Edward Lando | Getting From Seed to Series A in Longevity Biotech @ LBF + Longevity Workshop 2024
Summary
TLDRThe speaker, without a formal background in the field, discusses their experience as an angel investor in various industries, including longevity and age-related diseases. They question why more money isn't directed towards solving these critical issues and propose that it's a marketing challenge. They suggest that with increased awareness, successful examples, and reframing the narrative around longevity, more significant investments can be attracted. The speaker also highlights the importance of government funding and patient capital for such long-term projects, offering insights into the potential of the longevity market as an investment opportunity.
Takeaways
- 😀 The speaker lacks a formal background in the space but has been investing for about 10 years and is actively involved in various companies.
- 🤔 There is a perceived marketing problem in attracting more investment towards aging and age-related diseases, despite their importance.
- 💰 The speaker expresses surprise at wealthy individuals choosing to spend on luxuries rather than investing in solutions to significant health issues.
- 🚀 The speaker suggests that with more success stories, people will become more interested in longevity and health solutions.
- 📈 There is a time horizon problem for venture capital firms with typical fund life cycles of 7 to 12 years, which may not align with the long-term nature of health and longevity research.
- 🌟 The involvement of eccentric billionaires and government funding can help kickstart industries that require long-term investments, like space and electric vehicles.
- 💡 The speaker proposes reframing the marketing of longevity to make it more appealing and understandable to a broader audience.
- 🏥 The speaker highlights the potential of early-stage research and the need for support to transform academic work into viable companies.
- 💼 The idea of a longevity index or ETF is discussed as a way to allow more people to invest in the space without needing to pick individual companies.
- 🌐 The speaker believes that a paradigm shift is needed to move longevity and health solutions from the fringes to the mainstream.
Q & A
What is the main issue the speaker believes is preventing more investment in aging and age-related diseases?
-The speaker believes it is a marketing problem, as many wealthy individuals are not aware of the potential of investing in longevity and age-related disease research.
Why does the speaker think wealthy individuals often choose to spend their money on luxury items rather than investing in important causes?
-The speaker suggests that wealthy individuals may not fully understand the impact and potential returns of investing in longevity research compared to traditional luxury investments.
What is the speaker's view on the current state of marketing for longevity and age-related disease research?
-The speaker views the current marketing as insufficient, with the field still being considered fringe and not yet mainstream, which hinders investment.
What examples does the speaker provide of successful fundraising in the medical field?
-The speaker mentions the significant donation to the Penn School of Medicine by the paraments and the increase in high-value gifts for cancer research and education.
What does the speaker suggest as a solution to the marketing problem in the longevity field?
-The speaker suggests reframing the marketing approach, creating consumer brands, and showcasing success stories to make longevity research more appealing and understandable to potential investors.
Why does the speaker think there is a time horizon problem for venture capital investments in longevity research?
-The speaker believes that the typical venture capital fund lifecycle of 7 to 12 years is too short for the long-term returns needed from longevity research investments.
What parallels does the speaker draw between the longevity field and other industries that require significant capital and time?
-The speaker compares the longevity field to space exploration and electric vehicles, which also require substantial capital and time to yield returns but have seen success with the involvement of eccentric billionaires.
What role does the speaker see for government funding in longevity research?
-The speaker views government funding as crucial for supporting longevity research, especially during the early stages before the market proves itself and attracts private investment.
What is the 'Fellowship idea' mentioned by the speaker and how does it relate to longevity research?
-The 'Fellowship idea' is a proposal to fund early-stage research in universities and help transform academic work into viable companies, specifically in the field of longevity.
How does the speaker propose to make longevity research more accessible to a broader range of investors?
-The speaker suggests the idea of creating an index or an ETF-like structure that would allow smaller investors to participate in longevity research without needing to be accredited investors.
Outlines
💡 Investing in Longevity: Challenges and Opportunities
The speaker begins by introducing themselves as an investor without a formal background in longevity but with a decade of experience in various sectors. They express surprise at the lack of investment in aging and age-related diseases, considering their importance. The speaker has invested in companies in the longevity space and questions why more wealthy individuals don't allocate funds to this area. They propose that the issue might be a marketing problem, citing examples of large donations to medical schools and cancer research, suggesting that personal connection often drives such investments. The speaker also highlights the need for more awareness and a shift in perception to attract investment, comparing the current state of longevity research to the early days of the computer industry.
🚀 Addressing the Longevity Funding Gap
In this paragraph, the speaker discusses potential solutions to the underfunding of longevity research. They suggest learning from other industries like space and electric vehicles, which also require significant capital and time. The speaker emphasizes the importance of reframing how longevity is marketed to make it more appealing to investors. They propose that once there are more success stories in the field, public perception will shift, and investment will follow. The speaker also mentions the role of government funding and the need for patient capital, especially from angel investors who can afford to wait for returns. They introduce the idea of a 'Fellowship' to support early-stage research and transform academic work into viable companies, aiming to bridge the gap between scientific research and commercial viability.
🌟 The Future of Longevity: Overcoming Skepticism and Scaling Investment
The speaker concludes by acknowledging the current skepticism surrounding longevity research and the need for a paradigm shift in public perception. They compare the current community's enthusiasm to the early days of the computer industry, suggesting that time and success stories will eventually lead to broader acceptance. The speaker believes that the development of consumer brands and visible successes in the field will help normalize longevity research and attract more investment. They also touch upon the importance of having patient capital and the role of government and eccentric billionaires in funding high-risk, high-reward ventures. The speaker expresses optimism about the future of longevity research and its potential to transform how society views aging and health.
Mindmap
Keywords
💡Investing
💡Angel Investor
💡Longevity
💡Age-Related Diseases
💡Marketing Problem
💡High Net Worth Individuals
💡Cancer Research
💡Organ Transplant
💡Time Horizon
💡Government Funding
💡Accreditation
Highlights
The speaker has been investing for about 10 years, focusing on various sectors beyond just the longevity space.
They have helped start companies and raise funds, increasingly getting involved in longevity-focused companies.
Invested in several companies present at the event, expressing excitement about their potential.
Raises a fundamental question about why more money isn't directed towards solving aging and age-related diseases, given their global importance.
Expresses surprise at wealthy individuals' spending on luxury items instead of investing in impactful solutions to major health issues.
Suggests that the lack of funding for longevity research might be due to a marketing problem, using the example of large donations to medical schools.
Discusses the importance of reframing how longevity research is marketed to attract more investment.
Mentions the need for more awareness and understanding of the different approaches to tackling aging, beyond just treating diseases like cancer and heart disease.
Believes that as success stories in longevity research emerge, public perception and investment will follow.
Points out the time horizon problem for venture capital firms with shorter fund life cycles compared to the long-term nature of longevity research.
Draws parallels with other industries like space and electric vehicles, where patient capital and visionary investors have driven progress.
Argues that government funding can play a crucial role in supporting longevity research until the private market catches up.
Proposes the idea of an index or ETF to allow broader participation in longevity investing.
Suggests the creation of a platform similar to AngelList but focused on longevity investments to democratize access to such opportunities.
Talks about the need for a paradigm shift in public perception of longevity research to move from being seen as fringe to being accepted as a viable field of study.
Emphasizes the importance of consumer brands and visible success stories in changing public opinion and attracting investment.
Encourages patience among investors, drawing a comparison with the early days of the computer industry and the potential for longevity research to follow a similar trajectory.
Transcripts
Okay cool so um I'm going to start off
with a quick intro about myself so I
don't have a formal background in the
space like a lot of you um but I have by
the way how do I go next just these
arrows yeah but unfortunately like
because of the Wi-Fi is not great so
maybe is it okay if it's showing this
just a lower okay perfect thank you so I
I've done a lot of investing um not sort
of only focused on this space but I've
been investing for about 10 years or so
as an angel quite actively in a lot of
different people and you know I just
wanted to to share my perspective as to
how to potentially draw more money to
this space which is a very important
space I've also helped start a couple
different companies uh raise a lot of
money for them uh and currently getting
more and more involved hopefully with uh
with companies in this space I've
actually invested in a few of the
companies uh that are here today which
which I'm super excited about so I have
a very sort of naive question to start
with which I've discussed with several
people I think even in this room which
is like if if aging and age related
diseases is kind of one of the most or
the most important problem to solve in
the world why is more money not going to
it and you know all the time I'm always
shocked you know I sort of I I've met a
lot of wealthy people I'm sure a lot of
you have you mentioned you know High net
worth people all the time I'm always
shocked where sort of like you know
where very wealthy people choose to
spend their money you know on sort of
like their third yacht or their fifth
plane or their 25th house and I'm like
that's cool you know and like a a yacht
is great but it's like why don't you put
a little bit more of your money to work
on things that are uh that can be useful
um so one of my points of view and and I
think again from discussions that I I've
had with people here is that it's like
really a marketing problem so I went to
pen so I gave an example from pen but
you know pen received a a huge donation
from uh from the paraments uh which is
awesome for the school of medicine uh
you know you these articles like 2023
was a breaking year for higher gifts and
in education you know sort of all of
these donations that have come in for
like cancer centers and research and
things like that again which is amazing
you have all of these different examples
of of wealthy people supporting cancer
research and and most often they're
motivated by when they're personally
affected by these things which makes
sense and most of us will be I'm still
curious you know about why more of this
money or more money in general does not
go to other approaches towards tackling
sort of the The Human Condition and the
sort of age related uh diseases and you
know you have examples of you know uh
sort of successful Pig kidney transplant
things like that yesterday I remember
Mark was like we're going to get into
the most sort of gruesome gross part of
the presentation which is you know sort
of replacement which is gruesome in a
sense but should not be because you know
there's a lot of surgeries every day
involving the brain involving sort of
other organs when people have problems
and they need an organ transplant
they're very happy to sign up for it so
I really do think that it is um I really
do think that it is a marketing problem
I think that like there's this box of
like longevity and even when I bring it
up with my friends I'm like I love this
space I'm investing in it they're like
what does longevity mean you know isn't
that just cancer heart disease
Alzheimer's you know what what what's
the rest and a lot of the cryo stuff the
replacement stuff and and you know sort
of uh that that that people are working
on here is still kind of on the fringes
and I I think it's a shame you know that
people who are working on body
replacement uh like John or people who
are working on sort of like brain
replacement things like that have to
sort of be a little bit like discreet or
they feel like they can't really be like
loud about it because they think it's
going to be weird you know or just all
those articles that say about Peter teal
experimenting with blood and and things
like that it's still on the fringes and
my belief is that whenever you we will
have examples more examples of success
people will be like oh my God I you know
I want this for myself and the people I
care about I think there's another
argument which is that it's a Time
Horizon problem you know so there's a
another person I work with closely Jesse
Horwitz I think some of you know him
here he was a Founder in other spaces
and he's involved in a a brain
replacement company and I think what
several of you have alluded to today in
the sort of funding problem is that for
normal VCS which have a fun life of like
seven to 12 Years A lot of these things
that people are working on you know it's
going to take too long it's going to
take too long to return Capital to
investors but I think we can learn from
other spaces where it's going to take a
long time like space or like electric
vehicles like you know I made an
investment in SpaceX a couple years ago
and you know SpaceX is is trading super
actively in the secondary markets and if
I wanted to sell it at couple hundred
billion dollar valuation I could and so
I think that like what mus did for
example in space and with electric
vehicles and so on people like him sort
of crazy you know billionaire types that
I think Nicholas was talking about
before you need those types of people to
sort of get it going and then I think
Government funding is really helpful uh
and it it it really is a timing question
because like once you sort of have these
people start it then suddenly VCS will
be like oh my God this is like you know
an amazing opportunity and frankly like
from a kind of a selfish point of view I
do think it's a great opportunity for
investment it just that you have to be a
little bit more patient and Carl was
talking about being able to invest as an
angel when you can invest your own
Capital you can be a little bit more
patient versus you know VCS and and
people like that so you know a couple
Solutions I don't know why they all say
one uh but um you know one one is to
sort of learn from other Industries that
have have sort of taken a long time that
need a lot of capital like space like
EVS things like that two is I think
reframe marketing like I think a lot of
people even smart wealthy people think
that tackling aging sort of tackling
death and all that stuff is tackling
cancer tackling heart disease which it
is in Parts but but you know there's a
lot of other interesting approaches that
are here today that are underfunded uh
three is like make people aware that
this is actually an amazing investment
opportunity like I think that people a
lot of folks here think that this is
some sort of nonprofit thing like you
know we should give some money for
replacement or or CBE it's like we
should but it's really good investment
opportunity too like if this works like
everyone will want this uh four is the
government thing I think that if you can
tap into government contracts government
often makes you know things that they
want built you know available online
same thing for defense you know they
sort of list all the contracts they want
I think that's super powerful and then
you know we have a a thing where sort of
you know I'm sort of doing a little bit
of marketing for own thing here this
this Fellowship idea is sort of like
funding a lot more early stage research
that is happening in universities and
places where people who are not
necessarily super Savvy uh about
business sort of we can help them
transform what they're doing into
companies so that's it uh open to any
questions thank you
thanks um is that double the money than
the tier Fellowship gave for you I know
yeah we're we're twox
better um all right questions comments
some people were uh talking about it for
a while now uh how hard would it be to
make a like an index longevity index
like I'm not a professional investor but
I still want to like you know a number
of companies and it's your job to you
know give them the volume and figure out
all the logistics there I just put my
money there and it works itself like
because uh there are a lot of people
with the that don't have that that much
money but would still want to
participate right oh like ETF of sorts
uh like a private ETF uh I don't know
actually that's a good idea um I I I'm
not quite sure how it work for private
startups you could probably do some
syndicates or funds like that there are
a few funds focused on it right but um
it's not a bad idea I I personally you
know I want to invest in as many
promising companies as possible oh yeah
so the the major limitation would be
that most of the companies are not
public yet right
okay yeah someone is trying to build
yeah and someone is building like a
substack right now like an angelist but
as a substack where as an investor you
can subscribe to a specific topic like
on a substack and then you get those
deals and he wants to do one for
longevity so I think it's good and just
just adding one thing I think the the
discussions I've had it's not actually
that hard to get the first like couple
hundred K or million dollars You know
despite what we're trying to do here uh
except if you're in a university or as a
lab student it's kind of hard to get
that sort of you know $10 million check
or $50 million check and that's where
you kind of need the eccentric
billionaire or the government to step in
or or someone else in the meantime while
the market proves itself out so the
problem of investing in a private
company is you have to be accredited
investor and it has been solved there's
a company called W
founder they collect up to 2,000 for
from private individuals and then they
put a Syndicate there's a lead investor
uh you only deal with the lead investor
you report one invest bement but you
have a bunch of private citizens that
participate so an idea would be I don't
know if you've thought about that
something like Kickstarter specifically
for longevity where we can just do the
website use the legal basis of we funder
and push that forward yeah I think it's
a great point I think for some reason
though there's still this Paradigm Shift
like everyone in this room seems to be
you know like aligned here and I there's
also like the vitalist community right
with Adam gree and so on but it's like
when you talk to your other friends who
are a little bit more sort of
representative of the population they're
like that's crazy like what are you
talking about you know like cryo or like
replacement that's insane you know but
like once people are aware that it could
work like people don't talk about brain
surgery in the way that's the cre people
like yeah brain surgery makes sense you
know it happens all the time but for
some reason if it involves you know
living longer or whatever they're like
that's crazy that's science fiction and
until that moment I think it'll be hard
to sort of get Mass Market
funding yeah science fiction and or evil
um any other question comment um I want
you oh
who was it
sorrys no no go for
it great talk I'm just wondering how
would you solve the marketing problem
and like concretely what do you think is
the solution there I think you know I
just think it's one of those spaces
where I often say this again I'm no
expert at all but this feels like kind
of the the home brew club or whatever
you know the Homebrew Computer Club of
the when was it like the 1970s or
something when people were just getting
into computers and there was like apple
and so on like whenever I've been to
longevity events and conferences it
feels like a bunch of kind of Misfit
people kind of being like you know we're
not crazy it actually makes sense yeah
it does right it does and I I just think
that like time will like like I think
these people will end up being shown to
be correct but like time will sort of do
its thing but I also think you need kind
of like interesting new consumer Brands
you know there's like superpower that
pitched earlier that's kind of
interesting and sort of like more you
know not quite as intense as replacement
and things like that and then you need a
couple of successes and once have
successes just like the the transplant
from pigs and all that you people will
be like okay it makes sense like I I'll
accept it so I just think by definition
novel ideas are are often not accepted
for a long time all right thank you so
much thanks a lot
[Applause]
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