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: Evoluti

Transcript

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.