Based on my reading of this latest newsletter, it sounds like the Brazen Bio that was pitched to investors - the one that was supposed to help launch new biotech companies - is no longer a functional/viable entity. If that's the case, how do you anticipate providing a return to investors?
Hey Kevin! Thanks so much for the thoughtful note. That goal hasn't changed, we are just executing it differently based on our learnings over the past 18 months from deep in the trenches.
The incubator model is very expensive and operationally and time intensive. There are other more established incubators that already have a great product. Rather than raise more money to compete with them, we've learned we can provide a lot more value to founders directly through Brazen Capital investments and by scaling the media business.
You've seen the structure of the fund in your investor only updates in that Brazen Bio is the largest GP in Brazen Capital. In addition, as investors in Brazen Bio, you were given a pro-rata share of carry from Brazen Capital which has never been done before in the world, like ever. These are two very real ways we may achieve investor returns. Another is that the media business may grow very large and eventually be in a position for exit or IPO. We are working on a New Year investor update and will provide more details there shortly! Appreciate you!
Based on my reading of this latest newsletter, it sounds like the Brazen Bio that was pitched to investors - the one that was supposed to help launch new biotech companies - is no longer a functional/viable entity. If that's the case, how do you anticipate providing a return to investors?
Hey Kevin! Thanks so much for the thoughtful note. That goal hasn't changed, we are just executing it differently based on our learnings over the past 18 months from deep in the trenches.
The incubator model is very expensive and operationally and time intensive. There are other more established incubators that already have a great product. Rather than raise more money to compete with them, we've learned we can provide a lot more value to founders directly through Brazen Capital investments and by scaling the media business.
You've seen the structure of the fund in your investor only updates in that Brazen Bio is the largest GP in Brazen Capital. In addition, as investors in Brazen Bio, you were given a pro-rata share of carry from Brazen Capital which has never been done before in the world, like ever. These are two very real ways we may achieve investor returns. Another is that the media business may grow very large and eventually be in a position for exit or IPO. We are working on a New Year investor update and will provide more details there shortly! Appreciate you!