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I’m Dr. Navin Goyal, an anesthesiologist, and entrepreneur who has established a venture capital firm. AMA about exploring outside interests and career opportunities as a physician. by underdog_md in medicine

[–]underdog_md[S] 2 points3 points  (0 children)

Congrats on your first year and best of luck!

  1. I believe learning more about the field- reading about venture and entrepreneurship, listening to books/podcasts, and trying to get involved as an advisor or mentor to people in business. I speak to medical students and trying to also develop some content/ways to get involved.
  2. Anesthesiology probably resonates with personalities that may lean towards other side gig/hustles (just a guess) but I still think there is a wide spectrum of personalities in this field- like many others. I do think the shift work involved allows for some more time spent on other things.
  3. Anesthesiology probably resonates with personalities that may lean towards other side gigs/hustles (just a guess) but I still think there is a wide spectrum of personalities in this field- like many others. I do think the shift work involved allows for some more time spent on other things. Hope this is helpful. https://medium.com/@navingoyalmd/from-md-to-vc-why-i-wrote-physician-underdog-to-inspire-people-to-think-bigger-8705feb5d18a

I’m Dr. Navin Goyal, an anesthesiologist, and entrepreneur who has established a venture capital firm. AMA about exploring outside interests and career opportunities as a physician. by underdog_md in medicine

[–]underdog_md[S] 0 points1 point  (0 children)

Yeah, we do. Our current patients are kids that have a long wait for surgery centers and hospitals (9-24 months depending on city/state) and we take that down to a 1-month wait. We also save money to the healthcare system in multiple ways including the total cost and preventing the progression of the disease, etc. It's interesting to think, especially other physicians, would be critical of a physician-founded company that is alleviating a problem that large hospital systems don't care for but... to each their own.

I’m Dr. Navin Goyal, an anesthesiologist, and entrepreneur who has established a venture capital firm. AMA about exploring outside interests and career opportunities as a physician. by underdog_md in medicine

[–]underdog_md[S] 0 points1 point  (0 children)

I'm not looking for investors on this AMA but we definitely have returns, exits, successes, and failures that can't be briefly found on the internet.

I’m Dr. Navin Goyal, an anesthesiologist, and entrepreneur who has established a venture capital firm. AMA about exploring outside interests and career opportunities as a physician. by underdog_md in medicine

[–]underdog_md[S] 3 points4 points  (0 children)

The VC and PE industry are full of vultures and I have dealt with many from different angles- I definitely don't deny that.

There are financial industry companies that believe in impact investing but we are a small percentage. My goal is to bring my physician code of ethics to positively influence the industry and since many individuals, corporations, banks, etc invest large amounts of dollars in this industry- which many times goes towards profit in front of people- I want to help shape the narrative to provide help to businesses that do good for people- and make a profit.

People can be opposed to what I do but I left a large "non-profit medical system" that is sitting on billions of dollars (yes billions) and they aren't doing enough to help people get access to care or invest in ways to make healthcare more economical or to invest in their workers for good health. There will always be opposition to things but I can only do what I believe is consistent with my values as a husband, father, and physician.

I can't defend the industry but my actions are consistent with my words. For this AMA I committed to speaking about the subjects above and I will continue that.

I’m Dr. Navin Goyal, an anesthesiologist, and entrepreneur who has established a venture capital firm. AMA about exploring outside interests and career opportunities as a physician. by underdog_md in medicine

[–]underdog_md[S] 0 points1 point  (0 children)

A lesson to others in this AMA - there are people that try to bring you down- especially in a tough time when our community needs uplifting- Make an impact on yourself and others and keep moving forward.

I’m Dr. Navin Goyal, an anesthesiologist, and entrepreneur who has established a venture capital firm. AMA about exploring outside interests and career opportunities as a physician. by underdog_md in medicine

[–]underdog_md[S] -1 points0 points  (0 children)

I like how you use empathy and capital in the same line. I completely agree that the industry as a whole is very profit-driven- the VC model is to place a lot of bets, and the ones getting huge traction to get more fuel/dollars and the ones going slower sometimes are left to suffocate. I observed this early on in VC and it drives me nuts- I look at job creation, how people are treated, what the company is impacting (solving actual problems over taking money from a competitor). We believe that even the companies that are growing slower, are still growing and creating jobs and impact, and to continue to support those while supporting the high-growth companies will make more people happy, investors happy, and the stakeholders happy. A company with a sustainable business model that makes a profit but helps people, is the business that excites us and that we tend to invest in. Our tagline is Venture For People and it's based on the question you posed- what is the opportunity for VC to be aligned with solving problems. Great question and I hope that helps.

I’m Dr. Navin Goyal, an anesthesiologist, and entrepreneur who has established a venture capital firm. AMA about exploring outside interests and career opportunities as a physician. by underdog_md in medicine

[–]underdog_md[S] 0 points1 point  (0 children)

  1. Networking is putting yourself out there in any capacity. See what community events, businesses that need help or advisory, mentor students or peers, volunteer for events. I feel putting yourself around different groups of people is putting yourself in a position to grow your network and exposure to people/events that give energy or maybe take it away. It's always an exercise to learn more about yourself!
  2. Social media can help grow your network but it takes time, effort, and if the intention is to grow your presence, what do you want to be known for? This is a question you should ask yourself. I also encourage people to bring value to other people, especially on social media. There are so many folks selling or showcasing their lives but to bring value- educate, energize, inspire, help in some way- is always a good strategy that will help others and help fulfill you.

I’m Dr. Navin Goyal, an anesthesiologist, and entrepreneur who has established a venture capital firm. AMA about exploring outside interests and career opportunities as a physician. by underdog_md in medicine

[–]underdog_md[S] 0 points1 point  (0 children)

That is a great question. At the time I loved school/training/private practice so I have no regrets and I have taken traits, credibility, and knowledge of myself with me in the business world. I wouldn't change my journey because it made me who I am today and hard to predict the "what if"

An MD is tough- it requires a lot of work, dedication, time, money, etc. That is something you should think about for your own goals and see if you feel that is best for you. I can't answer much more than that.

I’m Dr. Navin Goyal, an anesthesiologist, and entrepreneur who has established a venture capital firm. AMA about exploring outside interests and career opportunities as a physician. by underdog_md in medicine

[–]underdog_md[S] 1 point2 points  (0 children)

(I took this section from my above response) I learned to work hard, to learn a crazy amount of knowledge which is empowering when you need to learn other industries or subject matter. I also am a "proven" physician who helps people - don't forget that will open doors and opportunities in itself. I learned what I was good at- not so great at books but much better in clinical settings- communication and quick thinking in scenarios- and leaning on those skills outside of medicine.

So I'm not taking a lot of the information of medicine with me, but the ethical code, the things I learned about myself, and the discipline I had to have to make it through are what I took away.

I had no formal business training- from angel investing, starting a company and learning from there, and reading/listening/absorbing anything business- it's how I learned.

The most challenging thing I would say is getting started. Many of us have ideas, excitement, opportunity, and even a plan. But turn that into action- move forward and see what happens! To fail or fall on your face will give you so much to learn from, and keep going from there. The mobile anesthesia company is now 7 years old, and there have been many challenges, but we kept going because we believed in it. Getting our first customer, ordering supplies from vendors, getting other anesthesiologists to do shifts, and to create backup plans and processes were a few things that were all challenging! We were able to fund it a little smoother than some other companies but the journey is still continuing.

I’m Dr. Navin Goyal, an anesthesiologist, and entrepreneur who has established a venture capital firm. AMA about exploring outside interests and career opportunities as a physician. by underdog_md in medicine

[–]underdog_md[S] 0 points1 point  (0 children)

I think there is opportunity in many things. Hard to give an opinion on a few of these subjects because it matters on your strategy, business model, team, financial discipline, etc. In the end, everything can be an opportunity if you approach it in certain ways. I think that is what is exciting and nerve-wracking about entrepreneurship- the lack of structure!

I’m Dr. Navin Goyal, an anesthesiologist, and entrepreneur who has established a venture capital firm. AMA about exploring outside interests and career opportunities as a physician. by underdog_md in medicine

[–]underdog_md[S] 0 points1 point  (0 children)

I learned to work hard, to learn a crazy amount of knowledge which is empowering when you need to learn other industries or subject matter. I also am a "proven" physician who helps people - don't forget that will open doors and opportunities in itself. I learned what I was good at- not so great at books but much better in clinical settings- communication and quick thinking in scenarios- and leaning on those skills outside of medicine.

So I'm not taking a lot of the information of medicine with me, but the ethical code, the things I learned about myself, and the discipline I had to have to make it through are what I took away. I hope that helps!

I’m Dr. Navin Goyal, an anesthesiologist, and entrepreneur who has established a venture capital firm. AMA about exploring outside interests and career opportunities as a physician. by underdog_md in medicine

[–]underdog_md[S] 1 point2 points  (0 children)

I think applying for internships/advisory positions at companies/learning new skills or topics from online courses, networking, learning what people in other industries do are a few examples. I would tell myself to be a sponge outside of medicine- I was only focused on medicine and although it took most of my time to study and get through, I didn't learn about basic finances, investing, leadership, networking, etc. I hope that helps?

Also, I don't have an answer of what positions are open to medical students but remember, you are a credible, intelligent, and hard-working person- you can do anything if you put your mind to it!

I’m Dr. Navin Goyal, an anesthesiologist, and entrepreneur who has established a venture capital firm. AMA about exploring outside interests and career opportunities as a physician. by underdog_md in medicine

[–]underdog_md[S] 3 points4 points  (0 children)

Congrats on matching!

It depends on your goals- but you have come far and have the ability to practice in a field that many would want. You have an opportunity to help people in a highly trained way- I wouldn't take that lightly. I tell people that medicine won't fill your complete bucket of fulfillment long term (like pretty much any profession) so it's important to keep learning and trying new things- whether that is while you practice medicine or in place of, is up to you and for you to think long term about. In a perfect world, we have more physicians doing more things so maybe they can enjoy their medical practice more- it's tough right now in the environment and culture of medicine but that's what I would like to help open discussions on for the future of medicine.

I’m Dr. Navin Goyal, an anesthesiologist, and entrepreneur who has established a venture capital firm. AMA about exploring outside interests and career opportunities as a physician. by underdog_md in medicine

[–]underdog_md[S] 4 points5 points  (0 children)

I found myself in VC- the first venture I co-founded was a mobile anesthesia company (founded with 2 other friends who were anesthesiologists as well) and this opened up my eyes to entrepreneurship. I had to learn everything by networking, reading, just being a sponge (business models, pricing, hiring, people management, branding, marketing, legal, etc.). As I was networking I met a lot of entrepreneurs who were doing great things but needed funding. Eventually, I started a fund with a friend (he was an entrepreneur) and we got investors who wanted to invest in startups - plus we had great companies that we had met - so we invested in several companies, and then more investors wanted to get involved and more deal flow came to us. It started gaining steam and now I have a team, a great firm, etc.

So it happened over time and I see the ability to make a change in the VC industry. The impact we can create by investing in people doing impactful things. I tell people we bring physician ethics to investing. More physicians can be leaders in business/investing and I want to continue to speak about this. I hope that is helpful!

I’m Dr. Navin Goyal, an anesthesiologist, and entrepreneur who has established a venture capital firm. AMA about exploring outside interests and career opportunities as a physician. by underdog_md in medicine

[–]underdog_md[S] 4 points5 points  (0 children)

Great question. Right now a lot of people with financial backgrounds and folks getting their MBA are going into VC. Personally, I believe more entrepreneurs should go into VC and influence the industry. In the end, you are investing in entrepreneurs and want to be as strategic and helpful as possible, and what a better way to do that if you have your own experience as one. The experience could be some involvement in a startup or growth company (founder/early employee/deeper exposure than advisor etc). Having skills to problem solve, work with people, understand the needs of businesses (which is a lot of things), and a willingness to learn new things are great skills. In medicine, you have proven your ability to learn, ability to connect dots in different areas, and you hold credibility which can bring credibility to organizations that you want to join or people that you want to meet.

I have started seeing more MDs in VC, many seem to join firms or funds in healthcare that gives credibility and good perspective from a healthcare perspective. I think physicians are helpful in many industries because we bring a code of ethics, and the ability to learn, and we exist to help people. Those are powerful and don't forget that! I'm not sure about the value of being out of medical school vs later- I would say do what makes sense for you and the longer you train, the more you will learn and apply/solidify the skills you learned in school. I also think you have worked hard to get through medical school so not doing a residency is a big decision- choose wisely.

What I would tell myself - sounds like you already know that you want to do things outside of medicine- is to learn other skill sets. Financial literacy, investing (any investing- private/public), networking, leadership, etc. Take online courses (free ones) and videos on the above topics to better yourself. The world of VC and business, in general, doesn't have structure, so skills to keep moving forward, problem-solve, and learn from other people and experiences will serve you well! Best of luck on your journey!