and and lead a team that can really help bridge that gap between the way
Scientist think about their discoveries in the laboratory and and what they’re going to need to know and the relationships they’re going to need to build and the steps that they will need to take to actually turn those discoveries into something that’s useful and we have uh a really good track
Record of successes in that area and we’re doing more and more and developing more relationships in the investment world we have a formal relationship with the angel Capital Association um we we love to attend events like this we’re trying to to build an ecosystem that really enables people to
Be successful and and to take more of those discoveries and and actually turn them into things that whole patients everybody um ping yay the Minnesota guy and hello New York a lot of um fond memories 30 years ago I actually performed at Lincoln Center um any musicians out there um no I believe
Yeah okay so Mo on my background um te actually a nanotechnologist um from uh UC San Diego and I spent the first 15 years my career in tech for companies like Seagate um Samsung Del moving a lot of technologies that are in data centers and all your phones all our
Phones um in the world so that was crazy but I moved up to stack so from nanotechnology into hard drives and solid state and then into Data Centers for Dell um and then about 11 12 years ago was diagnosed with um blood cancer uh hotk Loma blood cancer which changed
My life tremendously and when I went back to work I didn’t feel the same passion uh for uh putting more exobytes and pedabytes and and all that stuff um and so I formed my first company which industrialized human brain organoids totally random but it was my experience
In cancer um I was actually resistant to uh cancer treatment uh for for hodin and F and I had to do all different types of crazy treatments which was very toxic so I was actually quite lucky to survive that so um why the first company was about creating uh better human models to
Discover what drugs might work for people better so that’s kind of how it started and so I guess now I’m a Serial entrepreneur I helped uh get a couple other companies off the ground and now more recently um a couple years ago I was advising a team of Boston Scientific
And they asked if I would uh take their technology and commercialize it so uh Little Show and Tell um they’ it’s now shrunken down but this is a uh mobile breathalyzer that from a minute of breathing captures a metabolic snapshot captures a metabolic snapshot of one’s
Body and so we can relate those breath print patterns uh from one’s uh breath and uh relate that to whatever group of individuals or stud so we’re starting with lung cancer first um and so that’s what I’m busy with thank you awesome awesome is actually so the question comes is that
We all love New York City um and it’s a great City but what makes it great I think um I have my theory um there are 5,100 Li bis companies in New York state New York state gets the maximum funding from Ni they are actually the number one in
The talent when it comes to stem and also the life SES really number one and if you talk about universities there are 100 universities and there are more than 100 accelerat and incubators in this city and colia is actually one of them of so with that said U the question
Really comes to my mind is that what strategic initiatives are actually undergoing in your organization which promote Innovation entrepreneurship and healthare ecosystem anybody would like and M you would like to go first or you have a mic so have a mic so thank you very much for that thought-provoking question and I think
It it centers around how do we deploy Capital as Venture capitalists why do we deploy Capital what is the mission and the vision and what are the resources here in New York that help accelerate that so in Endeavor we have what we call the diamond approach to investing first
Is we need to find a CEO that is a leader and that leadership skill set can be built out we’re fortunate to have an incredible director Danny Fernandez who’s back there um who’s director of leadership and branding um and Communications all these things are part of what it takes as a
First step to build a great company and I think you will in New York City you know there’s many organizations that these young entrepreneurs can go to for feedback so deepo mentioned a little bit about what Colombia is doing there’s a number of other institutions as well so that’s the
First point the second is how do you build out this leadership to create effective teams one of the things that I find in being a moderator for many different events uh globally is there’s a commonality from industry that says we want teams that can actually deliver
What the CEO thinks they can deliver so effective teams to be able to integrate their Innovation into our hospitals into large ecosystems which we were talking about just a few minutes ago is critical and so building out those teams requires collaboration and universities across the the New York area certainly help in
That right here uh just a few blocks away there is the Alexandria Life Sciences Center which is now backed in part by Chan Berg foundation and we are participating in that that signaled one of the things that I think is is very very important for us an Endeavor it’s important for us to
Recognize as investors where is the money going so what is liquidity Channel and I urge you all as young entrepreneurs to think about that it’s not enough to have great intervention it’s important to have partners and that’s what what evening is about finding great partners and New York is a
Hub for that one of the motivating factors that deepo and I thought were very important to bring to this event was the notion that there is a hub here in New York we are working also with important organizations like New York City Economic Development Corporation who support really bringing in compan in
The New York area and hope to work more and more with NIH now you know that you’re the biggest investor here um I think the other pieces which I think again are Center in New York City are great strategic Partners so sopi and fizer and Merc on the um industry side
And then Mass challenge she’s represented here by ernesta who I hope you all have a chance to meet um trade BS from Tech Stars uh couldn’t be here this evening but as you probably know some of you uh may know that I am um the senior investor in executive residents
At teex stars and we have a collaborative partnership with techar so these are all things that are here in New York um or in the surrounding community that young entrepreneurs can take advantage of and and finally what’s really important with liquidity so in New York there is a ton of liquidity you just
Have to be able to tap into it one of the things that’s happening in healthcare is that organizations like Microsoft and Google are putting in a hundred billion dollars into the digital healthare space so we as investors yes want to save the world but we also want to find real growth scaling
And commercialization Pathways so that’s what I think New York has it has Google Ventures that has 255 investments in the past few years they have 55% of their entire Venture team is he so what I say is that in the next 10 years my prediction is New York will be the
Digital Healthcare Hub of the United States because of all these things that we’re talking about today and we will find a better way to protect our Woodes well I I I don’t know what I can add to what Martin said that is that will that will really add any value but
I think that from the perspective of NIH we’re obviously funding Innovation all around the country and the the the powerful Nexus of of talent um Capital uh experience that that exists in the the New York ecosystem I think that it’s events like this that help to bring
Those things together because we see all of those bits and pieces all around the country but the the ecosystems that are successful are the ones that are able to harness all of those individual pieces and facilitate the connections between those pieces to be successful so you can see
Many different places where all of those bits and pieces exist but it’s a limited number of places where um it it takes a it takes a certain amount of vision and Leadership to to bring those things together and I and I think that we will indeed see that happening in New York in
The future so from the nonprofit healthare system perspective on this it’s might not be what all the early stage investors want to hear but when you start to look at this what you what I really want us to be part of the ear majority I would want to position my healthare system to
Invest some technologies that have been proven to work so I minimize my risk like that’s that’s our perspective that makes sense everybody but that’s hard from the other perspective so I think focusing as much as you can on what you’re what the actual value composition is to the healthare system or whoever
You’re selling to or partnering with is kind of I think that core hardress everyone can actually as the audience those that are like Founders starting new companies can you raise your hand so I know where that’s fantastic and so every time I attend something like this because I’m
Often the one um in the audience and I always want to see if there’s a takeaway um you know and learn something um I think things and tools that have helped uh me over the years um there’s there’s the EOS system um on entrepreneurial operating system have you show up hands
Of anybody who’ve heard of it couple Okay so like 10% of the people who raise their hands so from a strategy standpoint that’s a really nice way to take uh goals and visions that you have 10 some years out and breaking it into manageable achievable chunks into like
Three months so really highly recommend that and of course um You probably by now um especially on the coast here Lean Startup and business model campus and and all of that so I won’t won’t cover that but I was just talking with Norma earlier um you want to raise your hand nor
She she’s been advising CEO for like 50 years she was telling me so we talked to her um but we were talking about um how quickly technology is changing nowadays and um and and and she had a really interesting Insight which is you know it’s not uh is really focusing on what’s
Changing every year you there’s of course your vision but right now with so much change that’s going on in technology um how does that then influence your plan or right and so that’s something to think about advocacy uh we think about um in terms of what
We’re going to what’s going to help us get to where we want to go we got to find strategic Partners we have to have access to um clinical partners that can give us access to patients because we don’t have the patients and they do um
So it’s about driving uh that for us um but it’s also for example thinking about the fundraising environment last year I’ve been hearing that last year was one of the most difficult fundraising climates of the last decade so if that’s the case and you’re all raising trying
To raise funding uh what how what’s the contingency plan and so there are things like um in addition to NIH um there are things with the Department of Defense there’s things with the CIA there’s with HHS and varda and there’s tons of opportunities out there I think arpa itself arpa h
Um is getting $ 1.5 billion um and I was had the opportunity to sit down with a director H yesterday at the capital and so hearing their their Vision I just highly recommend that all of you um check out their site because it’s a different approach than
The NIH way of funding and so hopefully that’s helpful to all of you maybe just maybe just a quick note from from the industry side um so I think when especially when you look at big companies right so there are many different sources of potentially where you could have entry points to partner
Um or um uh to partner and either get you know Financial um Financial returns or um or or share or share the risk of developing product right um and for example you know for for us we have you know we have Ventures Co Venture arms which many companies do um and that may
Be to help feed the PIP L of you know what is strategically important for the company in the future um and for example we also have you know an incubator called um called future for care um which today is much more around in Europe and we have centers in France and
Germany um and in the future may come to the US um and and and inside the company different business different business units you know are looking out for partnering with different kinds of startups um or or people who have you know technology Advanced Technologies um and and then which is separate to you
Know people who may be in R&D um you know who may be looking at how to improve the efficiency and and productivity of of of um of of the research and development process um and even you know out in manufacturing and supplies um you know and another way of
Looking at um how digital can help um with with with productivity um and also minimizing U minimizing down and risk Etc so I think there are when you look at a potential company that you may want to partner with maybe just go that level deeper into thinking about who you may
Best relate to um so that you um so that you kind of try to navigate your way into into the right entry points um and because companies like us are so big don’t give up just after speaking to one person that person has no clue what you’re talking about and it just means
You may it’s so amazing actually so many I think I don’t know half of those as I think has been very helpful the um regulations are changing um markets are changing investors are actually changing with that um we talk about technology change um but how many of U actually the
Companies using facts is still can I see the hands maybe they don’t want to raise hand okay but at the same time Genera is of course it has changed the changed how we basically work day today and in the organization as well if you don’t have the generative AI
Or the AI word in the first three sentences as an entrepreneur it’s going to be hard to actually raise the radioi was actually were mentioned 3,000 times in the ,000 UNL last 170 done in that so um definitely u a lot is changing and um so that actually
Brings also from the dhn persp which is actually how the digital Health New York is actually getting funded it will be very surprising you actually hear that the top companies which are the areas which are actually getting the funding is R the biotech is number one then actually um patient provider enabl
Before actually patient engage patient engagement is actually the last inter um Women’s Health mental he these are actually the getting a lot more and with that all that said um that’s actually what data is say but I really want to hear what you are seeing in daytoday your life when you’re actually
Talking to entrepreneurs is that is actually fueling this investment moment I would love to actually know so you’re right everybody’s doing bar language model better than AI right now and the vast majority of vendors that come speak with me are about that and the vast majority of enders we go
With are actually neural network and machine learning and something that is not generative Ai and not saying it doesn’t have a r not saying it doesn’t have a future saying here but it’s not what’s been proven and so it’s not what’s been proven and there’s so much more work we
Can do with the other tools and so where I think AI or genitor AI might factor in is building on some of the machine learning their own network stuff so this very much one the heare um hital perspective but when I want to figure out how to like make my workflow better
And you look at like C optimization like doing diagnoses all the well not diagnosis but to triage this up bring up my radiologist quicker that’s a neur right like so no generative AI there when you look at um how do I make my claims better right so the revenue cycle
Is a huge area that’s the machine learning so I I really listen when people are doing their sales pitch to me and I with us we’re looking for partners but got tell you I am somewhat you know you guys ever seen like the hype cycle about where things stand but I think
Generative AI most people think is kind of at the top of the hype cycle I do think there’s going be long-term productivity there I just think it’s it is about the use case and is about partnering with somebody that has a use case that works and if you’re going to
Come to me I’d like you to have a use case that really works and I would ideally like you have done that with somebody else already that last part is almost possible that very rarely happens um but yeah no I think it’s it’s and I always feel like so many people feel
Like they need to tell me they’re an expert in generative AI large language models and I I think it’s almost all putting it’s if you’re whatever you’re good at I’d love to hear what you’re good at okay so I rebound on why I think patient engagement has the lowest has
The lowest level of investment is because it’s the most difficult commercialized who is going to pay for patient engagement and that actually is um you know if I improve your workfl you will pay so and if and even today if I go to a health plan and say I will save
Money they may not pay me because they will ask when are you saving me the money right if within the next two years okay maybe I’ll consider it if it’s beyond that no I think not so so I think one of the things that is tricky especially from investment perspective
Is to look at the commercialization model and in my area in digital Health it’s not very well proven you don’t have a lot of success successful cases um you have a lot of different technology trying to make their way in but they are based on products and Technologies
They’re not based necessarily on models that actually gets paid um and so I think we need to bridge that Gap and really kind of and and I don’t think any any one one side of you know responsibility right I always say digital Health has no owner in the ecosystem everybody is talking about
Using digital Health but nobody owns it it doesn’t belong to the payer not the provider it’s not like any other thing inside Healthcare today providers with Health Systems drugs with Farm companies right and so so I we really need to think about it in much more collaboratively in in an ecosystem man
And if we can unlock that and figure that out I think patient engagement is going to go up jna I will probably have a lot of pability in actually in patient engagement it will actually help save people from having to go to hospitals um if we are able to leverage
That wealth so I think that is a bit tied but I agree J is too much us with is in every single conversation but the key for me is finding the right use cases because today it’s not the technology advancements are there that is not the revolution that Healthcare
Needs Healthcare needs the revolution of how to implemented that is not necessarily how we coin Revolution but this evolution is actually a revolution in healthare [Laughter] so I just want to add on you know to these incredible comments um from it maybe with a little bit of a
Different perspective um because I sit in it in in a different pattle I look at things in a temporal course what’s important in me here and now and I think that that’s a lot of what you just heard like what is important to hospital decision- making Here and
Now what is important to large industry here and now um so as an investor we break things down into a different Cadence and a different kind of temporal course you want to skate to where the puck is going because we think that the return on that investment is going to be
Exponential so we do want to address the concerns of the here and now and we do that in some very specific ways and I think recognizing for example what is really important to Microsoft and they their largest investment ever was Nuance at 19.6 billion that’s a statement not
Only here now but you know for the next 10 20 plus years as investors we want to excite the the entrepreneurs out here to recognize that there are these two different channels you have to understand that your Innovation is met with skepticism on a Here and Now practical level you have to
Prove your case and that’s why it’s important to develop really strong teams that know how to execute so Michael talked about you ground work with companies that have already done it it’s really important to find collaboration Partners mentors and advisors to help you get through that journey and to build teams that really
Can execute and drive data so we’re very focused in this phase of finding strategic Partners whether it’s hospitals or large Enterprises to do projects together I don’t like to work pilot because for me pilot is binary like it’s success or failure projects you can stack on top of
Each other what I would also say is that skating to where the puck is going like Wayne gry said that’s where great players become seen you want to look ahead you want to be a bit of a futurist and so what I see in sopi frankly is a futurist scenario they have
Created future for care how many people here know what futor there is it’s not an in the American vernacular right now but future for care is remarkable they they put in over a billion dollars into this program there’s over 50 companies that are registered in this program and it’s unusual
Bedfellows orange which is a telecommunication company um Cap Gemini which is a software development company copi which is made a statement that they are not a digital Health company even though they make drugs um and um gener thank you generally and insurance company have all come together
To make a statement that they will invest in early stage digital first companies this has been replicated now in Israel with fizer and other companies M from Germany so I think that as an investor what I would say is what’s exciting in terms of these Trends is
First it’s critical to execute on the Here and Now sell your products based upon incredible teams that to execute and integrate know how to integrate those services that are connected to your Innovation into the hospitals into the large emps but don’t lose track of where the puck is going and for
Me circling back into this digital Hub in New York where the pck is going is everything is digital there is a digital transformation going on plugged into that and as leaders in your company know how to adapt know how to recognize that you have to address the concerns of
Michael and Felix but you also have to address my concerns which is we want to invest in companies that are going to defend 230x 5 10 years for now well I would say from our our team and and what we do is is mainly Focus very early in the
Innovation cycle and I would say the perspective that that I can bring to this is that what we’re what we really like to focus on here is what is the unmet medical need what is the clinical need that’s what drives everything so you know when you work with with early
Stage innovators and NIH funded scientists um you’re working with some of the most Brilliant Minds who are who are making these discoveries like groundbreaking medical discoveries every day in the laboratory but transitioning those medical discoveries into something that’s actually useful in clinical practice takes a a mindset and and
Requires training so there were some uh comments earlier about like The Lean LaunchPad and the um business model canvas and the the iore in core methodology and I think as early stage innovators as Founders it’s really important not to lose focus on um at the various early stages of development
Getting out there and using that iore methodology customer Discovery methodology to to talk to people talk to potential customers and really at the earliest stages of your product development have a good handle on what value are you actually producing so whether it’s generative AI or machine
Learning or AI I mean that is the technology that’s not the product so um I think that from our perspective we’re trying to train innovators to bake that into their mindset from the very earliest stages so in parallel with developing their technology they’re also developing the business case for that
Product at the same time so by the time they’re coming and speaking to investors or Health Care Systems they’ve already pressure tested that business case in the same way that they’ve pressure tested their technology and that’s the way um that we hope the innovators we support will be successful so from uh entrepreneurs
Perspective can I first see the hands up again of the founders and um my question to you is how many of you are keep them up please um how many are raising your first round of funding and second round of funding both what first round of funding again mostly
First round all right um so what have I seen um last year I raised a little over six million and I can I’ll describe how that went in my career I’ve done a little over 40 million not counting um getting onto the NASDAQ and that um process um what I’m seeing on the
Entrepreneur side is that um there is a lot of funding for early early stage actually I’m seeing that and I I grew up in Silicon Valley but I’ve traveled all over the country and um I’m seeing major cities of course have their angel groups I think you have maybe the most of any
Part of the country so I don’t want to hear it from you I guy from Minnesota I don’t want to hear about we don’t have you know enough SE in New York um you’re like swimming and and and resources here so um no complaining um um but um so so
I think there are ways um of funding I think especially when it can be difficult in the early stages it might not be with Venture it might be with family offices it might be with International Global fundraising organizations like ketu how many people know ketu in the room oh okay so so for
Those that don’t know ketsu is a global um uh platform it is pay to play to get in but and different regions in the world um have do more deals you have to like you can talk to me afterwards but can can be a little bit more uh fruitful
In what what you raised um and most cities have their angel groups as well so um I would say that’s what I’m seeing and then um had the opportunity to be at the capital the last couple days and hear um really what’s being funded I concur um arpa H has a huge new
Initiative that thanks for the nting heads um yesterday they launched um their effort for uh women but um and so please check that out um but I think the other theme that I’m seeing um is access um uh to Technologies or to in in rural um
And parts of the country for example um and I’m seeing also instead of sick care the transition to truly Health Care um is is the other big theme um that’s been around for a few years but I think it’s really coming to light actually learning L of time uh so I
Think my key take from what I have heard is that one + one is actually not equal to two it’s 11 so and that I would request actually our to actually give one takeway which you would like give to the audience um and I think because we
I think my one key takeway on to leave with you is as you’re approaching whether it is someone who may fund you or partner with you or buy your product service SE first to understand before you won’t be understood know where the pain points are of who you’re talking to do um and
Then how potentially your product solution may fit in instead of being so passionate about telling someone about what you have that you have not started the process of being with who you are um I say unless you’re Microsoft Google AWS don’t try to sell me on a
Platform that’s going to solve all my problems anything that I bring up as an issue you got tell me what you’re great at like tell me why what you can do my people shouldn’t do um yeah I think my single kind of message is become great leaders that’s really it they great
Teams learn how to be resilient learn how to adapt most important find great strategic partners and and I clearly Echo what has just been said understand their pain points this is about giving not about taking this is about your integration of your Innovation to meet their needs it’s not about you on your
Chest you have the greatest innovation in the world that’s worth worth a billion dollars it’s worth nothing unless it’s picked up by large organizations that are guing principle for I would say two things one um always stay focused on on the patient and on the value that you’re bringing that’s
Really the the key and also another thing um know know what you don’t know and try and find a way to develop a network and find the resources to help you with those things that you don’t know because that’s really you know the way to the way to be successful is to be
Be self Weare enough to identify those gaps and then be able to go out there and plug those gaps effectively I I’ve come from the same clock as you uh in the audience as entrepreneurs I’ll say that um after a decade of doing this um and then as an
Entrepreneur 15 years before that um I’ll say that one of my favorite things I’ve heard is it’s not about resources it’s about resourcefulness and um I have that on PO the not on my door as as I walk past it every day um I would say also um it’s
About my first company was it went through the pandemic it was very challenging and twists and turns and nothing it said that um startups at least uh have three near death experiences so being you that’s why you have to be passionate um because you’re going to quit um and so that’s why work
I love working with um Founders that won’t quit even if they have no money or they’ll do you know like that so I think um one of the key takeaways around it is when does when does your thing your company your vision of what you’re working on eventually die and it’s not so
Much that you don’t have money it’s when it doesn’t have the energy behind it and so I think after doing this for it will keep going if you have the energy so the game is not over for what you’re working on until you quit G not over until you quit and so um
And you’re going to have that situation come up when bank accounts low the deal didn’t happen a gazillion things happen that are like near-death experiences but what keeps you driving forward and it’s up to you if you don’t quit it just keeps going because you’re the energy behind
It I think will actually open for the question and answer but before that just let me tell that after the question and answer there are actually breakout session so you can actually reach out to the people sessions and then they can advice you they can actually talk to you so um we basically
Have in the breakout session um David R who is the global chief medical officer he’s actually outside you can see him there was also speaker we also have CEO of Sunni down state center and we have Antonio Sanchez who will be group VP of strategy and Business Development from
F great uh we also have who is actually us digital medical you already know and Michel B so you can actually reach out to them for the breakout sessions and we would love to actually talk there are some place we supposed to go uh you basically people who actually come to you
Who I think so this was actually a discussion and we but we found that is very inconvenient for people to actually go out and then go into the I would actually just say that you know please uh in this room um you can actually just have those
Cornn if somebody can actually help me passing the mic as well is there any question from the audience maybe Capital so maybe a question to Mike and everyone else kind of um the dirty secret of the healthc care it system is that 80% of the ehrs are based on the
Language which was developed 70 years ago and keep running right called Ms so my question to you is we are building on top of those systems new and new capabilities is there a CH is there a risk that you know that 70 or 80 year old backbone would actually collapse at
Some point of time uh with particular we start adding you know generative Ai and all that other fan St I think I mentioned that uh I’m not a coder nor do I have deep interest in coding um so with that is pretty flexible the day I don’t think anything
We’re doing in healthcare is so fantastically complicated from a Computing perspective would judge the EHR that we need more than what the current vendors have now what I like to do things better yes would I like them to do cility better yes would I like better artificial intelligence to
Predict which my patients have sepsis or which of my patients aren’t going to show up for their appointment so I can use that time slot for something else yeah I don’t I don’t think that the ehrs are what’s holding me back at the structure you know when I started
Practicing at some of my facility I’m not that old they were like literally that’s not that long and so this is which we so far relatively small period of time um I’ll just add to that is that might actually find that a lot of business is still
Running so um and at the same time I think in the history like if you and some developing countries actually just move to the new and then pass so you go outside the US you actually will find there are many countries com great topic um excuse me a comment I
Guess a question and I’d love to get a reaction the the the experts the panel um talk deeply involved in AI both traditional c classic and the newedition so um what I see happening and and I mean not the sport what I see that I think it’s
Attract to the to to the founders and many uh investors is more for uh better use of cap capital optimization of limited resources so if you think of what you could do with J to AI many of the traditional AI tools and approaches is you can do a lot more lot faster
Fraction of the money um in fraction time so it is new yes so I see that as as really from a from a speed to Market standpoint and attractiveness standpoint people can do a lot l a lot less money which I think makes I’ve seen this makes it much more
Attractive STS and investors yes with the anxiety I get all that so it’s the it’s a double-edge sword the other thing I’d love to to get a reaction on just personally and I am not a healthcare biotech expert but I have a patient and I’m father with four children and I live
A half a mile from Mar Hospital and uh we’re kind of frequent flyers over there over the years and um if I so month and a half ago I bought a pair of test sers on Amazon awesome experience it was convenient was fast it was low
Cost and it was clear that it was AA based platform they had all the data they he knew they knew what I wanted did you want to buy the same sh as last time you want to buy new it was they you know leverage all of I would say the cutting
And customer experience I took a child to a doctor a couple of weeks ago and was OB was say the exact opposite it was Inon they had the same question the same time five different forms six different places uh we were at the same question by three different people four different
Rooms and um so it seems as if all this Tech all this sophistication is um much more advanced in retail and in a V SE space than it is in the tell what you already know so here’s the question not You’ be critical world I’m just curious what is any of
You have any thoughts or predictions as what’s the next big bang no one lot of money game changing Tech big things happening big players cutting big checks is there something truly transformative where a patient begins um um that things have changed finally things we all waiting for C
Sy so I take care of patients in the emergency department and whenever I ask them about their medical history they just kind of J computer like go check the computer it’s in there they don’t care that they were seen at a different Heth system that doesn’t have Rel I
Think technal perspective everyone need share data but there’s maret Reas I think that’s information coming but it’s really more regulations doctor sharing with their patients people pmic I think that what shifted Behavior behavior and I think it’s wanting things that you normally get in a hospital but at home which is why we
Wanted so it’s not really answering your question around AI but it’s looking at those major uh shifts to behavior and um did you look at the last several decades whether it was you know SARS M covid-19 29 right I think um those those infe disease
Eving the pmic was I think fall that’s a big shift in Behavior one one just and actually one patient with founder side and thank you gave a lot of great insights this is a growth partnering conference and my question is towards that because that’s what we trying to do at our
Startup a challenge that I see coming in from technology originally into health is that everything is bound by reimbursement codes and it took us a while to get over that find the right person the right RCM expert build a financial Roi model can’t do Innovative things right because not
All payers May support that so you to go back to existing things so I’m a bit surprised I almost feel like there needs to be an innovation Cod or something like that because how do you get the best how do you go down that efficient curve which we see in other products
There’s no way to facilitate this and I’m struggling a little bit like even with the health systems they want to First do industry sponsored research start get money right to get money they want data to get data we need to give money and then I have the reimbursement
Codes but they won’t do a Qi study first it has to be an IRB driven study so give me some money let me do the IRP study then we can see the codes I think it’s all backbook coming from uh the other side of the spectrum and I don’t know if
This is ruffling any feathers but I’m seriously it’s a burning question to tackle your question because it’s a big mess and um we’re lucky to have some amazing resources in our Network I mean one of them uh in ter of reimbursement code just the reimbursement Insurance acceptance code
Like that whole path it’s kind of crazy um we work with United Health groups in it’s really close um and they’re running um they’re taking their data of they like data so they’re running data and looking our intended uses of our device and saying okay assuming that your
Device is used here here and here how’s that is there clinical utility what is the clinical utility one and then there are expert out that do know that allert I think we have to think itess um not it’s not like oh we’re going for FD approval and you like oh
We’re done you’re like you know there’s still a long ways to go but you have to have your P you know how are you going to um how are you going to work with the professional societies to influence Anning eventually to uh get your Cod right so there’s there’s a lot of
Different things that you can do but it takes time you can’t show off at FDA approval and say oh so thank you very much um I really so really thanks everybody for your time thank