Failure and Tolerance
This next week will mark the culmination of my research efforts of this San Francisco summer. I will be presenting my summer findings to my mentor and a few of his associates. A venture capital company only stays open because it is able to achieve extraordinary returns on firms that they invest in and by having the talent to identify new potential acquisitions.
Over the past 8 weeks, I have collected information on a new potential industry sector for my company Third Rock Ventures to potentially invest in. I’ve scoured relevant literature, created extensive outlines to better organize these findings, and reported to my mentor with succinct industry details. During my time in the Bay area, I have encountered a number of failures, some more recent than others. After reading the article, I realized that I have utilized a few of the principles discussed by Farson and Keyes and have used them to learn from my mistakes.
One of my many blunders this summer was making assumptions as to what my mentor and the company were interested in. I made my outline and research geared toward a research area that was not well known and extremely expensive to pursue: stem cells. I was so excited about my research and the idea that I would be helping to move along stem cells as a new therapeutic that I did not really consider the cost implications and how much more research needed to be presented. When I made the formal suggestion to my mentor he could sense my enthusiasm and tried to explain the implications of my choice. We sat down together and analyzed the details of my plan. My mentor gave me an empathetic walkthrough of my plans and helped me learn the shortcomings of my proposal. His approach was educational and genuine, and I appreciated his frankness with me. It was an amazing learning experience where I was able to learn more about starting companies and how the industry operates on the whole. After our discussion, my mentor, another principal, and I sat down to create a plan of action that we could implement to later share with the rest of the company and the partners. I have been collaborating with both of them to create slides and analyze the industry to better make sense of what a potential investment could look like. I thought my protocol for creating slides was effective until I received some criticism from the principal I was working with. The principal, Neil Kumar, was a McKinsey associate for 5 years and had a polished methodology of creating slides and conducting analyses. I have worked with him to create the presentation that my mentor Craig will use to propose investing in a new company. These principles of analysis and collaboration have helped me worked through the failures where I failed to succeed independently. It allowed me to develop closer relationships and become a better expert on the industry overall. I am excited to find out what the week will go to unfold.












