Jan Garfinkel describes trying to join existing Michigan healthcare VC firms before founding Arboretum Ventures, noting Rick Snyder closed his firm to enter politics.
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“One of them, the senior gentleman wanted to become governor of our state, and he did, so he shut his fund down, and that was Rick Snyder. Governor of our state for two terms.”
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More from Jan Garfinkel
Insight
Garfinkel: Midwest Startups Cost 33% Less to Build, Adding 1x Return
“The beauty of being in the Midwest and focusing primarily on Midwestern companies is that it takes about a third less dollars to develop the company in the Midwest because salaries, rent, vendor costs, just all those things all combined. You basically get an a…”
Garfinkel: Pharma Adjacencies Capture Upside Without Binary Trial Failure Risk
“Pharma adjacencies, which is companies that play in the pharma space, but it's without a drug, so they have the same upside potential, because pharma has big upside potential, but without the binary risk that the drug would fail in phase three.”
Garfinkel: Venture Capital Skills Can Be Taught; Cultural Fit Cannot
“We feel we can teach anybody how to do venture, how we evaluate companies, how we help the board level. We can teach all of those things. We want to make sure they're a cultural fit from a personality standpoint and a work ethic.”
Garfinkel: Half of Arboretum's 15 Major Exits Were Within One Mile
“I think we've invested now in 50 or 55 companies. We've had about 20 exits, but 15 that were in sort of the five to 10 X range, and when you look at that, half of them are a mile from our office.”
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