Beginner's Mind
Discover the Secrets of Deep Tech Success with Christian Soschner
Discover the strategies and mindsets that transform cutting-edge deep tech ideas into thriving businesses. Christian Soschner delves into the world of deep tech, exploring how entrepreneurs and investors build value and navigate the unique challenges of breakthrough industries.
Each episode features candid conversations with top investors, industry disruptors, and insightful book reviews – dissecting the strategies behind success, observed through my lens, shaped by 35+ years of building organizations and insights from ultrarunning, chess, and martial arts.
Expect:
- Investor Insights: Learn from experts who fund innovation, identifying opportunities and mitigating risk.
- Entrepreneurial Journeys: Go behind-the-scenes with founders turning deep tech concepts into impactful companies.
- Relevant Book Reviews: Discover actionable wisdom from biographies, strategy guides, and thought-provoking reads.
- Focus on Impact: Understand the business models, investment strategies, and market trends that fuel deep tech's potential for real-world impact.
Whether you're building the next big thing, investing in it, or keen on understanding this transformative space, this podcast is your guide to success in the world of deep tech.
Join the community and shape the conversation: https://lsg2g.substack.com/
Beginner's Mind
EP 131: 🚀 Fast Forward Thinking: Luis Pareras on Future and Science-Driven Innovation
Unlock the secrets of future-proof investing and transformative innovation in this compelling episode. Join us as we delve into the mind of Luis Pareras, Managing Partner at Invivo Partners, a venture capital fund pioneering investments in cutting-edge biotech. Discover how to navigate the rapidly evolving landscape of science and technology to drive meaningful change and unparalleled success.
🎙️ What's in the Episode:
1️⃣ Ethical Decision-Making in Venture Capital: Learn how to balance profit and ethics in investment decisions.
2️⃣ The Power of Contrarian Thinking: Luis Pareras explains why going against the tide can lead to groundbreaking innovation.
3️⃣ Transforming Ideas into Reality: Discover the importance of execution over mere conceptualization.
4️⃣ AI's Role in Biotech: Explore the future of artificial intelligence in revolutionizing biotech and healthcare.
5️⃣ Managing Human Factors: Understand why interpersonal dynamics are crucial in overcoming challenges within companies.
👨💼 About Luis Pareras:
Luis Pareras is a visionary venture capitalist with a rich background in neurosurgery and neuroscience. As the founder and managing partner at Invivo Partners, he has a stellar track record in investing and guiding biotech companies towards success. Luis is also an accomplished author, artist and educator, sharing his expertise in innovation and future-thinking.
🎥 Watch this episode to gain unparalleled insights into the future of biotech and venture capital. Luis Pareras' unique perspective is essential for CEOs, investors, and anyone intrigued by the intersection of science and entrepreneurship.
💡 LINKS TO MORE CONTENT
Host: Christian Soschner
Book Fast Forward Thinking
📌 Quotes:
(03:18) "The ability to sustain two opposing ideas in your mind and debate with yourself is a very important quality."
(19:12) "Art serves as an emotional outlet and helps me mentally detach from daily challenges."
(28:23) "True innovation often feels uncomfortable and uncertain at first."
(43:17) "Ideas are worth nothing; execution is everything in bringing them to life."
(01:57:33) "AI is going to be the major change, and everyone is at risk here."
⏰ Timestamps:
(00:03:43) Ethical Decision-Making in Venture Capital
(00:05:14) The Value of Contrarian Thinking
(00:16:21) Exploring the Intersection of Technology and Ethics
(00:18:17) The Future of Leadership in a Digitally Connected World
(00:21:52) Art as a Mental Equalizer
(00:31:03) The Discomfort of True Innovation
(00:40:47) Synthetic Biology and AI in Biotech
(00:45:55) Ideas are worth nothing without execution
(00:54:56) Choosing Problems to Solve Over Companies
(00:58:46) Contrarian thinking and its role in successful investments
(01:06:54) Transforming scientific discovery into life-changing treatments for patients
(01:13:57) How to Identify and Invest in Promising Opportunities
(01:21:48) Predicting the Future: The Role of Probability and Data Science
(01:29:40) The Importance of Contrarian Thinking in Entrepreneurship and Venture Capital
(01:42:47) Radical candor in communication and leadership
(01:49:59) Embracing failure as part of the entrepreneurial journey
(01:52:43) Research your investors: Match your pitch to their focus
(02:00:52) Future of business with AI and digital workers
(02:06:47) Outsourcing Muscles and Minds: Evolution of Huma
Join the Podcast Newsletter: Link
00:00:00:00 - 00:00:23:15
Christian Soschner
did you know? That's the integration of artificial intelligence in healthcare. It's not only in every table, but could completely revolutionize patient care and medical research. My guest today believes this transformation is right on the horizon.
00:00:23:15 - 00:00:28:02
Luis Pareras
Honestly, I thought very deeply about this question.
00:00:28:04 - 00:00:30:03
Luis Pareras
Chris Ash, it's.
00:00:30:03 - 00:00:30:23
Luis Pareras
Very difficult for
00:00:31:03 - 00:00:32:09
Luis Pareras
imagine the privilege.
00:00:32:09 - 00:00:35:08
Luis Pareras
I mean, we are at an era when everything is going to
00:00:35:14 - 00:00:37:19
Luis Pareras
It will be a world, I hope of,
00:00:37:19 - 00:00:38:19
Luis Pareras
00:00:38:21 - 00:00:39:16
Luis Pareras
Abundance.
00:00:39:22 - 00:00:45:19
Luis Pareras
I think once everything can be provided by these agents and humans don't need to really
00:00:45:23 - 00:00:58:12
Christian Soschner
Luis Pereira is a distinguished investor and thought leader leading in Vivo Ventures, a pioneering venture capital firm focusing on groundbreaking innovations in biotech and health care.
00:00:58:12 - 00:01:05:21
Christian Soschner
They are at the forefront of investing in transformative technologies that could redefine the future of medicine.
00:01:05:21 - 00:01:16:24
Christian Soschner
In this episode, we will dive into five critical insights that could reshape your understanding of the future of health care and investment strategies.
00:01:17:01 - 00:01:38:02
Christian Soschner
The first one is the future of artificial intelligence in medicine. Explore how artificial intelligence is poised to revolutionize health care. The second one are ethical dilemmas in biotech. Understand the complex ethical considerations that come with rapid advancements in the field of biotech.
00:01:38:02 - 00:01:48:23
Christian Soschner
The third insight is the role of venture capital. Learn how strategic investments can accelerate innovation in the healthcare sector.
00:01:49:00 - 00:02:08:12
Christian Soschner
The fourth one is balancing innovation and regulation. Discover the challenges and opportunities of navigating regulatory landscape. Scheme. Biotech and the fifth one. Advice for entrepreneurs. Gain actionable insights for biotech startups looking to attract venture capital.
00:02:08:12 - 00:02:21:09
Christian Soschner
If you're interested in the cutting edge advancements in early stage health care and biotech, this episode is a must listen. Hit that subscribe button.
00:02:21:11 - 00:02:31:13
Christian Soschner
Leave a comment and share this podcast. Your support helps bring you more insightful content. Like this for free.
00:02:31:13 - 00:02:41:09
Christian Soschner
Trust me, you will want to watch the entire episode to grasp the full spectrum of Louis Pereira's vision for the future of medicine and investment.
00:02:41:17 - 00:03:15:00
Christian Soschner
I couldn't agree more. I always love the timing. Barcelona. And you set up as Sant in Spain and has quite remarkable history. on one hand you have, sound medical, expertise and being also 25 years of venture investing, expertise to the table. How I always like this intersection of two pillars of expertise. How does expertise in medicine shape your investment decisions?
00:03:15:00 - 00:03:16:12
Christian Soschner
These days?
00:03:16:14 - 00:03:17:01
Luis Pareras
Wow,
00:03:17:01 - 00:03:22:13
Luis Pareras
what a beautiful way to start an interview. taking me back to my roots.
00:03:22:15 - 00:03:25:06
Luis Pareras
Christian, I think.
00:03:25:08 - 00:03:37:04
Luis Pareras
Of course, there are things I heritage from medicine now from to me. Right. But what I do first, and probably the first thing that comes to my mind is, of course, high ethical standards.
00:03:37:08 - 00:03:38:24
Luis Pareras
Okay. I mean.
00:03:39:01 - 00:03:45:03
Luis Pareras
From setting a high, putting the patient at the center of every position that I meet.
00:03:45:06 - 00:03:45:15
Luis Pareras
Right.
00:03:45:15 - 00:03:50:14
Luis Pareras
And caring about patients very humbly in a genuine.
00:03:50:16 - 00:03:52:00
Luis Pareras
Way, you know.
00:03:52:02 - 00:03:57:03
Luis Pareras
So when young analysts at our fund.
00:03:57:04 - 00:03:58:00
Luis Pareras
Or.
00:03:58:02 - 00:04:02:23
Luis Pareras
Associates, get the first of their receipt, I put.
00:04:03:00 - 00:04:04:00
Luis Pareras
You know.
00:04:04:02 - 00:04:10:20
Luis Pareras
I always call them aside and give always the same advice to them, you know, a crucial piece of advice.
00:04:10:20 - 00:04:12:07
Luis Pareras
Which is if I.
00:04:12:10 - 00:04:18:11
Luis Pareras
Weren't, you know, debating on making a decision, always imagine a patient sitting next to you.
00:04:18:13 - 00:04:19:09
Luis Pareras
Because if.
00:04:19:09 - 00:04:22:04
Luis Pareras
You think the patient would feel bad about the decision you're about to.
00:04:22:04 - 00:04:25:00
Luis Pareras
Make, don't feel in favor.
00:04:25:02 - 00:04:46:14
Luis Pareras
Because it may look like good in the short term. But in the medium to long term, I can assure you, ultimately it's not gonna work. Okay, so value you. Our industry is very aligned from the patient. I think that comes from my I mean, probably all investors have patients in mind, but in my case, I mean, I treat patients myself all the.
00:04:46:14 - 00:04:48:00
Luis Pareras
Time and.
00:04:48:00 - 00:04:50:08
Luis Pareras
That, that is always present.
00:04:50:08 - 00:05:00:17
Luis Pareras
Right. Second thing, maybe. Yeah, I think, there's a story. let me.
00:05:00:17 - 00:05:17:22
Luis Pareras
Share your story. Okay. One that has a an important learning point at the end, when I was doing my residency training surgery, it was this one senior surgeon from whom I learned almost everything I know about the field. Okay, I wasn't even psychically.
00:05:17:22 - 00:05:18:19
Luis Pareras
But he was telling.
00:05:18:19 - 00:05:30:05
Luis Pareras
When we would go to operate the two of us together. Okay. And, he would methodically put the MRI's in the light box and he would start explaining fully why we should perform.
00:05:30:11 - 00:05:31:23
Luis Pareras
Back to me going.
00:05:31:23 - 00:05:51:11
Luis Pareras
On and on obsessively on the reasons why. And by the end of his explanation, I, I wasn't really convinced, of course, that at the beginning it was the right course of action. But then every time, almost like a ritual, you know, he would look at me at the end of the explanation and say.
00:05:51:13 - 00:05:53:04
Luis Pareras
Or maybe not, you know?
00:05:53:04 - 00:06:00:00
Luis Pareras
And then he would go on to explain why we should not do well back to me and instead remove the tumor from the inside or whatever.
00:06:00:06 - 00:06:00:22
Luis Pareras
Okay.
00:06:00:24 - 00:06:24:21
Luis Pareras
The point here is the ability to sustain two opposing ideas in your mind and debate with yourself is a very important quality. Right. And that I think I was very because patients Intel comes in chunks, you know, first you see the patient, then you get the lab results, then you can the MRI, then sophisticated tests and.
00:06:24:23 - 00:06:26:16
Luis Pareras
Then but there's always.
00:06:26:16 - 00:06:39:13
Luis Pareras
Very incomplete information. And surgeons, at the end of the day, we commit at the last minute and we decide at the last minute what to do, because we are receiving things and seeing things.
00:06:39:15 - 00:06:40:08
Luis Pareras
And this is something.
00:06:40:08 - 00:06:47:09
Luis Pareras
That I think it's interesting. because again, going back to this ability to compete with yourself.
00:06:47:11 - 00:06:50:05
Luis Pareras
I think intelligence.
00:06:50:07 - 00:06:55:18
Luis Pareras
Can be measured by the amount of uncertainty. And if you can, we send well, Steve, being.
00:06:55:18 - 00:06:56:20
Luis Pareras
Able to.
00:06:56:20 - 00:07:09:15
Luis Pareras
Make decisions and both intelligence and free I see right. Good scientists are free in their pursuit of truth because they can sustain several opposing ideas in their heads simultaneously. Right.
00:07:09:15 - 00:07:11:13
Luis Pareras
So,
00:07:11:15 - 00:07:23:04
Luis Pareras
yeah, that's something that comes as well from my empty era. And finally, maybe the last point you it's difficult to I mean, it's a bit abstract, but I think it could
00:07:23:04 - 00:07:38:16
Christian Soschner
be useful if I like a type of personality that I call as a rock personality or the lighthouse personality. I don't care if it never sent you in. And I read some breaks.
00:07:38:18 - 00:07:45:15
Christian Soschner
You know, in the beginning and you know, you have like, I don't know, three minutes. because otherwise a patient dies many
00:07:45:15 - 00:07:46:11
Luis Pareras
times at the time.
00:07:46:14 - 00:07:46:21
Luis Pareras
Okay?
00:07:46:22 - 00:07:49:05
Luis Pareras
You need to stop hemorrhage.
00:07:49:05 - 00:07:50:07
Luis Pareras
Right? And there's.
00:07:50:07 - 00:07:51:16
Luis Pareras
No point in entering panic.
00:07:51:16 - 00:07:52:18
Luis Pareras
Mode.
00:07:52:20 - 00:08:03:15
Luis Pareras
And you see, when I see a lighthouse, I mean, the lighthouse doesn't cave. Yeah, very big waves and and stormy weather mean it's very sunny. You know, he he just he's there pointing the way.
00:08:03:15 - 00:08:04:06
Luis Pareras
Right.
00:08:04:08 - 00:08:15:15
Luis Pareras
So this calm in making decisions I mean decision making under pressure with incomplete information and being calm.
00:08:15:17 - 00:08:17:12
Luis Pareras
and if something.
00:08:17:12 - 00:08:25:13
Luis Pareras
Really bad happens, you just go on doing what you were doing calmly. And if something very good happens.
00:08:25:15 - 00:08:25:22
Luis Pareras
As.
00:08:25:22 - 00:08:30:19
Luis Pareras
Well, you go on without paying much attention. Okay. That was that was very good.
00:08:30:20 - 00:08:31:22
Luis Pareras
But there's a lot.
00:08:31:22 - 00:08:38:11
Luis Pareras
Of work to do. Still, you need to keep on operating the beach and many things could happen in the future. Oh that operation.
00:08:38:11 - 00:08:39:20
Luis Pareras
So in.
00:08:39:20 - 00:08:50:03
Luis Pareras
This sense, this rock personality on this way of looking into things where successes do not matter much and failures do not matter much, you, you.
00:08:50:03 - 00:08:51:05
Luis Pareras
Know, you just need.
00:08:51:05 - 00:08:54:13
Luis Pareras
To keep on going. I think that's something that I got some.
00:08:54:18 - 00:08:56:15
Luis Pareras
From as well. But,
00:08:56:17 - 00:09:00:11
Luis Pareras
I would say that this is what comes to my mind now.
00:09:00:13 - 00:09:28:07
Christian Soschner
As solid, solid skills definitely mean to, to, stand out. I mean, the last one that is emotional. I keep my emotions in check. I think this is very, very important, especially in the field of investment. You have that excellent, matrix in your book where you explain, the failures in investment. And I write, I do today in the morning and there it is, two quadrants, of failure.
00:09:28:09 - 00:09:36:08
Christian Soschner
And that was what? Yeah. Well, if you're emotional, I mean, on balance, the upper right corner, you can tap into. So the fear of missing out and just
00:09:36:08 - 00:09:47:17
Luis Pareras
to trend and the top of the trend. And on the other right, you can start doubling down on the wrong team. You fell in love with the technology, fell in love with the team, and then you pour money into that.
00:09:47:17 - 00:09:52:02
Luis Pareras
And they think that, the public markets there a lot of episodic story stuff.
00:09:52:04 - 00:10:02:16
Christian Soschner
Oh for sure. And you can never get in love with an investment, by the way, because you. I don't know what will happen. Yeah, yeah. You need to get in love with the problem. investment,
00:10:02:16 - 00:10:19:06
Luis Pareras
company see wants to solve ultimately right solving at home. And that's a company, you know, the C-level executives at the company, because sometimes they are always, sometimes you need one type of CEO, and sometimes you need to change the CEO at some point.
00:10:19:08 - 00:10:20:04
Luis Pareras
So.
00:10:20:06 - 00:10:22:03
Luis Pareras
Yeah, but that's that's very true.
00:10:22:05 - 00:10:22:24
Luis Pareras
Listen.
00:10:23:01 - 00:10:36:16
Christian Soschner
I couldn't agree more. could you share one of your earliest memories that hinted towards, science and innovation? When did you know that you want to go on this life journey?
00:10:36:18 - 00:10:53:17
Luis Pareras
Oh, wow. I remember something, maybe it's a bit. Yeah, it's funny, I think when I was 4 or 5 years old, what I want to do for a living was to be beauty and newsstand vendor.
00:10:53:19 - 00:10:54:05
Luis Pareras
You know?
00:10:54:11 - 00:11:01:00
Luis Pareras
I mean, these guys that sell newspapers at the at the newsstand, please. And that was
00:11:01:00 - 00:11:11:03
Christian Soschner
because, I love to read when I was really young and I thought, wow, he's got has all the comics here, you know, and know scenes and everything.
00:11:11:03 - 00:11:15:13
Christian Soschner
And I wanted to be like, yeah, I knew excitement. And then after that
00:11:15:13 - 00:11:16:10
Luis Pareras
that I won.
00:11:16:10 - 00:11:37:19
Luis Pareras
And of course, as many kids, I wanted to be an astronaut. lots of. Yeah, lots of kids to. But I learned the stars, and I started reading about science, about the stars, you know, and, naming stars, thinking of the sky as my backyard, you know? And. And I used to go with friends when I was just little kids was very.
00:11:37:19 - 00:11:46:05
Luis Pareras
We probably a bit nerdy. I don't know, maybe it was 70 years old. And start naming the stars in the sky and pointing to the north and etc..
00:11:46:05 - 00:11:48:02
Luis Pareras
That's. Yeah, I.
00:11:48:02 - 00:11:56:20
Luis Pareras
Think reading and the Love of science came very early in my life. Of course I yeah, life is complex, you know? I mean.
00:11:56:22 - 00:11:57:18
Luis Pareras
Yeah.
00:11:57:20 - 00:12:12:16
Luis Pareras
Sometimes you set a goal and you pursue that. Sometimes life takes you, from place to place. But, I think these are my two probably earliest memories of me loving science. And I love this
00:12:12:23 - 00:12:26:18
Luis Pareras
Yeah, that it's, going to the moon. Going to the stars. maybe also, study future then, like Elon Musk. Jeff Bezos, your space company. Is that something in your plans?
00:12:26:20 - 00:12:37:23
Christian Soschner
No. that's definitely not in my plans. But I love what they do. I love what they do. That's that's that's right. Yeah. Seeing that people and being people, they simply laughed.
00:12:38:00 - 00:12:39:18
Luis Pareras
While you were speaking,
00:12:39:18 - 00:12:49:06
Christian Soschner
I tried to look up. here it is. From from your book. I'm halfway through with the book. Let me just share the screen.
00:12:50:15 - 00:12:55:22
Christian Soschner
When I find it here,
00:12:55:22 - 00:13:17:15
Christian Soschner
you start your book with a quote from the famous US right up, Jack Kerouac. I hope he said his name right. And you. The quote talks about the, outstanding people they met once. the mad star commits to be saved, desirous of everything at the same time to answer. Never gonna say that.
00:13:17:15 - 00:13:41:22
Christian Soschner
Come on, press thing and burn for something like candles. And I think it was, Steve Jobs in 1997 who used a similar theme for, setting up everything in your direction when he came back to Apple. but I would be interested to hear what that in advance in science, in your opinion, to change the world. What does that mean to you?
00:13:41:24 - 00:13:48:00
Luis Pareras
It is amazing that you go through the half of the book because this I mean, you have it right. This quote.
00:13:48:00 - 00:13:49:09
Luis Pareras
This.
00:13:49:11 - 00:13:55:06
Luis Pareras
Very important for me. It's a very important point. I wasn't aware that, that Steve Jobs used that.
00:13:55:08 - 00:13:56:13
Luis Pareras
But just.
00:13:56:13 - 00:13:58:05
Luis Pareras
Let me try to find something in.
00:13:58:05 - 00:13:59:16
Luis Pareras
This quote.
00:13:59:16 - 00:14:08:05
Luis Pareras
When they say like famous, you know, Roman candles, you know, Roman candles are fireworks. Okay. So it's looking at people that are fireworks.
00:14:08:07 - 00:14:10:02
Luis Pareras
You see, and.
00:14:10:04 - 00:14:14:23
Luis Pareras
At the end, because I know these sad in my heart. Right.
00:14:14:23 - 00:14:28:02
Christian Soschner
that he says something like it's probably like spy as opposed stars and spangled middle. You see the blue sun, a light bulb and everybody goes, how? Wow. You know, hey, it's considered
00:14:28:02 - 00:14:56:03
Luis Pareras
people that are loving people that are like fireworks. Okay. So the main ones for me are special people. And by my the ones, of course, I referring of most of the scientists. Right. But people that are very interesting, very different, that people that are able to live in the world for years but never become in the world because they are free thinkers, you know, you don't get easily influenced by, well, they can go, I can see everybody if needed.
00:14:56:05 - 00:14:58:20
Luis Pareras
They are contrarians, you know.
00:14:58:22 - 00:15:01:20
Luis Pareras
And like scientists.
00:15:01:20 - 00:15:05:03
Luis Pareras
They are in the spirit of quest for freedom and and,
00:15:05:05 - 00:15:10:05
Luis Pareras
Just. Yes. And, especially.
00:15:10:05 - 00:15:12:10
Luis Pareras
The scientists that are contracts.
00:15:12:10 - 00:15:14:21
Luis Pareras
You know, because if you know.
00:15:14:23 - 00:15:32:07
Luis Pareras
How much I love me, Twix is because you you you I read what you told me. And but if you can imagine, like a matrix, it's a little matrix. Okay. And on the one axis, there's the the followers and the tyrants. Right. And then the other axis is the,
00:15:32:09 - 00:15:32:17
Luis Pareras
The.
00:15:32:20 - 00:15:47:04
Luis Pareras
I mean, you are right. You are wrong. Okay. Of course, being right is the most important thing, but after being right, if you are in the quadrant where you live, contrary. And then you suddenly invested in something that's really scarce.
00:15:47:07 - 00:15:47:12
Luis Pareras
Right.
00:15:47:12 - 00:15:50:16
Luis Pareras
Now and it's value, it's so much higher.
00:15:50:18 - 00:15:55:16
Luis Pareras
You know, so being against the.
00:15:55:16 - 00:16:00:13
Luis Pareras
Tide in the investment world, I think it pays off.
00:16:00:15 - 00:16:02:09
Luis Pareras
Honestly. So,
00:16:02:11 - 00:16:03:19
Luis Pareras
I love to be in charge.
00:16:03:19 - 00:16:11:05
Luis Pareras
Yeah. And yeah. But in in any case, this what this quote really means.
00:16:11:07 - 00:16:15:24
Luis Pareras
All right. I'm using this quote to signal that I'm surrounded by these people.
00:16:15:24 - 00:16:19:20
Luis Pareras
All the time. And this is the biggest privilege.
00:16:19:22 - 00:16:29:01
Luis Pareras
Of what I do for a living. Being with people, finding new ways to solve problems, people that are incredibly intelligent, incredibly brilliant.
00:16:29:02 - 00:16:30:05
Luis Pareras
You know.
00:16:30:07 - 00:16:31:21
Luis Pareras
Creative.
00:16:32:13 - 00:16:46:09
Luis Pareras
God, I really love what I do, you know, and, and and that's the reason why I love so much what I do is precisely because I'm surrounded by these capital. And this I'm amazed that you pick the quote instead of picking, like, the text.
00:16:46:11 - 00:16:46:18
Luis Pareras
Of.
00:16:46:20 - 00:16:56:08
Luis Pareras
The book. Right? Because again, it is an important point. It's not just because I chose one little book. Yeah, yeah, it is very central
00:16:56:08 - 00:16:58:20
Luis Pareras
in the way I think.
00:16:58:22 - 00:17:00:04
Luis Pareras
You know, I'm looking.
00:17:00:04 - 00:17:01:15
Luis Pareras
For this style of people.
00:17:01:15 - 00:17:02:20
Luis Pareras
Always.
00:17:02:22 - 00:17:03:16
Christian Soschner
I was pleasantly
00:17:03:16 - 00:17:09:08
Luis Pareras
surprised when I read the book. That's, you quote today. I did the first chapter,
00:17:09:08 - 00:17:18:18
Luis Pareras
one of the, I love and Elvis asked myself why Silicon Valley is such an outstanding
00:17:18:18 - 00:17:32:10
Luis Pareras
ecosystem in 2024. And, one of the explanations, in my opinion, delivers Jack Kerouac in the book, he describes the spirit in the 50s or 40s and 60s in the United States in this area, in this book.
00:17:32:10 - 00:17:58:03
Luis Pareras
And, I think these are the roots of the, the culture that's still in Silicon Valley prevalent these days. And Steve Jobs read this book. So I found it on a reading list that, someone who will be on my podcast and post it on her medium profile, and they would talk about Silicon Valley and I think this Steve Jobs was in the Think Different campaign in 1998.
00:17:58:05 - 00:18:19:10
Luis Pareras
similar quote where he points out that, it's the unusual people to match once, like you describe the change to at the end of the day, and it needs a lot of, emotional strength because it means when you a contrarian, that you always two things and look at things that, the majority of people don't like yet.
00:18:19:10 - 00:18:22:11
Luis Pareras
And, I'm not convinced that it's a good thing. How do you deal with that?
00:18:24:01 - 00:18:53:07
Luis Pareras
Yes. I mean, people that are not convinced, I mean, but I have let me share with you again, one and it goes a one way of doing things right when I want to invest in a company, are we? We are not think a company with team and and we're discussing about the company. And then if I really am really excited about the company, I typically, socialize a little bit in the sense that I explain it to other investors.
00:18:53:07 - 00:19:00:21
Luis Pareras
Other fellow colleagues are key opinion leaders feel across all the same team, right? I mean, we discuss.
00:19:00:23 - 00:19:04:12
Luis Pareras
Deep and, you know.
00:19:04:14 - 00:19:18:22
Luis Pareras
My feelings are leading edge, of course, at the very early stage that that's where I thrive and, when I do, well. But in that field, when I explain this to the team and to the company leaders and to other colleagues, etc..
00:19:18:24 - 00:19:20:21
Luis Pareras
Scientists, if.
00:19:20:21 - 00:19:21:18
Luis Pareras
Everybody.
00:19:21:18 - 00:19:23:04
Luis Pareras
Agrees that.
00:19:23:04 - 00:19:24:07
Luis Pareras
This is a good.
00:19:24:07 - 00:19:26:02
Luis Pareras
Investment.
00:19:26:04 - 00:19:27:24
Luis Pareras
I don't invest.
00:19:28:01 - 00:19:28:11
Luis Pareras
Okay.
00:19:28:17 - 00:19:29:00
Luis Pareras
Why?
00:19:29:00 - 00:19:30:24
Luis Pareras
Because it's too late for me.
00:19:31:04 - 00:19:39:24
Luis Pareras
Is leading against me more. I mean, I need people to. We don't see the investment. I need to be a contrarian in a way. Right.
00:19:39:24 - 00:19:43:04
Luis Pareras
So, yes.
00:19:43:06 - 00:19:50:10
Luis Pareras
it is important to do things because competition now feels so feelings and everything.
00:19:50:10 - 00:19:52:00
Luis Pareras
Happens so fast here.
00:19:52:02 - 00:19:56:04
Luis Pareras
If you do something that's very obvious, probably many other people. I do exactly.
00:19:56:04 - 00:19:57:16
Luis Pareras
The same in other.
00:19:57:16 - 00:20:00:15
Luis Pareras
Companies. Right. So you don't have like this
00:20:00:15 - 00:20:19:11
Christian Soschner
gem that you thought you, you have. So things need to surprise me. I must feel even a little bit uncomfortable with the investment myself. Otherwise I'm not in the presence of of really something. That's right. But, Yeah. Yeah, that's. I think if I ask.
00:20:19:13 - 00:20:46:10
Luis Pareras
Yes. If your book was a pleasant surprise, starting with art, starting with, quoting writers. I think it's unusual for a finance book. usually, I think the picture of famous people. Steve. This, old white man sitting in a chair, counting, his money and totally paying into numbers and not art. what role does art play in your life?
00:20:46:12 - 00:20:46:21
Christian Soschner
I would
00:20:46:21 - 00:20:55:06
Luis Pareras
say art is really important for me in my life, and and it shows in the book. You're right, because every chapter starts with a quote from,
00:20:55:08 - 00:20:56:17
Luis Pareras
From I'm.
00:20:56:18 - 00:21:11:06
Luis Pareras
A writer. Typically most of them are from the Beat Generation, Jack Kerouac. He's pretty much precisely the ones that you were mentioning before. I don't know why, but I love that. That's nice. But as for me, it's important because it acts as an equalizer. Okay?
00:21:11:06 - 00:21:12:09
Luis Pareras
It's it's.
00:21:12:11 - 00:21:21:16
Luis Pareras
You know, it's an escape from all the problems of the day. I want my mind to forget everything. I won people because I love to paint,
00:21:21:16 - 00:21:27:08
Christian Soschner
example, something that people don't know, right? But I love to paint. I have likes, we have to be beats.
00:21:27:09 - 00:21:54:00
Christian Soschner
I have three, yeah, all over the place. It's it's messy. Right. But I love, art in general and people does me a lot. But you must feel very happy with art, right. And it's exactly. Yeah. I mean, it's not happiness. Whether it's mental detachment, you know, because while I'm painting, probably most of the time I'm suffering because it's not happiness.
00:21:54:00 - 00:22:03:01
Christian Soschner
But trust me, I never been. When I'm happy because there's no point, I'm, I pain. When I'm struggling with something and I want something to get out, I don't. I use it like
00:22:03:01 - 00:22:14:08
Christian Soschner
as a channel to, to, to get it out. But maybe, maybe art is. Now that we are rambling a little bit, I want to sing and and and I love to rap.
00:22:14:10 - 00:22:20:04
Christian Soschner
Let me, let me warn you, but I think arts, a painting, for
00:22:20:04 - 00:22:28:02
Luis Pareras
example, at once to tell a story and to communicate emotions and ideas effectively. Right. And that is very important as well. And you can.
00:22:28:06 - 00:22:28:24
Luis Pareras
Use this.
00:22:29:01 - 00:22:30:21
Luis Pareras
Storytelling to pitch ideas.
00:22:30:21 - 00:22:32:00
Luis Pareras
To.
00:22:32:02 - 00:22:50:14
Luis Pareras
Convey the vision of a portfolio companies to other fans, or to communicate with all stakeholders in a compelling way. So I think art plays a role as well as a beacon precisely in communication and of course, as well in art, one must be.
00:22:50:14 - 00:22:53:22
Luis Pareras
Somehow less, I don't know.
00:22:54:00 - 00:22:56:09
Luis Pareras
More audacious. Our feelings.
00:22:56:10 - 00:22:58:15
Luis Pareras
Have up.
00:22:58:17 - 00:22:59:12
Luis Pareras
But down.
00:22:59:17 - 00:23:01:11
Luis Pareras
This boldness.
00:23:01:11 - 00:23:02:19
Luis Pareras
I think it's it's also.
00:23:02:19 - 00:23:04:05
Luis Pareras
Useful in life.
00:23:04:05 - 00:23:06:15
Luis Pareras
So I think a lot of things from.
00:23:06:20 - 00:23:07:13
Luis Pareras
Art.
00:23:07:15 - 00:23:09:24
Luis Pareras
And is very important in my life.
00:23:09:24 - 00:23:12:05
Luis Pareras
So, you.
00:23:12:05 - 00:23:15:11
Luis Pareras
Know, this stuff. Yeah. Passion, creativity, all these things.
00:23:15:12 - 00:23:43:21
Christian Soschner
I we hundred pictures, 300 paintings. it's impressive. You mentioned maybe. Can you take a little bit deeper in art, in painting? is it not that, there's some one question I would like to ask you. And, you mentioned that you don't paint when you're happy, you paint when you seek an outlet, when you wants to express something, when something is working in you and when you struggle with something, but you put it in words.
00:23:43:23 - 00:23:50:08
Christian Soschner
But painting does, it's an outlet to express continuous tracking. But what it changes.
00:23:50:10 - 00:23:58:16
Luis Pareras
I think both painting and painting question are cheaper than a psychotherapist.
00:23:58:16 - 00:24:05:08
Christian Soschner
And so, so, you know, so in a way, what it does, it's it gets me back on my feet,
00:24:05:08 - 00:24:05:22
Luis Pareras
you know.
00:24:05:22 - 00:24:08:02
Luis Pareras
Maybe I mean, you.
00:24:08:02 - 00:24:27:05
Luis Pareras
Know, being a managing partner of Phantom, you get like a distillation of the worst problems that all the companies are having because there's no point in looking at the things that are working well. Right. So my desk is always full of things that are not working.
00:24:27:07 - 00:24:27:21
Luis Pareras
And and.
00:24:27:21 - 00:24:31:17
Luis Pareras
Only those type of things. Not they're not the beautiful ones.
00:24:31:17 - 00:24:32:10
Luis Pareras
Right.
00:24:32:12 - 00:24:47:11
Luis Pareras
And now art is just like the opposite. You know, when I visit a museum, for example, and, and look at the paintings, of someone that I love now that you ask him basket, for example. He would be my favorite painter.
00:24:47:16 - 00:24:48:14
Luis Pareras
How are you?
00:24:48:16 - 00:25:06:05
Luis Pareras
Abstract expressionism of facts. New York in the 50s. In exactly the same time. Those would be Generation Something. What's happening in the world back then that made everyone so incredibly interesting? I don't know when was that, but all of that comes from that moment in time. I think it's it's amazing.
00:25:06:05 - 00:25:06:19
Luis Pareras
Right.
00:25:06:21 - 00:25:13:02
Luis Pareras
So yeah, defining what's it's it's like, cheap, psychotherapist for me.
00:25:13:05 - 00:25:15:13
Luis Pareras
Yeah. Please.
00:25:15:13 - 00:25:22:00
Luis Pareras
Which style to your practice. Do you have a picture, painting that you could show?
00:25:22:10 - 00:25:28:05
Luis Pareras
well, actually, yeah. If I move the screen a little bit, you can see this is one of my paintings.
00:25:28:05 - 00:25:31:24
Christian Soschner
I could. So it's a very big format.
00:25:31:24 - 00:25:34:11
Luis Pareras
I it goes down.
00:25:34:13 - 00:25:36:10
Luis Pareras
so it's,
00:25:36:12 - 00:26:05:16
Luis Pareras
Yeah, very big paintings like two meters by 1.5m or something like that. And, almost all of, yeah, very aggressive. And I always write things under canvas. So. Yeah, that's, that's my, my way of looking into like, every, I mean, this no good or bad in art, this comparison is this better one that doesn't make sense, you know, and you just you are expressing yourself.
00:26:05:18 - 00:26:07:07
Luis Pareras
I don't care if it's good or bad.
00:26:07:11 - 00:26:08:20
Luis Pareras
It's just that.
00:26:08:22 - 00:26:20:22
Luis Pareras
This is what I love to paint. And yeah, I mostly paint. Yeah, yeah, yeah, that's probably it. It's I'm very interested in to the human but but yeah. Now to see and now.
00:26:20:24 - 00:26:22:09
Luis Pareras
Yeah.
00:26:22:11 - 00:26:28:04
Luis Pareras
And you know an expression is the way writing things that sometimes are very.
00:26:29:08 - 00:26:32:01
Luis Pareras
Controversial, aggressive or I.
00:26:32:01 - 00:26:32:20
Luis Pareras
Mean, it's.
00:26:32:22 - 00:26:36:15
Luis Pareras
You don't want in one of my paintings. He only I can assure you that.
00:26:36:15 - 00:26:40:24
Luis Pareras
Yeah. That's that's I mean, just.
00:26:41:01 - 00:26:52:10
Christian Soschner
I think art, should create emotions at the end of the day. So if, it's the role of art in our life so that it, changes something. People that it's, that is a strength that you stem.
00:26:52:16 - 00:26:56:11
Luis Pareras
And I think is something that you did not.
00:26:56:11 - 00:26:58:12
Luis Pareras
See before. Yeah.
00:26:58:14 - 00:27:12:08
Luis Pareras
Because in art, you connect the dots. Exactly. I see the famous Sam pitch from Steve Charles, right, about connecting the dots. But in art, sometimes you're thinking about a problem, and then you see a work of art, and.
00:27:12:12 - 00:27:14:15
Luis Pareras
You somehow it.
00:27:14:19 - 00:27:19:22
Luis Pareras
It brings up something that you haven't thought, and then you connect the dots and you use it to solve some problem that you're.
00:27:20:01 - 00:27:22:15
Luis Pareras
Struggling with. yeah.
00:27:22:17 - 00:27:25:04
Luis Pareras
maybe. Yeah. Be romantic about.
00:27:25:05 - 00:27:26:10
Luis Pareras
Art, but.
00:27:26:12 - 00:27:29:00
Luis Pareras
I mean, it shows that I we are. Right?
00:27:29:00 - 00:27:30:13
Luis Pareras
So, yeah.
00:27:30:15 - 00:27:38:16
Christian Soschner
Is there a particular lesson from art that, helps you understand the venture capital world better?
00:27:38:18 - 00:27:39:05
Luis Pareras
Oh.
00:27:39:07 - 00:27:40:07
Luis Pareras
Next.
00:27:40:09 - 00:27:45:06
Luis Pareras
Let me think.
00:27:45:08 - 00:27:46:21
Luis Pareras
Yes, I would say so.
00:27:46:21 - 00:27:55:15
Luis Pareras
Let me let me tell you an anecdote about art that I love. I mean, what it shows is that.
00:27:55:17 - 00:28:07:08
Luis Pareras
People is what matters, okay. And when you, when you have a venture capital fan, 80% of the problems you will encounter in your activity are related to human.
00:28:07:10 - 00:28:08:08
Luis Pareras
behavior.
00:28:08:10 - 00:28:09:06
Luis Pareras
Right. And I.
00:28:09:06 - 00:28:10:15
Luis Pareras
Meet people.
00:28:10:17 - 00:28:22:15
Luis Pareras
And there's one anecdote that I love. it's like there are a couple of anecdotes I love the first one that comes to my mind. For example, Michel Basquiat was dating Madonna.
00:28:22:17 - 00:28:25:02
Luis Pareras
You know, back at the time.
00:28:25:04 - 00:28:46:23
Luis Pareras
And, they were dating. And at some point Madonna started seeing another guy and basket painted, like, I think there were five paintings, and he gave them to her. So Madonna was holding five paintings of herself painted by Jean-Michel Basquiat. Imagine the Beatles. These paintings today would be worth 500 million.
00:28:46:23 - 00:28:48:22
Luis Pareras
Something like, yeah.
00:28:48:24 - 00:29:04:04
Luis Pareras
And, so Madonna started seeing another guy. the story tells us that Basquiat summoned her to his house, asking her to bring back the fight paintings and the front of her. He painted them.
00:29:04:10 - 00:29:06:04
Luis Pareras
All in black.
00:29:06:06 - 00:29:29:06
Luis Pareras
So he destroyed these, these rich. And this tells me about the human condition. I mean, what humans do. And, and how difficult I in my relationships. And when I find people that trying to really connect with, because they are the founders that super experts do what they do. But and, and difficult because we're surrounded by difficult people.
00:29:29:10 - 00:29:42:02
Luis Pareras
Right? I always remember that anecdote because I yeah, I see it can't get worse than that, you know. So you need to, to solve things. And if I may explain another one, I think that one is even better.
00:29:42:04 - 00:29:43:09
Luis Pareras
When,
00:29:43:11 - 00:30:01:06
Luis Pareras
When Pollock's the famous abstract expressionist painter. what's, painting his first dripping drip paintings? I'm not sure if you've seen one of his paintings at the moment. And you know him. He was. I mean, he painted without touching.
00:30:01:08 - 00:30:01:19
Luis Pareras
With.
00:30:01:23 - 00:30:03:24
Luis Pareras
With, I mean.
00:30:04:01 - 00:30:04:06
Luis Pareras
He.
00:30:04:06 - 00:30:13:08
Luis Pareras
Never touched the canvas, his throat. Like the painting. Oh, I think that's right. And he was married at that time with Lee Krasner. Another abstract.
00:30:13:08 - 00:30:14:07
Luis Pareras
Expressionist.
00:30:14:08 - 00:30:22:20
Luis Pareras
I think if he met, she was a woman. And back at the time, he was so unfair that history has remembered the marble right.
00:30:22:22 - 00:30:27:22
Luis Pareras
And, she called him Lee.
00:30:27:24 - 00:30:30:14
Luis Pareras
To his studio.
00:30:30:16 - 00:30:30:21
Luis Pareras
To.
00:30:30:21 - 00:30:39:14
Luis Pareras
Show her the first street painting he ever produced. Right. He was like, wait, what have I done? And what mesmerized me about this? Sorry, is.
00:30:39:16 - 00:30:39:21
Luis Pareras
The.
00:30:39:21 - 00:30:40:20
Luis Pareras
Question that he.
00:30:40:20 - 00:30:43:13
Luis Pareras
Asked Lee. Okay?
00:30:43:15 - 00:30:49:16
Luis Pareras
Because instead of because one of us would have asked, do you like, is this a good painting?
00:30:49:16 - 00:30:51:23
Luis Pareras
Right? But instead he asked.
00:30:52:00 - 00:30:53:20
Luis Pareras
Something like,
00:30:53:22 - 00:30:57:22
Luis Pareras
Is this a painting? I mean, the guy was so.
00:30:57:24 - 00:31:00:03
Luis Pareras
and of what? He was so on the leading.
00:31:00:03 - 00:31:01:00
Luis Pareras
Edge.
00:31:01:02 - 00:31:09:20
Luis Pareras
That he was not sure about, what he had done. Right. And he was asking, is this a painting? And every damn time in front of.
00:31:09:23 - 00:31:12:10
Luis Pareras
True leading edge.
00:31:12:12 - 00:31:17:24
Luis Pareras
You know, when it comes, a scientist comes and beats me about something. He came up.
00:31:17:24 - 00:31:19:18
Luis Pareras
With.
00:31:19:20 - 00:31:36:09
Luis Pareras
If it's truly disruptive, I feel exactly the same, I don't understand. My question is, is this doable? Because I. I really don't believe in efforts. Right. And that is something. Yeah. That that I think brings for a something useful.
00:31:36:09 - 00:31:37:15
Luis Pareras
For.
00:31:37:17 - 00:31:49:07
Luis Pareras
For venture capital. I can see Chris. And if you don't mind me saying that you love the frontiers and I do love different things. Well, because different is between disciplines and where the opportunities are. And I'm I'm amazed.
00:31:49:07 - 00:31:58:24
Christian Soschner
Most of the questions in this first step, minutes of the conversation are trying to find commonalities between medicine and venture capital, between art and venture capital.
00:31:58:24 - 00:32:08:11
Christian Soschner
So interesting. And, I think you can draw conclusions from from those frontiers. You know, I just thank you for the questions.
00:32:09:01 - 00:32:28:13
Christian Soschner
And you're welcome. I completely agree. I think this intersection of different disciplines is where, innovation five cent and and this formed at the end of the day and where our writing mentions are coming from. Steve Jobs, I mean, we talked about certain bits of him, of him, Zen Buddhism, he brought Zen Buddhism into into a tech field.
00:32:30:00 - 00:32:54:05
Christian Soschner
I think the success speaks for itself, to intersect and to connect people. Although, we need focus. You mentioned also, quite often in, in your opening words are problems that you can there's lots of, problems on the table. And in your book, if I remember trying to describe that, you see deep tech as investing in problems, not solutions.
00:32:54:09 - 00:33:02:10
Luis Pareras
Yeah. And I found that this is outstanding because usually it's, solutions. Could you elaborate a little bit why you emphasize the problem?
00:33:02:12 - 00:33:02:21
Christian Soschner
Yeah.
00:33:02:21 - 00:33:04:15
Luis Pareras
You know,
00:33:04:17 - 00:33:06:22
Luis Pareras
This two type of companies are.
00:33:06:22 - 00:33:08:06
Luis Pareras
Investments.
00:33:08:08 - 00:33:19:01
Luis Pareras
Can invest. You can be great. Some people find a problem and come up with a solution. That's one that's companies, people that have found a solution.
00:33:19:01 - 00:33:22:14
Luis Pareras
To a problem. Right. And some of those people have.
00:33:22:15 - 00:33:25:21
Luis Pareras
A very beautiful solution.
00:33:25:23 - 00:33:27:19
Luis Pareras
Looking for a problem. You know.
00:33:27:21 - 00:33:37:10
Luis Pareras
It is not the same. The problem is essential. I mean, to me, the secret of having every turn making I mean, if you want to make money.
00:33:37:10 - 00:33:41:22
Luis Pareras
Investing, by investing, sorry, you you need.
00:33:41:22 - 00:33:45:09
Luis Pareras
To invest in something that solves a big problem. But if you want to.
00:33:45:09 - 00:33:46:17
Luis Pareras
Make really.
00:33:46:18 - 00:33:46:23
Luis Pareras
An.
00:33:46:23 - 00:33:47:11
Luis Pareras
Extra.
00:33:47:11 - 00:33:49:23
Luis Pareras
Or an immense amount of money, what should you.
00:33:49:23 - 00:33:50:22
Luis Pareras
Do?
00:33:50:24 - 00:33:55:15
Luis Pareras
Well, invest in something that solves a very, very, very big problem.
00:33:55:17 - 00:33:57:09
Luis Pareras
Right? So to me.
00:33:57:11 - 00:34:04:09
Luis Pareras
Problems are essential, right. And the problem in our field in biotech is precisely the technical need.
00:34:04:11 - 00:34:06:00
Luis Pareras
I mean, you, you know, trying.
00:34:06:00 - 00:34:07:15
Luis Pareras
To solve.
00:34:07:17 - 00:34:08:16
Luis Pareras
Something.
00:34:08:16 - 00:34:12:13
Luis Pareras
That is happening to a patient, right. And then you use physics.
00:34:12:15 - 00:34:14:05
Luis Pareras
You think it's can we.
00:34:14:07 - 00:34:15:21
Luis Pareras
Be disease modifying.
00:34:15:21 - 00:34:16:06
Luis Pareras
Here.
00:34:16:11 - 00:34:20:03
Luis Pareras
By making this investment? That's this science, this new potential new.
00:34:20:03 - 00:34:21:17
Luis Pareras
Track, bring.
00:34:21:18 - 00:34:28:07
Luis Pareras
A solution to this problem. Meaning can we change the natural history of the disease?
00:34:28:09 - 00:34:30:12
Luis Pareras
You know, and then the.
00:34:30:12 - 00:34:32:10
Luis Pareras
Disease needs to be somehow and.
00:34:32:10 - 00:34:33:11
Luis Pareras
Solved.
00:34:33:13 - 00:34:40:18
Luis Pareras
Because if it would solved, the investment wouldn't make sense. You see what I mean? So, and and,
00:34:40:20 - 00:34:43:15
Luis Pareras
Yeah. A side note.
00:34:43:17 - 00:34:48:01
Luis Pareras
Maybe I'm rambling a little bit. You know, I love to ramble, but,
00:34:48:03 - 00:34:50:15
Luis Pareras
The sign out of this is that in our.
00:34:50:15 - 00:34:53:16
Luis Pareras
Field, in leading edge biotech and big tech.
00:34:53:18 - 00:34:55:00
Luis Pareras
Right? Yeah.
00:34:55:05 - 00:35:00:00
Luis Pareras
Literally no rules, no mentors. You cannot go to someone.
00:35:00:02 - 00:35:03:07
Luis Pareras
To ask if this.
00:35:03:09 - 00:35:15:13
Luis Pareras
Is a beautiful solution, right. But but you're. But your guiding point on a surrogate for that is the nature of the problems that, you know.
00:35:15:13 - 00:35:16:14
Luis Pareras
I mean, is, is.
00:35:16:14 - 00:35:17:14
Luis Pareras
This with.
00:35:17:16 - 00:35:19:21
Luis Pareras
Solving, you know.
00:35:19:23 - 00:35:21:06
Luis Pareras
And there's another principle I.
00:35:21:06 - 00:35:23:23
Luis Pareras
Love, I try always.
00:35:23:23 - 00:35:24:21
Luis Pareras
To be guided.
00:35:24:21 - 00:35:28:22
Luis Pareras
By beauty. Okay. When when a scientist.
00:35:28:22 - 00:35:30:14
Luis Pareras
Comes up with,
00:35:30:16 - 00:35:31:12
Luis Pareras
Beautiful.
00:35:31:12 - 00:35:36:14
Luis Pareras
Solution to a problem that makes sense from a biological perspective and.
00:35:36:14 - 00:35:37:18
Luis Pareras
Has a strong.
00:35:37:18 - 00:35:39:07
Luis Pareras
Biological rationale.
00:35:39:09 - 00:35:41:11
Luis Pareras
And it looks beautiful.
00:35:41:13 - 00:35:44:13
Luis Pareras
Listen, sometimes it looks beautiful to me. Beautiful is right.
00:35:44:13 - 00:35:56:00
Luis Pareras
Much? Typically, I, I think it is. I mean, beautiful correlates with truth here. I mean, it is true, you know.
00:35:56:02 - 00:35:58:23
Luis Pareras
And so this principle of looking into the.
00:35:58:23 - 00:36:00:07
Luis Pareras
Problem is.
00:36:00:07 - 00:36:05:02
Luis Pareras
Not that the solution is not important. The solution needs to be beautiful, needs to be elegant. This makes.
00:36:05:02 - 00:36:07:21
Luis Pareras
Sense.
00:36:07:23 - 00:36:11:10
Luis Pareras
but that's a problem still. It's, it's it's the most important part.
00:36:11:10 - 00:36:12:14
Luis Pareras
I mean, I.
00:36:12:14 - 00:36:22:00
Luis Pareras
Can tell you, if you tell me what you want to solve, I would tell at least half of my investment decision could come from what you're looking forward to solve.
00:36:22:02 - 00:36:24:16
Luis Pareras
You know, it's it's it's as easy as that. So.
00:36:24:18 - 00:36:25:12
Christian Soschner
Yeah,
00:36:25:12 - 00:36:51:20
Luis Pareras
it's an interesting point to spend a few years, working myself into coaching tech, coaching philosophies. And the idea is to jump very quickly to the solution and not so much into the problem and, bring people out of their problem thinking, because the stealth most of the time into that. And it was a refreshing perspective to also read your book and see that problems have the space and solutions have the space.
00:36:51:22 - 00:37:13:16
Luis Pareras
one question to what you said. you said beauty. Beauty of science, in science is beautiful. But in the early stage you say all this faults. That's, the early stages are rather messy. but not have you still not beautiful? in your opinion, what's the purity in the early stage where everything is ruled? Fruits not cut out?
00:37:13:18 - 00:37:21:24
Luis Pareras
sometimes information is missing. you see some dots, but you can't really connect it yet. Very. The building in this field for you.
00:37:22:01 - 00:37:23:20
Christian Soschner
What does that this precisely
00:37:23:20 - 00:37:36:11
Luis Pareras
One of the beauty lies when not everything is solved. And you can contribute some value to the scientist that's coming to see you. Of course, scientists are super experts in what they do, finding.
00:37:36:11 - 00:37:37:23
Luis Pareras
Solutions for.
00:37:38:00 - 00:37:54:03
Luis Pareras
Business. But you need to prove that solution that you found in a very long process. You know, until it gets DNA first in human first, and then eventually guess what's the right star to be used in in the market.
00:37:54:03 - 00:37:59:03
Luis Pareras
Right. So this,
00:37:59:05 - 00:38:02:14
Luis Pareras
Yeah, lots of pieces of the puzzle missing.
00:38:02:16 - 00:38:03:05
Luis Pareras
Right?
00:38:03:08 - 00:38:08:19
Luis Pareras
Especially at the beginning. But precisely what excites me the most is solving the puzzle.
00:38:09:00 - 00:38:10:01
Luis Pareras
You know, I mean.
00:38:10:03 - 00:38:16:18
Luis Pareras
Working together with and to partner, which has a great mind for science. But maybe he's not that trained in.
00:38:16:18 - 00:38:17:15
Luis Pareras
Seeing.
00:38:17:17 - 00:38:30:12
Luis Pareras
How this science could translate into a track and into something that captures value, you know, and helping scientists in solving that. I think that's what I love the most.
00:38:30:12 - 00:38:57:01
Christian Soschner
Yeah, yeah, it's a great fact. I couldn't agree more. I love it since 2006. in your book, it reminds me of Cathie Wood's Cathie Wood's runs Ark Funds Invest in public companies. Now it's I think I was a crossover fund and started a venture fund. And she always likes, to publish fancy. Yeah. her big ideas report where she talks about this pick areas where we need solutions, where we have problems in the solutions.
00:38:57:03 - 00:39:27:21
Christian Soschner
And in your book, I found, a few chapters and I would like to draw up one which also looked like you were speaking. there you show, areas of, of science areas in in future. my question to you is, when we pick one of these areas, which one excites you the most these days? What do you think has the most impact, on humanity in the coming years?
00:39:27:23 - 00:39:45:10
Luis Pareras
Yeah. These are like two questions into one, because I think what will have the most impact probably in the coming years. And maybe that's coming years like 5 to 10 years. Of course it's hey, right, the visual intelligence is coming. But what excites me as well is not only am I see my out.
00:39:45:16 - 00:39:47:00
Luis Pareras
Okay, I think if you.
00:39:47:00 - 00:39:59:20
Luis Pareras
Want to make sense of what is going on in the 21st century, you need to understand those disciplines of synthetic biology and, artificial intelligence. And they both have to change.
00:39:59:22 - 00:40:00:18
Luis Pareras
Okay.
00:40:00:20 - 00:40:11:03
Luis Pareras
And you synthetic biology is heavily used, for example, in two fields I love the most in now in biotech, which are cell therapy and gene therapy.
00:40:11:06 - 00:40:12:09
Luis Pareras
Okay.
00:40:12:11 - 00:40:26:11
Luis Pareras
In our fund we only invest in cell therapy. So I'm gonna be and the platform to invest in typically most of them have some connection with. Yeah. So yeah it's super important. It will become very important.
00:40:26:13 - 00:40:26:22
Luis Pareras
I don't.
00:40:26:22 - 00:40:46:06
Luis Pareras
Think any company I'm going to see something probably a bit, bold and yeah. And counterintuitive, but I don't think any company in two, three years in the synthetic biology field will make sense without I at that from my side.
00:40:46:08 - 00:40:47:04
Luis Pareras
You know what I mean?
00:40:47:06 - 00:40:51:15
Luis Pareras
You need to make use of AI. Yeah. It's like going from the.
00:40:51:17 - 00:40:54:09
Luis Pareras
The.
00:40:54:11 - 00:41:16:09
Luis Pareras
paradigm of finding a needle in a haystack, you know, which is the way we look for drugs right now to designing, like, 1000 meals. because some of the. I helped you design those 1000 needles, I'm finding the one that really looks the best on the cell. And the problem that you're.
00:41:16:09 - 00:41:17:23
Luis Pareras
Trying to solve. Right.
00:41:18:00 - 00:41:37:24
Luis Pareras
So, yeah, I think cell and gene therapy, synthetic biology, and artificial intelligence would be my answer. Maybe it would be useful for the ones listening to the podcast to find, even if very briefly, what synthetic biology is. Right. Because it's one that's yeah. It's my, you know.
00:41:38:01 - 00:41:38:21
Luis Pareras
Thinking. Right.
00:41:38:22 - 00:41:44:08
Luis Pareras
But I mean, see the is based on the fact that, life is programed.
00:41:44:10 - 00:41:46:10
Luis Pareras
Okay.
00:41:46:12 - 00:41:54:16
Luis Pareras
In the same way you programed computer it at once. Okay. We know the letters. The calling letters.
00:41:54:18 - 00:41:54:23
Luis Pareras
For.
00:41:55:00 - 00:42:04:17
Luis Pareras
Programing line, which, I didn't even find satisfying when I hear these are the four letters of the DNA. Right. And we know so well how it.
00:42:04:17 - 00:42:06:21
Luis Pareras
Works that we can.
00:42:06:23 - 00:42:24:12
Luis Pareras
Modify them or add them to any genome of a cell to make the cell do whatever we want the cell to do. It is almost unbelievable. But we can transform a cell. For example, we can create a cell from scratch, to, for example, eat the plastic in the oceans.
00:42:24:14 - 00:42:25:20
Luis Pareras
Right now.
00:42:25:20 - 00:42:33:19
Luis Pareras
Imposes a very serious cell regulatory problem, of course, because what happens is that all those cells go away.
00:42:33:21 - 00:42:34:07
Luis Pareras
no.
00:42:34:07 - 00:42:43:16
Luis Pareras
Go whatever. Right. So I'm not claiming that you can call in a cell to, for example, eat plastic.
00:42:43:18 - 00:42:44:20
Luis Pareras
You know, has.
00:42:44:21 - 00:42:46:05
Luis Pareras
As, as, as an input.
00:42:46:07 - 00:42:46:16
Luis Pareras
Or a.
00:42:46:16 - 00:42:48:11
Luis Pareras
Magazine, which is a field that I.
00:42:49:10 - 00:43:13:09
Luis Pareras
No, the most is, for example, Car-T cell. This is probably a word that people are not familiar with, but they are changing the way we treat them. I don't know if you can see in medicine that means leukemia. Lymphoma is this type of science, right. So basically how it works is we take the lymphocytes from the patient. This is the only thing that I'm gonna mention that is highly critical.
00:43:13:14 - 00:43:16:20
Luis Pareras
But don't focus on the technicalities. Just focus on on the cancer.
00:43:16:20 - 00:43:17:07
Luis Pareras
Right.
00:43:17:09 - 00:43:32:13
Luis Pareras
We take the lymphocytes the sorry the T cells okay. We remove the T cells from the blood of a patient. We modify them genetically by adding two things to this T cells which one of the things is like like a.
00:43:32:17 - 00:43:34:02
Luis Pareras
Target.
00:43:34:04 - 00:43:45:18
Luis Pareras
Signaling. What is the thing they need to bind to. And this target needs to be on the surface of, of cancer cells. So we're telling them, look, this is the cellular need to tackle.
00:43:45:18 - 00:43:46:20
Luis Pareras
Right. And the second.
00:43:46:20 - 00:43:57:21
Luis Pareras
Thing is you put some custom molecule inside of the cell that transform like the T cell into like kind of like I mean one T cell can it's like 1000 cancer.
00:43:57:21 - 00:43:59:06
Luis Pareras
Cells, right?
00:43:59:08 - 00:44:00:06
Luis Pareras
It's like a new thing.
00:44:00:07 - 00:44:02:04
Luis Pareras
Therefore you you.
00:44:02:06 - 00:44:23:04
Luis Pareras
Confer, quite specificity. And I'll get inside you. You confer like, violence in killing of cells that. That's very interesting. Right. And when using synthetic biology, just a few years ago, before the arrow scar is a leukemia, for example, you could easily have a 90%.
00:44:23:04 - 00:44:25:06
Luis Pareras
Time,
00:44:25:08 - 00:44:31:03
Luis Pareras
Death scene in one year. Okay. So then the prognosis of the patients, it was.
00:44:31:03 - 00:44:33:02
Luis Pareras
Dismal. Was.
00:44:33:04 - 00:44:43:15
Luis Pareras
And now with the last iterations of Car-T cells, by the way, to Cincinnati year conflict, of which we have many companies in our file with this house makes.
00:44:43:17 - 00:44:45:04
Luis Pareras
But now.
00:44:45:06 - 00:44:47:12
Luis Pareras
You can see survivals.
00:44:47:18 - 00:44:56:07
Luis Pareras
Of 97%, 98%. That means it changed completely.
00:44:56:09 - 00:45:10:14
Luis Pareras
How we treat patients with any mathematical malignancy. And now we starting to do exactly the same with solid tumors. Yeah, a bit more difficult for reasons that maybe are not interesting for this podcast, but I think we I would love to.
00:45:10:16 - 00:45:11:06
Luis Pareras
To
00:45:11:06 - 00:45:15:12
Christian Soschner
elaborate happy Mark some of these ways.
00:45:15:14 - 00:45:19:05
Luis Pareras
We can do a second podcast later on. for the technical facts.
00:45:19:07 - 00:45:22:01
Christian Soschner
And it do that to a beast. Yeah.
00:45:22:01 - 00:45:30:19
Christian Soschner
so it has changed completely. What we do is, as physicians that step this out.
00:45:31:23 - 00:45:56:18
Christian Soschner
I totally agree. and it's, thanks to people like you and scientists. So to investors and to scientists who are working on the solutions every day in the lab, I had ten episodes. friend almost died last year from cancer. And, without science and stellar, advancements of the last decades, he would not be here now.
00:45:56:20 - 00:46:19:12
Christian Soschner
So it's it's a great job by it, by medicines and by investors and by the farming industry to move that forward. And scientists have a lot of ideas. So I remember a, a panel discussion I had, I think it was 2000, 18, 19. And we talked about it. Yes. And then someone in the audience said, but what if people copy my idea?
00:46:19:14 - 00:46:21:16
Christian Soschner
But what should I tell my idea
00:46:21:16 - 00:46:39:12
Luis Pareras
to other people? And in your book I read, that you say ideas are worth nothing. Execution is everything. Do you have in your book like, experience? a story there. The most brilliant idea in the world fails due to poor execution.
00:46:39:14 - 00:46:40:04
Christian Soschner
Well, many.
00:46:40:04 - 00:46:43:09
Luis Pareras
Yeah. So many.
00:46:43:11 - 00:46:48:18
Luis Pareras
but let me start with this, bold, thing that you mentioned.
00:46:48:20 - 00:46:49:02
Luis Pareras
That I.
00:46:49:02 - 00:46:57:24
Luis Pareras
Wrote in. Let me I, I teach at several business school. yeah. Business school. So do MBA. And to.
00:46:58:01 - 00:46:59:03
Luis Pareras
Be savvy. All right.
00:46:59:03 - 00:47:11:00
Luis Pareras
And I always these are very smart guys. We met sitting at the class typically. Right. And I stuck a classmate asking, what is the value here?
00:47:11:02 - 00:47:14:14
Luis Pareras
How much? And then we come up with sensible.
00:47:14:16 - 00:47:21:13
Luis Pareras
Ways of trying to find a value of an idea. And it's always an interesting discussion. But at the middle of the class, I typically.
00:47:21:15 - 00:47:22:02
Luis Pareras
Stuck.
00:47:22:02 - 00:47:32:03
Luis Pareras
Them. You in discussion. I said look, and I'm going to share now what's my opinion? What is the value of an idea? And I tell them, look, the value of an idea is zero.
00:47:32:05 - 00:47:33:22
Luis Pareras
Nothing. The yeah.
00:47:33:24 - 00:47:35:00
Luis Pareras
Me and.
00:47:35:02 - 00:47:42:15
Luis Pareras
This, I don't know, my language is I mean, zero, right? If you.
00:47:42:15 - 00:47:44:13
Luis Pareras
Bring it into the marketplace.
00:47:44:13 - 00:47:47:18
Luis Pareras
It might be billions.
00:47:47:20 - 00:47:52:02
Luis Pareras
But the idea in itself, it's nothing needs to be, I think, ideas.
00:47:52:04 - 00:47:53:06
Luis Pareras
Of course, I'm.
00:47:53:08 - 00:48:07:16
Luis Pareras
I'm either exaggerating a little bit here just to make my biggest idea some something that a scientist comes up with in a research lab, is the foundation the pivotal point to some of that's.
00:48:07:18 - 00:48:09:13
Luis Pareras
The idea is, yes, the start. Yes.
00:48:09:13 - 00:48:15:01
Luis Pareras
So many decisions that you need to make during the life of this idea, these ideas moving.
00:48:15:01 - 00:48:20:13
Luis Pareras
Forward that he, you, all the.
00:48:20:13 - 00:48:28:04
Luis Pareras
Hard work that goes into making things happen all the way first in human first, and then to market authorization.
00:48:28:06 - 00:48:28:16
Luis Pareras
On the.
00:48:28:16 - 00:48:41:13
Luis Pareras
Lots of small decisions sticking by the CEO and the boards. You know that our decisions that are compounding in value each decision at compound like a previous one. This is so important. And this.
00:48:41:13 - 00:48:43:00
Luis Pareras
Is so.
00:48:43:02 - 00:48:48:03
Luis Pareras
Neglected sometimes when we talk about ideas and yeah, I'm actually I.
00:48:48:03 - 00:48:49:04
Luis Pareras
Mean we.
00:48:49:06 - 00:48:52:24
Luis Pareras
Investors, let me tell you, Christian, we.
00:48:52:24 - 00:48:55:15
Luis Pareras
Don't invest in ideas.
00:48:55:17 - 00:48:57:10
Luis Pareras
I don't invest in ideas.
00:48:57:12 - 00:49:02:08
Luis Pareras
I invest in the execution of ideas, which is very cost. Okay.
00:49:02:10 - 00:49:07:02
Luis Pareras
So the people trading the company, it's very important the has key.
00:49:07:02 - 00:49:12:10
Luis Pareras
To our seat. Right? So, yeah.
00:49:12:12 - 00:49:17:05
Luis Pareras
the idea itself, it's it's not, it's not the most important thing.
00:49:17:07 - 00:49:17:20
Luis Pareras
Right.
00:49:17:22 - 00:49:22:12
Luis Pareras
But you ask for a specific example.
00:49:22:14 - 00:49:23:06
Luis Pareras
I, if.
00:49:23:07 - 00:49:26:13
Luis Pareras
You don't mind, I won't name names because I need to be careful about the impact of.
00:49:26:13 - 00:49:27:17
Luis Pareras
Just say.
00:49:27:18 - 00:49:42:02
Luis Pareras
No, because the. So so I can talk abstractly about failures. but I wouldn't go there because anything I see, everybody talks about that company, a specific company. I know I don't want to, maybe because they simply.
00:49:42:02 - 00:49:59:07
Luis Pareras
Yeah. No, no, I have something maybe just a lesson. None. So how can we how can we avoid failure when we have a brilliant idea? What's, what's one lesson the to say if. Look at this. This makes sense. When you have a brilliant idea, you need to do this.
00:49:59:09 - 00:50:00:06
Christian Soschner
Yeah. I mean,
00:50:00:06 - 00:50:00:21
Luis Pareras
you need to.
00:50:01:02 - 00:50:02:14
Luis Pareras
You need to first.
00:50:02:16 - 00:50:08:20
Luis Pareras
to surround yourself with the right people to make the idea.
00:50:08:22 - 00:50:09:01
Luis Pareras
Okay?
00:50:09:01 - 00:50:13:17
Luis Pareras
Because you're not gonna make an idea happen. You forget.
00:50:13:22 - 00:50:14:18
Luis Pareras
That.
00:50:14:20 - 00:50:26:05
Luis Pareras
It's, it's a big team that changes over time. At that conceptual phase, when the company smoothly stage, maybe the scientist can be the CEO of the company.
00:50:26:07 - 00:50:29:20
Luis Pareras
You know, and,
00:50:29:22 - 00:50:45:17
Luis Pareras
And maybe you need specific profiles, but then you start executing and you start realizing you need different profiles, and eventually even the CEO must change. We typically change the CEO when we get into clinical phases, not because the scientist.
00:50:45:19 - 00:50:48:03
Luis Pareras
He's is.
00:50:48:05 - 00:50:50:05
Luis Pareras
I don't know, is wrong.
00:50:50:07 - 00:50:51:08
Luis Pareras
No, it's just because.
00:50:51:08 - 00:50:58:22
Luis Pareras
We need someone that has the expertise that has done this before on every stage of a company needs a right CEO and the right team.
00:50:59:03 - 00:50:59:17
Luis Pareras
Right.
00:50:59:19 - 00:51:06:22
Luis Pareras
So my advice would be to not forget to surround yourself with the best minds.
00:51:06:24 - 00:51:08:01
Luis Pareras
Better than your.
00:51:08:01 - 00:51:11:09
Luis Pareras
Mind if possible. I mean, hire the best people in the.
00:51:11:09 - 00:51:15:00
Luis Pareras
World to make that happen. Yeah.
00:51:15:02 - 00:51:21:05
Christian Soschner
And especially try to, do skills that's, you don't have bring you bring it on. The team.
00:51:21:07 - 00:51:21:21
Luis Pareras
Might.
00:51:22:00 - 00:51:24:14
Luis Pareras
Have all the skills.
00:51:24:16 - 00:51:50:02
Christian Soschner
I think, one interesting story from, observer. What? To what you said to exemplify that. Elon Musk, for example, if space X, what if thoughts that the private company can, should cargo into the orbit and, have dreams? two decades ago, it was just stupid idea. private companies don't do that. And he found investors who invested in his ideas.
00:51:50:04 - 00:51:54:14
Christian Soschner
And at this point in time, when the investors invest, they have
00:51:54:14 - 00:52:10:07
Luis Pareras
these contrarians that you mentioned that they would like to explore the term contrarian a little bit more with you. you two the same. So basically, when scientists approach you with brilliant ideas, they might look stupid at the first place because nobody's doing it at this point.
00:52:10:09 - 00:52:11:06
Christian Soschner
Paul, to you, it's like a.
00:52:11:06 - 00:52:12:17
Luis Pareras
Situation.
00:52:12:19 - 00:52:13:18
Christian Soschner
That is such a
00:52:14:07 - 00:52:14:13
Luis Pareras
I.
00:52:14:13 - 00:52:17:04
Luis Pareras
Wouldn't you might look like stupid at the beginning.
00:52:17:04 - 00:52:18:23
Luis Pareras
That's so true. Yeah.
00:52:18:24 - 00:52:22:21
Luis Pareras
Maybe one example here would be, let me tell you a real story.
00:52:22:21 - 00:52:23:21
Luis Pareras
Because sometimes.
00:52:23:21 - 00:52:27:19
Luis Pareras
If a scientist comes with something like that, but sometimes.
00:52:27:21 - 00:52:32:16
Luis Pareras
The scientists, they even never come to see, it's us.
00:52:32:17 - 00:52:38:08
Luis Pareras
Going. I mean, sometimes we invest.
00:52:38:10 - 00:52:41:14
Luis Pareras
a paper that was published, you know.
00:52:41:20 - 00:52:42:09
Luis Pareras
I mean.
00:52:42:11 - 00:52:46:20
Luis Pareras
There's even no intention to, to have a.
00:52:46:20 - 00:52:51:03
Luis Pareras
Company around that science. Right? But we approach the scientist.
00:52:51:05 - 00:52:51:09
Luis Pareras
And.
00:52:51:12 - 00:52:59:08
Luis Pareras
Let me share once this is a success story. So I can share because I don't need to, for example, week.
00:52:59:10 - 00:53:00:01
Luis Pareras
So a few.
00:53:00:01 - 00:53:04:07
Luis Pareras
Years ago, we were thinking.
00:53:04:09 - 00:53:06:12
Luis Pareras
look, the next stage.
00:53:06:12 - 00:53:08:23
Luis Pareras
In gene therapy is going to be like.
00:53:09:00 - 00:53:09:16
Luis Pareras
Okay.
00:53:09:18 - 00:53:17:06
Luis Pareras
That was our thought back then. There were zero companies in the gene therapy in the like space.
00:53:17:08 - 00:53:18:08
Luis Pareras
Right.
00:53:18:10 - 00:53:36:15
Luis Pareras
And just by giving us these things happen like this all the time, you know, by chance, because I mean a lot, as you can see. Right. But I read a paper from Maria Velasco while I was having this idea that, that we should have an.
00:53:36:15 - 00:53:37:12
Luis Pareras
Asset.
00:53:37:14 - 00:53:40:16
Luis Pareras
In, gene therapy like.
00:53:40:18 - 00:53:41:01
Luis Pareras
Then I.
00:53:41:01 - 00:53:47:09
Luis Pareras
Read a paper from Maria Velasco. She's, she's an amazing scientist. And aqilah actually.
00:53:47:11 - 00:53:49:10
Luis Pareras
In telomeres, in aging.
00:53:49:10 - 00:53:53:21
Luis Pareras
And these type of seeds. Right. And I read a paper she was publishing that.
00:53:54:00 - 00:53:54:18
Luis Pareras
She she.
00:53:54:18 - 00:53:56:05
Luis Pareras
Could reverse.
00:53:56:07 - 00:53:56:17
Luis Pareras
Pulmonary.
00:53:56:18 - 00:54:07:21
Luis Pareras
Fibrosis, by elongating telomeres, that means rejuvenating the line in a way right within the gene therapy.
00:54:07:23 - 00:54:11:22
Luis Pareras
And I could call her, just out of the blue.
00:54:11:24 - 00:54:33:15
Luis Pareras
I remember the anecdote. If you allow me to. Yeah. To to do a few, funny stories. I wanted to talk to her, and her secretary wouldn't let me because she thought it was, like commercial, call because scientists are not used to, this is calling them out of the blue just because they read the paper.
00:54:33:15 - 00:54:34:05
Luis Pareras
Right.
00:54:34:07 - 00:54:49:03
Luis Pareras
And I thought we can make a company out of this. And I talked to her, and she was immediately interested, and we engaged in discussions up on that following weeks. And ultimately, we created one company.
00:54:49:05 - 00:54:50:01
Luis Pareras
That is.
00:54:50:01 - 00:54:53:01
Luis Pareras
Receiving a lot of attention right now, and it's.
00:54:53:01 - 00:54:54:15
Luis Pareras
Moving forward to.
00:54:54:15 - 00:55:07:03
Luis Pareras
Treat patients and eventually to solve the problem. Let me remind you again the importance of the clinical need. In this case, the problem. Right. Well, Max, fibrosis is a disease that once you were diagnosed.
00:55:07:05 - 00:55:07:11
Luis Pareras
As.
00:55:07:11 - 00:55:14:15
Luis Pareras
Having a pulmonary fibrosis, it's either pulmonary transplant or death in three four years.
00:55:14:21 - 00:55:17:20
Luis Pareras
And there's nothing.
00:55:17:22 - 00:55:22:24
Luis Pareras
That is able to solve that. Imagine the nature of the problem.
00:55:23:01 - 00:55:23:19
Luis Pareras
Right.
00:55:23:21 - 00:55:44:18
Luis Pareras
So, yeah, this, this constrained thinking. I mean, at the time, there were no funds investing in this. And today, I think last time we checked, yeah, like more than 20 companies in the space. So in, in that particular patient, we were right. Sometimes we have profits to like.
00:55:44:20 - 00:55:45:06
Luis Pareras
But you.
00:55:45:06 - 00:55:51:22
Luis Pareras
Need to, to fast like a map of what's going to happen, what is going to be the future of medicine.
00:55:51:24 - 00:55:52:05
Luis Pareras
In.
00:55:52:05 - 00:55:58:06
Luis Pareras
Order to focus to the to the companies aren't the problems that you want to.
00:55:58:06 - 00:56:00:18
Luis Pareras
Solve? Because we don't again.
00:56:00:18 - 00:56:01:17
Luis Pareras
We don't use companies.
00:56:01:17 - 00:56:05:06
Luis Pareras
We choose problems to solve.
00:56:05:08 - 00:56:11:12
Christian Soschner
And so basically we invest in the first of its kind with, with your team, you went in really early.
00:56:11:14 - 00:56:12:24
Luis Pareras
So yeah,
00:56:12:24 - 00:56:31:02
Luis Pareras
You are you go in that early. So that's when you identify. If I understood it right. An interesting paper with an interesting technology and science behind it and scientists behind it. So you also start approaching scientists and pitch your idea of, starting a company. It's, it's a great. yeah.
00:56:31:03 - 00:56:33:06
Christian Soschner
Because we think
00:56:33:06 - 00:56:34:00
Luis Pareras
we.
00:56:34:00 - 00:56:37:24
Luis Pareras
Define first the areas, I mean, the modalities.
00:56:38:01 - 00:56:38:12
Luis Pareras
Itself.
00:56:38:17 - 00:56:44:21
Luis Pareras
For example, every where I sit with my, with the most senior.
00:56:44:23 - 00:56:49:08
Luis Pareras
Team, right. partners, etc., and we.
00:56:49:10 - 00:56:52:09
Luis Pareras
Debate and we decide,
00:56:52:11 - 00:56:53:08
Luis Pareras
Why not of the.
00:56:53:10 - 00:56:55:02
Luis Pareras
Fields that we want to be.
00:56:55:03 - 00:56:57:09
Luis Pareras
In, right.
00:56:57:11 - 00:57:15:23
Luis Pareras
And, in those meetings, we decide for the companies we will be looking for adding to a full year in the coming year. Right. It's an iterative process because science moves very quickly and the hot space is very good. And by the way, I changed my mind completely. I mean, all the time.
00:57:16:00 - 00:57:17:08
Luis Pareras
I mean, as.
00:57:17:08 - 00:57:35:15
Luis Pareras
Walt Whitman said, if you don't mind me going back to art, I contain multitudes. I mean, I reserve my right to change my mind continuously about that. Sometimes I love a field, but then after a few papers I read in a year has passed. The field is not flying. I lose my interest for that field, and now I'm interested in some other field.
00:57:35:19 - 00:57:36:20
Luis Pareras
You know?
00:57:36:22 - 00:57:49:03
Luis Pareras
But, yeah, yeah, you you need to decide in advance. At least that's our style base. I'm not. Of course, I don't want to be dogmatic. Every fan.
00:57:49:03 - 00:57:50:17
Luis Pareras
That's.
00:57:50:19 - 00:58:02:20
Luis Pareras
I mean, what we do for a living is difficult. So every fan does it with their own style. I don't want to claim our style is the best, but, yeah, we care about the field and the indication that we want something.
00:58:02:22 - 00:58:04:10
Luis Pareras
In advance before.
00:58:04:10 - 00:58:22:22
Luis Pareras
Seeing the company. So I really know what companies I'm going to be looking forward to investing. And typically there are companies, sometimes they approach us, yes, but most of the times we approach them because we look for the space. I mean, what is the bet in the case of gene therapy in the lab, there was no other company in the space.
00:58:22:22 - 00:58:43:17
Luis Pareras
Right? But the I know the fields where, for example, if I want to have a an RNA therapy in a specific field, then I would look for companies that are at very early stages of Europe or scientist are looking, to create a company out of their this and evaluate them all and then pick the best one, the one that I think will solve the problem.
00:58:43:23 - 00:58:46:05
Luis Pareras
Okay. All right. So that's, that's.
00:58:46:07 - 00:58:48:08
Luis Pareras
That's our style.
00:58:48:10 - 00:59:08:22
Christian Soschner
Yeah. I think this is, mapping and venture investing and innovation investing. It's one of the most important terms contrarian thinking. And but you described, the last minutes is exactly that unwind. And of course, I mean, scientists want to change the world. Investors want to change the world for the better. So this is basically the daily business.
00:59:08:24 - 00:59:30:15
Christian Soschner
But so what I saw in the market is that very often people forget that investment is also about making money. And you need to return capital to the limited partners at the end of the day. And you only can do that, in my opinion. And the companies only can do that when they apply a contrarian thinking in their investment approach, because there is still opportunity.
00:59:30:19 - 00:59:32:14
Christian Soschner
If you had a great degree.
00:59:32:14 - 00:59:33:03
Luis Pareras
Absolutely.
00:59:33:03 - 00:59:54:14
Christian Soschner
seeing a blank that I think is important and also genuinely caring about the patient. I mean, trying to add something that makes sense, then you cannot be wrong. You know, if you suck, because that's a very big, because when you start, you have an imbalance. You, you know, it works well in animals, for example, and you don't know how well it would translate to humans.
00:59:54:14 - 01:00:01:07
Christian Soschner
Right. But but you know, where you going at least. Right? And that's, that's a move.
01:00:01:09 - 01:00:22:17
Luis Pareras
You're having the the end customer in mind to think it's also you said it at the beginning. It's it's one of the most important parts to see where the Chinese heading to. And, how it translates into value for people at the end of the day. When we talk about building companies, terrace and especially
01:00:22:17 - 01:00:27:20
Christian Soschner
leadership in companies and, how to set up a, how to get people moving.
01:00:27:22 - 01:00:41:02
Christian Soschner
In your book, you advocate for a culture of urgency. Could you explain a little what you mean, what the meaning of the cultural crisis for startups?
01:00:41:04 - 01:00:45:03
Luis Pareras
Yes. look at my place.
01:00:45:05 - 01:00:57:23
Luis Pareras
My office. Every friend that comes in and sees. I have a very special painting that I painted just for myself. This is not even I would call just a just a very big canvas with some words for any price, a message to myself.
01:00:58:04 - 01:00:58:21
Luis Pareras
Okay.
01:00:58:23 - 01:01:03:05
Luis Pareras
And the painting and when I see that on my desk, I see it just in front of
01:01:03:05 - 01:01:03:22
Christian Soschner
me.
01:01:03:24 - 01:01:12:21
Christian Soschner
And the painting says, you are six months late. I'm ready to imagine how important it is to
01:01:12:21 - 01:01:21:12
Luis Pareras
me to create this idea. And you see that I created it myself first. I mean, you need to run me to sell things because.
01:01:21:14 - 01:01:26:16
Luis Pareras
you need to understand the speed of the.
01:01:26:16 - 01:01:28:20
Luis Pareras
Progress of science in our field is.
01:01:28:20 - 01:01:30:07
Luis Pareras
So fast.
01:01:30:09 - 01:01:37:09
Luis Pareras
That an idea has a window of opportunity. But if you don't act very quickly to that window.
01:01:37:11 - 01:01:39:06
Luis Pareras
You may lose it completely.
01:01:39:06 - 01:01:56:01
Luis Pareras
Because then another idea will appear that somehow does something different and better than the previous one. So you need to jump to a wagon that that is moving, you know. So if your idea believes it will be eaten up by.
01:01:56:01 - 01:01:57:22
Luis Pareras
Competition, okay.
01:01:58:00 - 01:02:21:21
Luis Pareras
Space have a way. So, yeah, it is important to try that the companies you create have this idea of push. I think the good which those are even more important than speed. you you need to have good results. And sometimes science needs some time. But you cannot lose me. I mean, you need to be decisive position you have.
01:02:21:22 - 01:02:29:19
Luis Pareras
You need to have an execution focus. You need to prioritize things. Scientists, typically, they want to know about everything.
01:02:29:21 - 01:02:31:02
Luis Pareras
You know, and they.
01:02:31:04 - 01:02:34:07
Luis Pareras
And they should I I'm not saying they shouldn't.
01:02:34:07 - 01:02:34:22
Luis Pareras
Right.
01:02:34:24 - 01:02:36:09
Luis Pareras
But yeah, knowing about.
01:02:36:09 - 01:02:37:18
Luis Pareras
Everything may.
01:02:37:18 - 01:02:42:03
Luis Pareras
Add some value, but they need to focus as well into what.
01:02:42:03 - 01:02:42:20
Luis Pareras
They.
01:02:43:00 - 01:02:54:01
Luis Pareras
Into what matters. Right? Because otherwise we could get lost in the desire of knowing about everything but not executing what we need to do in order to make this drug a reality.
01:02:54:05 - 01:02:55:02
Luis Pareras
Right? So it is.
01:02:55:02 - 01:03:15:13
Luis Pareras
Always this balance between scientists willing to allocate capacity to many things. not necessarily. And, I see investors at the board, in my case, myself. For example, when I see that the board of a company is fighting them, saying, okay, you can do this and this, but not this and this, because we need to focus on, what we're trying to accomplish here.
01:03:15:18 - 01:03:15:23
Luis Pareras
Right?
01:03:15:23 - 01:03:17:04
Luis Pareras
So focus.
01:03:17:10 - 01:03:17:17
Luis Pareras
Is.
01:03:17:17 - 01:03:23:02
Luis Pareras
Important. And at the end of the day, speed equals focus. You can have focus.
01:03:23:07 - 01:03:24:11
Luis Pareras
You grasp.
01:03:25:07 - 01:03:37:07
Luis Pareras
Yeah. It is I agree to what you say. That seems to be a field of tension. Let's call it this way between basic research and cooperative elements. development, construction.
01:03:37:09 - 01:03:38:03
Christian Soschner
I don't you find
01:03:38:03 - 01:03:41:10
Luis Pareras
this beautiful? I mean, I think it's a beautiful touch.
01:03:41:12 - 01:03:42:16
Luis Pareras
Indeed. A super.
01:03:42:16 - 01:04:04:19
Luis Pareras
Interesting one. And I think both sides are right. How many discoveries have been made just out of serendipity? Because the scientist was obsessed? I mean, I can not in good faith tell the scientist, don't look into that. I would never do that. But I need to prioritize, you know, because we have.
01:04:04:21 - 01:04:07:00
Luis Pareras
We have a budget that is limited.
01:04:07:02 - 01:04:24:04
Luis Pareras
We have, for example, I know which has faced the series A for a couple of companies. $165 million. You have the 65 minutes, and with the 65 minutes you need to accomplish quite a few things. Yeah, you may not want to then do.
01:04:24:04 - 01:04:25:06
Luis Pareras
Things.
01:04:25:08 - 01:04:30:09
Luis Pareras
That are just because you feel them might be something of value there.
01:04:30:11 - 01:04:31:21
Luis Pareras
But not.
01:04:31:23 - 01:04:40:23
Luis Pareras
I mean, not on a budget. The budget clearly needs to be allocated to moving that track forward and reaching for human, then doing the phase one, phase.
01:04:40:23 - 01:04:43:13
Luis Pareras
Two, etcetera. Right. Have the study.
01:04:43:13 - 01:04:53:03
Christian Soschner
So I think this is so what you said, I think this is the freedom of basic research to explore, without limitations.
01:04:53:05 - 01:04:55:11
Luis Pareras
yeah. This is this is.
01:04:55:11 - 01:04:57:22
Luis Pareras
The explore exploit dilemma.
01:04:57:24 - 01:05:00:03
Luis Pareras
Probably. Yeah.
01:05:00:03 - 01:05:10:21
Luis Pareras
You need to explore that at the same time you need to exploit. And there's a fine line between, I mean, you can make a company fail if you don't choose the right balance between the two.
01:05:10:23 - 01:05:12:14
Luis Pareras
So. Okay.
01:05:12:16 - 01:05:27:07
Christian Soschner
And this is I would what I would like to hear from your, your process and, your security moving ideas forward into a company and turning a scientific idea into a patient and patient solution. At the end of the day. you also describe
01:05:27:07 - 01:05:34:01
Luis Pareras
in your book the critical path method, which I think is very important to define milestones, how do you handle that throughout the process?
01:05:34:01 - 01:05:39:03
Luis Pareras
When you take an idea from from a scientific research organization with a team,
01:05:39:03 - 01:05:56:01
Christian Soschner
how do you maybe we can exploit, if it's the process, how you can move it into the company, how you focus the people and how you shift the mindset into from basic research, from expert explorative to not expert like patient. I would say, more to focus on a single goal.
01:05:56:03 - 01:05:57:19
Christian Soschner
How do you do that?
01:05:58:08 - 01:06:01:13
Luis Pareras
Very interesting. typically.
01:06:01:13 - 01:06:06:24
Luis Pareras
What I mean that the process has different steps, that I will go, throughout all the steps.
01:06:06:24 - 01:06:07:23
Luis Pareras
Now.
01:06:08:00 - 01:06:22:06
Luis Pareras
The step you might seeing today starts with, scientific, discovery or something. I mean, you found you find out that a molecule can be very specific issues, for example, to solve, maybe.
01:06:22:08 - 01:06:24:07
Luis Pareras
I agree with you. Okay.
01:06:24:09 - 01:06:42:07
Luis Pareras
And, This idea might come because you're the scientist, and you, you just found out that this could be used to that. Or it may come because you're into studying in in the problem. And you licensee.
01:06:42:09 - 01:06:42:17
Luis Pareras
in.
01:06:42:17 - 01:06:45:11
Luis Pareras
From someone else that that change into a.
01:06:45:11 - 01:06:45:24
Luis Pareras
Company.
01:06:46:01 - 01:06:57:19
Luis Pareras
But it could be theoretical even a prior step which would be defined the the problem you want to solve and start investigating. Okay. We typically never do that, but some funds in the states.
01:06:57:21 - 01:06:58:08
Luis Pareras
Define.
01:06:58:08 - 01:07:01:11
Luis Pareras
Problems. And then they put everybody at work to make it.
01:07:01:11 - 01:07:02:14
Luis Pareras
Happen, to.
01:07:02:14 - 01:07:04:19
Luis Pareras
Find a solution for a specific disease.
01:07:04:19 - 01:07:05:13
Luis Pareras
Or using a.
01:07:05:13 - 01:07:06:18
Luis Pareras
Specific modality.
01:07:06:23 - 01:07:08:19
Luis Pareras
Etc.. But let's assume.
01:07:08:21 - 01:07:13:02
Luis Pareras
That you are a scientist. You have come up with.
01:07:13:04 - 01:07:13:19
Luis Pareras
A,
01:07:13:21 - 01:07:23:04
Luis Pareras
Research result that is very promising. Not amazing, yet very promising at first to solve a particular disease.
01:07:23:10 - 01:07:26:00
Luis Pareras
Okay, so first of all.
01:07:26:00 - 01:07:47:10
Luis Pareras
You need to try it. Probably you have tried in vitro, then you have tried it. Animal models. It still works for you in courts. Now you start looking for financing because you and then you talk to because you, you try to raise a pre-series a round or, or a seed round, right. With an amount of money that's limited.
01:07:47:11 - 01:07:55:11
Luis Pareras
But we don't allow you to move forward into the process. And then you go into, in more, preclinical studies.
01:07:55:14 - 01:07:56:20
Luis Pareras
Both.
01:07:56:22 - 01:08:16:19
Luis Pareras
I mean, first, until you nominate a lead candidate to move forward, and then once you have your lead candidate nominated because you see, now that's the problem. I mean, I, you know, the chemistry modifications I tested on the begaye capability and its effect and everything. Right. And you see that could be a track. Okay. Then you need to start.
01:08:16:20 - 01:08:21:24
Luis Pareras
A next step was, regulatory preclinical, which is I mean, you.
01:08:22:01 - 01:08:22:18
Luis Pareras
You.
01:08:22:20 - 01:08:28:23
Luis Pareras
You consult with the regulatory authorities and, and they ask you for things about safety.
01:08:28:23 - 01:08:30:06
Luis Pareras
About in animal.
01:08:30:06 - 01:08:56:06
Luis Pareras
Models will still be huge rights, safety, toxicology. I don't know because you only see these studies until you see these studies. But you you know, this stuff is not the technical, things that you need to do. One might marathon to see that this is a process. You you have an idea. Why are we. So then you you test it until you refine it, you nominate a candidate which forward this candidate into the preclinical regulatory.
01:08:56:10 - 01:09:06:13
Luis Pareras
And then eventually you complete everything that the FDA or the EPA has asked you. Right. And you submit I and the
01:09:06:14 - 01:09:09:08
Luis Pareras
To get to first the human.
01:09:09:08 - 01:09:15:17
Luis Pareras
That means you're asking basically permission to the regulatory agencies to test you track for the first time.
01:09:15:19 - 01:09:17:13
Luis Pareras
You know, human B and that is a.
01:09:17:15 - 01:09:25:20
Luis Pareras
Very dramatic moment. I remember every time that one of my companies is at that stage. I may not sleep that.
01:09:25:20 - 01:09:28:16
Luis Pareras
Night, you know, because something.
01:09:28:20 - 01:09:32:06
Luis Pareras
I mean, you never know, a human is very different from.
01:09:32:08 - 01:09:34:09
Luis Pareras
Right. But then you.
01:09:34:09 - 01:09:46:23
Luis Pareras
Start what is called the phase one and phase one. It's a small study, typically 20 pages. It depends on the indication. And lot of events could be as small as 20 patients where you just start looking for safety.
01:09:46:23 - 01:09:50:01
Luis Pareras
You're not even looking for efficacy.
01:09:50:07 - 01:09:54:17
Luis Pareras
And I said patients because I typically invest in cell therapy and therapy and typically.
01:09:54:17 - 01:09:55:03
Luis Pareras
Patients.
01:09:55:09 - 01:10:19:18
Luis Pareras
But sometimes are even individuals that offer that I mean, they, they they offer themselves to test. And you track. Right? So, in this phase one, you end up by having data about the safety profile after track. If the safety profile is okay, then you may move. You can ask permission to continue. This is to move into phase two.
01:10:19:20 - 01:10:23:22
Luis Pareras
And the phase two is already done on patients always because you're looking.
01:10:23:22 - 01:10:24:16
Luis Pareras
Then.
01:10:24:18 - 01:10:25:04
Luis Pareras
For.
01:10:25:04 - 01:10:27:19
Luis Pareras
Efficacy okay.
01:10:27:21 - 01:10:35:24
Luis Pareras
And efficacy. of course you still are looking for safety but its efficacy in a very homogeneous group of patients. So in a.
01:10:35:24 - 01:10:36:24
Luis Pareras
Way it's not.
01:10:36:24 - 01:10:37:08
Luis Pareras
Cheating.
01:10:37:08 - 01:10:39:03
Luis Pareras
But it's easier.
01:10:39:05 - 01:11:01:05
Luis Pareras
Because you're defining like a target patient that you can define your inclusion criteria. And then the patient is very homogeneous. sometimes it works right. But then you still need to do it when he's full of phase three, which is a much more larger study in a much more ingenious population, where you doesn't.
01:11:01:05 - 01:11:02:10
Luis Pareras
Track in.
01:11:02:10 - 01:11:03:21
Luis Pareras
All types of patients.
01:11:03:23 - 01:11:04:12
Luis Pareras
If at the.
01:11:04:12 - 01:11:27:16
Luis Pareras
End of the phase three, sometimes even at the end of phase two, you can achieve an accelerated approval if you're trying to sell something really important and the results are quite convincing, you may get the, authorization from the, you know, the field agency to put the, you know, tracking of markets. But even if you put, you know, tracking the market, you still are required to do this phase.
01:11:27:16 - 01:11:33:01
Luis Pareras
Sweet. So the phase three would be that like the last, there's a phase four afterwards, which is.
01:11:33:03 - 01:11:35:10
Luis Pareras
Post,
01:11:35:12 - 01:11:44:02
Luis Pareras
marketing authorization, I mean, both being in the market. Or maybe you still need to be looking. What happens with patients.
01:11:44:04 - 01:11:44:08
Luis Pareras
That.
01:11:44:14 - 01:12:02:02
Luis Pareras
Those would be the steps. I hope they weren't too technical. I try to explain everything because very nice and simplest way, but, yeah, it's a technical process and and you need to follow some rules. You know, when testing drugs in humans, people might die if we don't do things well.
01:12:02:02 - 01:12:06:10
Luis Pareras
So let's be extra careful. Safety first. Always.
01:12:06:11 - 01:12:35:01
Christian Soschner
That's true. Couldn't agree more. Couldn't agree more. It's very important. And when you have selected standard technology like this paper with, with the scientists, what you're saying you might have the potential to turn into a company. And you can imagine that the scientists also have the qualities to be the leaders. Initially, the company, I think one of the most important points then is, to define the end point in the development.
01:12:35:03 - 01:12:59:00
Christian Soschner
ten, 15, 20 years down the road and select the right direction of the company, which is a lot of guesswork, in my opinion. But my question to you is how how does your process look like? How do you guess the future of, the company's success? How do you select the right targets? How do you select the right direction to set up the companies?
01:12:59:02 - 01:13:00:23
Luis Pareras
Yeah, that's indeed that is not a question.
01:13:00:23 - 01:13:05:24
Luis Pareras
That's the question. Right. Because yeah, you know the day.
01:13:06:01 - 01:13:06:19
Luis Pareras
Yeah.
01:13:06:21 - 01:13:16:18
Luis Pareras
And I'm going to try to answer in a very humble way because I don't have any. Mr. Hansie samples, you talk about quite happy to share. How do I think.
01:13:16:20 - 01:13:17:04
Luis Pareras
About.
01:13:17:04 - 01:13:18:01
Luis Pareras
An opportunity.
01:13:18:06 - 01:13:18:11
Luis Pareras
To.
01:13:18:11 - 01:13:22:15
Luis Pareras
Consider really an opportunity, not just a good idea. That's a.
01:13:22:18 - 01:13:23:16
Luis Pareras
Right.
01:13:23:18 - 01:13:24:20
Luis Pareras
And,
01:13:24:22 - 01:13:26:13
Luis Pareras
Let me see, because I think.
01:13:26:15 - 01:13:31:07
Luis Pareras
It's going to surprise you. Then I don't start looking into the company.
01:13:31:09 - 01:13:31:17
Luis Pareras
You know.
01:13:31:17 - 01:13:32:17
Luis Pareras
And and I will sell myself.
01:13:32:17 - 01:13:34:01
Luis Pareras
Let let me if I.
01:13:34:03 - 01:13:42:07
Luis Pareras
Really like the analogy, I use a lot the anatomy of the tree and the forest to understand.
01:13:42:09 - 01:13:43:13
Luis Pareras
What I'm about to explain.
01:13:43:19 - 01:13:46:10
Luis Pareras
In, in why do I choose the companies I choose.
01:13:46:14 - 01:13:47:19
Luis Pareras
Right?
01:13:47:21 - 01:14:02:04
Luis Pareras
And typically many investors are looking into companies as if they were trees, right? I mean, you look I mean, you receive a company that comes to see you and asking for money. You receive hundreds of them. But then there's some companies that you look at them and you see.
01:14:02:04 - 01:14:03:04
Luis Pareras
Wow.
01:14:03:06 - 01:14:04:04
Luis Pareras
This company has.
01:14:04:04 - 01:14:06:12
Luis Pareras
Very strong roots.
01:14:06:14 - 01:14:09:00
Luis Pareras
And very wide.
01:14:09:02 - 01:14:09:13
Luis Pareras
Trunk.
01:14:09:16 - 01:14:15:19
Luis Pareras
Oh. And and and look at that. And the leaves are very clean and look at the stature of,
01:14:15:21 - 01:14:16:13
Luis Pareras
Of this.
01:14:16:13 - 01:14:20:00
Luis Pareras
Tree just, one year after being planted, you.
01:14:20:00 - 01:14:30:04
Luis Pareras
See, I'm going to invest in this tree. Okay? I don't put a lot of attention in the tree, at least at.
01:14:30:04 - 01:14:30:13
Luis Pareras
The very.
01:14:30:13 - 01:14:32:04
Luis Pareras
Beginning. I put.
01:14:32:04 - 01:14:32:24
Luis Pareras
More attention to.
01:14:32:24 - 01:14:34:05
Luis Pareras
Where this.
01:14:34:05 - 01:14:35:14
Luis Pareras
Tree is planted.
01:14:35:14 - 01:14:36:20
Luis Pareras
In the forest.
01:14:36:22 - 01:14:57:04
Luis Pareras
Is it in the sunny side of the forest with lots of sun, lots of water? Because no river is nearby and I think the tree is gonna grow healthy. Or is it in the dark side of the forest? No sun there, lots of rocks, no water nearby. This tree is not gonna.
01:14:57:06 - 01:14:58:00
Luis Pareras
You know.
01:14:58:02 - 01:15:08:22
Luis Pareras
And this forest to me. Then it's again going back to what I was saying before in this modality, which I want to invest and the indication in which I want.
01:15:08:22 - 01:15:10:06
Luis Pareras
To invest as.
01:15:10:07 - 01:15:13:06
Luis Pareras
A plant. Are you. Oh you know. Yeah. Right. Yeah.
01:15:13:07 - 01:15:20:08
Christian Soschner
Yes, I have, I have just found it on in your book, the I think the you're talking about this part of the book.
01:15:20:10 - 01:15:22:00
Luis Pareras
And that's exactly correct.
01:15:22:00 - 01:15:22:14
Luis Pareras
Yes.
01:15:22:16 - 01:15:24:11
Luis Pareras
So the forest.
01:15:24:11 - 01:15:24:23
Luis Pareras
Is.
01:15:25:03 - 01:15:27:03
Luis Pareras
What I call human technology landscape.
01:15:27:05 - 01:15:30:17
Luis Pareras
All right. I mean, based on all.
01:15:30:18 - 01:15:33:05
Luis Pareras
Things, for example, when we had the Covid vaccine.
01:15:33:08 - 01:15:35:16
Luis Pareras
Okay, there were many.
01:15:35:21 - 01:15:55:14
Luis Pareras
Vaccines competing, one that were RNA vaccines. Some of those were vaccines, more in the traditional sense. They were. So there were many modalities that were moving forward. And if you want to invest in one of them, you need to make sure that the one you are investing in is the mentality that will be the future of medicine, right?
01:15:55:14 - 01:16:09:01
Luis Pareras
So that would be the modality if I believe it's going to be in the field of medicine. That's a morality that is planted in the right side of the forest, you know. But before looking to the company, I want an RNA vaccine.
01:16:09:03 - 01:16:09:09
Luis Pareras
Okay.
01:16:09:09 - 01:16:23:11
Luis Pareras
And once I decided I want an RNA vaccine, then I look about the quality of the tree. Yeah, several trees or companies I could invest in, and I start analyzing them. Okay. But but the.
01:16:23:11 - 01:16:25:06
Luis Pareras
Process starts.
01:16:25:08 - 01:16:26:16
Luis Pareras
With the forest.
01:16:26:16 - 01:16:27:01
Luis Pareras
Not.
01:16:27:01 - 01:16:27:09
Luis Pareras
With the.
01:16:27:09 - 01:16:28:19
Luis Pareras
Tree. Okay. And then we're.
01:16:28:19 - 01:16:29:21
Luis Pareras
Looking into the tree.
01:16:29:21 - 01:16:35:14
Luis Pareras
I just need three things.
01:16:35:16 - 01:16:44:19
Luis Pareras
Of course I need. I'm oversimplifying things. I need many things to happen. But there are three that are non-negotiable. I mean.
01:16:45:00 - 01:16:46:01
Luis Pareras
This when.
01:16:46:01 - 01:16:47:12
Luis Pareras
We do as investors.
01:16:47:15 - 01:16:49:00
Luis Pareras
Is.
01:16:49:02 - 01:16:50:18
Luis Pareras
Difficult enough.
01:16:50:20 - 01:16:52:09
Luis Pareras
To really.
01:16:52:11 - 01:17:05:03
Luis Pareras
Overcomplicate things, right? So I want three things. One, the clinical needs that we are trying to solve needs to be important, okay. And to be important it needs.
01:17:05:05 - 01:17:10:23
Luis Pareras
To be and solved in a way right or partially.
01:17:10:23 - 01:17:15:11
Luis Pareras
Solved by all the technologies or other tracks that I'm not very.
01:17:15:11 - 01:17:19:06
Luis Pareras
Effective yet.
01:17:19:08 - 01:17:27:16
Luis Pareras
Right? Because if you are betting on something that are trucks that are very effective now in solving the same problem.
01:17:27:18 - 01:17:32:13
Luis Pareras
The FDA is going to ask you to have two branches.
01:17:32:13 - 01:17:33:02
Luis Pareras
I mean, one.
01:17:33:02 - 01:17:34:17
Luis Pareras
Branch with the.
01:17:34:17 - 01:17:41:03
Luis Pareras
Old because it's not very effective. The control group is going to have the old treatment that really works.
01:17:41:05 - 01:17:41:24
Luis Pareras
And then.
01:17:42:01 - 01:17:47:20
Luis Pareras
You will have a second branch with your treatment added to the old one, because you can't risk the life of the.
01:17:47:20 - 01:17:55:16
Luis Pareras
Patient, you know, when have I'm safe. So, it needs to be and solve.
01:17:55:16 - 01:17:58:03
Luis Pareras
Otherwise it gets too complicated. You need two very.
01:17:58:03 - 01:18:00:13
Luis Pareras
Large ends in.
01:18:00:15 - 01:18:18:01
Luis Pareras
Clinical trials to make things happen, because the difference between what you drink adds to the well-being of the patient. And when you are very God is very small. And that means, by definition, a very large sample of patients being tested. That means lots of money being an investor.
01:18:18:03 - 01:18:18:20
Luis Pareras
Blah, blah, blah.
01:18:18:20 - 01:18:19:16
Luis Pareras
You get the.
01:18:19:16 - 01:18:24:07
Luis Pareras
Point. So first, fine, high clinical second point I need.
01:18:24:09 - 01:18:26:05
Luis Pareras
When I call well.
01:18:26:05 - 01:18:27:04
Luis Pareras
Slight.
01:18:27:06 - 01:18:30:06
Luis Pareras
Okay. Hi. We always typically invest in a company based.
01:18:30:06 - 01:18:31:21
Luis Pareras
On typically one.
01:18:31:21 - 01:18:53:15
Luis Pareras
Slide. It's one 1 or 2 slides flat. Right. Why are we so that fascinate us. And that shows the potential of this drug, if correctly developed to help patients and change the natural history influences each. So and this would be like the second and the third thing I.
01:18:53:15 - 01:18:58:09
Luis Pareras
Need, it needs to be easy to prove.
01:18:58:11 - 01:19:07:05
Luis Pareras
And by easy I mean even. I always imagine somebody comes and they tell me, look, I have a an RNA therapy to solve the problem.
01:19:07:05 - 01:19:11:23
Luis Pareras
I don't care about time out.
01:19:12:00 - 01:19:13:07
Luis Pareras
About,
01:19:13:09 - 01:19:19:03
Luis Pareras
Epilepsy. Right. And,
01:19:19:05 - 01:19:22:12
Luis Pareras
Will it be easy to prove or difficult?
01:19:22:14 - 01:19:26:10
Luis Pareras
And I always try to imagine the endpoint that we'll be using in the.
01:19:26:10 - 01:19:28:08
Luis Pareras
Face to guess and.
01:19:28:08 - 01:19:31:13
Luis Pareras
The end point. Imagine, for example, I want to solve schizophrenia.
01:19:31:13 - 01:19:35:01
Luis Pareras
And of course, we need drugs for schizophrenia.
01:19:35:01 - 01:19:40:08
Luis Pareras
Don't misunderstand me, but if you want, I'm mixing simple schizophrenia will have an endpoint in the phase two.
01:19:40:08 - 01:19:41:05
Luis Pareras
Which is.
01:19:41:07 - 01:19:52:10
Luis Pareras
Very subjective. It needs to be evaluated by someone else. You will need a very long study. What is for example, epilepsy? I chose the right example for this.
01:19:53:20 - 01:19:58:02
Luis Pareras
It's super straightforward. How many crises the patient have tomorrow.
01:19:58:04 - 01:19:59:08
Luis Pareras
You know, I mean.
01:19:59:10 - 01:20:04:00
Luis Pareras
Prior to the to the treatment he had, I don't know, 20 crisis per day.
01:20:04:01 - 01:20:06:13
Luis Pareras
How many after the treatment.
01:20:06:13 - 01:20:27:19
Luis Pareras
So it's very straightforward and easy to prove. Right. So the combination of these three things in my humble opinion I think it's very powerful. Then after that there's lots of considerations to be made. Oh on happy about the structure of the company, about the genie Count Basie repository framework. The plus, I mean, you name it, the market access.
01:20:27:24 - 01:20:28:18
Luis Pareras
I mean, how many.
01:20:28:18 - 01:20:29:16
Luis Pareras
Patients am.
01:20:29:21 - 01:20:31:17
Luis Pareras
I going to? I mean, how many.
01:20:31:19 - 01:20:31:23
Luis Pareras
how.
01:20:31:23 - 01:20:34:01
Luis Pareras
Would you deploy these into the market.
01:20:34:01 - 01:20:36:12
Luis Pareras
Etc.. Right. But if you start.
01:20:36:12 - 01:20:38:07
Luis Pareras
With these three.
01:20:38:09 - 01:20:38:24
Luis Pareras
At least.
01:20:39:01 - 01:20:43:02
Luis Pareras
You start the whole process with a very solid foundation.
01:20:43:04 - 01:20:49:23
Luis Pareras
You know, that that this might happen. All right. And that that's that's how it best. Yeah.
01:20:50:00 - 01:20:55:04
Luis Pareras
So and this was one part of the question because the other part of question is how do you predict the future.
01:20:55:06 - 01:20:56:03
Luis Pareras
Right. Yeah.
01:20:56:05 - 01:21:05:20
Luis Pareras
That even more difficult to answer. and in fact, you could say that the book I know that you are.
01:21:05:22 - 01:21:07:07
Luis Pareras
mentioning,
01:21:07:09 - 01:21:23:24
Luis Pareras
Tries to answer that's I mean, it's the whole book. So it's very difficult to summarize these just, a couple of minutes. Right. But let me tell you that. Some things that I find very useful. I mean, you need to.
01:21:23:24 - 01:21:25:18
Luis Pareras
Start.
01:21:25:20 - 01:21:34:01
Luis Pareras
Understanding outcomes not as binary, but as probability distributions. I know I just last half a few minutes here.
01:21:34:03 - 01:21:36:21
Luis Pareras
But if you.
01:21:36:21 - 01:21:49:11
Luis Pareras
See outcomes as binary as success or failure, you're missing the point because there's a lot of noise in everything we do, not some decisions that could have gone wrong or right. So to predict the future, you need to start.
01:21:49:11 - 01:21:51:00
Luis Pareras
Thinking about.
01:21:51:00 - 01:21:56:12
Luis Pareras
Probability distributions. I mean, and you need to bet.
01:21:56:14 - 01:21:57:19
Luis Pareras
For the projects.
01:21:57:19 - 01:21:59:08
Luis Pareras
That have.
01:21:59:10 - 01:22:07:15
Luis Pareras
The biggest area of luck, even for you, you know what I mean? And for luck as well, right? I mean, things that might happen.
01:22:07:17 - 01:22:07:23
Luis Pareras
And.
01:22:07:23 - 01:22:13:15
Luis Pareras
That, could, could add value in into the company.
01:22:13:17 - 01:22:15:06
Luis Pareras
Right.
01:22:15:08 - 01:22:19:05
Luis Pareras
yeah. That's choosing things for the area of like it's bigger and excuse the.
01:22:19:05 - 01:22:21:05
Luis Pareras
Abstraction then.
01:22:21:07 - 01:22:29:17
Luis Pareras
I, we use as well. We think algorithmically, I try to explain these in the book. We use a lot of data science because of course everywhere it's,
01:22:29:19 - 01:22:34:04
Luis Pareras
There's nice that's a single tool.
01:22:34:04 - 01:22:45:24
Luis Pareras
You use statistics to try to understand trends. And and for example, I know we typically, I'm reading now seems like that quite a perfect area, but,
01:22:46:01 - 01:22:46:10
Luis Pareras
I don't.
01:22:46:10 - 01:23:00:17
Luis Pareras
Care. I think, I think it could be useful. For example, we could, an application that tries to follow the first 15 days after an IPO or a specific indication of a specific modality.
01:23:00:17 - 01:23:02:07
Luis Pareras
Etc., because the.
01:23:02:07 - 01:23:18:01
Luis Pareras
Behavior of a company, one you have to be happy depends on the on how who is the CEO and how well I think's going. Right. But the market sentiment about the trend, you know, the first days after an IPO, you see.
01:23:18:03 - 01:23:19:03
Luis Pareras
I mean.
01:23:19:05 - 01:23:20:12
Luis Pareras
What is the eagerness.
01:23:20:12 - 01:23:22:00
Luis Pareras
Of other.
01:23:22:02 - 01:23:28:23
Luis Pareras
Investors to jump in to that week and etc.. So I try to monitor I this.
01:23:29:00 - 01:23:33:14
Luis Pareras
Things very obsessively.
01:23:33:16 - 01:23:35:01
Luis Pareras
And maybe I'm doing.
01:23:35:02 - 01:23:35:21
Luis Pareras
That.
01:23:35:23 - 01:23:41:21
Luis Pareras
But I think, lots of things can be predicted just by using statistics are now even better.
01:23:42:01 - 01:23:44:07
Luis Pareras
I do entitlements, I.
01:23:44:09 - 01:23:54:04
Luis Pareras
I love to and by the way, I never mentioned that to you. I include myself, it relaxes me exactly as art relaxes me. Cool.
01:23:54:06 - 01:23:54:16
Luis Pareras
That's fun.
01:23:54:16 - 01:24:09:24
Luis Pareras
That's, Yeah, yeah, you can do very few things. I mean, there's one question. Me, maybe we're rambling again. It's outside the scope of this podcast, but I'm very interested in the question. Can the stock market be predicted?
01:24:10:01 - 01:24:10:17
Luis Pareras
You know, what's.
01:24:10:17 - 01:24:12:14
Christian Soschner
What's your opinion?
01:24:12:16 - 01:24:19:10
Luis Pareras
Well, there are people that think that the stock market is what they call,
01:24:19:12 - 01:24:20:18
Luis Pareras
A random walk.
01:24:20:20 - 01:24:26:09
Luis Pareras
Okay. So it can knock people dead. And there's people that believe, including myself, that class.
01:24:26:11 - 01:24:26:24
Luis Pareras
Oh, sick.
01:24:27:04 - 01:24:38:22
Luis Pareras
People think that it's only that you're missing the point here. I mean, the answer whether the stock market be, you know, not I think it's very clear because if you look at the list of the 50 largest and most successful hedge.
01:24:38:22 - 01:24:40:24
Luis Pareras
Funds in the world.
01:24:41:01 - 01:24:49:21
Luis Pareras
I would say more than 40, once, meaning that they try to predict using city. So it is obvious that of course it can be. But the point.
01:24:49:21 - 01:24:50:22
Luis Pareras
Here is you.
01:24:50:22 - 01:24:52:24
Luis Pareras
Are not trying to predict.
01:24:53:01 - 01:24:53:23
Luis Pareras
The behavior.
01:24:53:23 - 01:24:55:24
Luis Pareras
Of a company.
01:24:56:01 - 01:24:59:22
Luis Pareras
You try to predict the behavior of people, which is very.
01:24:59:22 - 01:25:04:21
Luis Pareras
Different. I mean, when something, for example, you could run the statistics.
01:25:04:21 - 01:25:05:19
Luis Pareras
What happens.
01:25:05:19 - 01:25:14:12
Luis Pareras
If I would invest now in every company that drops in the same day, 30%, because people get scared and people.
01:25:14:18 - 01:25:16:19
Luis Pareras
Act in a specific.
01:25:16:19 - 01:25:19:10
Luis Pareras
Way, and you can't predict how these people will.
01:25:19:11 - 01:25:20:13
Luis Pareras
Act when.
01:25:20:13 - 01:25:25:04
Luis Pareras
The share has lost 30% of its value. And then you run the you do the math, you run the.
01:25:25:04 - 01:25:26:14
Luis Pareras
Statistics.
01:25:26:16 - 01:25:37:08
Luis Pareras
And you come up with a conclusion that, I wouldn't say it's good or bad to invest, because that's not the point, man. But you can consistently invest in every company, every data service.
01:25:37:10 - 01:25:38:19
Luis Pareras
That you invest.
01:25:39:00 - 01:25:40:09
Luis Pareras
Would you be right every time?
01:25:40:10 - 01:25:44:19
Luis Pareras
Of course not. But if you right, you invest 100 times.
01:25:44:21 - 01:25:52:18
Luis Pareras
A lot of big numbers will do the rest. Because you will. You will be right more than wrong more times and be made money. This is not
01:25:52:18 - 01:25:57:21
Christian Soschner
investment advice. Let me one you is it just discussing whether
01:25:57:24 - 01:26:02:14
Luis Pareras
Investing where the stock might be can be pretty hot whenever there's noise.
01:26:02:16 - 01:26:03:00
Luis Pareras
Or this.
01:26:03:00 - 01:26:04:24
Luis Pareras
Signal or what's the ratio of noise.
01:26:05:05 - 01:26:12:02
Luis Pareras
And signal there. Right. But I've studied this, obsessively in.
01:26:12:02 - 01:26:15:00
Luis Pareras
The last few years. I can tell you I'm happy.
01:26:15:00 - 01:26:18:01
Luis Pareras
It can certainly be predicted. Yes.
01:26:18:03 - 01:26:32:17
Christian Soschner
I think Peter Lynch would agree too much to say in the long term if he wrote this book. If I remember right thing and one up on Wall Street, that's the stock market. Long term, it's easy to predict. but he said not in the short term, as I did in 1630.
01:26:32:17 - 01:26:33:08
Luis Pareras
Five as well.
01:26:33:10 - 01:26:40:07
Luis Pareras
Yes, that is very true as well. Unique, because maybe this time in 30%, it needs months to get back to what he wants.
01:26:40:07 - 01:26:42:12
Luis Pareras
Then if it.
01:26:42:12 - 01:26:44:15
Luis Pareras
Reverts back to the Me.
01:26:44:17 - 01:26:46:00
Luis Pareras
Right.
01:26:46:02 - 01:26:56:13
Luis Pareras
Maybe anyway. But you're not really right. Question. every study that I try to predict the market in the very short term, sometimes even I tried everything.
01:26:56:15 - 01:26:58:12
Luis Pareras
Even minutes, right?
01:26:58:14 - 01:27:01:06
Luis Pareras
They tend not to work.
01:27:01:08 - 01:27:28:09
Christian Soschner
Yeah, I tried, I tried this trading, and so then when the social trading came up with like the key folio platform, a victory of something platform eToro. It's also such a platform. The great thing was, that's there is a system that simulates the stock market without any to putting money into it, and which is publicly available and observe everything and trading strategies are traded in 2015 and 16.
01:27:28:09 - 01:27:35:20
Christian Soschner
It never worked for me. So it's something like, sell at this point and repeat it. It's a lot of work and you can cut it. And it's a.
01:27:35:22 - 01:27:45:18
Luis Pareras
Question that you may ask yourself. I mean, that's good. That's it. That's science. Precisely. Right. I mean, if you want to, what will happen if I invest in all the companies that.
01:27:45:20 - 01:27:46:15
Luis Pareras
Do you.
01:27:46:16 - 01:27:51:23
Luis Pareras
You might reach some conclusions that are interesting.
01:27:52:00 - 01:27:52:08
Luis Pareras
And by the.
01:27:52:08 - 01:27:55:03
Luis Pareras
Way, just thinking that that that's cool.
01:27:55:05 - 01:28:17:07
Christian Soschner
That's it's a learning curve. Let's go back to, to what you said before for the entrepreneurs were listening on, to the show, which might be interesting. You mentioned Steve. I'll start and step two points that you would like to emphasize a little bit. I think this is a points, that sometimes when you look at the market and when people talk to me about ideas, hey, Marina, you brought it up.
01:28:17:07 - 01:28:39:08
Christian Soschner
I think in the pandemic, sadly, there were so many, many companies on the market and, scientists who said, okay, I have an idea also in that space vaccine, and we can cure this in deaths, which are completely similar to what is on the market already. I think this is, sometimes a point that I feel might not be well understood, that a company, an entrepreneur, needs to be a contrarian themselves.
01:28:39:08 - 01:28:41:23
Christian Soschner
So they also need something that's new.
01:28:42:00 - 01:28:44:15
Luis Pareras
Yeah, indeed.
01:28:44:17 - 01:29:03:14
Luis Pareras
Indeed. I mean, to start a company, I would say almost all the time you need to be a little bit contrite. I mean, you cannot escape because, for example, if I look at the problem from the venture capital investor, if we are a small fund, a small finance, typically invest earlier, big funds typically invest, right.
01:29:03:16 - 01:29:04:23
Luis Pareras
So big funds.
01:29:04:23 - 01:29:16:10
Luis Pareras
Are more used to investing in things when markets are really established. Because yeah, they invest certain another stage. But for for the first effort from the early stages.
01:29:16:11 - 01:29:17:07
Luis Pareras
You really.
01:29:17:07 - 01:29:18:03
Luis Pareras
Need because it.
01:29:18:03 - 01:29:20:08
Luis Pareras
Takes a lot of time to get there.
01:29:20:10 - 01:29:32:14
Luis Pareras
You can invest in a middle at an early stage. Once you get there, it will. I mean, the point is going to be so me, you know, at so does doesn't make sense. So I would encourage you to produce. Yes.
01:29:32:19 - 01:29:33:21
Luis Pareras
Need to.
01:29:33:21 - 01:29:37:18
Luis Pareras
Be trained. You need.
01:29:37:20 - 01:30:02:11
Christian Soschner
How do you mean in your you need to have unique personalities in a fund. You need a team in a fund at the end of the day and the setting is quite unique. You need to be contrarian. You don't need to be scared. Failure will happen. So it's unlike school. how do you select teams? What kind of personalities are you looking for for your portfolio and for your fund funding teams?
01:30:02:13 - 01:30:05:22
Luis Pareras
Yeah. Look, the.
01:30:05:24 - 01:30:08:03
Luis Pareras
The older I get.
01:30:08:05 - 01:30:08:10
Luis Pareras
The.
01:30:08:10 - 01:30:11:00
Luis Pareras
More I just want.
01:30:11:02 - 01:30:12:13
Luis Pareras
Just to things.
01:30:12:15 - 01:30:19:11
Luis Pareras
Okay? Because I mean technicalities you can train individual. I have many things that can be trained. But I.
01:30:19:11 - 01:30:20:07
Luis Pareras
Look.
01:30:20:09 - 01:30:23:18
Luis Pareras
When I interview a new candidate for an analyst position.
01:30:23:18 - 01:30:25:24
Luis Pareras
Or to
01:30:26:01 - 01:30:44:06
Luis Pareras
Maybe for senior positions. Right. I try to look two things. One, I want people, you know, team that bring clarity, okay. And two, I want people that bring drive. And let me explain both concepts because they might look like a bit abstract.
01:30:44:06 - 01:30:45:08
Luis Pareras
But my.
01:30:45:08 - 01:30:46:21
Luis Pareras
Clarity of course.
01:30:46:23 - 01:30:47:13
Luis Pareras
Communication.
01:30:47:13 - 01:30:52:01
Luis Pareras
Skills are super important. If you are all the time talking, you need.
01:30:52:03 - 01:30:52:08
Luis Pareras
To.
01:30:52:09 - 01:30:59:21
Luis Pareras
Be very clear in what you're asking and very to the point. But it's not only communication.
01:30:59:21 - 01:31:03:15
Luis Pareras
Skills, it's more importantly is trying. I mean this.
01:31:03:15 - 01:31:09:10
Luis Pareras
Ability that some people have, some others don't. You know, I've reducing complexity to clear statements.
01:31:09:12 - 01:31:11:19
Luis Pareras
Okay. I want our problems.
01:31:11:19 - 01:31:13:24
Luis Pareras
Are typically difficult.
01:31:14:01 - 01:31:14:14
Luis Pareras
Right.
01:31:14:16 - 01:31:17:20
Luis Pareras
So I want someone that one comes into the room.
01:31:17:22 - 01:31:19:12
Luis Pareras
He brings clarity.
01:31:19:14 - 01:31:23:01
Luis Pareras
To what we're discussing. Not that brings noise because then we.
01:31:23:01 - 01:31:24:08
Luis Pareras
Want to.
01:31:24:10 - 01:31:27:21
Luis Pareras
Solve that. The problem that we're trying to solve.
01:31:27:23 - 01:31:31:22
Luis Pareras
And even. Yeah.
01:31:32:01 - 01:31:43:08
Luis Pareras
This another concept. It's clarity. Of course. It's communication skills. It's reducing complexity to clear statements. And the last step of this clarity is what I call.
01:31:43:10 - 01:31:43:14
Luis Pareras
To.
01:31:43:14 - 01:31:58:18
Luis Pareras
Have a voice. And I every time I tell one of the young analysts, you need to develop your voice. No one understands me. I mean, by the senior team I know finance the oh, God. I mean, they all know how important it is right now. Having a voice means.
01:31:58:20 - 01:31:59:05
Luis Pareras
Being.
01:31:59:05 - 01:32:02:11
Luis Pareras
Able to stand up at the board.
01:32:02:13 - 01:32:08:08
Luis Pareras
And say something with clarity, sometimes against.
01:32:08:09 - 01:32:10:02
Luis Pareras
Everyone else.
01:32:10:04 - 01:32:11:19
Luis Pareras
Okay? But if it's in.
01:32:11:19 - 01:32:17:02
Luis Pareras
Our best interests, you need to do that, right? So this voice, you need to develop that.
01:32:17:02 - 01:32:20:08
Luis Pareras
Voice and, yeah. And the.
01:32:20:08 - 01:32:21:19
Luis Pareras
Second question, because this was about.
01:32:21:19 - 01:32:22:24
Luis Pareras
Kathy, a.
01:32:22:24 - 01:32:31:12
Luis Pareras
Little bit more about drive, right. These people I mean, I love people that work with me, that.
01:32:32:07 - 01:32:37:21
Luis Pareras
I need them to be self-driven by creativity. Okay. It's not me like saying you need to do these.
01:32:37:23 - 01:32:39:19
Luis Pareras
That salary.
01:32:39:21 - 01:32:47:19
Luis Pareras
We need to add value spontaneously to company. They need to have like the desire to not just stick to.
01:32:47:21 - 01:32:51:06
Luis Pareras
Right. Hey, this this,
01:32:51:08 - 01:32:59:14
Luis Pareras
When, when when you just jump into a building, right. Imagine you need to go to the factory.
01:32:59:16 - 01:32:59:22
Luis Pareras
Okay.
01:33:00:00 - 01:33:11:17
Luis Pareras
That's something that I typically observe without saying nothing. Right. But you you need to go to this notebook. And some people get to the lobby and take the elevator right.
01:33:11:19 - 01:33:13:19
Luis Pareras
Some other people.
01:33:13:21 - 01:33:26:00
Luis Pareras
just climb the steps. But then there are those who climb the stairs two at a time. You know what I mean? These are the ones that interest me. I mean, they can we they need to.
01:33:26:00 - 01:33:27:14
Luis Pareras
Be asked us now because.
01:33:27:17 - 01:33:32:07
Luis Pareras
They are thrilled to be there. These are the people I want to with. We ask because the.
01:33:32:07 - 01:33:33:04
Luis Pareras
Rest.
01:33:33:06 - 01:33:38:10
Luis Pareras
Will say, yeah, I mean clarity and drive equals as well. Some sort of diligence.
01:33:38:10 - 01:33:39:16
Luis Pareras
Right.
01:33:39:18 - 01:33:45:02
Luis Pareras
But it is not about the technicalities. How are they fluent in RNA therapies?
01:33:45:04 - 01:33:45:13
Luis Pareras
Well, I.
01:33:45:13 - 01:33:51:08
Luis Pareras
Prefer them to be, but if they are not, I prefer these qualities because I can train this looking thing.
01:33:51:08 - 01:33:54:08
Luis Pareras
I'm happy, you know what I mean? So. But the other.
01:33:54:10 - 01:33:57:10
Luis Pareras
I cannot train them really that much.
01:33:57:12 - 01:33:58:11
Luis Pareras
So I.
01:33:58:11 - 01:34:00:11
Luis Pareras
Need to focus on on this.
01:34:00:12 - 01:34:02:05
Luis Pareras
Topic. My.
01:34:02:07 - 01:34:24:12
Christian Soschner
Yeah, I like this both parts to, to set, but especially the first one device. I think this is an important part, especially for young people. And I had a similar story when I was in military acquisition, over 20 years ago, board meeting, important and and very intelligent and smart and, experienced people and, asked the person next to me, should I, should I say that?
01:34:24:12 - 01:34:37:08
Christian Soschner
And, she said, yeah, I should, because, I mean, you might point at one problem that nobody else sees. If you are wrong, they will tell you, but you need to speak up and tell the story that you said.
01:34:37:08 - 01:34:42:16
Luis Pareras
If there's nothing wrong with being wrong, you know, I mean.
01:34:42:18 - 01:35:04:10
Luis Pareras
Hopefully it will be many other people on the board discussing. And if you are really intelligent and the type of people I want, you will realize for me, maybe you're right. That was, but you need to speak up because you cannot live with it. That right. And if I may, to compliment what you were saying, because I just came up with some sort of matrix that I want to test with you now, again, a two by two matrix.
01:35:04:14 - 01:35:06:12
Luis Pareras
But you asked me.
01:35:06:12 - 01:35:08:17
Luis Pareras
Specifically for my team, but.
01:35:08:19 - 01:35:10:11
Luis Pareras
Somehow the sea.
01:35:10:11 - 01:35:20:22
Luis Pareras
Level executives of our portfolio companies, as we invest very early, we typically sail them most of the time, especially the CEO. Right. But generally the C-level executive.
01:35:20:24 - 01:35:22:09
Luis Pareras
I realize the.
01:35:22:09 - 01:35:24:15
Luis Pareras
CEO has the full power to build their.
01:35:24:15 - 01:35:25:09
Luis Pareras
Teams.
01:35:25:11 - 01:35:26:05
Luis Pareras
I don't want to know.
01:35:26:05 - 01:35:26:20
Luis Pareras
Anything.
01:35:27:01 - 01:35:27:18
Luis Pareras
About it. I mean.
01:35:27:18 - 01:35:28:11
Luis Pareras
It's.
01:35:28:13 - 01:35:38:24
Luis Pareras
His or her responsibility. But if he's hiring a C-level executive, I mean, it's a chief medical officer, the chief financial, I think the seventh provides I want to have a say.
01:35:39:02 - 01:35:39:17
Luis Pareras
Right.
01:35:39:19 - 01:35:43:18
Luis Pareras
So when trying to hide risk, people, of course.
01:35:43:20 - 01:35:44:14
Luis Pareras
Yeah.
01:35:44:16 - 01:36:02:13
Luis Pareras
These same qualities apply. But yeah, all the qualities that come into play. So the assets would be a little bit different, especially in the case of the CEO for example. I want people that has done this in the past. This is not I mean sometimes we can accept someone that hasn't. Right. But if you have done it in the past.
01:36:02:13 - 01:36:04:03
Luis Pareras
You have some.
01:36:04:05 - 01:36:17:04
Luis Pareras
Developed attract moving the techniques and and sold the company. This is seniority that we have right. And and a very deep network and the ability to connect the dots.
01:36:17:06 - 01:36:19:15
Luis Pareras
We have with, with.
01:36:19:17 - 01:36:21:11
Luis Pareras
Pharma companies.
01:36:21:13 - 01:36:24:08
Luis Pareras
To the right. But I just.
01:36:24:10 - 01:36:26:12
Luis Pareras
Realized that they are like.
01:36:26:12 - 01:36:28:01
Luis Pareras
I mean, you can.
01:36:28:02 - 01:36:30:17
Luis Pareras
Build like a two by two matrix.
01:36:31:20 - 01:36:41:19
Luis Pareras
How good are people at these jobs? Right. And, I mean, on output or intelligence, you may even call it Intel. I don't like to call it intense. Let's call it output.
01:36:41:22 - 01:36:42:12
Luis Pareras
Right.
01:36:42:14 - 01:36:47:08
Luis Pareras
So low output, very high output. That would be one of the axis.
01:36:47:10 - 01:36:47:20
Luis Pareras
And the other.
01:36:47:20 - 01:37:01:15
Luis Pareras
Axis would be low trust. High high trust I mean people that are difficult, right. Or people that are very easy to work with that you really do a team work very well attached.
01:37:01:16 - 01:37:02:05
Luis Pareras
Right.
01:37:02:07 - 01:37:06:20
Luis Pareras
So it is clear that people with low output and difficult to work with because you don't.
01:37:06:20 - 01:37:09:07
Luis Pareras
Trust them, mean you don't want them, right?
01:37:09:07 - 01:37:24:18
Luis Pareras
I mean that we agree and it is very clear as well. The other opposite appointment where you have someone with a very large, very good output and, very easy to work with. You trust him. All right. And these are the guys that you want the most.
01:37:24:19 - 01:37:25:06
Luis Pareras
Okay.
01:37:25:08 - 01:37:30:14
Luis Pareras
But the problem is in life, you find very few people and you find more people in the other two quits.
01:37:30:14 - 01:37:36:10
Luis Pareras
So what comes first? Trust or.
01:37:36:12 - 01:37:37:15
Luis Pareras
Intelligence or.
01:37:37:15 - 01:37:38:22
Luis Pareras
Output. Right.
01:37:38:22 - 01:37:45:15
Luis Pareras
Some people can be very difficult, but they are incredibly tight. There are this amazing and some people are.
01:37:45:15 - 01:37:47:11
Luis Pareras
Not.
01:37:47:13 - 01:37:49:20
Luis Pareras
That intelligent. However you try some of that.
01:37:49:20 - 01:37:51:09
Luis Pareras
So which one.
01:37:51:09 - 01:37:54:24
Luis Pareras
Should you focus on? And I'm afraid I'm sorry because this is going to be.
01:37:54:24 - 01:37:56:03
Luis Pareras
Maybe we.
01:37:56:04 - 01:37:59:14
Luis Pareras
Can't include I think.
01:37:59:16 - 01:38:01:00
Luis Pareras
We shouldn't as.
01:38:01:03 - 01:38:09:10
Luis Pareras
Managing partners of funds or when hiring people from companies we tend to hire people with a very solid output.
01:38:09:12 - 01:38:13:11
Luis Pareras
Even if trust is not that high. You know.
01:38:13:11 - 01:38:13:20
Luis Pareras
Why?
01:38:13:23 - 01:38:19:05
Luis Pareras
Because the trust issue is something. It is my responsibility.
01:38:19:06 - 01:38:19:14
Luis Pareras
I mean.
01:38:19:14 - 01:38:20:04
Luis Pareras
I need.
01:38:20:06 - 01:38:23:03
Luis Pareras
If I don't handle them well, I need.
01:38:23:03 - 01:38:25:09
Luis Pareras
To learn better how to.
01:38:25:09 - 01:38:44:23
Luis Pareras
Handle them well, because if I manage to handle I mean, if I learn to deal with what I call, you know, very good spring maintenance, meaning people that are really spectacular in their output. But they are picky. They are difficult to work with a fine with other teammates. But if you know what they want.
01:38:45:00 - 01:38:46:00
Luis Pareras
And you know.
01:38:46:00 - 01:38:52:20
Luis Pareras
How to because these guys are women, typically they want recognition. They want.
01:38:52:23 - 01:38:55:09
Luis Pareras
Space, freedom to accomplish.
01:38:55:09 - 01:38:56:01
Luis Pareras
Their goals.
01:38:56:07 - 01:38:58:12
Luis Pareras
But if you find the right.
01:38:58:14 - 01:39:00:03
Luis Pareras
Environment for them to work.
01:39:00:03 - 01:39:01:05
Luis Pareras
They can bring so.
01:39:01:05 - 01:39:06:02
Luis Pareras
Much value to your fund or you to a company you're investing in or.
01:39:06:04 - 01:39:09:10
Luis Pareras
Whatever. So I think.
01:39:09:10 - 01:39:29:24
Luis Pareras
It's more intelligent to focus on the people that have a very solid track, people that, yeah, I trust him. So maybe he's not that good, but no, it's not enough. You know, what we do is very difficult. We are caring for patients ultimately, and we need to make it happen. So let's focus on the people that make it happen.
01:39:30:01 - 01:39:32:00
Luis Pareras
And let's train ourselves.
01:39:32:02 - 01:39:35:22
Luis Pareras
To manage those people. you know, a good way.
01:39:35:24 - 01:39:37:05
Luis Pareras
You know, to have.
01:39:37:05 - 01:39:37:17
Luis Pareras
Everyone.
01:39:37:20 - 01:39:42:04
Luis Pareras
Happy. So that's that's my sense was an interesting question. This one.
01:39:42:07 - 01:40:02:00
Christian Soschner
Yeah, yeah. So, treatment, yeah. It's I think it's free and it's trust, it's output. And the question about it, they are more on the, a sort of player or a team player. So you have, I think, three dimensions to balance in your decision making output. trustworthiness.
01:40:02:02 - 01:40:08:02
Luis Pareras
Yeah. You could see team players. Maybe it's a three dimensional matrix.
01:40:08:04 - 01:40:15:07
Christian Soschner
Interesting. Interesting perspective. How do you how do you select a CEO? I within this matrix?
01:40:15:09 - 01:40:15:21
Luis Pareras
well.
01:40:16:02 - 01:40:16:22
Luis Pareras
I.
01:40:16:22 - 01:40:18:22
Luis Pareras
Certainly in three dimensions.
01:40:18:24 - 01:40:31:23
Luis Pareras
This this is a very famous quote from this is not mine. This is from I think it was for a buffet. Okay. But what I want in a CEO is for him or her to be, of course.
01:40:31:23 - 01:40:39:03
Luis Pareras
Smart, hard worker and funnest. especially the.
01:40:39:03 - 01:40:39:16
Luis Pareras
Last one.
01:40:39:21 - 01:40:42:12
Luis Pareras
Honest. Because if he's not honest.
01:40:42:15 - 01:40:52:03
Luis Pareras
The other two qualities are incredibly dangerous, you know what I mean? So in a way, I'm generalizing. I'm just making the point that.
01:40:52:05 - 01:40:52:17
Luis Pareras
Output.
01:40:52:17 - 01:40:53:16
Luis Pareras
Is important as well.
01:40:53:17 - 01:40:55:16
Luis Pareras
And of course, trust matters.
01:40:55:18 - 01:41:09:11
Luis Pareras
So it's a balance again another day. This this. No, this is not, like an arrow that points. Exactly. What do you want? Right. And you need to feel comfortable. But at the same time you need someone with a very solid output otherwise.
01:41:09:11 - 01:41:11:15
Luis Pareras
So yeah, if you want.
01:41:11:15 - 01:41:12:24
Luis Pareras
To accomplish great things.
01:41:13:01 - 01:41:25:11
Christian Soschner
At this point, I would love to hear your opinion on the concept that I have read very often in the paragraph of Tim Cook, and it's the biography of Elon Musk. It's radical candor. it's it's honesty. It's it's, truth.
01:41:25:11 - 01:41:26:11
Luis Pareras
To say that.
01:41:26:13 - 01:41:38:18
Luis Pareras
Concept. I use it a lot. And that comes, by the way, from magazine as well. That's a very good point, because when you need to communicate a family that his relatives, their relatives died at the operating room.
01:41:38:21 - 01:41:42:12
Luis Pareras
It happens often, right. You need.
01:41:42:12 - 01:41:43:16
Luis Pareras
To go out.
01:41:43:18 - 01:41:44:01
Luis Pareras
And you.
01:41:44:01 - 01:41:54:10
Luis Pareras
Need to communicate. And physicians will receive a trainee, how to communicate this bad news. And basically, if I'm allowed to summarize the training, just one sentence is you just.
01:41:54:10 - 01:41:55:23
Luis Pareras
Communicate with.
01:41:55:23 - 01:41:57:18
Luis Pareras
Candidness.
01:41:57:20 - 01:41:58:07
Luis Pareras
First.
01:41:58:07 - 01:42:03:09
Luis Pareras
I mean, you don't want to ramble your first sentences. Your relative has to act.
01:42:03:11 - 01:42:05:11
Luis Pareras
And then after that.
01:42:05:13 - 01:42:07:04
Luis Pareras
You elaborate more. But you.
01:42:07:04 - 01:42:08:05
Luis Pareras
Don't.
01:42:08:07 - 01:42:23:13
Luis Pareras
You don't want to keep them waiting for that from the sentence, you know. So you need to open with this so radical can be I think when you when you have something important to say, you need to say in a candid, even in a very.
01:42:23:13 - 01:42:32:15
Luis Pareras
Straightforward way, you know, just just as it is. And, yeah, I think I.
01:42:32:17 - 01:42:36:01
Luis Pareras
Yeah, you could say that probably.
01:42:36:03 - 01:42:36:22
Luis Pareras
Because.
01:42:36:24 - 01:42:44:11
Luis Pareras
As an investor, we receive like, I don't know, we analyze, we receive more than I say like 1000 practice free.
01:42:44:13 - 01:42:45:13
Luis Pareras
Okay.
01:42:45:15 - 01:43:05:12
Luis Pareras
And we invest in five three. So that's 995 notes okay. And you need to communicate that with with candor. And as you can imagine, I'm not in a popularity contest okay. That that's that's what it is. But but yeah I, I.
01:43:05:12 - 01:43:06:06
Luis Pareras
Accept that.
01:43:06:06 - 01:43:09:13
Luis Pareras
And that and this point you communicate.
01:43:09:15 - 01:43:10:06
Luis Pareras
With.
01:43:10:08 - 01:43:13:17
Luis Pareras
Candor. I think that's never a problem. I mean.
01:43:13:17 - 01:43:15:02
Luis Pareras
You just.
01:43:15:04 - 01:43:18:00
Luis Pareras
Explain why you're not investing in.
01:43:18:02 - 01:43:20:00
Luis Pareras
Let's say you give.
01:43:20:00 - 01:43:24:01
Luis Pareras
Advice on ways to to improve the company. And that is one thing as well.
01:43:24:05 - 01:43:47:24
Christian Soschner
So I think Warren Buffett, I think it's always a good thing. And also Steve Jobs, if you he said, something like if you want to please everybody said ice cream, but don't spin the company. And I think it, it, it must be emphasized that the startup failed and scale up is, one of radical candor. People will tell you straight in the face when something doesn't work and you need to have to deal with that.
01:43:48:11 - 01:43:49:16
Luis Pareras
You need to. Kindness?
01:43:49:22 - 01:43:58:07
Christian Soschner
Yeah. With kindness, of course. And with respect. Yes. Now straight forward. What do you need to communicate. Yeah.
01:43:58:11 - 01:44:09:12
Luis Pareras
And how to work. So it's not, we just want to work 20 hours per week. space. It's more the, we want to change the world space and dedicate our lives to that.
01:44:09:14 - 01:44:11:00
Christian Soschner
I mean, in all
01:44:11:00 - 01:44:12:02
Luis Pareras
honesty.
01:44:12:04 - 01:44:23:14
Luis Pareras
I never discuss how much, I mean, how many hours. You. Let's see how long it took. A minute. I should say. It's it's an absurd question. It's 24 seven. You know what I mean? I mean.
01:44:23:16 - 01:44:24:02
Luis Pareras
I couldn't.
01:44:24:02 - 01:44:26:18
Luis Pareras
Care less about the hours that he's at the or she's at the.
01:44:26:18 - 01:44:30:19
Luis Pareras
Office or. Yeah, it's he's always.
01:44:30:21 - 01:44:37:07
Luis Pareras
Thinking about the car that that's 181. So we I don't even know a few amount of hours. That makes no.
01:44:37:07 - 01:44:38:05
Luis Pareras
Sense.
01:44:38:07 - 01:44:57:19
Christian Soschner
Yeah. But I was never very much into this part time CEO. The idea that, someone can can do that part time, but this leads me to this next question. there's this term work life balance in the office. Said, to me, a talent was passionate. Who wants to change the world, dedicates his life or her life to the company.
01:44:57:19 - 01:45:10:13
Christian Soschner
And usually it's not one that they have to motivate to spend 30 or 40 hours in the company. It's more that they have to worry about them not burning out, that they don't,
01:45:10:15 - 01:45:13:09
Luis Pareras
Prosperity is I said.
01:45:13:11 - 01:45:18:16
Luis Pareras
I had an interview with a CEO of a company in Australia.
01:45:19:10 - 01:45:24:22
Luis Pareras
A few weeks ago, because what you said just reminded me of these, and I think it's funny and interesting.
01:45:24:24 - 01:45:25:14
Luis Pareras
And the.
01:45:25:14 - 01:45:25:23
Luis Pareras
Meeting.
01:45:25:23 - 01:45:30:11
Luis Pareras
Was on Sunday.
01:45:30:13 - 01:45:36:21
Luis Pareras
At my meet Sunday, I was like, ten at night, you know, straight 11 at night.
01:45:36:21 - 01:45:37:19
Luis Pareras
And the.
01:45:37:19 - 01:45:38:21
Luis Pareras
Guy was at.
01:45:38:21 - 01:45:41:01
Luis Pareras
The lab.
01:45:41:03 - 01:45:51:13
Luis Pareras
By putting things into the lab while he was talking to me. And he was the CEO. I mean, this is that I immediately was I mean, this is the right CEO for this company, for.
01:45:51:15 - 01:45:53:03
Luis Pareras
But it is not for.
01:45:53:03 - 01:45:58:16
Luis Pareras
Being a workaholic. It is because you need to reconcile. Of course, you privately don't always understand.
01:45:58:18 - 01:45:58:23
Luis Pareras
This.
01:45:58:23 - 01:46:15:19
Luis Pareras
Space for everything, but somehow a CEO is all the time thinking about it. So it's like a kid. You are not working for your kid eight hours a day. It's a whole day. Even if you spend. But you're still caring for him, right? So companies had to.
01:46:15:21 - 01:46:26:14
Christian Soschner
What advice would you give, entrepreneurs when you feel that they are on the, on the edge of burning out because they just ignore the biological boundaries? neglect,
01:46:26:14 - 01:46:42:08
Luis Pareras
sleep, neglect, exercise, neglect, family life and just are there for the company all the time. 2024 seven in the sense that they cut out everything else. I think that the the problem that can appear is that you lose that, that they get lost, they're just burn out and then they're gone.
01:46:42:12 - 01:46:50:02
Luis Pareras
And, with them decision making power with them, no knowledge but advice would you give entrepreneurs, how should they
01:46:50:02 - 01:46:53:10
Christian Soschner
balance to life to avoid this scenario?
01:46:54:14 - 01:46:59:01
Luis Pareras
Honestly, I thought very deeply about this question.
01:46:59:03 - 01:47:01:02
Luis Pareras
Chris Ash, it's.
01:47:01:02 - 01:47:01:22
Luis Pareras
Very difficult for
01:47:01:22 - 01:47:34:09
Luis Pareras
me to give a straightforward advice, because I would tell you that it depends tremendously on having TV. I mean, every human being is different, and I would need to understand what are, I mean, ways, Try. He's tried. And what is he trying to accomplish and what is the nature of the fund. But I certainly I have the I mean I'm, I spend a lot of time with the CEOs of my companies, meaning that I invite them for lunches of.
01:47:34:13 - 01:47:37:06
Luis Pareras
This all the time. Okay.
01:47:37:07 - 01:47:42:12
Luis Pareras
So of course, it's it's tough on a rotation basis because otherwise it would be. That's really.
01:47:42:12 - 01:47:43:09
Luis Pareras
Nice.
01:47:43:11 - 01:47:59:13
Luis Pareras
But, I try to know them on a more personal basis precisely to be able to help in those situations. But I'm sorry I cannot give you a seat for what I feel like. This is a magic recipe that you should try to reconcile.
01:47:59:14 - 01:48:00:09
Luis Pareras
No.
01:48:00:11 - 01:48:12:04
Luis Pareras
It's difficult. It depends on every case. But at the end of the day. I think my best advice for them would be okay. The key is in the sense that.
01:48:12:06 - 01:48:12:22
Luis Pareras
Nothing is.
01:48:12:22 - 01:48:28:03
Luis Pareras
Starting important. At the end of the day, we're trying. We have I mean, we have you as a CEO, not guaranteeing the final result, but you unexpected you in work and you triumph, right? It's like a surgery. I mean, you don't ask the surgeon.
01:48:28:05 - 01:48:38:10
Luis Pareras
Or curing the patient. No, you just ask for his hands. Right? I mean, his expertise. He's sometimes the patient. That's. Yeah, sometimes.
01:48:38:10 - 01:48:38:19
Luis Pareras
Company.
01:48:38:19 - 01:48:44:11
Luis Pareras
Fail and. Yeah, well, that happens, you know, and, and he needs.
01:48:44:11 - 01:48:50:11
Luis Pareras
To focus on execution and trying to at least alleviate this.
01:48:50:11 - 01:48:51:03
Luis Pareras
Backpack.
01:48:51:03 - 01:48:53:17
Luis Pareras
Full of stones, you know, that that,
01:48:55:00 - 01:49:02:24
Luis Pareras
what happens if I fail? Okay. Don't. Because that's a reason for burnout as well. Being to stress about. maybe. Yeah, maybe I will say.
01:49:03:00 - 01:49:05:03
Luis Pareras
Okay. well.
01:49:05:05 - 01:49:08:00
Luis Pareras
Let's say that not to happen.
01:49:08:02 - 01:49:13:07
Luis Pareras
But just don't think about it. I mean, just live your life.
01:49:13:09 - 01:49:15:13
Luis Pareras
But again, it's very specific, individual.
01:49:15:13 - 01:49:17:01
Luis Pareras
So I, I can't help you.
01:49:17:05 - 01:49:23:07
Luis Pareras
That's impressive. But it's an important question that I need to answer with every single CEOs.
01:49:23:10 - 01:49:24:08
Luis Pareras
Yes.
01:49:24:10 - 01:49:32:16
Christian Soschner
But you see that that's, an investor's responsibility as a board members. Responsibility to also have that perspective on the company in general.
01:49:32:18 - 01:49:40:06
Luis Pareras
Oh, I think so. I think so, yeah. You need because 80% of the problems you will face inside the company are human related.
01:49:40:08 - 01:49:44:08
Luis Pareras
that's that's the truth. So, so.
01:49:44:10 - 01:50:04:10
Christian Soschner
So your medical background is of great help, I guess, you know, so, I think that managing people, that's that's one question that I get frequently on the market, especially from young biotech leaders. It's the question about fundraising and investor relations. And it's it's always popping up every few years. And I would like to hear your opinion on that.
01:50:04:12 - 01:50:25:18
Christian Soschner
When is the right time for a new biotech leader in the making to approach investors? Should they only go out on to market without any money? Should they go out early? I should say to pitch less ideas to. They need to have a fixed pitch deck already with everything laid out in your business plan. In your opinion, what's the right point in time to start approaching investors?
01:50:25:21 - 01:50:28:08
Christian Soschner
Someone who wants to be the scientific company?
01:50:28:10 - 01:50:29:08
Luis Pareras
Yes.
01:50:29:10 - 01:50:34:12
Luis Pareras
that's a very fine question. And that. It depends.
01:50:34:12 - 01:50:36:19
Luis Pareras
On, I mean, this,
01:50:36:21 - 01:50:40:17
Luis Pareras
Prior question that's even more important than this one. It's not only about.
01:50:40:17 - 01:50:41:24
Luis Pareras
When.
01:50:42:01 - 01:50:45:22
Luis Pareras
But about choosing the right VCs to go.
01:50:45:24 - 01:50:47:08
Luis Pareras
Visit, okay?
01:50:47:10 - 01:50:49:09
Luis Pareras
Because if you are very early.
01:50:49:09 - 01:50:50:14
Luis Pareras
Stage.
01:50:50:16 - 01:51:01:21
Luis Pareras
And you're going too early stage species, and this is my case, I typically invest, I told you before, sometimes out of a beta. So you kind of get early on that.
01:51:01:23 - 01:51:09:01
Luis Pareras
Right. So it's very I would, advise them to go the sooner the better. We we are not.
01:51:09:03 - 01:51:23:22
Luis Pareras
I mean, we welcome talking even to partners all the time. Again, that's super interesting. People are super intelligent, trying to solve very difficult problems. It may happen that it's not the right moment for us to invest. So the idea is nothing.
01:51:24:00 - 01:51:25:02
Luis Pareras
But this first.
01:51:25:02 - 01:51:26:15
Luis Pareras
Contact I really welcoming.
01:51:26:15 - 01:51:29:19
Luis Pareras
So, maybe it's not going.
01:51:29:19 - 01:51:30:00
Luis Pareras
To be.
01:51:30:00 - 01:51:31:23
Luis Pareras
Me meeting.
01:51:32:01 - 01:51:35:01
Luis Pareras
Them, but somebody from the team will be meeting.
01:51:35:03 - 01:51:35:20
Luis Pareras
You know.
01:51:35:22 - 01:52:04:19
Luis Pareras
And, but that's for early stage investors. If you're a late stage investor, of course, if you have an idea, don't go see them because they it doesn't make sense, you know, they they will look, I mean, I mean, you you need to do some research first into the investors. You might want to approach. Right. Because the ones that clearly state in their website that we only invest in phase two companies, always it doesn't make sense.
01:52:04:21 - 01:52:13:03
Luis Pareras
So first study your audience. But then once if you are early stage go and see the early stage funds. If you have an interesting.
01:52:13:03 - 01:52:15:24
Luis Pareras
Pitch, go see them.
01:52:16:01 - 01:52:25:04
Luis Pareras
We don't eat anyone, you know. I mean, we we, we have respectfully with ideas we love, to and we love to.
01:52:25:04 - 01:52:27:18
Luis Pareras
Listen to them. So it's not like.
01:52:27:20 - 01:52:39:05
Christian Soschner
Generally a nice people. I think for one point that I would like to emphasize from what you said is to your market research, look into what the fund. I mean, it's very
01:52:39:05 - 01:52:55:11
Luis Pareras
easy to stay same websites, internet, podcasts, LinkedIn profile so that information is accessible. This is one thing. And then there is also habits that seems to be on the market, that sometimes company thinks they need an intermediary to reach out to investors.
01:52:55:11 - 01:53:11:05
Luis Pareras
So this is, you have a list of investors, send our pitch tech to the list via, automated email. Sometimes. how do you see this practice of the CEO not directly approaching investors, but using other people to to go out in the market.
01:53:11:07 - 01:53:11:19
Christian Soschner
That's
01:53:11:19 - 01:53:16:06
Luis Pareras
some you know, this takes at least it's completely sense.
01:53:16:08 - 01:53:18:21
Luis Pareras
I mean, I don't.
01:53:18:21 - 01:53:25:01
Luis Pareras
Want someone talking about, the CEO is I want to speak to the CEO.
01:53:25:03 - 01:53:30:02
Luis Pareras
And I'm. So it doesn't make much sense to me. He has.
01:53:30:03 - 01:53:38:16
Luis Pareras
Intermediaries. Of course. Once the company starting to get bigger and bigger, and your CEO has many people working for.
01:53:38:16 - 01:53:39:18
Luis Pareras
You, you.
01:53:39:18 - 01:53:45:22
Luis Pareras
May have, of course, you know, chief, business development officer or CFO.
01:53:45:24 - 01:53:46:12
Luis Pareras
That.
01:53:46:12 - 01:53:51:20
Luis Pareras
Approaches investors on your behalf, but you will always be summoned.
01:53:51:22 - 01:53:54:17
Luis Pareras
At some point during interactions. Right?
01:53:54:19 - 01:54:04:15
Luis Pareras
And especially in early stage, teams are small in size. I, I would never recommend anyone to use an me. If you don't see me coming.
01:54:04:17 - 01:54:08:17
Luis Pareras
See me? It's. Yeah.
01:54:08:19 - 01:54:20:20
Christian Soschner
So I think tactics and there is a be a celebrity executive. entourage is one part, another part to discuss. But it should be someone deeply involved with the company and with the intention to be part of the team.
01:54:20:22 - 01:54:22:09
Luis Pareras
Absolutely. Yes.
01:54:22:11 - 01:54:28:03
Luis Pareras
Yeah. The one presenting, if I'm understanding. Well, your question you asked me to one that if you come see us.
01:54:29:01 - 01:54:31:15
Luis Pareras
Yeah. No, no it needs to be the company.
01:54:31:17 - 01:54:35:19
Luis Pareras
No one else. no one guess.
01:54:35:21 - 01:54:41:20
Christian Soschner
I read in the morning in your book that you haven't been pitched in an elevator yet, if I remember it right and direct.
01:54:41:22 - 01:54:44:20
Luis Pareras
And they kind of keep on calling these the elevator beats when I.
01:54:44:20 - 01:54:45:24
Luis Pareras
Said, yeah.
01:54:46:04 - 01:54:49:08
Luis Pareras
I just have never been pitched them.
01:54:49:11 - 01:54:50:23
Luis Pareras
So, yeah, it's.
01:54:51:00 - 01:55:06:00
Luis Pareras
It's an interesting way of fan of calling something the elevator pitch. But yeah, there's a structure to the pitch. And if you do it right, you might, really capture the attention of the investor.
01:55:06:00 - 01:55:07:16
Luis Pareras
So you, you.
01:55:07:18 - 01:55:11:16
Luis Pareras
You need to focus on delivering a clear message. We go back to clarity.
01:55:11:18 - 01:55:18:21
Luis Pareras
Yeah. You know, so, Yeah, that's that's how it works, right?
01:55:18:23 - 01:55:29:20
Christian Soschner
What what is it? What is it that you could give founders, about how to craft a compelling narrative that resonates with you?
01:55:29:22 - 01:55:34:24
Luis Pareras
You are very right in the first place, that every investment is a story.
01:55:35:01 - 01:55:36:24
Luis Pareras
Okay, so the.
01:55:36:24 - 01:55:43:15
Luis Pareras
Narrative is very important, right? And I would suggest very quickly because I think.
01:55:43:15 - 01:55:45:15
Luis Pareras
It's I mean.
01:55:45:15 - 01:55:47:14
Luis Pareras
Every company is different, but.
01:55:47:16 - 01:55:50:10
Luis Pareras
You need several advice.
01:55:50:10 - 01:56:17:21
Luis Pareras
First, you need to start with a why okay. Why are you doing this. So open with a why. That means the finding the power right. Then after that you need to talk about the solution that you're bringing to the to the marketplace. Right? I mean, how elegant it is. And then after describing what are you trying to do, you need to talk a little bit about the science, I mean, the best resources that you can.
01:56:17:23 - 01:56:24:12
Luis Pareras
I mean, we measured these these animal model, right? So that 20% increase in the muscle strands.
01:56:24:14 - 01:56:25:05
Luis Pareras
Right.
01:56:25:07 - 01:56:32:10
Luis Pareras
Then after that, you need to go. You need to tell the investor. And we are competing in this market.
01:56:32:12 - 01:56:34:14
Luis Pareras
Okay against this.
01:56:34:14 - 01:56:42:11
Luis Pareras
Competitors. And look by the way this is my unique selling proposition. Meaning this is a way it's going to be me and other the rest of the companies.
01:56:42:16 - 01:56:45:00
Luis Pareras
You see there is like a flaw in this.
01:56:45:05 - 01:56:51:01
Luis Pareras
Why am I doing this? This is a problem. But I'm going with this solution. This solution has this results in science.
01:56:51:03 - 01:56:51:19
Luis Pareras
I can compete.
01:56:51:19 - 01:57:07:17
Luis Pareras
In this market against these guys, but I am the one that will solve this problem because these and and then now you need to clearly state at which stage you are like like where are you right now with, with the idea and.
01:57:07:19 - 01:57:10:11
Luis Pareras
And your future. That's then I.
01:57:10:11 - 01:57:19:21
Luis Pareras
Recommend always to tease a little bit the investor appealing to his or her willingness. You you explain a little bit how 40s is a field, right?
01:57:19:23 - 01:57:20:13
Luis Pareras
Just have a.
01:57:20:13 - 01:57:20:20
Luis Pareras
Few.
01:57:20:20 - 01:57:22:18
Luis Pareras
Sentences.
01:57:22:20 - 01:57:26:07
Luis Pareras
Maybe name dropping some comparable like that have happened.
01:57:26:11 - 01:57:28:18
Luis Pareras
Recently or whatever.
01:57:28:20 - 01:57:37:21
Luis Pareras
Then finally, the most important part of you talk about yourself and the team and I leave it for last, typically because it sounds because it's so important
01:57:37:21 - 01:57:51:00
Christian Soschner
that you need to leave the vessel with that team in mind. But he needs so much to be an outstanding game. Why are you right? And finally, you do the ask. You ask for something.
01:57:51:02 - 01:58:06:08
Christian Soschner
And if it's an elevator pitch, not even an elevator, he would ask something like, what is the best way to to to put ourselves in your talent? I mean, are you interested in having, a longer
01:58:06:08 - 01:58:08:22
Luis Pareras
meeting for us to explain it? I mean, like.
01:58:08:24 - 01:58:09:17
Luis Pareras
Ask or.
01:58:09:17 - 01:58:17:19
Luis Pareras
Something because you need to ask if it's how you are already at that meeting. That's first meeting. Then you need to end by explain how much money do you want to.
01:58:17:19 - 01:58:20:06
Luis Pareras
Raise, but not only.
01:58:20:06 - 01:58:25:18
Luis Pareras
How much money you want to raise, but also where this money is going to get.
01:58:25:18 - 01:58:26:18
Luis Pareras
Us. I mean.
01:58:26:18 - 01:58:28:07
Luis Pareras
This money is going to be used in.
01:58:28:07 - 01:58:30:19
Luis Pareras
This, and at the end we.
01:58:30:19 - 01:58:38:07
Luis Pareras
Will be here, right? And this needs to craft like a compelling story for the investor. Another advice very important.
01:58:38:07 - 01:58:38:24
Luis Pareras
Expect.
01:58:39:03 - 01:58:42:12
Luis Pareras
Extremely knowledgeable audience.
01:58:42:14 - 01:58:44:13
Luis Pareras
In front of you, even though you.
01:58:44:15 - 01:59:09:10
Luis Pareras
Think you're the best in the world and you feel that you probably are, expect your audience to know very deeply about because they will have studied. In fact, all of the analysts would have studied extensively what you're trying to accomplish, and the questions will be difficult. And so no goal is there. Like thinking, oh, but that they don't understand the science.
01:59:09:10 - 01:59:15:03
Luis Pareras
I'm going to no, no no, you're you're not I mean we are science today. Everything we do is ultimately.
01:59:15:05 - 01:59:20:08
Luis Pareras
Extremely science too. So yes. Think about that.
01:59:20:10 - 01:59:34:18
Christian Soschner
Yeah that's true. That's true. And from big picture down to details, I think this is important. You wrote it, I think I, in your book, that's, you need the, situation for one minute is, a story for five minutes, a story for two hours into needs to tell once.
01:59:34:20 - 01:59:36:06
Luis Pareras
But all of the steps.
01:59:36:06 - 01:59:42:20
Luis Pareras
Are essentially the same as the ones that I mentioned. Quite, the solution, the science, the market, the competition.
01:59:42:22 - 01:59:45:02
Luis Pareras
Because I can't say.
01:59:45:03 - 01:59:48:00
Luis Pareras
You need to cover everything to make you story.
01:59:48:00 - 01:59:54:05
Luis Pareras
You need to tell the story, and it needs to be a compelling story. You need.
01:59:54:07 - 02:00:04:13
Christian Soschner
At the end of our recording, let's talk a little bit about the future, that you came in with the advancement of artificial intelligence. It's outstanding. ChatGPT
02:00:04:13 - 02:00:14:16
Luis Pareras
Gemini and also other tools are coming to the market. How do you see the role of business evolving in the next decade with this new possibilities?
02:00:14:18 - 02:00:30:10
Christian Soschner
I mean. Nobody's safe here. I mean, everyone is at risk here. I think AI is going to be the major change. And here we are on the verge of, of any story,
02:00:30:10 - 02:00:31:15
Luis Pareras
02:00:31:17 - 02:00:32:21
Luis Pareras
Shift. Okay.
02:00:32:21 - 02:00:42:16
Luis Pareras
And so if it's going to happen in this next decade, if not in the next five years. So I'm afraid we are that close.
02:00:42:18 - 02:00:43:05
Luis Pareras
If I.
02:00:43:05 - 02:00:52:05
Luis Pareras
May, I would I mean, as you know, I have, I have a business in neuroscience and I used to be in research and so I know a few things about the.
02:00:52:05 - 02:00:54:15
Luis Pareras
Brain. Right. And I.
02:00:54:15 - 02:00:56:21
Luis Pareras
Know I was wrong during my.
02:00:56:21 - 02:00:58:17
Luis Pareras
Whole life.
02:00:58:19 - 02:01:00:08
Luis Pareras
I was wrong about the.
02:01:00:08 - 02:01:01:10
Luis Pareras
Brain.
02:01:01:12 - 02:01:04:13
Luis Pareras
In the sense that.
02:01:04:15 - 02:01:04:23
Luis Pareras
I.
02:01:04:23 - 02:01:08:01
Luis Pareras
Thought that the brain was.
02:01:08:03 - 02:01:10:19
Luis Pareras
Complex.
02:01:10:21 - 02:01:22:15
Luis Pareras
Because for being intelligent, you need the brain to be extremely complex and wise. You. So I thought we could never be able to replicate the brain because it was so complex. It was not.
02:01:22:17 - 02:01:23:11
Luis Pareras
Right.
02:01:23:13 - 02:01:47:17
Luis Pareras
Well, it looks like I was wrong, obviously. And that's because the brain is not complex. Because it needs to be, but because evolution, cannot go backwards, you know? So you add layers upon layers, upon layers of reach of feedback for what feedback? Just to learn things. Right. And it ends up by being.
02:01:47:22 - 02:01:48:14
Luis Pareras
Extremely.
02:01:48:14 - 02:01:51:17
Luis Pareras
Complex, but actually intelligence, it's pure mass. And we we see.
02:01:51:17 - 02:01:52:17
Luis Pareras
This very.
02:01:52:18 - 02:02:18:00
Luis Pareras
Clearly with large language models. And now most of the world with recent, models are not coming. Right. And, yeah, I think the world is going to change. And the field of venture capital, that question is going to change dramatically. I call it my own. Yeah, yeah. Videos in Twitter. I think in India you can check them if you want to, but I call it like a bot that is from training 24 seven.
02:02:18:06 - 02:02:20:01
Luis Pareras
Actually, she's not training at my.
02:02:20:01 - 02:02:21:01
Luis Pareras
Place.
02:02:21:03 - 02:02:37:06
Luis Pareras
Nonstop, right. Reading everything that's published in The Nature of Science, New England Journal of Medicine, Lancet. I mean, all the magazines, all the news, all the deals that come to them to market every transaction, every book. I mean, I.
02:02:37:08 - 02:02:37:19
Luis Pareras
It it.
02:02:37:19 - 02:02:47:19
Luis Pareras
Has an automatic way of feeding herself and she's working right. And we can dialog with her. And now I'm sure you saw the last model presented by both Google and.
02:02:47:21 - 02:02:48:18
Luis Pareras
Company.
02:02:48:20 - 02:02:50:11
Luis Pareras
Where you can chat directly.
02:02:50:17 - 02:02:55:11
Luis Pareras
I mean, you at the end of the day, we.
02:02:55:11 - 02:02:57:11
Luis Pareras
Will see digital.
02:02:57:11 - 02:02:58:14
Luis Pareras
Works. Okay.
02:02:58:14 - 02:03:03:00
Luis Pareras
But when when I say the word worker, I mean a digital analyst.
02:03:03:03 - 02:03:03:18
Luis Pareras
That has.
02:03:03:18 - 02:03:03:20
Luis Pareras
A
02:03:03:20 - 02:03:14:13
Christian Soschner
personality that you can interact with and these we're gonna see immediately, we're not going to wait five years for that, is it means in 2025 we will have digital workers.
02:03:14:15 - 02:03:15:24
Christian Soschner
I wonder there's a question that
02:03:15:24 - 02:03:22:10
Luis Pareras
everybody's asking, when will we have the first unicorn company, which is likely that that's a question that I think was.
02:03:22:10 - 02:03:23:13
Luis Pareras
Elon Musk asking.
02:03:23:13 - 02:03:36:00
Luis Pareras
This. And he's so right, because one CEO and then 100 digital coworkers doing all the things, interacting with the world to staff and ultimately, of course, the very.
02:03:36:00 - 02:03:38:08
Luis Pareras
CMC happy.
02:03:38:10 - 02:03:39:20
Luis Pareras
Artificial intelligence, right.
02:03:39:20 - 02:03:42:13
Luis Pareras
But, and I don't I don't.
02:03:42:13 - 02:03:54:05
Luis Pareras
Really know, to be honest with you. question because how will it be when we talk to an agent I smart and that's I mean a human with an intact, with an IQ of one.
02:03:54:05 - 02:03:55:05
Luis Pareras
Hundred.
02:03:55:07 - 02:04:04:03
Luis Pareras
Typically does not understand what, mass to use with 200 IQ is doing right. It's very difficult for them to communicate.
02:04:04:05 - 02:04:06:00
Luis Pareras
So I see no.
02:04:06:00 - 02:04:07:18
Luis Pareras
Reason why.
02:04:07:20 - 02:04:08:13
Luis Pareras
IQ should.
02:04:08:13 - 02:04:13:16
Luis Pareras
Stop at the human station. I think these models will become smarter than has been.
02:04:13:18 - 02:04:15:00
Luis Pareras
Right. So how will.
02:04:15:00 - 02:04:18:23
Luis Pareras
It be to the to to 1000 IQ?
02:04:19:00 - 02:04:20:02
Luis Pareras
Wow ten.
02:04:20:02 - 02:04:23:06
Luis Pareras
Thousand IQ kitchen.
02:04:23:08 - 02:04:24:15
Luis Pareras
And East side.
02:04:24:15 - 02:04:34:11
Luis Pareras
Predictable. Scientifically the right answer for me to keep my complete thank cuz I don't think anyone knows. All I know is we are on the verge of something really, really.
02:04:34:11 - 02:04:36:05
Luis Pareras
Big and we are.
02:04:36:07 - 02:04:37:24
Luis Pareras
Fortunate to be.
02:04:38:01 - 02:04:39:04
Luis Pareras
Yeah.
02:04:39:06 - 02:04:39:22
Luis Pareras
Because
02:04:39:22 - 02:04:44:24
Luis Pareras
imagine the privilege. I mean, we are at an era when everything is going to
02:04:44:24 - 02:04:45:21
Luis Pareras
change.
02:04:45:23 - 02:04:53:14
Christian Soschner
So as long as they don't start looking like Arnold Schwarzenegger, we are safe. So it's, that's it.
02:04:53:16 - 02:05:05:11
Luis Pareras
But I'm more worried at first in social disruption because I bet you we're going to see demonstrations on streets asking politicians to stop. Yeah, because he's taking away the jobs. It's happening. We will.
02:05:05:11 - 02:05:06:16
Luis Pareras
See that.
02:05:06:18 - 02:05:29:00
Christian Soschner
If it's I mean, I remember the 90s, the there was also the fear that the internet will mean, take away jobs and, jobs would be lost. And I think it was ten years ago when a lot of, data solutions started coming out to market, who said, okay, you don't need to talk to people anymore. You just can go to this or that database and to get the answers.
02:05:29:02 - 02:05:48:19
Luis Pareras
But that that is not true. Then I mean, when somebody tells me that, you know, with the internet, everybody said that this was going to change the world, that it has, but not that much. I mean, what why are you the hype, right? I mean, let's figure attention for a second. What were we outsourcing in the Industrial revolution in the 18th century?
02:05:48:21 - 02:05:55:06
Luis Pareras
Muscles. Right. I mean, we were out sourcing our muscles, were outsourcing the production of things to machines.
02:05:55:08 - 02:05:56:09
Luis Pareras
Okay.
02:05:56:11 - 02:06:02:11
Luis Pareras
What are we outsourcing in the era of computers? Well, doing, mass doing.
02:06:02:13 - 02:06:03:19
Luis Pareras
I mean.
02:06:03:21 - 02:06:14:07
Luis Pareras
Executing algorithms, this this stuff. Right. What have we been outsourcing in the era of the internet? Well, eyes and ears, because now we can hear and know about everyone in the world left.
02:06:14:09 - 02:06:14:19
Luis Pareras
Why not.
02:06:14:20 - 02:06:16:23
Luis Pareras
What are we outsourcing with?
02:06:16:24 - 02:06:22:09
Luis Pareras
Yeah, we see our brains.
02:06:22:11 - 02:06:32:24
Luis Pareras
And that's I mean, there's nothing beyond that. This is the ultimate stick. Because from there on, if we really succeed and artificial superintelligence is possible.
02:06:33:01 - 02:06:35:18
Luis Pareras
Then.
02:06:35:20 - 02:06:44:06
Luis Pareras
The very same artificial sweeteners will come in the next version of itself. You know, we will not longer be in the loop.
02:06:44:08 - 02:06:45:10
Luis Pareras
AI that's it's.
02:06:45:10 - 02:06:48:01
Luis Pareras
Very big ethical dilemmas too.
02:06:48:03 - 02:07:11:05
Christian Soschner
I think there are two possibilities, in my opinion. I look at sci fi, science fiction, literature, for example. So one is the, cuts to humans out of the process. But then when I look at this scenario, I think but the basic of the economy is people interacting with matter. So if you take the humans out of the equation, you have an economy that is not connected to humanity anymore.
02:07:11:07 - 02:07:36:02
Christian Soschner
It would be an economy by itself, but it's, not serving humans. And, humans still have the the need that they need to interact with each other. And when they, ponder this thought, I come to the picture. Then I say, what if artificial intelligence enhances humanity? So that's the same. People keep working together, but, 1000 times more productive and half, 1000 workers and.
02:07:36:04 - 02:07:36:18
Luis Pareras
Maybe.
02:07:36:18 - 02:07:41:11
Luis Pareras
Maybe, maybe that's one future scenario. Maybe.
02:07:42:12 - 02:08:00:19
Luis Pareras
Biological intelligence is just a bootstrap across the universe for, artificial intelligence and the ultimate stay artificial intelligence. So, I don't know, that's.
02:08:00:21 - 02:08:02:05
Luis Pareras
meaning.
02:08:02:07 - 02:08:03:03
Luis Pareras
Of us.
02:08:03:03 - 02:08:09:00
Luis Pareras
Here. I mean, it's like wishful thinking, right? But I want us human beings.
02:08:09:00 - 02:08:10:10
Luis Pareras
To be meaningful.
02:08:10:13 - 02:08:19:02
Luis Pareras
So we will need to find new sources of meaning and even supposing of happiness. Now that we can outsource intelligence to.
02:08:19:04 - 02:08:20:10
Luis Pareras
Other.
02:08:20:12 - 02:08:23:05
Luis Pareras
Forms of intelligence, you know that. That not you.
02:08:23:08 - 02:08:27:23
Luis Pareras
This is a very crucial moment in.
02:08:28:00 - 02:08:35:01
Christian Soschner
And we are coming to back to arts. So the expression of, humanity, emotion.
02:08:35:03 - 02:08:37:04
Luis Pareras
It.
02:08:37:06 - 02:08:54:20
Christian Soschner
Is it's fantastic talking to you. And I could really go on for for another hour. Two hours, four hours, five hours. You are such an interesting personality. let me ask you the question. Which topics would you like to hatch in the last minutes? Is there anything open that you would like to touch?
02:08:54:20 - 02:09:11:20
Luis Pareras
You know, I think I, I love all the questions that that you ask are very relevant. And I think we I mean, we can debate, so many things maybe. Yeah. One of the things that would be is the ethical dilemmas with that face.
02:09:11:22 - 02:09:12:13
Luis Pareras
You know, I mean.
02:09:12:18 - 02:09:14:20
Luis Pareras
It's going to be it's like,
02:09:15:12 - 02:09:34:06
Luis Pareras
I mean, we're going to face ethical dilemmas all the way from now until the end comes. And even with, gene therapy as well. Right? I mean, because there are many things that, we don't know. For example, what what are the limits of gene therapy.
02:09:34:08 - 02:09:37:05
Luis Pareras
Or is this.
02:09:37:05 - 02:09:39:13
Luis Pareras
And I have more rights.
02:09:39:13 - 02:09:41:03
Luis Pareras
On these type of questions.
02:09:41:03 - 02:09:42:16
Luis Pareras
You know, they are so intimately.
02:09:42:16 - 02:09:47:13
Luis Pareras
Linked to the leading edge space, you know, and to detect.
02:09:47:15 - 02:10:07:06
Luis Pareras
That you cannot invest in deep tech without asking your responsibility in this type of questions, you know, because you're contributing. I mean, each one of us is contributing a little bit into a future. And it looks like to me sometimes when moving forward without a map.
02:10:07:08 - 02:10:08:18
Luis Pareras
We don't know where we're heading.
02:10:08:18 - 02:10:14:22
Luis Pareras
No one is regulating. I think regulators always lag behind, scientists. And to the.
02:10:14:22 - 02:10:17:08
Luis Pareras
Movies and,
02:10:17:10 - 02:10:21:09
Luis Pareras
Yeah, but at the same time, it's very difficult to have a plan because everything.
02:10:21:09 - 02:10:23:16
Luis Pareras
So you ethical.
02:10:23:16 - 02:10:24:19
Luis Pareras
Dilemmas.
02:10:24:21 - 02:10:25:00
Luis Pareras
Are.
02:10:25:00 - 02:10:26:10
Luis Pareras
Going to be very present in our.
02:10:26:10 - 02:10:30:01
Luis Pareras
Lives in the coming years. It's like, guess. Yeah.
02:10:30:02 - 02:10:30:20
Luis Pareras
Go ahead.
02:10:30:22 - 02:10:58:06
Christian Soschner
Sorry. Let me ask this question to what you said. if you could define the North Star, the end plant in 2044, and you are the only one who can define the map to the end point, how would this tool look like that? Do you see that? That? Do you see the future of humanity in 20 years?
02:10:58:08 - 02:11:05:10
Luis Pareras
Wow.
02:11:05:12 - 02:11:10:05
Luis Pareras
I'm speechless because nobody has me. I hey, I mean.
02:11:10:07 - 02:11:12:11
Luis Pareras
I don't have an answer to that question.
02:11:12:13 - 02:11:18:00
Luis Pareras
The what I think is that we will coexist.
02:11:18:04 - 02:11:19:06
Luis Pareras
With.
02:11:19:08 - 02:11:22:04
Luis Pareras
Forms of intelligence that were not evil.
02:11:22:04 - 02:11:23:14
Luis Pareras
Thank you.
02:11:23:16 - 02:11:26:23
Luis Pareras
It will become absolutely no not exist with them.
02:11:26:23 - 02:11:29:05
Luis Pareras
We wouldn't live with them.
02:11:29:07 - 02:11:47:11
Luis Pareras
I hope we will live with them in a way that, as you said, it's, it's a win win for both sides. When we discuss about consciousness, for example, with those patients in the because they will have to form a robot to wow.
02:11:47:13 - 02:11:48:18
Luis Pareras
Right.
02:11:48:20 - 02:11:56:01
Luis Pareras
But those agents in the world, one fair question would be but yeah, but yeah, machine is an unconscious.
02:11:56:01 - 02:11:57:04
Luis Pareras
Right.
02:11:57:06 - 02:12:00:05
Luis Pareras
But maybe we have machines as well on the biological.
02:12:00:07 - 02:12:01:05
Luis Pareras
Army in.
02:12:01:05 - 02:12:05:09
Luis Pareras
The sense that with all respect, Christian, I cannot know
02:12:05:09 - 02:12:06:13
Christian Soschner
when you're conscious.
02:12:06:13 - 02:12:19:07
Christian Soschner
I'm not I don't have access. You don't have access to your consciousness right now. However, I assume you're conscious. Why? Because you look like you are. You act by right. Well, those agents will act in the
02:12:19:07 - 02:12:20:05
Luis Pareras
world, I see. Yeah.
02:12:20:05 - 02:12:21:05
Luis Pareras
So the.
02:12:21:07 - 02:12:24:09
Luis Pareras
Question whether they are conscious or not is irrelevant.
02:12:24:15 - 02:12:25:15
Luis Pareras
Because.
02:12:25:17 - 02:12:32:11
Luis Pareras
They will look like. And besides that, there's no such thing of consciousness. Zero consciousness. What I mean, on off.
02:12:32:13 - 02:12:34:03
Luis Pareras
I mean that.
02:12:34:05 - 02:12:39:01
Luis Pareras
Nothing is conscious or not conscious. Did a decrease of consciousness is a stone is zero.
02:12:39:05 - 02:12:42:10
Luis Pareras
That's right. But all the rest is a.
02:12:42:10 - 02:12:47:16
Luis Pareras
Worm with 300 neurons. So kind of specifically.
02:12:47:18 - 02:12:51:07
Luis Pareras
Science, right. we can.
02:12:51:09 - 02:12:56:02
Luis Pareras
Assume all of us that it's a living being, right? Because it approaches.
02:12:56:04 - 02:12:56:19
Luis Pareras
Food.
02:12:56:19 - 02:13:01:05
Luis Pareras
It goes away from fire, and he's alive. It's a.
02:13:01:11 - 02:13:03:01
Luis Pareras
Right.
02:13:03:03 - 02:13:18:16
Luis Pareras
And he's conscious. How how can I not consider that last language models? These ones? Or in the future, won't be at least conscious in some degree. Having billions and billions just exactly in the brain.
02:13:18:18 - 02:13:19:16
Luis Pareras
You know what I mean?
02:13:19:18 - 02:13:31:04
Luis Pareras
It is what I call I don't want chauvinism, right? I mean, why machines cannot be conscious? Because we are based on caverns. They are based on Silicon way. Well, what's the quality.
02:13:31:06 - 02:13:32:12
Luis Pareras
In science.
02:13:32:12 - 02:13:38:23
Luis Pareras
That says that carbon can have? I mean, it's above information and and and loops of information.
02:13:39:00 - 02:13:39:15
Luis Pareras
Processing.
02:13:39:15 - 02:13:43:21
Luis Pareras
Right? I think consciousness is an emergent property that arises from that.
02:13:43:24 - 02:13:44:14
Luis Pareras
Right.
02:13:44:16 - 02:14:07:11
Luis Pareras
So I don't think I'm. I mean, it doesn't make sense to ask about consciousness because again, I don't know about the rest of the world. I only know about my own consciousness. But we will be surrounded by agents that are not naturally evolved, that are at least as intelligent as we are, and acting totally.
02:14:07:11 - 02:14:12:00
Luis Pareras
Conscious, incredibly conscious. So that's.
02:14:12:00 - 02:14:12:08
Luis Pareras
The world.
02:14:12:08 - 02:14:13:01
Luis Pareras
We're.
02:14:13:03 - 02:14:13:13
Luis Pareras
Carrying.
02:14:13:13 - 02:14:17:15
Luis Pareras
It will be a world, I hope of,
02:14:17:17 - 02:14:18:12
Luis Pareras
Abundance.
02:14:18:18 - 02:14:24:15
Luis Pareras
I think once everything can be provided by these agents and humans don't need to really
02:14:24:15 - 02:14:38:22
Luis Pareras
produce things, produce healthy systems, produce lawyers, produce collisions, produce these type of things. We will live in a world where we won't need to work, but then we need some sort of universal basic income.
02:14:38:22 - 02:14:40:03
Luis Pareras
Some folks I mean, social.
02:14:40:03 - 02:14:41:15
Luis Pareras
Disruption is coming no matter.
02:14:41:15 - 02:14:42:10
Luis Pareras
What, right?
02:14:42:10 - 02:14:45:23
Luis Pareras
So I don't know. It was a very tough last question.
02:14:46:04 - 02:15:10:17
Christian Soschner
Chris, I agree. I agree there are a lot of open questions. Consciousness one then I think also the play for humanity has is based on survival. I mean, it was the last thousand years, several thousand years, when it's in relative abundance, money is abundant. also the basic needs are provided and the quest to survive.
02:15:10:19 - 02:15:16:02
Luis Pareras
That sense money won me my sense because things will be measured in other.
02:15:16:04 - 02:15:19:00
Luis Pareras
Ways. But yeah, an interesting.
02:15:19:00 - 02:15:20:04
Luis Pareras
Future.
02:15:20:04 - 02:15:46:22
Luis Pareras
A lot of topics to discuss with you. So technical podcasts, philosophy, art, science, venture investing. I really love this conversation with you. It's, amazing what you are building in Spain, and I wish that you and your team continue moving science forward and, also create some European unicorns and, the next generation of, European big public companies.
02:15:47:12 - 02:15:48:15
Christian Soschner
Thank you. Chris,
02:15:48:15 - 02:15:55:12
Luis Pareras
thank you for having me in this place. And, I love this. Well, our interaction team.
02:15:55:14 - 02:15:55:23
Luis Pareras
Yeah.
02:15:55:23 - 02:15:58:11
Luis Pareras
And thank you for these kind words.
02:15:58:13 - 02:16:01:20
Luis Pareras
Yeah, yeah. Much appreciated.
02:16:01:22 - 02:16:07:23
Luis Pareras
And yeah, looking forward to our next interaction. Now we know each other. We may we I'm sure we will remain.
02:16:08:00 - 02:16:09:13
Luis Pareras
In contact in the near future.
02:16:09:13 - 02:16:11:19
Christian Soschner
So lastly.
02:16:11:21 - 02:16:15:12
Luis Pareras
Absolutely have a great day and, let's talk in future.
02:16:15:14 - 02:16:16:21
Christian Soschner
Excellent. Bye.
02:16:16:21 - 02:16:20:10
Luis Pareras
That for you. Bye bye.
02:16:20:10 - 02:16:26:22
Christian Soschner
That's it for today. Thank you for joining. Louis sent me in this captivating conversation.
02:16:26:22 - 02:16:32:09
Christian Soschner
Today we explored the transformative potential of artificial intelligence in healthcare.
02:16:32:10 - 02:16:41:15
Christian Soschner
The ethical dilemmas faced by the biotech industry, and the critical role of venture capital in driving innovation.
02:16:41:15 - 02:16:53:09
Christian Soschner
Louis shared invaluable insights on balancing rapid advancements with regulatory challenges, and offered practical advice for biotech entrepreneur verse seeking investment.
02:16:53:09 - 02:17:01:14
Christian Soschner
If you enjoyed this episode, please take a moment to like, comment and share.
02:17:01:14 - 02:17:07:19
Christian Soschner
Your support helps us grow the show and attract more visionary speakers like Louis Perez.
02:17:07:21 - 02:17:19:01
Christian Soschner
Remember, the future of healthcare is not just about the next breakthrough, but about how we embrace and integrate these changes into our lives.
02:17:19:01 - 02:17:25:03
Christian Soschner
Stay curious. Stay inspired and keep pushing the boundaries of what's possible.
