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In this episode I sit down with Steve Wardell, managing partner at Wardell Advisors LLC, for an eye-opening conversation that peels back the curtain on healthcare venture capital. Drawing parallels between HBO's Silicon Valley and the real digital health VC world, Wardell breaks down the psychology behind investor behavior, explains why playing "hard to get" with VCs can backfire, and reveals the red flags that signal toxic investor relationships. This episode is essential listening for health tech founders navigating today's funding landscape, where AI-enabled startups are capturing the majority of investment dollars and the "full stack" trend is revolutionizing how VCs think about healthcare companies. Wardell provides actionable insights on funding stages, market consolidation opportunities, and the strategic mistakes that waste entrepreneurs' time while sharing proven frameworks for positioning yourself as an expert rather than a supplicant when pitching to venture capital firms.
Timestamps:
00:00:00 - Introduction and Welcome
00:05:58 - The Psychology of VC Funding
00:12:25 - Funding Stages Breakdown
00:23:00 - Bootstrapping vs the VC Treadmill
00:25:32 - Red Flags and Toxic Investors
00:35:15 - How to Pitch VCs Effectively
00:41:42 - Specialized vs Generalist Funds
00:48:00 - Closing Thoughts
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