I saw a patient last week who asked a question that shook me to my core—not because it was complex, but because it was so simple and yet so profound. “Do you ever think about what happens to us after the treatment?” she asked, her voice tinged with the vulnerability that comes from laying bare your dreams and fears. This wasn’t just a question about medical outcomes or financial obligations. It was a question that transcended the confines of the clinic and reached into the realm of life decisions, investments in futures, and the unquantifiable gamble of hope.
As an IVF specialist, I’ve been asked countless questions over the years—about success rates, procedures, and financial details. But this question was different. It wasn’t just about her future as a potential parent; it was about the underlying philosophy that guides my approach to both medicine and investing. It made me pause and consider how much the principles that guide successful fertility treatments are akin to those that underpin wise investing.
In both fields, the stakes are high. In both, the outcomes are uncertain, and the journey is fraught with emotional and financial risks. As an angel investor, I’ve often said that investing in startups is not unlike embarking on a fertility journey. You plant a seed, nurture it with resources, and hope for a return that justifies the investment. But this patient’s question reminded me that focusing solely on the end result—a successful pregnancy or a lucrative exit—misses the deeper narrative of what happens along the way.
Her question took me back to the private equity discussions that have increasingly dominated the fertility sector. The allure of operational efficiency and expanded access is undeniable, yet the shadow of commercialization looms large over patient-centered care. Private equity promises growth and returns, but at what cost? The pressure to prioritize profits can sometimes overshadow the human element—the very essence of why we do what we do.
My investment philosophy has always been to back founders who are genuinely passionate about solving real problems. I look for the spark in their eyes, the unwavering commitment to their mission. It dawned on me that this is the same spark I see in patients who, despite setbacks, remain determined to achieve their dream of parenthood. It’s the resilience, the willingness to adapt, and the courage to face uncertainty that make both founders and fertility patients extraordinary.
When I evaluate a startup, I delve into the founder’s vision, the problem they aim to solve, and their plan to navigate the challenges ahead. Similarly, when counseling patients, I emphasize understanding their unique circumstances, setting realistic expectations, and preparing for the unexpected. In both domains, it’s about balancing optimism with pragmatism.
A founder I backed once told me that the journey of building a company was like climbing a mountain without a map. He knew the summit was out there, but every step required trust—trust in his team, his vision, and the process. His words resonate deeply with the fertility journey, where every cycle is a climb, fraught with uncertainties and hopes. Both founders and patients must be prepared for detours, and sometimes, even failure. But every setback is also an opportunity to learn and to grow stronger.
The patient’s question also brought into focus the ethical dimensions of my dual roles. As a doctor, my primary obligation is to my patients’ wellbeing. As an investor, my aim is to generate returns. Yet, these goals are not mutually exclusive. The challenge lies in ensuring that my investment decisions do not compromise patient care. It’s about aligning incentives so that both domains benefit from a shared commitment to positive outcomes.
In my experience, the most fulfilling investments—whether in startups or in patient journeys—are those that prioritize long-term value over short-term gains. This philosophy has guided me through numerous investment decisions and clinical cases. The principle is simple: focus on the process, support the people involved, and the results will follow.
I often reflect on the lessons I’ve learned from my most memorable fertility patients and how they’ve informed my approach to risk. One patient, in particular, taught me that resilience is the most valuable asset in both life and business. You can read more about this in my post here.
So, when I consider the future of both fields, I am cautiously optimistic. The infusion of capital into the fertility sector can drive innovation and improve access, but it must be balanced with ethical considerations and a steadfast commitment to patient-centered care. Similarly, the startup ecosystem, while ripe with opportunities, demands a focus on sustainable growth and genuine problem-solving.
In both realms, the question remains: what happens after the treatment, or after the investment? The answer lies in the relationships we build, the lives we touch, and the legacies we leave behind. As I continue to navigate these dual paths, I am reminded that the journey is as important as the destination. And sometimes, a simple question can illuminate a new way forward.