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"When you allow curiosity to lead the way, it might take longer, it might be circuitous, it might not always be clear, but what will be true is you're enjoying the thing that you're doing along the way."

In this episode of The Biotech Startups Podcast, Partner at Bison Ventures, Caleb Appleton shares how Bison Ventures is rethinking biotech investing through “TechBio,” backing revenue-generating platforms that validate product-market fit like software rather than relying solely on therapeutic risk. He lays out a practical framework for data platform founders—when to sell their technology versus build drugs—using examples like Eikon Therapeutics’ in-house super-resolution microscopy and Vivodyne’s ambition to become the “AWS of biology.” Caleb also reflects on how leading a turnaround at TuneIn made him more empathetic to founders and explains why, amid exuberance in physical world AI and tougher biotech markets, teams must identify their superpower and double down on it instead of trying to be everything at once.

Key topics covered:

• Revenue-Generating Biotech: Why companies that create 10x deeper or cheaper data should focus on product-market fit through sales rather than purely therapeutic risk
• Data Platforms Framework: How to decide whether to sell technology as an enabling tool or use it exclusively for drug discovery
• Market Dynamics: Navigating the contrast between robotics/AI exuberance and challenging biotech fundraising conditions
• Team DNA and Superpowers: Why founders must lean into their core strengths—technology building vs. drug development—rather than trying to do both
• Bison's Investment Approach: Focusing on frontier tech across TechBio, Climate & Sustainability, and AI in the Physical World with $5M average checks from pre-seed through Series B

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Subscribe to the Podcast:Apple: https://podcasts.apple.com/us/podcast/the-biotech-startups-podcast/id1679591994Spotify: https://open.spotify.com/show/2PSL162R2s0zOwU5913Zv4Youtube: https://www.youtube.com/@thebiotechstartupspodcast Website: https://www.thebiotechstartupspodcast.com/ 
Find our guest, Caleb Appleton at these links: LinkedIn: https://www.linkedin.com/in/caleb-appleton-86563484/Website: https://www.bison.vc/ Find our host, Jon Chee, at these links: LinkedIn: https://www.linkedin.com/in/jonchee
Learn more about Excedr:LinkedIn: https://www.linkedin.com/company/excedr/ Website: https://www.excedr.com
Intro & Outro Songs Created by OkKyojin, Owned by Excedr:Website: https://flow.page/kyojin 
Resources & Articles:The Case for Revenue-Focused Platforms in Life Sciences: https://news.crunchbase.com/health-wellness-biotech/revenue-focused-platforms-life-sciences-appleton-bison/Deep Tech and Frontier Tech Venture Capital:https://growthequityinterviewguide.com/venture-capital/sector-focused-venture-capital/deep-tech-venture-capitalAWS Business Model: https://vizologi.com/business-strategy-canvas/aws-ec2-business-model-canvas/Scale AI for Data Labeling: https://labelyourdata.com/articles/scale-ai-reviewSpatial Biology Applications: https://www.quanterix.com/why-spatial-biology/​Companies, Universities, & People mentioned:Vivodyne: https://www.kairosventures.com/vivodyne/Eikon Therapeutics: https://www.linkedin.com/company/eikon-therapeutics-incInnovation Endeavors: https://www.innovationendeavors.com/Illumina: https://www.illumina.com/
Eric Schmidt: https://www.linkedin.com/in/eric-e-schmidtBen Hemani: https://www.linkedin.com/in/bhemani/ Tom Biegala: https://www.linkedin.com/in/tombiegala/ ​Timestamps: 00:00 Intro02:20 Bison Ventures' Mission and Investment Focus04:57 Current State of TechBio vs. AI Markets08:44 The Case for Revenue-Generating Biotech11:23 Data Platforms: When to Sell Tech vs. Build Drugs14:11 Vivodyne: Becoming the AWS of Biology17:17 Revenue Solves All Known Problems21:35 Building Bison's Culture and Team25:50 Looking Ahead: AI Co-pilots for Technical Users31:46 Advice to 21-Year-Old Self: Follow Your Curiosities35:12 OutroThe Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.