Founder: Dr. Malpani, you’re a successful IVF specialist. But angel investing is a totally different field! How do your medical skills help you when evaluating startups?

Dr. Malpani: Actually, medicine and investing are surprisingly similar. In both fields, you’re trying to diagnose problems and design effective treatments. When I meet a founder, I approach them the same way I approach a patient — with curiosity, empathy, and structured critical thinking.

1. Diagnosis Before Prescription

Founder: What do you mean by that?

Dr. Malpani: In medicine, it’s malpractice to prescribe before diagnosing. Unfortunately, many investors do exactly that — they throw money at a “hot” idea before understanding the underlying disease in the business.
I start by asking questions:

• What pain point are you solving?
• For whom?
• How do you know it’s real and not just a symptom?

Like a good doctor, I differentiate between root causes and presenting complaints. Founders often describe symptoms — “our CAC is high” or “users aren’t sticking.” The real diagnosis might be something deeper — maybe poor product-market fit, unclear positioning, or lack of customer trust.
 

2. Data, Not Drama

Founder: So you rely on evidence, not enthusiasm?

Dr. Malpani: Exactly. In the clinic, a confident patient story doesn’t replace a lab test. Likewise, a flashy pitch deck doesn’t replace customer validation. I look for clinical evidence in startups — user data, retention numbers, testimonials, repeat usage. I want to see proof that the “treatment” (the product) is working in the real world.

Medicine trains you to respect data but also interpret it intelligently. Founders can drown in vanity metrics. I prefer actionable data — like what your users are doing, not what your investors think.

3. Ethics and Empathy Matter

Founder: And how does empathy come in? Investors aren’t known for being soft.

Dr. Malpani: Empathy is a strength, not a weakness. In medicine, I must earn my patient’s trust before I can help them. In investing, founders are the patients — they’re often anxious, under pressure, and uncertain. A good investor doesn’t scold; he listens.

Many founders come to me bleeding money. My role is to stabilize them — not with another funding infusion, but with clarity. I remind them: “You don’t need more money. You need more paying customers.” Just like I’d tell a patient, “You don’t need more medicines. You need the right lifestyle change.”

4. Treating the Cause, Not the Symptom

Founder: That’s interesting. But what happens when a startup is in crisis — say, revenue’s flat or growth’s stalling?

Dr. Malpani: Then I go into diagnostic mode. I perform a “startup autopsy” — look at customer journey, feedback loops, cash burn. In medicine, we treat causes, not symptoms. If a startup is bleeding cash, funding isn’t a cure — discipline is.

Doctors know that every treatment has side effects. Similarly, every growth hack has trade-offs. Giving discounts might increase sales but erode brand trust. A doctor-investor thinks systemically — how one organ (marketing) affects another (cash flow).

5. The Value of Second Opinions

Founder: Do you ever change your mind about a startup after investing?

Dr. Malpani: Of course. In medicine, we constantly review cases, take second opinions, and update our understanding. Ego kills patients — and startups. I value founders who are coachable and evidence-driven.
When something’s not working, I don’t shame them; I help them pivot intelligently. A failed experiment isn’t failure — it’s feedback. That’s how science — and startups — evolve.

6. Bootstrapping is Preventive Medicine

Founder: You talk a lot about bootstrapping. How do you connect that to medicine?

Dr. Malpani: Bootstrapping is preventive medicine. It’s like telling a patient to eat right and exercise rather than rely on surgery later. Founders who raise money too early become dependent — like patients hooked on steroids.

When you bootstrap, you stay lean, alert, and self-reliant. You learn to live within your means, listen to your customers, and iterate fast. That’s what creates resilient startups. The goal isn’t to raise the most money — it’s to stay alive long enough to create value.

7. Investing as Healing

Founder: That’s a very different lens. So would you say investing is like healing?

Dr. Malpani: Absolutely. Medicine is about restoring health; investing is about nurturing potential. Both require patience, not just prescriptions. When I invest, I’m not funding a spreadsheet — I’m backing a founder’s journey toward sustainable growth.

And like any good doctor, I don’t want repeat customers. I want founders who eventually don’t need me — who can stand on their own feet, with a healthy, cash-positive business that puts the customer first.

8. The Final Check-up

Founder: If you had to give one piece of advice to founders, what would it be?

Dr. Malpani: Think like a doctor — be curious, compassionate, and committed to evidence-based action. Diagnose your problems before you treat them. Listen to your customers — they’ll tell you what’s wrong if you stop interrupting them.

And remember — the goal isn’t to get a “funding injection,” but to build a company that can heal itself through customer love, discipline, and frugality.
 

Dr. Malpani: Want to learn more about bootstrapping and creating sustainable businesses? Explore more insights and resources for entrepreneurs at www.malpaniventures.com. Let’s build businesses that put customers first!