I was sitting across from a young startup founder, not much older than my own children, when he caught me off guard with a question I wasn’t expecting. We were halfway through our meeting, and I had already asked my usual questions about market size, competition, and the problem their startup aimed to solve. He had answered them with the enthusiasm I’ve come to expect from founders. But then he paused, leaned back, and asked, “Of all the things you could invest in, why startups?”
His question, though simple, struck a chord. It was a reminder that in the world of startups, as in life, it’s often the straightforward questions that make us reflect the most deeply. I found it refreshing, this moment of genuine curiosity amid the usual hustle of pitch meetings.
Now, I’ve always been a firm believer in the power of asking the right questions, whether in my practice as an IVF specialist or in my role as an angel investor. In the IVF clinic, a patient’s question can often reveal more about their fears and hopes than any number of tests. Similarly, in the world of startups, the questions a founder asks can tell you volumes about their mindset and potential.
As I pondered his question, it became clear to me that my journey into startups wasn’t just about financial returns. No, it was about something more profound. It was about the thrill of being part of something new, the opportunity to nurture innovation, and the chance to learn from people who are as passionate about solving problems as I am.
I’ve always been drawn to the parallels between my work in medicine and my investments in startups. Both fields require a deep understanding of risk and reward, a readiness to face uncertainty, and an unwavering commitment to the cause. Just as in IVF, where the path to parenthood is fraught with emotional and physical challenges, the startup journey is a roller coaster of highs and lows.
The young founder’s question reminded me of the importance of purpose in any endeavor. Just as I ask founders, “Why this?” to gauge their dedication, I realized I needed to articulate my own “why” for investing. The answer, I discovered, lies in the same principles that guide my medical practice: a passion for problem-solving, a commitment to lifelong learning, and a desire to make a meaningful impact.
The startup world is not for the faint-hearted. It’s a grind that can take years before any significant breakthrough, much like the journey of many IVF patients. I’ve seen founders who start with grand visions only to falter when faced with the daunting reality of building a business. It’s in these moments that the true test of their commitment becomes apparent.
In my own experiences, I’ve learned that success often comes down to resilience—the ability to persevere through setbacks and to keep moving forward even when the odds seem insurmountable. This is a quality I’ve seen time and again in my patients, and it’s one that I value immensely in founders.
The founder’s question also highlighted another important aspect of the startup journey: the need for clarity. In the same way that a patient needs to understand the intricacies of their treatment, a founder must have a clear vision of their path forward. This clarity, however, is not always easy to achieve, especially when faced with the barrage of challenges that come with building a company.
In listening to pitches, I’ve realized that many founders have a strong grasp of their solutions, but falter when it comes to articulating the problem they are solving. This is a critical oversight because, as any good doctor will tell you, understanding the problem is half the battle won.
Moreover, a founder’s connection to the problem they are solving is a crucial determinant of their success. This connection goes beyond market analysis and financial projections; it’s about a genuine desire to make a difference. In much the same way, the most successful IVF patients are those who are deeply committed to their goal of starting a family, despite the challenges they face.
As I reflect on the founder’s question, I’m reminded of the importance of falling in love with the problem, not the solution. This is a sentiment that resonates deeply with me, both in medicine and in investing. It’s about understanding the pain points, empathizing with those affected, and being relentless in your pursuit of a solution.
In the startup world, this means having a clear understanding of the value you are creating and who stands to benefit from it. It’s not enough to build a product; you must build a product that matters. This is a lesson I’ve learned from my own experiences, and it’s one that I try to impart to the founders I mentor.
I’ve seen startups that chase trends rather than address real needs. These ventures often fizzle out because they lack a solid foundation. A startup needs more than just a good idea; it needs a purpose that drives it forward. This purpose serves as a compass, guiding decisions and keeping the team focused during challenging times.
In my experience, founders who are truly passionate about the problem they are solving are more likely to succeed. They are the ones who will weather the storms, who will pivot when necessary, and who will continue to push forward even when the path seems unclear. This passion is contagious, and it’s something I look for in every founder I meet.
As our meeting came to a close, I thanked the founder for his question. It was a reminder that in both investing and medicine, it’s the human element—the connection to a purpose—that truly makes a difference. Just as I strive to be a partner in my patients’ journeys to parenthood, I aim to be a partner in the journeys of the startups I invest in.
Ultimately, the question of “why” is one we must all answer for ourselves. It’s a question that keeps us grounded, that drives us to push boundaries, and that ensures we are always moving towards something meaningful. Whether in the clinic or in the boardroom, it’s this purpose that gives our work value and makes the journey worthwhile.
In closing, I encourage every founder to ask themselves these fundamental questions: Why am I doing this? What is the problem I’m dedicated to solving? And, perhaps most importantly, why do I care? Because when the going gets tough—and it inevitably will—it’s the answers to these questions that will sustain you.
In the end, it’s the pursuit of purpose, not profit, that defines true success. And in that pursuit, we find the real measure of our endeavors.