Raj Devraj emphasizes that while intelligence is table stakes, the crucial traits for a startup executive are resilience and "street smarts." This is because navigating the high expectations and intense scrutiny of an investor-heavy private board requires a different skillset than what's found on a resume.

For early-stage MedTech startups, key milestones for investors are not just regulatory successes. They are fundamental proofs of concept—showing the device works in a model and demonstrating how it would function in a clinical setting. This builds an investor's vision of the product's future.

Effective due diligence isn't a checklist, but the collection of many small data points—revenue, team retention, customer love, CVC interest. A strong investment is a "beam" where all points align positively. Any misalignment creates doubt and likely signals a "no," adhering to the "if it's not a hell yes, it's a no" rule.

Sana CEO Steve Harr actively questions whether the company's groundbreaking science can translate into a scalable, commercially viable therapy. This internal pressure focuses the team on solving not just the scientific challenges ("does it work?"), but also manufacturing ("can you scale it?") and the commercial model required for a true cure.

Unlike ventures in established biological pathways, startups tackling novel biology must first prove a specific drug product can work. The primary question isn't about the platform's potential applications but whether a single, tangible therapeutic is viable. Focusing on a broad platform too early is a mistake.

The fundamental purpose of any biotech company is to leverage a novel technology or insight that increases the probability of clinical trial success. This reframes the mission away from just "cool science" to having a core thesis for beating the industry's dismal odds of getting a drug to market.

A biotech investor's role mirrors that of a record producer by identifying brilliant talent (scientists) who may lack commercial experience. The investor provides the capital, structure, and guidance needed to translate raw scientific innovation into a commercially successful product.

Frontline Medical chose to develop the Cobra OS not because it was their most revolutionary concept, but because it was manufacturable with limited resources. They prioritized the idea that 'checked all the boxes' for feasibility, market success, and patient impact, ensuring they could bring a product to market.

When seeking partnerships, biotechs should structure their narrative around three core questions pharma asks: What is the modality? How does the mechanism work? And most importantly, why is this the best differentiated approach to solve a specific clinical challenge and fit into the competitive landscape?