The event was led by Vic Hill—an exceptional operator and inspiring entrepreneur. While the SoCal ETA session wasn’t recorded, his podcast interview was, and it’s epic.

The podcast offers a rare, unfiltered look at what it actually takes to change the trajectory of your life—not through a single breakthrough moment, but through a series of intentional decisions. Vic Hill’s journey blends military discipline, entrepreneurial risk-taking, and deep self-reflection into a practical blueprint for growth. From getting rejected by MBA programs to leading acquisitions and building toward a fund, his story is less about credentials and more about mindset—raising your standards, surrounding yourself with the right people, and taking action before you feel fully ready.

1. Growth Is a Deliberate Upgrade of Your “Floor”

Vic frames success not as chasing the top, but raising the minimum standard of opportunity available to him:

“I always wanted to raise the lowest bar that I had available to me.”

Education, leadership, and experience become tools to increase optionality, not just credentials.

2. Entrepreneurship Through Acquisition (ETA) as a Practical Path

Rather than starting from zero, Vic pursued acquisition as a faster path into ownership:

“Worst that could happen is I end up where I started… and that’s not a bad [outcome].”

This mindset enabled him to move quickly—from learning to closing a deal within months.

3. The Power of Cold Outreach and Curiosity

His approach to networking was simple and highly effective:

“My approach was always like, ‘Hey, I love your story… would love to talk to you more about it.’”

By focusing on others rather than pitching himself, he built connections at scale.

4. “No Plan Survives First Contact”

From military experience, Vic applies a bias toward action:

“You have to make a plan and go iterate along the way.”

Execution—not perfection—is what drives progress in acquisitions and business building.

5. Introspection Is a Competitive Advantage

A major turning point came from stepping back and questioning direction:

“Where do I want to end up and why do I even want to end up there?”

This clarity allowed him to choose acquisition as a vehicle, not just an opportunity.

6. Relationships > Information

The most valuable outcome of the program wasn’t technical—it was human:

“If I can leave this program with a solid 20 to 30 people who I know, I trust… that to me is massively valuable.”

Deals, insight, and support all flow from trusted relationships.

7. Identity and Authenticity Matter in Leadership

A small but meaningful shift unlocked a bigger change:

“I don’t feel like myself… I’m kind of trying to fit this mold that is not entirely me.”

Leaning into authenticity improved both confidence and leadership presence.

8. Storytelling Through Numbers

Finance became powerful once reframed as narrative:

“It was my first time actually understanding storytelling through numbers.”

This skill directly impacts capital raising, acquisitions, and strategic decision-making.

9. Discipline Enables Risk

Balancing family, school, and business required structure:

“I haven’t given up my mornings… I do not give that up for anybody.”

Consistency in routines made high-risk moves sustainable.

10. Thinking Bigger After Exposure

The environment expanded not just capability—but ambition:

“I don’t know if I would have thought as big if it weren’t for the program.”

From one acquisition to a multi-company vision and fund, scale followed exposure.

The podcast reinforces a clear operating system for growth:

“Let’s just go… I’m taking advantage of everything.”

Learn quickly, act decisively, build relationships, and iterate forward.

At its core, the conversation reinforces that success is not a straight line—it is iterative, relational, and deeply personal. The combination of decisive action, strong networks, and a willingness to confront hard questions about identity and direction creates real leverage over time. Whether through acquiring businesses, building a career, or redefining priorities, the underlying message is consistent: choose a path, commit fully, and adjust as you go. The upside is not just financial—it is the ability to design a life on your own terms.

Here are 17 insights and some fun photos from SoCal ETA Day at UCLA

SBA 7(a) is still the default financing tool for sub-$2M EBITDA acquisitions. But competition has stiffened—the old formula of 10% equity down plus a 10% seller note is increasingly a floor, not a ceiling.

When buying a business, you’re acquiring both cash flow and problems—make sure they’re ones you’re willing to spend the next several years solving.

You learn more from one onsite visit than from 50 data room files.

The best deals often look a little messy. Clean books and tidy operations are usually priced accordingly.

At the end of the day, this is a people business. The operators who win are the ones who know how to build trust across the table—with sellers, employees, lenders, and investors.

If a seller is hiding something, it almost always surfaces in working capital, customer churn, or employee turnover.

Time kills deals—keep diligence moving or risk losing the seller, the financing, or both, as delays lead to fatigue, eroding terms, and broken deals.

You don't need to reinvent the company. Run it slightly better than it's been run, and compounding does the rest.

The first 12 months have one job: don't break the business. Stabilize, retain your key people, and resist the urge to optimize before you understand what you have.

Most of the value gets created a few years in—not on day one. EBITDA growth and debt paydown drive outcomes more reliably than betting on multiple expansion.

90% of searchers eventually acquire a brokered deal. Those processes have grown more auction-like by the year. Proprietary sourcing—direct mail, cold calls, niche targeting—still delivers the best pricing and deal structure.

Most small businesses have no real sales engine. Installing basic pipeline tracking and consistent follow-up can grow revenue meaningfully without changing anything else. That's what my buddy Art does.

The first deal is the hardest. After that, credibility compounds fast—with brokers, lenders, and sellers alike.

Rapport wins terms. In many cases, that means getting on a plane, sitting across from the seller, and telling some jokes to thaw them out.

90 days of real, hands-on help beats a passive 12-month consulting agreement.

Fundraising for a search fund requires projecting confidence in your ability to operate while being transparent that it’s your first time, and aligning with investors who act as mentors through inevitable rough patches rather than reacting to them.

Have coffee with both investors and searchers. Investors can offer advice and may back you if you execute, while even newer searchers are worth staying close to—many will go on to successful exits, buy into the model, and eventually become investors themselves.

Follow my search journey at QOF.com—running a self-funded search focused on technology upgrades to parking lots in Qualified Opportunity Zones across the Midwest.

The Core Benefit: Massive Tax-Deductible Contributions

Unlike a 401(k), which caps contributions at $70,000 in 2025, a defined benefit or cash balance plan allows much higher deductions. A dentist can take a tax deduction of $150,000 per year or more, depending on their age, goals, and the structure of the plan.

The cash balance plan (the most popular DB variant for dentists) goes even further. With the potential to defer taxes on up to 45% of income, with an annual cap exceeding $300,000 depending on the beneficiary’s age, cash balance plans offer an attractive option for high-income practice owners.

Real Dollar Tax Savings

The actual tax savings depend on your bracket, but the numbers are significant:

• A dentist in a combined 37% federal + state tax bracket contributing $150,000/year to a DB plan could save roughly $55,000–$60,000 in taxes per year.

• For a physician or dentist earning $350,000, starting as late as age 52, a defined benefit plan can accumulate $3.4 million over 10 years.

• A dentist born in 1970 may be able to make a maximum contribution of more than $215,000 annually into a cash balance plan.

Why It Works Especially Well for Dentists

The popularity of cash balance plans has surged among dentists, with over 1 in 10 such plans nationwide being utilized by dental practices. The primary advantage is enabling dental practice owners with high incomes to catch up on retirement investments with large tax-deductible deposits — particularly important given that education and practice establishment costs often delay early retirement savings.

A cash balance plan can offer the best of both worlds — dentists can potentially triple or quadruple their annual retirement savings while also receiving a tax deduction for the business.

Stacking Plans for Maximum Savings

Many dentists combine a DB/cash balance plan with a 401(k) for even greater tax sheltering. If your practice already has a 401(k) plan, combining it with a cash balance plan can unlock additional tax deferral opportunities, accelerating the growth of retirement savings.

My role in those meetings is simple: to be a high-touch partner to both the doctor and their staff. Pension planning for medical professionals can involve a lot of moving pieces—from contribution limits and investment allocations to coordinating with CPAs and practice administrators. Being physically present allows me to answer questions, review numbers together, and make sure everyone involved understands how the plan is working.

Salt Lake City has become one of the places where I’ve built many of these relationships. It’s a remarkable city with a thriving medical and dental community. In fact, Salt Lake has been recognized as having the second-highest concentration of plastic surgeons in the United States, which reflects the broader density of physicians practicing throughout the region.

That concentration of medical professionals makes it a natural place to spend time building relationships and supporting clients. Many of the doctors I work with there run busy practices, so being willing to travel and meet them where they are matters. It allows them to stay focused on their patients while still getting thoughtful attention on the financial planning side of their careers.

During these visits I try to structure my days much like a traditional office schedule. From about 9 to 5 I’m usually moving between meetings—sitting down with doctors, practice managers, or advisors to review pension plans, talk through strategy, and answer whatever questions have come up since our last conversation.

Outside those hours, Salt Lake City is simply a wonderful place to spend time. The museums, the walkable downtown, the food scene, and the surrounding mountains make it a city that’s easy to enjoy. It’s one of those places where you can work hard during the day and still feel like you’re experiencing something new every time you visit.

In the weeks leading up to each trip I typically send out a small mailer to regional dentists to let them know I’ll be in town. The goal is simply to make myself available for anyone who might want to sit down, ask questions about pensions, or explore whether a retirement strategy could make sense for their practice.

So if you’re in the Salt Lake City area and would like to connect while I’m there, please feel free to reach out. And if you’re based in San Diego, you have access to me year-round—but either way, I’m always happy to be helpful wherever I can.

“A defined benefit plan isn’t just a retirement tool — it’s a cultural commitment,” says Robert Mowry, Partner at Del Mar Medical Pensions.

“When employees see a guaranteed retirement benefit accumulating on their behalf, it changes how they view their employer. It shifts the relationship from transactional to long-term partnership. That alignment is what drives retention.”

Employee retention is no longer just an HR issue — it is a balance sheet issue. Recruiting costs, onboarding time, lost productivity, and cultural disruption compound quickly when turnover rises. For organizations with long training cycles or client-facing roles, the real cost of losing a team member can exceed 1–2x their annual salary.

A properly structured defined benefit (DB) pension plan can materially change that equation.

Why Retention Improves Under a Defined Benefit Plan

Unlike a 401(k), which shifts responsibility and market risk to the employee, a defined benefit plan provides:

• A guaranteed retirement benefit formula

• Employer-funded contributions

• Predictable long-term value

• Strong psychological anchoring

Employees do not just see “an account balance.” They see a future income stream tied to tenure.

That distinction matters.

1. Golden Handcuff Effect — Without Toxicity

Defined benefit plans often use vesting schedules (e.g., 5-year cliff vesting). Employees understand that staying longer materially increases their retirement value. This encourages commitment without requiring restrictive employment contracts.

2. Perceived Stability

When an employer offers a pension, it signals:

• Financial strength

• Long-term planning

• Institutional seriousness

This enhances trust and reduces flight risk.

3. Meaningful Wealth Accumulation

For younger employees, consistent annual contributions compounded over decades can project significant retirement income. That future value becomes increasingly costly to abandon.

Why Retention Can Triple

In industries with traditionally high turnover, retirement benefits are often minimal or entirely self-funded.

When one employer introduces:

• Employer-funded pension contributions

• Professional investment management

• Structured vesting

they become structurally differentiated.

Employees compare offers not just on salary, but on total long-term compensation.

A pension changes the comparison set.

Investment Growth Inside the Plan

Defined benefit plans pool assets in a trust and invest them under ERISA standards. Investment returns:

• Grow tax-deferred

• Reduce future employer funding requirements

• Support long-term benefit sustainability

The organization is not speculating for profit — it is funding promised benefits — but disciplined investment strategy can materially improve funding efficiency.

When well-managed, investment income becomes a stabilizer rather than a risk amplifier.

Strategic Benefits to the Organization

Beyond retention, a defined benefit plan offers:

• Larger deductible contributions compared to defined contribution plans

• Executive benefit design flexibility

• Enhanced recruiting power

• Structured long-term capital allocation

For nonprofit housing corporations, professional associations, or closely held entities, this can elevate governance and financial discipline.

Important Guardrails

A defined benefit plan must:

• Follow ERISA requirements

• Avoid prohibited transactions

• Maintain proper actuarial funding

• Separate plan assets from operating funds

It is not an endowment or investment pool for general operations. Assets belong exclusively to the plan participants.

Retention improves when employees believe:

1. Their employer is stable.

2. Their future is supported.

3. Staying is financially rational.

A defined benefit pension aligns all three.

In competitive labor environments, salary alone rarely creates loyalty. A pension creates long-term alignment — and that alignment can materially reduce turnover, improve culture, and strengthen institutional continuity.

Retention is not just about keeping people.

It is about building something worth staying for.

“JPM” refers to the J.P. Morgan Healthcare Conference, the largest and most influential healthcare investment conference in the world, held in SF every January. While the official conference itself is invitation-only and features formal company presentations and investor meetings, the term “JPM” is commonly used to describe the entire surrounding JPM Week—a city-wide concentration of biotech, pharma, medtech, digital health, and life-science investing activity that includes hundreds of private meetings, investor dinners, pitch events, and networking receptions.

For healthcare and biotech investors, founders, and executives, “going to JPM” effectively means participating in this broader ecosystem rather than just attending the formal conference.

JPM is where I met potential partners for Phase Two Ventures, have in-person conversations around the pension work I do, and finally sit across the table from colleagues I’ve only known through Zoom—people flying in from Dubai, Boston, Washington DC, and every corner of the global life-science and investment ecosystem.

There’s a unique efficiency to JPM: conversations that would normally take a handful of calls happen in one coffee or one walk between events, trust accelerates, and long-distance professional relationships become real partnerships once you’ve shared a room, a whiteboard, or a drink.

I put out a call to connect and was fortunate to hear back from people across the map.

San Diego showed up in force this week, with northbound flights packed and each plane effectively a who’s who of the region’s life-science and innovation community.

Even departing from the smaller airport near my home in Carlsbad, the momentum was clear—Patagonia vests, familiar faces, and conversations already in motion before boarding began. It underscored something easy to forget: San Diego is a highly mobile city, tightly connected and outward-facing, able to move its people quickly when the industry’s center of gravity shifts north for the week.

The panels I attended at RESI and other multi-day events featured some remarkably accomplished speakers—people with firsthand authority from running health systems, innovating deeply around diseases, or leading genuinely groundbreaking research—so the week required a careful balance. I found myself constantly weighing time in these killer sessions against carving out space for one-on-one coffee meetings, knowing that both the structured insights from the panels and the informal conversations in between were essential to getting the most out of the week.

Much of the meeting and conference blitz is packed into Monday and Tuesday, so by the time the white-shoe law firms roll out their marquee events, most people are ready to unwind. Those evenings turn into a chance to relax, have a drink or two, and fit in one final round of networking before calling it a night.

The biggest takeaway from the week was how quickly progress accelerates when the right people are in the same place at the same time. Ideas sharpen in person, trust forms faster over coffee than through Calendly, and patterns become clear as the same themes echo across panels, private meetings, and late-night conversations.

There was a clear convergence around practical innovation—technologies that improve efficiency, reduce friction in care delivery, and translate real science into scalable outcomes—alongside a renewed appreciation for relationships as the true connective tissue of the ecosystem. JPM once again reinforced that while capital, science, and strategy matter, momentum is ultimately created by people showing up, sharing context, and committing to build together.

What I appreciate most about these conferences is that they aren’t where deals are closed—they’re where conversations begin. The real value lies in articulating what you’re working on, listening carefully to what others are building, and testing for genuine alignment to explore over the rest of the year. It’s less about selling or forcing outcomes and more about comparing notes, understanding context, and seeing where experience, insight, and networks can be mutually beneficial. When that fit is real, the relationship carries forward naturally long after the conference ends.

Until next year!

- (LinkedIn) of

This week’s video was inspired by Neil Bloom and his habit of stepping back to do a quick rundown of what he’s been thinking about, what he’s been seeing in the market, and where he thinks there’s room for better conversations.

So that’s what this is.

A ten-minute mental download of what’s been on my mind lately—part observation, part education, and part invitation to compare notes with people who are wrestling with similar questions.

Why I Love Managing Pensions

I genuinely love what I do.

Managing pensions puts me in front of some of the most interesting people I know—doctors, dentists, and business owners who are extremely good at what they do, who’ve worked hard to get where they are, and who are usually trying to solve very practical problems:

• How do I reduce my tax burden without doing anything reckless?

• How do I fund retirement without giving half of it away?

• How do I create optionality for myself and my family?

One thing that continues to surprise me is how few people know what’s actually available to them, particularly on the defined benefit pension side.

Less than 5% of doctors and dentists own the real estate they practice in. Even fewer have explored the full range of retirement and tax-deduction tools that exist for high earners. And yet, once you “double-click” into these areas, entire categories of opportunity open up.

What floors me isn’t a lack of intelligence—it’s a lack of exposure.

Why Awareness Lags Behind Opportunity

Most of the professionals I work with have their basic needs met. They’re not desperate. They’re not trying to swing for the fences. And because of that, they’re understandably cautious about stepping outside their wheelhouse.

They don’t want to experiment with things their friends haven’t tried.
They don’t want to be the first one to do something unfamiliar.
They rely on trusted service providers to bring ideas to them.

That means if no one shows up with a well-reasoned, well-explained option, they simply default to what they already know—even if it’s suboptimal.

I’ve found that the biggest value I provide is education, not persuasion. Just laying out:

• You can deduct a large portion of your income

• You can defer taxes legally

• You can design retirement contributions that actually match your stage of life

Especially for people in their 40s and 50s, this can be transformative.

Defined Benefit Pensions: Still Hiding in Plain Sight

Defined benefit pensions are one of those tools that sound intimidating until you realize they’re built on very basic tax principles—many of the same ones multinational corporations use every day.

The idea is simple:
Convert high-tax current income into a future obligation that’s funded with pre-tax dollars.

Once people understand that, the resistance usually melts away.

I enjoy this work because I get to talk about things I find genuinely interesting—how to structure retirement intelligently, how to reclaim time, and how to give people the freedom to spend more of their lives doing what they actually want to do, whether that’s practicing medicine less or spending more time in Europe.

What’s surprising is how many brilliant people have never been walked through these concepts in plain English.

Opportunity Zones Are Back—and Supercharged

Layered on top of the pension conversations is something else that’s re-entered the picture in a meaningful way: Qualified Opportunity Zones.

Under the most recent legislation, Opportunity Zones weren’t just extended—they were meaningfully enhanced.

The core idea is powerful:

• You can defer capital gains by reinvesting them into a Qualified Opportunity Fund

• If you hold that investment for 10 years or more, the appreciation on that investment can be entirely tax-free

For Californians, that’s enormous.

In practical terms, you’re keeping roughly 50% more of your return than you would in a conventional taxable investment. And yet, very few people fully understand this—again, not because it’s hidden, but because it’s rarely explained clearly.

Like pensions, Opportunity Zones reward patience, structure, and proper execution.

Going Deep—But Verifying Everything

I spend a lot of time in the weeds. That’s how I’m wired.

I read the statutes. I talk to people who’ve done it before. I lean on CPAs and tax attorneys heavily. And yes, I use AI tools—extensively.

There are some impressive legal- and tax-facing AI products emerging that allow you to explore concepts far faster than waiting on email replies. That said, hallucinations are real. Verification is non-negotiable.

AI is a starting point, not an authority.

Public Markets, ERISA, and Looking Abroad

Another thread that’s been top of mind comes from the investment side of pension management.

Under ERISA, a portion of pension assets must be allocated to publicly traded securities for diversification. That constraint forces you to pay attention to markets most people ignore.

What I’ve noticed—especially recently—is the quality of companies listed outside the U.S.

There’s an impressive cohort of companies:

• Listed on the Toronto Stock Exchange and TSX Venture

• Listed on London’s AIM market

• Based in California, including San Diego

When the Toronto Stock Exchange came to San Diego and hosted an event in Del Mar, I met founders who had:

• Listed on TSX, then uplisted to AMEX or Nasdaq

• Listed on Nasdaq and later accessed European markets

• Used foreign exchanges to reach institutional capital they couldn’t access privately

What shocked me were the valuations.

Companies valued at $10M, $50M, $100M—levels that in California would feel like early-stage venture—yet these firms had audited financials, professional management teams, and clear paths to liquidity.

One biotech device company raised $30M publicly at a stage where they would have struggled to raise $5M privately.

That matters.

Rethinking the Exit Playbook

There’s a default assumption that the “right” exit is always:

• A strategic buyer, or

• Private equity

But sometimes that means your future income is just servicing the debt used to buy your own company.

In many cases, a public listing in Canada or the UK can be:

• Faster

• Cheaper

• More liquid

• More institutionally accessible

For VCs, it can mean distributing public shares, recording DPI, or selling directly into the market without waiting years for another round.

In some cases, the cost of listing is closer to the price of a car than the price of a traditional IPO.

That’s an avenue more people should at least explore.

An Open Invitation

I’ve been meeting with local firms listed on these foreign exchanges and with VCs who’ve already gone down this path successfully. The pattern is clear: there are viable alternatives that most people simply haven’t considered.

If you’re interested in pensions, Opportunity Zones, or alternative paths to liquidity, I’m always happy to talk.

And if you’re in San Francisco for JPM next week, come find me. I’ll be at side events Monday through Wednesday.

As a bit of fun: if you do find me, I’ll give you a copy of Venture Capital for Life Scientists by Will Alaynick, PhD—one of the most thoughtful, academically rigorous takes on venture capital in the life sciences I’ve read in a long time.

Education still matters. Structure matters. And thoughtful execution matters most of all.

If you want to learn more:

• Subscribe to this Substack

• Reach out regarding pensions

• Or explore Qualified Opportunity Funds

Always happy to compare notes.

— Rob

Below are five things that stood out from the month and where I see momentum continuing into the new year.

1. Family offices are shifting from opportunistic to intentional

At the Opal Group event, it was clear that family offices are becoming far more deliberate about how they invest. The focus is moving beyond isolated deals toward structured portfolios, with clearer frameworks around venture, real estate, and community-aligned investments.

2. Sports investing is increasingly about real estate and infrastructure

Team ownership and league exposure still matter, but the real value creation is happening around stadiums and facilities. Real estate development tied to sports — including women’s sports — is driving meaningful appreciation and long-term optionality for owners and investors.

3. AI startups are being pushed toward operational realism

At the USD AI Pitch Day, the most valuable feedback centered on execution: customer acquisition, proof of traction, and disciplined go-to-market strategy. The strongest founders weren’t chasing hype — they were breaking complex problems into clear, executable steps.

4. AI is quietly becoming infrastructure, not just software

The most compelling companies weren’t flashy. They were solving foundational problems — HR compliance, clinical documentation, security, data center cooling, water loss, and defense logistics. AI is embedding itself into mission-critical systems, where efficiency gains and risk reduction matter most.

5. December events attract the most serious builders and investors

December filters for commitment. The people still showing up are not there to be seen — they’re there to build, allocate, and collaborate. For anyone looking for higher-quality conversations, December remains one of the best months to engage.

AI Startup Pitch Day LinkedIn Write-up

Opal Family Office Event Write-up

Pankaj Kedia did an outstanding job leading the program, curating a highly competitive cohort and convening a top-tier group of investors who brought both generosity and rigor to the room. The feedback wasn’t performative—it was precise, constructive, and clearly aimed at helping these companies get better. This was not about applause lines; it was about pressure-testing assumptions.

Akash Pai of ZERObrush, Amy Duncan, Benton Moore, Maisha Cobb, PhD, MBA of The Brink SBDC, and Tracy Stevens of NuFund Venture Group consistently pushed founders on the questions that matter most at this stage: where traction is real, where distribution is still unproven, how adoption actually happens inside constrained workflows, and what evidence needs to exist before scale capital makes sense. Across pitches, a common theme emerged—AI only creates value when it is tightly integrated into real-world behavior, incentives, and decision-making.

Several companies stood out for how clearly they framed real-world problems and defensible solutions.

Mood Ring AI, led by Lillian Wool, addressed one of the most persistent challenges facing distributed organizations: understanding and supporting employee sentiment without invading privacy. The company positioned itself as a context-aware, privacy-first “Grammarly for HR,” helping teams proactively identify cultural risks before they turn into attrition or disengagement. The pitch stood out for clearly framing the cost of reactive people management and for presenting AI as a supportive layer rather than a surveillance tool—an approach that resonated strongly with both investors and audience questions.

Athletech®, founded by Andre Buchanan, delivered a compelling example of founder–market fit. Drawing directly from his background as a player and coach, Buchanan framed the significant cost and access barriers in youth baseball development. Athletech’s platform uses AI to convert standard 2D swing video into detailed 3D motion analysis, making elite-level feedback accessible to a much broader population. The pitch combined personal credibility, meaningful traction metrics, and a differentiated technical approach, clearly demonstrating product-market fit.

Venn, represented by Zed Truong, Aidan Scudder, and Gedeon Baende, reframed loneliness and member churn as a measurable economic drain rather than a soft, abstract issue. The team presented Venn as a community-driven platform designed to increase belonging, engagement, and retention—particularly for organizations where connection directly impacts outcomes. Backed by a 5,000-member community and multiple live pilots, the company demonstrated both demand and early validation, grounding an emotionally resonant problem in hard metrics.

Mira AI, led by Dee Narla, focused on the growing burnout crisis facing nurses and frontline clinicians. Rather than attempting to replace or overhaul existing systems, Mira positions itself as a nurse-first voice documentation tool that layers simply on top of complex EHR infrastructure. The pitch emphasized empathy, workflow realism, and ease of adoption—highlighting how even small reductions in documentation burden can materially improve retention, morale, and patient care.

Ghostwing AI, presented by Trevor McGirr, tackled defense from a safety-first perspective: keeping soldiers out of harm’s way. The company distinguished itself by emphasizing autonomous, reasoning-driven drone swarms that go beyond improved hardware or vision systems. Ghostwing’s focus on on-board cognition and coordination positions it at the frontier of autonomous defense systems, with a clear narrative around mission relevance and operational advantage.

QuantZero, led by Aaron J., translated zero-trust cybersecurity theory into a concrete, buyer-ready framework. By tying the problem to a quantified $12 trillion global risk and using clear visuals and maturity scoring, QuantZero turned an abstract security concept into an actionable roadmap for enterprises. The pitch stood out for its clarity, making a complex risk landscape understandable and operational for decision-makers.

EFAS Technologies, represented by James Valle, addressed global water security and leakage—an increasingly high-stakes issue for governments and large organizations. EFAS positioned itself as a software platform that enables monitoring and mitigation using existing infrastructure, avoiding the friction and cost of new hardware deployment. The company differentiated with models that function effectively on limited data and reinforced credibility with proof points from international pilots already in operation.

SwirlX, led by Robert Jaehyung Park, connected AI’s rapid expansion to a less-discussed but critical bottleneck: inefficient heat exchangers in industrial and data infrastructure. SwirlX applies advanced modeling and optimization to significantly improve thermal efficiency, delivering measurable energy savings and large-scale cost reductions. The pitch effectively linked a technical innovation to urgent infrastructure and energy constraints facing AI-driven growth.

Across a cohort spanning healthcare, defense, cybersecurity, climate, infrastructure, and community platforms—with dozens of active pilots and real customers represented—what stood out most was discipline. These founders were not pitching speculative futures; they were presenting constrained environments, clear buyers, and realistic paths to scale. Equally notable was where AI wasn’t used—teams demonstrated restraint, deploying automation only where it improved trust, outcomes, or efficiency.

The academic setting mattered. USD provided a neutral, rigorous environment where ideas could be sharpened before meeting the market at full speed—bridging applied research, operator insight, and investor perspective in a way that early-stage companies benefit from disproportionately.

From a long-term capital perspective, what stood out wasn’t hype—it was execution. Clear problem definition. Evidence of demand. Thoughtful use of AI where it actually moves the needle.

At Del Mar Medical Pensions, we spend our time thinking about durability—how capital compounds over decades, not quarters. Events like this are encouraging because they reflect that same mindset: founders building practical solutions, for real customers, in markets where trust and adoption matter.

The next chapter for these teams will be proof velocity—turning pilots into contracts, usage into retention, and clarity into scale. With this level of execution, feedback, and community behind them, they are well positioned to turn strong ideas into durable, category-defining companies.

With this level of execution, feedback, and community behind them, these teams are well positioned to turn strong ideas into durable, category-defining companies.

At UCSD, Dr. Elsie Ross stands at the intersection of surgery, data science, and medical innovation. As an Associate Professor of Surgery in the Division of Vascular Surgery, she splits her time between the operating room and a research lab focused on artificial intelligence and cardiovascular disease. Her story weaves together immigrant determination, academic perseverance, a deep understanding of underserved patients, and a practical drive to fix what’s broken in the health system—whether it’s a diagnostic gap or a flawed medical device.

Here are some of my favorite parts from her podcast interview with Nora.

A Personal Path into Medicine

Dr. Ross’s path to medicine began long before medical school. She was born in Nigeria and moved to the United States at age three, growing up in New York in a single-parent household with significant financial hardship. Her family was deeply affected by sickle cell disease; she saw relatives struggle and die from the condition, and spent significant time in and around pediatric care.

Out of that environment came two parallel ambitions:

• To become a doctor who could help patients like her family members.

• To become a scientist who might one day help cure diseases such as sickle cell.

Her early years in the U.S. were shaped by public schools that were not particularly well resourced. What made the difference, she recalls, were teachers who recognized her talent and invested extra time and attention in her education. Combined with her own drive, this support accelerated her academic trajectory: she finished high school early, started college at 16, and was accepted to Stanford University.

At Stanford, the transition was not seamless. Coming from a modest public-school background, she wasn’t as academically prepared as many of her peers and struggled initially. Freshman year was especially difficult, both socially and academically. But mentors and professors again played a pivotal role, helping her adapt her study habits and refine how she learned and retained information.

She also made a deliberate decision not to rush her pre-med requirements, choosing instead to take courses in writing, history, sociology, and psychology—subjects that would later shape how she thinks about patients as people, not just cases. Only after finishing that broader education did she return to the remaining pre-med coursework and apply to medical school.

How Mindset, Mental Health, and Empowerment Shape Cardiovascular Outcomes

Today, Dr. Ross treats vascular disease, much of which sits at the intersection of biology and behavior: genetics, diet, smoking, exercise, and broader social conditions. But she emphasizes that mental health and a patient’s sense of empowerment are just as important.

Research has long shown that depression increases the risk of cardiovascular events such as heart attacks and strokes, and affects how likely patients are to take medications, attend appointments, or follow through on lifestyle changes. In her own vascular practice, she sees this reflected in higher rates of amputations and complications among patients who are struggling psychologically or who feel powerless.

Dr. Ross stresses that this isn’t only about clinical depression. Many of her patients from underserved communities carry a worldview shaped by persistent poverty, systemic barriers, and years of feeling ignored by institutions. They may be cheerful or outwardly “fine,” yet deeply believe that nothing they do will change their circumstances. In that context, advice like “don’t smoke” or “go exercise” can feel abstract or pointless.

Having grown up in similar circumstances, she recognizes this mindset intimately: the sense that life happens to you, rather than with you or through you.

Her work with these patients goes beyond procedures and prescriptions. Because vascular disease is chronic and patients are followed over many years, she has repeated opportunities to build trust and slowly foster a sense of agency. Outcomes are mixed—some patients gradually engage more deeply and take better care of themselves; others never fully shift their outlook—but she views this long-term engagement as an essential part of her role.

She also argues that the healthcare system could do much more to incorporate psychological assessment and empowerment into routine care, not only in primary care but in specialties like surgery where clinicians maintain ongoing relationships with high-risk patients.

From Pediatrics to the Operating Room: Becoming a Surgeon–Scientist

Dr. Ross did not initially plan to become a surgeon. For much of her early training she imagined herself as a pediatrician, and at one point even considered a niche path as a pediatric interventional neurologist.

That began to change during her clinical rotations in medical school. After two preclinical years dominated by books and exams, she entered the wards and chose surgery as the first rotation specifically to “get it out of the way.” The reputation of surgeons as harsh, exhausted, and intimidating did not appeal to her, and she did not see herself in that culture.

What she found instead surprised her:

• The fast pace and clear decision-making of trauma surgery energized her.

• The experience of seeing an abdomen opened in the operating room and watching the bowel move in real time was “completely fascinating.”

• A mentor suggested she explore vascular surgery, a field that spans high-stakes emergencies and more routine, lower-acuity procedures.

On her vascular surgery rotation, she encountered a specialty in transition—from large, invasive open procedures to minimally invasive techniques using wires and catheters inside blood vessels. She also met a group of vascular surgeons who had helped build the modern iteration of the field and were generous mentors.

After that, the decision crystallized: she would become a vascular surgeon.

At the same time, she nurtured her long-standing interest in computers and programming. With the support of mentors in biomedical informatics, she spent two years on an NIH-funded training grant (a T32) learning machine learning techniques, data manipulation, and algorithm development. She focused her work on patients with peripheral artery disease (PAD), developing models to identify high-risk patients and predict outcomes.

As she finished her surgical training, she secured NIH career development funding (a K award) and later an R01 grant, formalizing her role as a surgeon–scientist.

Today, her primary research agenda centers on using AI to:

• Detect patients with peripheral artery disease who are present in the health system but undiagnosed.

• Integrate these tools into clinical workflows, not just publish them.

• Study whether earlier identification and intervention lead to fewer amputations, strokes, and heart attacks over time.

She notes that UC San Diego is particularly well positioned for this work, with strong institutional interest in not only building AI tools but responsibly deploying them across clinical care, operations, and even billing.

Rethinking a Billion-Dollar Problem: A New Device for Dialysis Access Clots

In addition to AI, Dr. Ross is leading the development of a medical device born directly out of her weekly surgical practice: a new tool to clear clots from dialysis access.

Patients with kidney failure often require hemodialysis, which relies on a surgically created access point—usually a connection between an artery and a vein (an AV fistula or graft). These access sites are prone to clotting, which can interrupt dialysis and require urgent intervention.

Existing clot-removal devices suffer from two main problems:

• High cost, which contributes heavily to already massive spending on dialysis care.

• Suboptimal effectiveness or usability in certain real-world scenarios, especially in outpatient or office-based settings.

By examining cost reports for her cases, Dr. Ross realized that the devices she was using made her procedures up to ten times more expensive than those of a colleague who used simpler tools. Given her background in health economics, this discrepancy troubled her—especially considering that Medicare alone spends roughly a billion dollars per year dealing with dialysis access complications, against a broader dialysis bill in the tens of billions.

At UC San Diego, an opportunity arose when a mechanical engineering course invited clinicians to propose real-world problems for student teams. Dr. Ross and a colleague submitted the idea of a more cost-effective, more reliable thrombectomy device for dialysis access. A student team selected the project.

Over two quarters, working closely with Dr. Ross, the students:

• Prototyped a device intended to be both cheaper and more effective than the existing options.

• Designed it with outpatient and office-based use in mind, to avoid hospital-based procedures when possible.

• Tested it in a simple bench setting and found it did not suffer from the specific failure modes that had caused a prior commercial device to be pulled from the market.

The prototype, however, was large and relied on a certain amount of “MacGyvering.” The current phase of the project is focused on:

• Miniaturizing and standardizing the design for manufacturability.

• Building a repeatable test system to objectively measure performance (e.g., how finely it breaks up clot, how well it works in tortuous vessels, mechanical stress and strain).

• Iterating on the design and preparing for preclinical testing in animal models (e.g., pig fistula and graft models).

• Engaging with the FDA to understand the data requirements and pathway toward human clinical trials.

Parallel to the technical work, Dr. Ross has begun exploring the business side: market sizing, pricing, and go-to-market strategy. Programs like UC San Diego’s Institute for the Global Entrepreneur (IGE), the Office of Innovation and Commercialization, and external resources like the Brink have helped her and her team:

• Interview other surgeons and interventionalists to validate the need and refine requirements.

• Confirm that size and ease of use are critical to adoption, pushing the team to prioritize miniaturization.

• Sketch an initial business model and market penetration assumptions, which now need to be refined with more rigorous data.

She sees this device not as a one-off, but as a starting point for a broader suite of products that could make dialysis access interventions easier, safer, and cheaper.

Culture Change, Burnout, and Sustainable Training

Dr. Ross also reflects on how the culture of surgery has shifted during her career.

Historically, surgical training often celebrated exhaustion and harshness: extremely long shifts, constant call, and an operating room culture where yelling and even throwing instruments were tolerated. Over recent decades, work-hour limits (e.g., 80-hour weeks), wellness initiatives, and changing norms have helped reshape the field. Although long hours and stress remain, it is no longer acceptable for surgeons to routinely abuse trainees or staff.

She emphasizes that this shift is not just about workplace civility. It directly affects patient care:

• Sleep-deprived physicians make more errors, a fact documented in the studies that drove work-hour reforms.

• Taking care of one’s own mental and physical health is a prerequisite for reliably caring for others.

• Other high-stakes professions, like aviation, already enforce rest and fitness-to-work standards; healthcare is slowly catching up.

Personal losses during training, including the suicide of a former colleague, sharpened her awareness of the stakes. She argues that physicians and trainees must either find healthier ways to sustain themselves in medicine or feel empowered to leave if the environment is irreconcilable with their well-being.

A Message to Girls and Future Innovators: Interest Matters More Than Perfection

Toward the end of the conversation, Dr. Ross addresses young girls and their parents directly.

She notes that she once believed she was “bad at math,” and that fields like computer science and engineering were off-limits because they were male-dominated and populated by people who seemed effortlessly brilliant. That perception, combined with cultural messages like “whatever you do, be the best,” can create a constant sense of falling short.

Her counter-message is straightforward:

• You do not need to be Einstein or “the best” to meaningfully contribute.

• If you are genuinely interested in something—whether it’s surgery, AI, medical devices, or any other field—that interest alone is a valid reason to pursue it.

• Your unique background, lived experiences, and perspective shape the problems you see and the solutions you imagine. Those differences are an asset, not a liability.

• It is acceptable not to know everything at the start. You can learn, assemble a strong team, and contribute your domain expertise while others contribute business, engineering, or manufacturing skills.

In her own case, she may not be a theoretical physicist or pure computer scientist, but she can help create a device that clears clots more safely and cheaply, and build AI tools that identify patients at risk before they lose a limb.

That, she suggests, is more than enough—and it may inspire the next generation to go even further.

Every compelling entrepreneurial story starts with an inflection point—a moment where scientific curiosity meets the realization of a bigger impact. For Will and Jose, their journey, as recounted in the interview, exemplifies how life science breakthroughs are often cultivated by people whose career beginnings were far removed from business, yet whose personal stories and serendipitous encounters became the catalysts for transformation.

Jose’s initial ambitions lay on the basketball court, a far cry from the pipettes and journals of biomedical research. Yet, like many in the sciences, fate—disguised as poor eyesight and an inspiring biology teacher—redirected his path. This transition, combined with powerful personal experiences (such as supporting a roommate battling colon cancer), provided him with a motivating mission: to make an impact in cancer research and beyond.

Investors know that the best founders are driven by authentic passion and personal stakes. Will and Jose, through their formative experiences at the Salk Institute and UCSD, embody the archetype of founder resilience—shaped by adversity, relentless curiosity, and the courage to leap into the unknown.

Building Entrepreneurial Muscle: Learning by Doing

The leap from academic research to running a company is vast. This reality is clearly illuminated in the podcast, as the founders recount the origins of Scholar Nexus—a consulting company born out of a graduate school club. The narrative is relatable for anyone who has attempted to build something from scratch with little more than ingenuity, camaraderie, and $200 in pooled funds.

The early days are not glamorous—cold starts, failed fundraising, and the humbling experience of having to “figure it all out” without a safety net. Investors should pay close attention to these stories, as early failure forges wisdom and adaptability—the qualities that most often separate enduring ventures from the field.

A particularly telling episode is their involvement in launching the San Diego Science Festival. This not only underscores the team’s resourcefulness and ability to mobilize, but also highlights their commitment to the wider science community—a value that bodes well for building networks, securing future talent, and navigating local innovation ecosystems.

Bridging Science and Commercialization: Formation of NanoCellect

From the perspective of a life science investor, the most crucial moments are those where pursuit of impact converges with sharp commercial acumen. The transition from Scholar Nexus to the formation of NanoCellect marks precisely this juncture.

NanoCellect’s origin story is a textbook example: an opportunity sourced from a university lab, a founding team with complementary skillsets in biology, bioengineering, and business, and an urgent market need—streamlining and democratizing cell sorting through advanced microfluidics. What sets this apart from countless other university spin-outs is the founders’ alacrity in validating the technology, building relationships with key mentors, and rapidly securing non-dilutive funding (SBIR grants) to build their runway.

As an investor, several important lessons surface here:

1. Value of Multidisciplinary Teams: The success of early-stage ventures, particularly in life science, hinges on the ability to integrate technical expertise across biology, engineering, and business. Investors would do well to seek out teams that foster this multidisciplinary synergy from day one.

2. Bootstrapping and Non-Dilutive Funding: The team’s pursuit of SBIR grants demonstrates a keen understanding of capital efficiency and the strategic value of pushing technology readiness without immediate reliance on equity funding. This not only preserves founder ownership but also signals to prospective investors a defter hand at risk management.

3. Strategic Networks and Early Customers: The pivotal role of relationships in attracting Agilent as both an early adopter and investor cannot be overstated. Connections forged at community science festivals and within supportive university environments often open doors to transformative partnerships. Smart investors increasingly realize that backing founders with this networking savvy multiplies odds of commercial traction.

Diversity and Inclusion: Unlocking Broader Value

Throughout the interview, Will and Jose return repeatedly to the theme of diversity in science, innovation, and investment. This is not mere lip service; rather, it is an operational principle at Phase Two Ventures.

Diversity among entrepreneurs and investors is both an ethical imperative and a performance multiplier. Studies bear this out—funds and companies that prioritize gender and ethnic diversity routinely outperform their peers. The founders illustrate this with examples from their portfolio, such as supporting Lynx Bio and cultivating internship programs aimed at broadening representation.

For investors, the take-home is clear: rigorous attention to diversity and inclusion can unlock untapped markets, foster unconventional thinking, and ultimately deliver better financial returns. Phase Two’s intentional policies in this arena—ranging from recruiting women and minorities to leadership, to mentoring diverse founders—set them up as exemplars for the sector.

Pragmatism Meets Vision: What Makes a Quality Investment?

Will and Jose blend technical expertise with practical business sensibility—a duality that is often the “secret sauce” for successful life science investing. They highlight key investor considerations:

• Is the technology not only innovative but commercially viable and scalable?

• How robust is the intellectual property position?

• Has the team demonstrated thoughtful customer discovery and go-to-market planning?

• Are there clear, realistic milestones towards value creation (e.g., regulatory, reimbursement, manufacturing, commercial partnerships)?

One memorable anecdote is their pivot advising SweetSpot Diabetes, steering the founder from a direct-to-consumer approach (doomed by limited patient adherence) toward an institutional/kiosk-based solution, which led to acquisition by Dexcom. Such hands-on guidance, grounded in market realities, is precisely what life science investors should bring to their portfolio companies.

Building Phase Two Ventures: Community, Mission, and Long-Term Value

The culmination of these experiences forms the core mission at Phase Two Ventures: to bridge the gap for breakthrough innovations stuck between academic inception and commercial realization. The studio model they describe—melded with their investment practice—positions them not just as financiers but as co-builders and community architects.

Moreover, by focusing efforts regionally (in San Diego, a burgeoning hub), Phase Two can offer founders concentrated support, deep local networks, and resource-sharing, all of which de-risk early-stage bets and magnify returns on time, capital, and relationships.

Inviting the Next Generation: Open Doors and Open Minds

Perhaps the most energizing segment of the interview is the founders’ open invitation—to scientists with world-changing ideas, to students and postdocs, to would-be investors—offering them a place to turn curiosity into action, and ideas into companies.

For an investor, this open-door policy is a welcome sign. The future of life science innovation depends on lowering barriers, pooling diverse talents, and investing with intentionality in the people and technologies that will shape tomorrow.

Reflections

Listening to Will and Jose reminds me why I chose life-science investing in the first place. Every breakthrough—whether a diagnostic, therapy, or platform—extends far beyond financial returns; it transforms lives, strengthens communities, and reshapes entire industries. The path is rarely straight, and true progress is built as much on humility and persistence as on technical excellence.

Phase Two Ventures exemplifies what happens when smart capital partners with bold, capable teams in a collaborative ecosystem. Their story is a call to action—to keep investing in inclusivity, pragmatism, and community, and to keep fueling the “busy scientists” whose work will define the next generation of medicine and innovation.

Check out Will’s book!

Most of the doctors and dentists I meet have their savings split across a 401(k), maybe an IRA, and whatever’s left after taxes. That’s fine for employees — but not for practice owners. You’re running a business, building a legacy, and employing people who rely on you.

That’s why so many of my clients are turning to something that used to be standard: the defined-benefit pension.

What a Defined-Benefit Plan Really Does

In plain English, it’s a retirement plan where you decide what you want out at the end, and we design a schedule of contributions that gets you there — safely and predictably.

Instead of guessing how the market performs, your pension is actuarially calculated to hit a specific goal. You can even insure it with the PBGC, the same federal agency that backs corporate pensions.

Here’s the part doctors love most:
✅ Every contribution is 100% tax-deductible to the practice
✅ The money grows tax-deferred
✅ And the plan can be funded in as little as 10 years

“It’s Not About Chasing Markets — It’s About Building Certainty”

“Most of the physicians we work with aren’t looking for risky returns,” says Robert Mowry, Partner at Del Mar Medical Pensions.

“They’re looking for peace of mind — to know that if they take care of their patients and their team, their own retirement will take care of itself.”

Why It’s Also a Powerful Retention Tool

Turnover hurts more than just your schedule — it erodes culture and productivity.
In healthcare and dentistry, staff often move every couple of years for a slightly higher wage or a new benefit.

A defined-benefit pension changes that dynamic. When employees see a real, guaranteed retirement benefit, they stay.

“We’ve watched offices cut turnover in half just by adding a pension,” says Mowry.
“A PBGC-insured benefit sends a message: you have a future here.”

The Tax Win Most Practices Miss

Every dollar you put into the plan is deductible to the practice — meaning it comes straight off your taxable income.
You can finally pay yourself first, without sending so much to the IRS.
And because the money grows tax-deferred, compounding works even harder for you.

When structured correctly, the plan benefits you, your team, and the tax code — all at once.

The defined-benefit plan isn’t some relic from the past — it’s a powerful, tax-efficient financial strategy that still works perfectly for modern medical and dental practices.

If you’re profitable, paying too much in taxes, or struggling to keep great staff — this is the one benefit that solves all three problems at once.

Del Mar Medical Pensions
Designing PBGC-insured, tax-advantaged pension plans for physicians, dentists, and biotech executives across California.

📩 To request a custom pension illustration for your practice, subscribe to this Substack and we’ll reach out!

I spent the day catching up with my old friend Chris Thinnes, from our early days as equity analysts at NuFund Venture Group (formerly TCA). We joked about how much the UCSD campus has changed since the 2000s—especially the food scene. Let’s just say today’s options make our college-era burrito runs look pitiful.

Morning Panels: AI, IoT, and Clean Tech on the Rise

The morning kicked off with a sharp panel on AI-enabled IoT, setting the tone for a day filled with discussions around clean tech, data science, robotics, and innovation financing. It’s clear that San Diego’s startup ecosystem is maturing fast, with UCSD anchoring much of that momentum.

Financing Innovation: QSBS, SAFEs, and the Legal Frontier

One of the standout sessions was led by Brian Dirkmaat, who delivered a rousing masterclass on QSBS, SAFEs, and innovation financing.

Brian’s rethinking of the SAFE (Simple Agreement for Future Equity) framework struck a chord. His approach reframes how legal structures can balance the table between founders and investors—moving from “investor-friendly” to “innovation-friendly.”

Then came Serhat Pala, a two-time exited founder and one of the most connected figures in the local ecosystem. As a leader at NuFund Venture Group, Serhat brings both investor savvy and founder empathy to the table. His insights into what truly drives adoption (hint: relationships and credibility matter more than visibility) were eye-opening.

I asked if the QSBS clock starts ticking on preferred shares but not on pre-converted SAFEs — and it turns out, the SAFE hasn’t actually been tested on QSBS eligibility in tax court.

The Grand Finale: Andy Ballester’s GoFundMe Story

The week closed with a powerful session from Andy Ballester, co-founder of GoFundMe.

His storytelling was electric. “Innovation comes not from comparison—it comes from clarity,” he said. That line hit home. Andy’s clarity and drive have powered a platform that’s enabled over 150 million campaigns, helping billions around the world.

GoFundMe’s origin story is a reminder that some of the most transformative ideas start from a simple human need—and scale through persistence and empathy.

A Grateful Wrap-Up

Huge thanks to Startup San Diego for curating another incredible week. Between the panels, founders, investors, and new ideas, it’s clear that the city’s innovation engine is humming louder than ever.

San Diego may be known for beaches and biotech—but after this week, it’s hard not to see it as one of the next great startup capitals of the West Coast.

If you’re interested in setting up a pension at work or looking to roll over capital gains to defer taxes, let’s connect!

For someone straddling both sides of the table—as an investor through Phase Two Ventures and an advisor through Del Mar Medical Pensions—it was a masterclass in how innovation meets capital.

It wasn’t all work! I got to catch up with my buddy Tommy Martindale — we played together on an NJB team when we were 11. The guy was money in the paint!

Watching Ah-nold inspire the group with humor and some solid takeaways.

Finding the Right Match: Early-Stage Medtech Financing

On Day 1, I joined “Finding the Right Match: Early-Stage Medtech Financing From Both Sides of the Table,” a standout session moderated by Eric S. Heinz (Heinz Ventures) and featuring:

• Auriel August, MD (Sante Ventures) – Go Big Green!

• Darshana Zaveri (Catalyst Health Ventures)

• Michael Mangano (ABK Biomedical)

• Erik van der Burg (Venova Medical)

The panel dove deep into the real mechanics of investor-founder alignment, offering hard-won insights on how to build—not just fund—great companies.

• Narrative vs. traction: Credibility is earned by showing how stories convert into signals.

• Term sheets and timing: Deal structure is as much about culture fit as valuation.

• Post-investment value creation: The best investors help navigate regulatory hurdles and scaling challenges.

• Tough moments: Pivots, delays, and governance—how trust holds when the market shifts.

• Governance risks: One bad board member—or a few with conflicting goals—can derail everything.

Walking out, I was reminded that the most successful partnerships in medtech are less about finding “capital” and more about finding compatibility.

“In early-stage healthcare ventures, alignment isn’t a nice-to-have—it’s the differentiator. The best investors act like co-founders, helping navigate regulation, reimbursement, and even morale,”
— Robert Mowry, Del Mar Medical Pensions

The Point of Impact: Decentralized Diagnostics and the New Frontier

Later that morning, I went to “The Point of Impact: Charting the Futures of Decentralized Diagnostics.”

The lineup of leaders explored how innovation, policy, and collaboration are redefining diagnostics:

• Deborah Godes (McDermott+) – shaping reimbursement and market-access strategies

• Beth Marlowe, PhD, D(ABMM) (Quest Diagnostics) – driving infectious disease R&D

• April Veoukas (Abbott) – guiding regulatory innovation and patient-safety frameworks

• Betsy W. (CARB-X) – advancing the global fight against antibiotic resistance

At The Point of Impact, the conversation centered on how diagnostics are moving closer to the patient—decentralized, data-driven, and globally scalable.

Key takeaways shaping the future:

• Access meets innovation: Breakthrough tech must align with smarter reimbursement strategies.

• Regulation as enabler: Agile frameworks can accelerate both approval and trust.

• Diagnostics = stewardship: Rapid, decentralized tools are vital for combating antibiotic resistance.

• Collaboration as catalyst: Innovation only scales when regulators, payers, and developers move in sync.

“Diagnostics are no longer confined to the lab—they’re becoming part of everyday life. The challenge isn’t just building the tech; it’s aligning the financial and regulatory rails to deliver it where it matters most,”
— Robert Mowry, Del Mar Medical Pensions

From early-stage financing to frontline diagnostics, the throughline is clear:
The future of medtech belongs to those who can bridge science, capital, and systems thinking. The real innovation lies not just in what we build—but in how we bring it to market.

Reach out if I can introduce you to someone who was at the conference or in my network. Happy to help those who are kind enough to be subscribed to my Substack do well!

Guest Greg Horowitt, Director of Innovation Design at UC San Diego and a veteran startup operator and investor, offers a nuanced and deeply human approach to innovation—one that emphasizes emotional intelligence, collaboration, improvisation, and authenticity as much as technical know-how.

From Startup Operator to Institutional Innovator

Greg Horowitt’s journey is emblematic of a life lived at the intersection of ideas and action. A UC San Diego alumnus who ventured into finance and operations, Horowitt worked at startups before becoming a venture capitalist and global mentor. He returned to UCSD to help develop an innovation infrastructure that would support the next generation of entrepreneurs—not just technically, but holistically.

His early realization—that most entrepreneurial frameworks described in books bore little resemblance to the real-world experience of building startups—led him to advocate for a practitioner-centered approach. This shaped the ethos of UC San Diego’s Office of Innovation and Commercialization: bridging theory with experience, and offering a platform that connects passion with practice.

Redefining Entrepreneurship: It’s a Social Sport

One of Horowitt’s central arguments is that entrepreneurship is not just a technical or financial pursuit—it’s a social activity. Success isn’t just about building the better mousetrap; it’s about building teams, cultivating trust, and navigating uncertainty together.

This starts with rejecting the lone-wolf archetype. “You never go hunting alone,” Horowitt says. “None of us are as smart as all of us.” The most successful startups are driven by diverse teams that bring varied perspectives and skills. The process, he emphasizes, is more like a jazz improvisation than a symphony: you need structure, but also the freedom to explore, adjust, and respond in real time.

Risk, Resilience, and Reframing Failure

When asked about risk—a word often synonymous with startups—Horowitt is clear-eyed. Entrepreneurs aren’t reckless; they are opportunity seekers who become risk-tolerant. The willingness to pursue a vision despite uncertainty is what sets them apart, but it’s not about gambling blindly. Instead, it’s about developing the tools—strategic thinking, team alignment, improvisation—that allow one to manage and navigate risk effectively.

He also challenges the language around failure, preferring “unintended outcomes.” Entrepreneurship is an ongoing series of experiments, and not all will succeed. By destigmatizing failure and reframing it as data for learning, he believes we can create a more supportive and honest entrepreneurial culture.

Tools for the Entrepreneurial Mindset

Horowitt offers several practical tips for cultivating entrepreneurial resilience:

• Take an improvisation class. The startup journey rarely goes as planned. Learning to adapt on the fly is an essential skill.

• Practice debate. Conflict resolution and constructive disagreement are key to team cohesion and iterative progress.

• Do puzzles. Complex problem-solving trains the mind to approach challenges non-linearly and creatively.

• Build diverse teams. Diversity isn’t just a social good—it’s a strategic advantage.

In short, building startups requires more than just business acumen. It demands behavioral and cognitive fitness: the ability to think flexibly, embrace ambiguity, and work collaboratively under pressure.

The Power of Authenticity and Vulnerability in Leadership

One of the most compelling portions of the podcast centers on vulnerability—a quality often seen as incompatible with traditional notions of leadership. Horowitt disagrees. Authenticity, he argues, is not just personally fulfilling—it’s strategically sound. Teams crave leaders who are real, not robotic.

Still, he acknowledges the difficulty. Leaders are often expected to exude certainty, especially in startups, where confidence can inspire teams and attract investors. But over time, Horowitt says, he’s learned that controlled vulnerability—expressed in the right doses to the right people—can build deeper trust and foster more resilient teams.

This is especially true when times get tough. “When you're vulnerable around people who genuinely have your back,” he says, “it becomes a strength—not a weakness.”

Negotiation as a Tool for Shared Value

Another standout moment in the conversation involves negotiation. Drawing on the framework of “finite vs. infinite games,” Horowitt distinguishes between zero-sum negotiations (where one party wins) and collaborative negotiations (where both parties co-create value). His style is rooted in empathy and questioning: he enters negotiations with a genuine desire to understand the other party’s motivations.

He also emphasizes options. The key to negotiating from a position of strength, he says, is to avoid being desperate for any single deal. Flexibility, confidence, and long-term thinking make room for creativity at the table—and reduce the chances of making fear-based decisions.

What Investors Look For: Imagination, Integrity, and Grit

As an investor, Horowitt doesn’t just look at metrics or market size. He looks for what he calls “audacious speculators”—founders with bold visions and the grit to follow through. He prizes storytelling skills—the ability to articulate a compelling vision and make it feel plausible, even if it’s not yet probable.

Trust is another pillar. In early-stage investing, data is often scarce. So Horowitt relies on social proof and shared values to assess trustworthiness. Referrals, mutual connections, and personal alignment all play a role in determining whether a founder is worth betting on.

The Office of Innovation: A New Model for Campus-Based Entrepreneurship

Horowitt’s work at UC San Diego’s Office of Innovation and Commercialization represents a shift in how universities approach entrepreneurship. Rather than placing innovation in a silo—confined to a business school or engineering lab—the office operates across disciplines and departments, housed within the larger Office of Research and Innovation.

This allows it to serve students, faculty, staff, and even community members. Its mission is not just to help launch startups, but to foster a campus-wide culture where innovation is seen as a life skill.

Flagship programs include:

• Entrepreneur-in-Residence: Bringing outside founders onto campus to serve as role models and mentors.

• Essentials of Entrepreneurship Certificate: A program that teaches both the hard and soft skills needed for venture building.

• Innovation Studios: Especially the MAVERICK lab (Mixed, Augmented, Virtual, and Extended Reality), where students explore emerging tech and prototype solutions that often surprise even the tool’s creators.

Creating a Living Ecosystem

More than just a collection of programs, the Office of Innovation serves as a connector. Horowitt describes it as a “concierge for entrepreneurship”—a platform for curation, collaboration, and connection. Whether you're a student looking for a cofounder, an industry partner exploring a new technology, or an investor seeking early-stage opportunities, the Office is designed to help.

Importantly, it’s also focused on human capital. By cultivating not only startups but also startup-ready people, it ensures that UC San Diego is producing not just innovations—but innovators.

Final Takeaway: Just Do It

Greg Horowitt closes the conversation with a call to action. If you’re thinking about building something, start. Don't wait for the perfect moment, perfect plan, or perfect partner.

“Innovation is a contact sport,” he says, “and the only way to do it… is to do it.”

Conclusion

Greg Horowitt’s perspective is a refreshing counter-narrative to the hustle-centric startup mythos. His framework—rooted in empathy, behavioral science, and lived experience—offers a blueprint not just for building companies, but for building better leaders, communities, and cultures of innovation. UC San Diego’s model, under his guidance, is creating more than startups; it’s cultivating a new kind of entrepreneur—one that’s collaborative, curious, emotionally intelligent, and fundamentally human.

For those navigating the uncertain terrain of innovation, his advice is clear: surround yourself with good people, be willing to learn from “unintended outcomes,” and above all—be real.

Starting in Science, Evolving into Strategy

With a Ph.D. in Experimental Condensed Matter Physics from the University of Pennsylvania and a postdoctoral career in France’s CNRS, Dr. Cajipe had all the makings of a lifelong academic. But as she recalled, she found herself craving a more direct path from science to societal impact. That pivot came when she joined Nova R&D, a small company in Riverside, California, specializing in radiation detection and digital X-ray imaging.

“I never went to business school,” she laughed, “but I think I learned a lot by being with a small company and actually experiencing everything that needs to get done to get a business off the ground.”

During her eight years at Nova, which included stints as Director of Technology Applications and eventually Vice President, she helped secure both SBIR grants and commercial contracts. The company not only survived the 2008 financial crisis but was acquired—a rare feat for deep-tech startups in such turbulent times.

Building Products—and Confidence—Through Research

At Nova, Dr. Cajipe worked across disciplines and markets: from baggage screening devices and defense technology to pet imaging and even a radiation assessment device aboard the Mars Curiosity rover. “It was like we were the Intel Inside—but for radiation detectors,” she noted.

One major takeaway from her time in industry: the power of early customer engagement. While SBIR funding was critical, it was the ability to tweak core technologies for specific markets—sometimes driven by a single paper or industry inquiry—that enabled real traction.

However, she cautioned, this dual-track approach requires balance. “Startups can get stretched thin between customer promises and internal R&D,” she said. “You have to protect the science, even as you pivot toward market fit.”

The Interdisciplinary Engine of UC San Diego

When Nova was acquired, Dr. Cajipe transitioned to UC San Diego—a move she describes as a perfect match for her scientific and entrepreneurial expertise. Since 2008, she has helped manage intellectual property portfolios across physical sciences, evaluating technologies, advising faculty, and negotiating licensing deals.

One key insight from her UCSD years: innovation at the university thrives on interdisciplinary collaboration. “There’s a lot of cross-fertilization of ideas here,” she explained, pointing to successful partnerships between engineering and medicine, and between basic science and applied tech.

She highlighted innovators like Professor Sadiq Esener, whose background in electrical engineering led to innovations in nanoparticle drug delivery, and Mike Heller, whose engineering expertise enabled breakthroughs in life science instrumentation. These kinds of hybrid discoveries are emblematic of UCSD’s unique innovation ecosystem.

Finding Each Other in a Sea of Ideas

With thousands of faculty and researchers spread across departments, how do productive collaborations form? According to Dr. Cajipe, a major driver is UCSD’s organized research units and themed centers.

Institutes like the Center for Wearable Sensors, the Sustainable Power and Energy Center (SPEC), and the Microbiome Innovation Center provide structured environments for cross-departmental collaboration—and frequently include corporate members. These centers serve not just as research hubs but as connection points between academia and industry.

Similarly, programs like the Institute for the Global Entrepreneur (IGE)—a joint initiative between the Rady School of Management and Jacobs School of Engineering—offer tailored support for startup-minded faculty and students, particularly in areas like medical device acceleration.

From Patent to Product: How Licensing Really Works

Dr. Cajipe discussed the nuanced process of technology licensing at a university. Innovation and Commercialization Managers (ICMs), previously called licensing officers, are tasked with identifying promising inventions, understanding industry trends, and finding suitable commercialization pathways.

While part of the job involves assessing technical merit, a large portion also comes from listening—to researchers, to publications, and to the broader market. Sometimes the best opportunities come from unexpected intersections.

“There are instruments developed for very narrow research applications,” she explained, “that end up having value in completely different sectors. When we make those matches and support those transitions, that’s when tech transfer really works.”

Rebuilding Community Through Feedback

One successful pre-pandemic program Dr. Cajipe would like to revive is the Commercialization Assessment Panel (CAP), where local entrepreneurs, lawyers, and investors were invited to hear short presentations on promising university technologies. These gatherings served multiple purposes: showcasing UCSD innovation, collecting feedback, and forming early networks around potential startups.

“It was our way of getting the community to participate in assessing which technologies had legs,” she said. “And we’d often see those meetings result in meaningful partnerships down the line.”

Supporting Startups: From Evaluation to Acceleration

For faculty and entrepreneurs looking to spin out university IP, Dr. Cajipe explained several licensing mechanisms available:

• Evaluation License Agreements allow a company to “test drive” a technology for 6–24 months with minimal cost, while covering ongoing patent expenses. These often include an option to convert into a full commercial license.

• Letters of Intent (LOI) serve as placeholders for companies seeking to show investors they have rights to a technology without executing a full license.

• Sponsored Research Agreements and SBIR/STTR collaborations allow companies to co-develop technologies with university researchers, often funded by government grants.

Dr. Cajipe noted that companies applying for SBIR/STTR grants should ideally secure licensing rights—or at least a LOI—before submitting. Many granting agencies now require these agreements up front.

Bridging the Valley of Death

While UCSD produces a large volume of novel inventions, many don’t reach commercialization. Bridging that so-called "valley of death" requires community engagement. For listeners—including business students, entrepreneurs, attorneys, or investors—Kahita issued an open invitation:

“We need your help to close that gap,” she said. “If you’re listening and you want to get involved, reach out. Join an assessment panel. Host office hours. Serve as an entrepreneur-in-residence. There are so many ways to contribute.”

The Office of Innovation and Commercialization also hosts frequent events, including Innovation at the Edge and Meet the VC, designed to build bridges between researchers and capital.

Looking Ahead

Dr. Cajipe’s reflections underscore a powerful truth: innovation doesn’t happen in a vacuum. It requires ecosystems, mentors, industry champions, and translational infrastructure.

Whether you’re a student, a startup founder, or an investor, UC San Diego’s model offers a roadmap: build interdisciplinary excellence, create collaborative space, and stay rooted in both the lab and the market.

And if you’re ever unsure where to start, Dr. Cajipe and her team are already there—translating ideas into impact, one license at a time.

The DNA of Innovation

UC San Diego's approach to innovation is fundamentally different from traditional academic models. The university was deliberately designed as a multidisciplinary ecosystem, breaking down traditional academic silos. This unique structure allows for convergent thinking, where experts from different fields collaborate to solve complex problems.

As Dr. Robin explains, many emerging industries are inherently multidisciplinary – from healthcare to space exploration – requiring teams that can think beyond traditional boundaries. The university's goal is ambitious: to become the global destination for innovation. This isn't just rhetoric, but a carefully crafted strategy that involves two key components: developing technologies that drive industries and creating a workforce capable of navigating a rapidly changing technological landscape.

Entrepreneurship: More Than Just a Skill

One of the most profound insights from Dr. Robin is that entrepreneurship isn't something learned in a classroom – it's a way of being. Successful entrepreneurs share certain critical attributes: the ability to listen, adaptability, and the courage to embrace uncertainty.

"Can they listen?" Dr. Robin emphasizes. This means truly hearing customer feedback, being open to pivoting ideas, and understanding that the initial vision might need significant refinement.

Coachability is equally crucial – recognizing when to seek expertise and being willing to adapt. The university provides students with safe environments to experience entrepreneurship. Programs like the Maverick Studio and the Institute for Global Entrepreneurs offer hands-on experiences, allowing students to develop technologies, interact with industry leaders, and understand the real-world challenges of innovation.

Emerging Technologies: Beyond Entertainment

Take augmented and virtual reality (AR/VR), for instance. While many might associate these technologies with gaming, Dr. Robin highlights their potential across multiple sectors. Companies are exploring AR/VR applications in therapeutic drug design, surgical training, mental health treatment, and even fashion retail.

The Maverick Studio exemplifies this approach, providing students the skills to build immersive technologies while collaborating with major corporations like Ford, Delta, and Pfizer. The goal isn't just to teach technical skills, but to create a workforce comfortable with convergent technologies.

Supporting Early-Career Entrepreneurs

Dr. Robin is candid about the challenges faced by young entrepreneurs, particularly those balancing career aspirations with personal responsibilities. The key, he suggests, is creating supportive ecosystems – both at home and within educational institutions. Universities can play a crucial role by providing:

• Safe environments for experiential learning

• Multidisciplinary collaboration opportunities

• Connections with industry leaders

• Resources for exploring innovative ideas

The Future of Responsible Innovation Perhaps most importantly, Dr. Robin emphasizes the need for responsible innovation. Technologies like artificial intelligence, he points out, are neither inherently good nor bad – their impact depends on how they're developed and applied. UC San Diego's approach is to teach students to develop technologies that embrace humanity, considering ethical implications and societal impacts alongside technical possibilities.

Lessons for Aspiring Entrepreneurs

For those inspired to pursue entrepreneurial paths, Dr. Robin offers clear advice:

• Embrace failure as a learning opportunity

• Build strong support systems

• Be willing to listen and adapt

• Understand that innovation is an iterative process

• Seek diverse perspectives and collaborations

UC San Diego is an innovation engine preparing the next generation of entrepreneurs to tackle global challenges. By creating environments that encourage risk-taking, multidisciplinary thinking, and responsible innovation, the university is shaping not just technologies, but the very approach to solving complex problems. As Dr. Robin's journey demonstrates, the path of innovation is rarely linear. It requires resilience, curiosity, and an unwavering commitment to learning and growth.

Join me listening to all weekly episodes of Dr. Safa’s, on behalf of the UC San Diego Office of Innovation and Commercialization, incredible podcast check out Spotify.

Over the past twenty years—since my time at UC San Diego and Dartmouth—I’ve had the opportunity to sit across the table from hundreds of physicians at various stages of their careers. Some were fresh out of residency, still paying off med school debt. Others were nearing retirement with a lifetime of savings and questions about what comes next. The consistent thread? Most were focused on the day-to-day of practicing medicine—and rightly so. But a few stood out. They made strategic, bold moves that didn’t just build financial comfort. They built wealth.

As the chair of the Investment Committee at Del Mar Medical Devices, a physician-run medical trade association, I’m often asked: “What are the smartest moves doctors are making with their money right now?” The truth is, in a world shaped by war, tariffs, and a depreciating dollar, capital preservation is as critical as upside growth. More than ever, our members are looking for a financial vehicle that offers both stability and the opportunity to build legacy wealth. For many, the most underutilized—but powerful—tool is the defined benefit (DB) pension plan.

It took me a mountain of reading to get sharp on all the particulars. I had to learn the mechanics of ERISA compliance, how PBGC insurance works, and how to structure investment policy statements that allow for private equity and real estate alongside traditional fixed income. But once I connected the dots, it became obvious: defined benefit plans aren’t just retirement tools—they’re wealth-building machines.

Each year, we file actuarial reports with the Department of Labor through Form 5500, and in doing so, we unlock the ability for participating physicians to contribute significant pre-tax dollars. More importantly, those dollars go to work inside a strategy that we design around real asset growth and downside protection.

Now, you don’t have to use a DB plan to execute the strategies I’m about to describe. But I’ve seen firsthand how much more powerful they become when wrapped in one—particularly with PBGC-backed payout guarantees. These aren’t speculative moonshots. Most doctors I know don’t have the appetite for unnecessary risk. These are repeatable, strategic plays built on professional credibility, predictable income, and long-term relationships.

Here are the five moves that have delivered consistent results for the physicians I’ve advised—and the reason we now help them house these strategies inside pension plans.

1. Bought Dirt, Brought Their Network, and Sold at a 5% CAP

Let’s start with one of the simplest yet most effective wealth-building strategies: buying real estate where you practice.

I’ve seen it time and time again. A physician purchases raw land or an underutilized building in a growing area, brings in a couple of colleagues from med or dental school, and co-locates multiple practices under one roof. Suddenly, that old strip mall becomes a bustling medical plaza.

The beauty here is in the tenant profile. Medical and dental practices are recession-resistant. The leases are long-term. The tenants are often the doctors themselves. That’s an incredibly stable income stream.

Over time, institutional buyers come knocking—looking for yield and safe assets. And guess what? They’ll happily buy that property at a 5% cap rate, even if it was acquired at a 10% cap years earlier. I've seen physicians walk away with 20x their initial investment, not counting the steady rental income along the way.

Inside a DB plan, this asset can contribute to long-term yield assumptions—and because you control the lease terms and tenancy, you’re not at the mercy of a volatile commercial market.

2. Integrated Angel Investing Into a Defined Benefit Plan

Defined benefit plans, by design, offer guaranteed retirement income and allow for high annual contributions—often hundreds of thousands of dollars per year, all tax-deductible. But most people think they have to park that capital in bland, conservative assets.

Not true.

Our investment policy at Del Mar allows for ERISA-compliant allocations into real estate, private equity, and even venture capital—so long as they meet the prudence standard and are part of a diversified strategy.

Some of the most impressive doctors I know wove angel investing into their DB plans. Instead of writing a personal check to a medtech startup, they used a pension plan vehicle to invest. The upside flowed through the plan; the downside was backed by PBGC insurance. In other words, you got the asymmetric return potential of a startup with the downside protection of a guaranteed pension payout.

We’ve even helped structure retirement distributions to mimic the waterfall of a venture fund: base income from traditional assets, with capital distributions timed to exit events from portfolio companies.

3. Bought a Practice Cheap, Then Gave Equity to the Protégé

Buying a practice at 1–2x revenue is already a savvy move. But here’s how the truly strategic doctors turned it into long-term wealth: they shared equity with the next generation.

One client of ours bought a sleepy practice in a high-foot-traffic area. He brought in a hungry, younger associate. Instead of just offering a salary, he gave her equity with vesting milestones tied to patient growth, operations, and community engagement.

That new energy doubled the patient base. Revenue went up. The practice’s valuation increased, and the original doctor’s equity stake appreciated while his clinical hours went down. Eventually, the younger doctor took over fully, and the original owner exited cleanly, selling his shares at a premium.

It’s succession planning with upside—and inside a DB plan, that value creation contributes to retirement funding while minimizing current income tax burden.

4. Joined a Venture or PE Fund as a Medical Venture Partner

Here’s a clever move I’m seeing more and more: doctors joining venture or private equity funds as medical advisors or venture partners.

You don’t need to launch your own fund. Instead, align with an existing one—preferably one investing in health, medtech, or digital therapeutics—and offer your clinical insight. You gain access to deal flow, upside in carried interest, and exposure across a diversified portfolio.

The fund gets credibility. You get economic participation—and you don’t have to risk your personal capital on one early-stage bet that might implode. Inside a pension plan, this type of exposure is especially powerful. You’re investing like an institution, not an individual.

The relationship becomes mutually reinforcing. Your credibility as a practicing physician lends the fund trust with investors. And your returns are decoupled from individual practice earnings.

5. Turned Their Office Into a Launchpad for Startups They Backed

This one’s my favorite—because it’s the most creative.

The smartest doctor-entrepreneurs treat their practices as live demos for companies they’ve backed. One ENT featured an otoscope from a startup he invested in—essentially turning every patient visit into a product demo. Another dentist showcased oral care products from a company she helped seed—turning her waiting room into a miniature brand showroom.

This isn’t about being flashy. It’s about authenticity. Patients trust doctors. When they see their provider using or recommending a product, it accelerates adoption—and it builds enterprise value for the startup.

For the doctor, this creates a flywheel effect: early capital → increased usage → more data → better fundraising → stronger valuation. And if the doctor is invested through their DB plan, all that upside accrues tax-deferred, inside a PBGC-insured retirement structure.

Final Thoughts: Wealth Building Without Chasing the Market

Here’s the truth: most physicians don’t have the time or interest to track markets daily, analyze startup pitches, or flip real estate deals. And they shouldn’t have to. What they do have is a steady income, a high level of trust, and a deep network. When you build a financial strategy that leverages those three assets, the results can be transformative.

A defined benefit plan gives you the structure. The five strategies above give you the playbook.

If you’re a physician, dentist, or medical professional who wants to turn a strong income into long-term financial independence—and do it with the kind of downside protection most investors can only dream about—join us.

At Del Mar Medical Devices, we host regular events, both virtual and in-person across Southern California, where we connect like-minded physicians, spotlight MD/MBAs doing incredible things in business, and introduce high-quality defined benefit plans that are both tax-savvy and legacy-minded.

You’ve worked too hard to settle for mediocre returns and unpredictable retirement.

We’ll help you do better—strategically, securely, and together.

Ready to learn more?

Subscribe to this Substack to join our network. The next chapter of your financial future starts with a plan—and we’re here to build it with you.

“Some doctors want to write the biggest check they can today because they’re thinking, ‘I’ve already climbed the mountain—I just want to lock in the view.’ Others are still climbing, and they know the biggest checks will come once the ascent flattens out.” — Robert Mowry, CIO, Del Mar Medical Devices

The ‘Stash Now’ Physician: Front-Loading for Freedom

These physicians, often in their 40s or early 50s, are laser-focused on putting away as much as possible. Many own practices, have stable referral bases, or work in high-earning specialties. Their strategy is rooted in a desire to front-load retirement, reduce taxes today, and de-risk their future.

Instead of tossing money into a 401(k) and expecting your star employee to somehow 5x it—adding pressure to become a stock market expert on top of doing their job—imagine saying: “Suzie, we’re contributing 6% of your salary to a defined-benefit plan—just like the one I have at the hospital. By age 30, you’ll be fully vested with more retirement income than Social Security.”

Compensation matters, but it’s stability that builds true retention.

The ‘Save Later’ Physician: Scaling With Income

Some expect their income to grow significantly in their late 50s and 60s. They want flexibility now and the option to make large contributions later—when business is booming or expenses (like children’s education or practice debt) decrease.

For example, Dr. Patel, a 38-year-old gastroenterologist, is currently focused on expanding his clinic and paying down student debt. But he has already designed a defined benefit plan that allows for catch-up contributions once his earnings scale in his 50s.

Customized Structures for Unique Trajectories

Defined benefit plans, especially those tailored to multi-participant groups, allow each physician to operate on their own financial timeline. This flexibility is key.

“One physician might be contributing $100K a year and feel set. Another may be focused on their home this decade, then plan to contribute $1 million between ages 60 and 70. A well-structured plan can adapt to either path.”
— Robert Mowry, CIO, Del Mar Medical Devices

Advisors Must Match Psychology to Structure

Understanding these two mindsets is essential for any financial advisor or administrator structuring pension solutions for medical professionals. The most effective plans meet the doctor where they are—whether it’s locking in security now or building a ramp for bigger contributions down the road.

Defined benefit plans are retirement vehicles and tax tools. Contributions are tax-deductible for the practice, and benefits are governed by IRS limits and actuarial calculations. Properly structured, these plans qualify for PBGC insurance, adding a layer of federally backed protection.

The most effective plans meet the doctor where they are—whether it’s locking in security now or building a ramp for bigger contributions down the road.

Whether you're at the summit or still climbing, the right pension design will grow with you—not against you. Strategic alignment between your income arc and contribution strategy is the real key to retiring both comfortably and confidently.

Del Mar Medical Devices is a life science trade association who does events, advocates for the San Diego region’s growth as a medical hub, and offers members defined benefit pension plans. Mr. Mowry is on the investment committee.

But this wasn’t just another panel or pitch night. “Fred and I were saying: screw the panel,” joked Jose Morachis, co-founder of Phase Two Ventures. “People just want to talk with each other and connect. So we made sure to leave room for more wine, more beer, and more time.”

That spirit—of unstructured conversation, high trust, and deep local ties—was the guiding principle behind the evening. And behind Phase Two itself.

Who Is Behind Phase Two?

Jose Morachis and Will Alaynick, both UC San Diego PhDs with roots in elite research and entrepreneurial science, launched Phase Two Ventures to serve one goal: accelerating early-stage life science innovation in Southern California by filling the region’s most critical gap—capital.

Morachis earned his PhD in Biochemistry and Molecular Biology from UC San Diego, and has since built and exited successful ventures in biotech. Alaynick completed both his PhD in Biomedical Sciences at the UC San Diego School of Medicine (with training at the Salk Institute) and a postdoctoral fellowship at The Salk Institute for Biological Studies, where he focused on developmental neurobiology of the spinal cord.

Together, they bring the rare combination of scientific depth and founder empathy. They’ve been in the trenches—grant writing, experiment troubleshooting, team-building—and they know how painfully undercapitalized breakthrough science can be in its earliest days.

That’s the gap Phase Two Ventures was created to fill: to support life science tools and platform technologies with early capital and experienced backing from operator-investors who truly understand the path from bench to bedside.

San Diego: An Undervalued Powerhouse

“San Diego is already one of the top three life science ecosystems in the country,” Jose noted. “What we’re missing is more early-stage capital and more creative structures to unlock it.”

The region is brimming with scientific talent. From institutions like UCSD, Salk, Scripps, and Sanford Burnham, to R&D hubs of established companies like Illumina, Neurocrine, and ResMed—San Diego has the talent, the infrastructure, and the track record. But seed and pre-seed capital lags behind.

“We’ve all seen it,” Jose said. “Amazing technologies being built in San Diego that end up moving to the Bay Area or Boston—not because the science is stronger there, but because the capital flow is.”

That’s what makes Phase Two different. Their model isn’t about outsourcing or flying in capital. It’s about building a vertically connected innovation engine within San Diego—one that serves founders, draws on community, and keeps companies planted in Southern California as they scale.

More Than a Fund: A Community Builder

“Part of the magic here tonight,” said Fred Grier, “is how interconnected this ecosystem is. You’re really only one introduction away from knowing everyone you need to know to build something big.”

Fred would know. As one of San Diego’s leading business journalists and the founder of one the fastest-growing business Substacks on the West Coast, Fred has spent the past five years interviewing the most important founders, VCs, and operators across tech and biotech. But what he sees more and more isn’t just deal-making—it’s community-building.

“This event was about bringing together the people I’ve interviewed, and the people Jose and Will have backed or built with, to spark something bigger,” Fred explained. “No stage. No pitch decks. Just curated collisions and a belief in the long game.”

That belief is grounded in hard numbers. In 2021, San Diego saw nearly $10 billion in venture capital funding. In 2023, that dropped to about $4 billion—a national trend reflecting broader market contraction. But conviction in the region hasn’t wavered.

“If anything, moments like this are when smart capital and long-term builders really shine,” Fred added.

Why This Moment Matters

Early-stage investing in life sciences is not for the faint of heart. It’s messy, nonlinear, and typically far removed from quick exits. But it’s also where some of the most meaningful breakthroughs originate: diagnostic tools that catch diseases earlier, therapies that were once impossible, and platforms that shift how drug discovery is done.

And now, AI and computational biology are transforming the game.

“AI is becoming a big part of everything we’re doing,” Jose emphasized. “From target discovery to synthetic biology, the ability to merge data science with life science tools is unlocking real platform value.”

This convergence—life sciences x AI—is a particular focus for Phase Two, and a major reason why San Diego is so well-positioned. With UCSD’s strengths in bioinformatics, local startups pushing the edge of AI-driven R&D, and a track record of spinning out science-first companies, the region is ripe for a new wave of platform company formation.

What’s Next for Phase Two?

Right now, Phase Two Ventures is raising capital for its first fund and selectively investing in companies that align with its thesis: life science tools and platform technologies with AI integration and global-scale potential.

But it’s also investing in people.

That includes founders who are spinning out of San Diego labs with world-class training but limited exposure to venture formation. It includes operators who want to stay in Southern California and contribute to homegrown success stories. And it includes fellow investors, family offices, and ecosystem builders who want to co-invest in the next generation of biotech greatness.

Events like this one—standing-room only, buzzing with serendipitous connections—are just one part of how Phase Two intends to keep momentum high.

A Word on Partnership

The event’s success would not have been possible without JL (JLL), who provided the space and support to host such a dynamic group. Partners Grant Chan and Damon from JLL have been instrumental in helping local biotech companies find the space they need as they scale.

And Cooley, a longtime leader in legal support for biotech and venture-backed startups, continues to anchor the legal side of the ecosystem with deep expertise and founder-friendly structures.

Both firms exemplify the kind of ecosystem partners that Phase Two champions: ones who show up, stay engaged, and share the belief that San Diego’s best days are still ahead.

A Toast to the Long-Term

“We’re in this for the long haul,” Jose wrapped up. “This isn’t about quick flips or chasing headlines. It’s about backing serious science, exceptional teams, and building enduring companies.”

There was no need for a mic drop—just the hum of conversations picking up, laughter echoing through the room, and hands reaching across tables to make new connections.

The kind of night that reminds you: if you believe in the future of biotech, this is where it starts—among the people bold enough to build it.

Get Involved

If you’re a founder working on life science tools or AI-driven biotech, Phase Two wants to hear from you.

If you’re an investor looking to deploy capital into mission-driven companies with world-class science and regional stickiness, Phase Two invites your partnership.

And if you just want to be part of something meaningful happening in San Diego, stay tuned. This was just one of many more events to come.

San Diego’s life science future doesn’t need to be built elsewhere. It’s happening here. Right now. And Phase Two is helping lead the charge.

• CEO Christopher Viehbacher emphasized humility, reinvention, and LA's emerging leadership in biomedical innovation.

• The keynote spotlighted four first-in-class therapies as case studies of how innovation can align with patient impact and scalable strategy.

I. A Legacy Reimagined: From MS to Immunology

Christopher Viehbacher’s keynote at LABEST 2024 wasn’t just a company update. It was a thesis on the future of biotech—where innovation is inseparable from ecosystem-building, patient access, and long-term vision.

Viehbacher opened by reflecting on Biogen’s origin story, founded in 1978 by two Nobel Prize winners. The company’s heritage is deeply rooted in neuroscience and multiple sclerosis (MS), where it has been a global leader for over two decades. But the world is changing, and so is Biogen.

Today, under Viehbacher’s leadership, Biogen is pivoting from a single-vertical identity into a broader platform company focused on immunology, rare diseases, and genetic medicine. With four first-in-class drugs launched in the last 12 months, Biogen is now shaping itself into a diversified innovation engine.

“The Twinkie can sit on the shelf for 20 years and still be good,” Viehbacher joked, noting that biotech is the opposite. You need to reinvent every few years or risk becoming obsolete. That, he said, is the tension and beauty of the industry.

II. The LA Advantage: Why Ecosystems Matter

One of the keynote’s central themes was the power of place. Viehbacher compared his past effort to build a biotech hub in Paris—where talent and ambition were present, but infrastructure was lacking—with Los Angeles, which he called one of the most promising emerging ecosystems in the world.

“Infrastructure matters,” he said, “but what really makes an ecosystem work is the people who want to make it work.” He praised LA’s founders, investors, and academic leaders for being not just technically skilled, but mission-driven.

His presence at LABEST—and his praise of the city’s biotech community—was more than ceremonial. It signaled Biogen’s interest in deeper ties to the Southern California life sciences ecosystem, which blends academic firepower with startup agility and a rich patient population.

As someone who has led companies across Europe and North America, Viehbacher’s admiration for LA’s collaborative spirit was notable. “You don’t just need great science,” he said. “You need people who believe they can do something bigger.”

III. Four Firsts: The New Face of Biogen

Viehbacher structured his keynote around four major therapeutic breakthroughs, each one representing a pivot in Biogen’s mission.

1. Tofersen for ALS
   Biogen’s genetic therapy for ALS patients with SOD1 mutations was a centerpiece of the talk. Viehbacher played a powerful video of a patient who had regained the ability to walk. “We rarely get to reverse a disease,” he said. “But this is different.”

   Tofersen wasn’t just a scientific milestone; it was an emotional anchor. Viehbacher credited collaboration with the patient community and regulators for making accelerated approval possible. “This was built with—not for—patients,” he emphasized.

2. Zuranolone for Postpartum Depression
   Viehbacher described Zuranolone as a leap forward in neuropsychiatry: the first oral, rapid-onset treatment for postpartum depression. Where traditional antidepressants take weeks, Zuranolone works within days.

   “If you’ve had a baby, or know someone who has, you know the stakes here,” he said. The therapy’s approval was seen as both a clinical and cultural shift, especially for a condition long under-prioritized by the medical system.

3. Skyclarys for Friedreich’s Ataxia
   Originally developed by Reata Pharmaceuticals and acquired by Biogen, Skyclarys became the first approved treatment for Friedreich’s Ataxia, a rare neuromuscular disease.

   “This is about betting on the underdog,” said Viehbacher. He credited the deal team for recognizing the potential early and framed the acquisition as an example of how Biogen is thinking differently about rare diseases and smart pipeline expansion.

4. Leqembi for Alzheimer’s Disease
   Biogen’s most visible—and perhaps most controversial—advance has been in Alzheimer’s. Leqembi, approved in partnership with Eisai, is the first drug shown to slow progression of the disease by targeting amyloid plaques.

   Viehbacher was candid about the challenges of working in Alzheimer’s, where the science, public perception, and payer environment are all complex. “This is not an easy path,” he admitted, “but it’s the right one.”

   The company is now investing in next-gen Alzheimer’s programs targeting tau proteins and neuroinflammation—doubling down on its neuroscience roots, but with updated tools.

IV. Strategy as a Science

Throughout the keynote, Viehbacher emphasized that biotech success is about more than molecules. “Science without strategy is just a hobby,” he said.

He pointed to Biogen’s internal transformation: de-siloing R&D and commercial functions, refining capital allocation, and hiring world-class talent like Jane Grogan to lead research.

He also noted that Biogen is applying its MS expertise to new immunology programs. “We’ve always understood the immune system—it’s just been through the lens of the brain. Now we’re widening the aperture.”

Recent moves like acquiring Human Immunology Biosciences and building a pipeline in lupus nephritis reflect this shift. For Viehbacher, diversification doesn’t mean abandoning Biogen’s legacy—it means using it as a launchpad.

V. The Culture of Reinvention

Near the end of his keynote, Viehbacher addressed an often-overlooked ingredient in biotech leadership: humility.

“This is a business of uncertainty,” he said. “You have to be humble enough to listen to the science and brave enough to act on it.”

He recounted his departure from Sanofi in 2014—not as a failure, but as a necessary evolution. His time in private equity (at Gurnet Point Capital) taught him how to evaluate companies, not just run them. That outsider-insider perspective now shapes how he leads Biogen.

“I used to think I had to have all the answers,” he reflected. “Now I know I just need to ask the right questions—and empower the people who do have the answers.”

This shift toward servant leadership was palpable. Viehbacher repeatedly spotlighted his team, cited patient advocates, and deferred credit to scientists. For a keynote often filled with data, the human tone made it memorable.

VI. A Call to Action for the Biotech Community

Viehbacher ended with a challenge—not just to his peers, but to everyone in the audience.

He warned of growing headwinds: drug pricing politics, anti-science sentiment, and public skepticism about biotech. “We’re not entitled to public trust,” he said. “We have to earn it, every day.”

He called on every person in the room to become an advocate for biomedical progress—not just within their companies, but in public discourse. “Science doesn’t speak for itself,” he reminded the crowd. “People speak for it.”

His parting message was optimistic, but clear-eyed: Biotech is hard, slow, and often thankless. But it is also the most powerful engine of human progress we have.

In that spirit, he closed with a quote from Arie Belldegrun, who had introduced him earlier: “Leadership is not about knowing where the world is going. It’s about being brave enough to help shape it.”

Shaping the Future, One Bet at a Time

Christopher Viehbacher’s keynote was a blueprint for its reinvention—and a broader invitation for the entire life sciences community to think bigger.

With four new therapies, a retooled R&D strategy, and a renewed commitment to patient-centric innovation, Biogen is positioning itself not as a legacy player, but as a next-generation biotech engine.

In the heart of Los Angeles, at a conference that once drew dozens and now draws nearly a thousand, Viehbacher’s voice stood out. Not because he made big promises, but because he made a compelling case for humility, clarity, and long-term thinking.

Biogen may have started in neuroscience. But under his leadership, it's building something much broader: a new model for how biotech can grow up without losing its soul.

That’s a message LA—and the global biotech community—needed to hear.