Insight
Lamont: Having Doctors Bear Long-Term Financial Risk Drives Highest Healthcare Impact
“This is truly what should happen across America at every level. I was like, you really should have doctors at risk. For managing patients over the long term. That's what's going to have the most impact.”
What-if
Lamont: Google and Amazon wouldn't exist without 1990s internet mania
“If we hadn't had a mania, we wouldn't have funded things like Google and Amazon, some of the great companies of today.”
Disclosure
Oak HC/FT rejects cold-calling sourcing models used by TA and Insight
“We don't cold call. We're not like a TA or an insight, have a bank of kids that are, they're trying to find deals. Just not the way it works.”
Prediction Not checkable as stated
Lamont: Single-product startups will be forced to sell into platform companies
“And with the public markets declining and more challenges probably in the private market in terms of raising money, you're going to see companies that are really products and not platforms be sold. And be incorporated into these platform companies that we hope…”
Insight
Lamont: Multi-stage venture firms have an advantage over standalone seed funds
“And even I think seed funds are having trouble because firms that can do seed startup series A, B, C, and promise to be there with the entrepreneur all the way along, have an advantage against an even a early stage seed fund.”
Opinion
Mega-funds cannot maintain senior partner involvement across every portfolio company
“You get as many people and as much money as they have, there's no way the senior people are involved with every company, and we are, and that will remain.”
Opinion
Lamont: Being outside Silicon Valley protected Oak from tech groupthink
“I actually loved being outside of Silicon Valley because I think it over my career has made us think differently. We aren't stuck in group think and have been invested all over the country and now globally.”
Assertion Contradicted
Lamont: By 2000 there were 3,000 public biotech companies and 5 approved products
“That there were 3000 public biotech companies, and only five approved products.”
Assertion Supported
Lamont: Oak Investment Partners agreed to wind down and dissolve
“But the existing entity, Oak Investment Partners, wasn't going to exist any longer. That entity, we all agreed, was going to die. We were going to roll off all the companies, and we were the surviving new entity, essentially, Oak HCFT, so you could call us Oak…”
Disclosure
Oak HC/FT refuses to invest directly in FDA-risk biotech
“In terms of directly investing into biotech and life sciences companies that take FDA risk, we won't do that.”
Insight
Lamont: Five-year-old growth companies are now frequently disrupted by startups
“1015 years ago, a growth company was very unlikely to be dislocated by a new company. A five-year-old company being dislocated by a new company, probably not happening. Now happens all the time.”
Disclosure
Oak HC/FT never hires external consultants like McKinsey for due diligence
“And then otherwise, we don't hire McKinsey. We don't hire Bain. We never hire a consultant.”
Disclosure
Oak HC/FT invested in Paxos at $2B and quickly saw 2x offers
“We just invested in a company, Paxos, a couple months ago, two billion dollar valuation. We're already getting offers at more than twice that for that company.”
Insight
Lamont: Severe Staffing Shortages Are Forcing Healthcare Systems to Adopt Automation
“We found that whether it be a payer or providers, hospital systems, they really didn't care three years ago about efficiency automation. They cared about revenue enhancement, but they really didn't care about efficiency, and they threw staff and bodies at ever…”
Assertion Supported
Lamont: Dispatch provides in-home ER services and dramatically cuts care costs
“Dispatch is actually providing, they have cars that literally provide ER and hospital-based services in your home. They come to your house, and it dramatically lowers the cost of care.”
Disclosure
Lamont: Oak HC/FT invests in digital asset infrastructure, not crypto tokens
“On the crypto side, we haven't been investing in it As a currency. We haven't been investing in crypto per se, but we invest in digital asset infrastructure. So Paxos is digital asset infrastructure.”
Insight
Lamont: Paxos provides white-label infrastructure that enables any entity to be Coinbase
“Pax is effectively makes everybody Coinbase. They've got the fully regulated white labeled infrastructure, so any entity can be Coinbase.”
Assertion Contradicted
Oak HC/FT companies accounted for 30% of $100M+ sector rounds in 2021
“I mean, we were, last year, we were, 30% of the rounds that were done, over a hundred million in our sectors, were OKCFT companies. And that is a pretty powerful stat, and those were all over a billion dollar rounds, in terms of valuation.”
Assertion Contradicted
Lamont: Series B and C round sizes have tripled over five years
“Well, I think the industry solved it for us because the size of a Series B and C is three times what it was five years ago.”
Assertion Supported
Hambrecht & Quist took Genentech and Apple public within three months
“And the first three months I was there, we took Genentech Public. We took Apple Public. I carried Steve Jobs bags on the Apple IPO Roadshow, and I was just exposed to the two of the most amazing entrepreneurs ever, and I fell in love.”
Opinion
Lamont: Market Vision failed against Bloomberg due to focus on hardware
“Well, I think, you know, it was an entrepreneur that became obsessed with the hardware and the graphics and not the software and the business model, and Bloomberg was so brilliant around the business model and obviously the software.”
Disclosure
Lamont: One-third of Oak HC/FT deals sit at the healthcare-fintech intersection
“Fintech and payments is really embedded in every industry, and it's one of the reasons there was incredible conversions between healthcare and fintech, two highly regulated industries, but a third of what we do is the overlap between these two sectors.”
Prediction Not checkable as stated
Lamont: Automation, robotics, and sensors will radically transform home care
“The automation, robotics, sensors just the care platforms about managing caregivers that are managing individuals in their home is going to be dramatically different, and so we're seeing much more investment going into home care and virtualization.”
Prediction Partly held up
Lamont: Female VC and CEO Representation Will Rise Concurrently
“You're going to see more female CEOs at the same time you're seeing more VCs, and it's happening.”
Annie Lamont