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In the high-stakes world of startups, few roles have evolved more dramatically than that of the CFO. Today’s finance leader is expected to move beyond spreadsheets — shaping strategy, influencing product development, and building cross-functional trust. M.G. Thibaut has done all of that and more.

In this episode, Eddie Lopez is joined by M.G. Thibaut — former CFO of Strava, DroneDeploy, and Copper, and now the founder of Coterie CFO and Executive-in-Residence at Scale Venture Partners. With roots in investment banking and big tech, M.G. has spent over 16 years helping venture-backed startups grow, scale, and stay agile through every stage.

Now, she’s focused on building something new. M.G. shares the founding story of Coterie CFO, a community redefining the relationship between finance leaders and the fintech tools they rely on. She also opens up about her advisory work at Scale, the traits of high-performing finance teams, and why she believes today’s CFO must be as comfortable with ambiguity as they are with analytics.

Topics Include:

• How M.G. pivoted from investment banking to startups
• What makes a modern CFO indispensable to a startup’s success
• The founding vision behind Coterie CFO
• Building trust and transparency with CEOs and teams
• The evolving role of the CFO in a tech-driven world
• And other topics…

M.G. Thibaut is a startup CFO turned venture partner and community builder. She is the founder of Coterie CFO and an Executive-in-Residence at Scale Venture Partners, advising startups and mentoring emerging finance leaders.

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The food delivery landscape is changing. As consumer demands grow more sophisticated, companies must innovate—balancing speed, quality, and personalization to stand out in a saturated market. But can convenience and quality coexist in this fast-paced industry? Is there a way to truly personalize the dining experience while catering to the individual needs of each customer?

Kelley Morell is the CFO of Wonder, a rising "super app" for mealtime. In this episode, Hercules Capital's Ruslan Sergeyev speaks with Kelley about her career journey, transitioning from an accomplished investor at Blackstone to leading the financial strategy of this startup. She reveals the unique approach Wonder is taking to conquer the food tech space, combining a multi-faceted platform with strategic acquisitions to offer an unparalleled consumer experience.

Topics Include:

• Wonder's evolution from mobile kitchens to a hybrid brick-and-mortar and delivery model
• The challenges of competing in a crowded market and differentiating Wonder's offering
• The role of AI in personalizing food recommendations and creating a seamless user experience
• Building a strong team and culture to support rapid growth
• Wonder's future plans for national expansion and a potential IPO
• And other topics…

Kelley Morell is the CFO of Wonder, a rapidly growing food tech company aiming to become the "super app" for mealtime. With extensive experience in both investing and operating, Kelley provides a valuable perspective on building a successful business in a dynamic industry. Her insights into the future of food, the power of technology, and the importance of a strong team offer inspiration for anyone looking to disrupt the status quo.

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The financial services industry faces increasing pressure to combat financial crime and comply with evolving regulations. The old way of handling compliance—mostly through manual work—isn't cutting it anymore given how complex and fast-moving today's financial world is. This is where AI comes in, offering a powerful new way to strengthen compliance and protect market integrity.

In this episode, Hercules Capital's Catherine Jhung speaks with Erkin Adylov, founder of Behavox and former hedge fund manager. He walks us through his career shift from managing investments to launching his own company. He explains why he started Behavox, which uses AI to help financial institutions stay compliant – a solution born from his firsthand experience seeing the limitations of traditional compliance methods.

Topics Include:

• The rise of AI in financial services compliance
• How Behavox uses AI to spot financial crime
• Why AI makes financial monitoring better
• Strategies for retraining compliance teams in the age of AI
• Behavox’s future plans for expanding into transaction screening and policy management
• And other topics…

Erkin Adylov is the founder and CEO of Behavox, a leading provider of AI-enabled compliance solutions for the financial services industry. With a deep understanding of the complexities of financial markets and the evolving regulatory landscape, Erkin has led Behavox to become a trusted partner for institutions seeking to enhance their compliance programs and protect the integrity of capital markets.

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The biotech and pharma industries are rapidly evolving, with mergers and acquisitions driving innovation and growth. As market demands shift, these deals reshape strategies, bolster R&D, and bring groundbreaking therapies to healthcare.

With over 35 years of experience, Stephen Sands has guided high-impact transactions that have shaped the biotech and pharma landscape. In this episode, Janice Bourque speaks with Stephen about his journey from bioengineer to healthcare M&A leader. They examine the forces that drive today’s major deals, from global expansion to complex valuation challenges, and the strategies that ensure success in a competitive market.

Topics Include:

• Key trends and strategies in biotech/pharma M&A
• Challenges in valuing early-stage biotech companies
• Pharma’s evolving role in funding and scaling biotech innovations
• Future outlook for healthcare partnerships and acquisitions
• Stephen’s insights on the future of healthcare M&A
• And other topics…

Stephen Sands is a Senior Advisor in Lazard’s Global Healthcare Group with a distinguished career in healthcare M&A. Known for his expertise in biotech and pharma, Stephen has led some of the industry's most transformative transactions, helping to drive strategic growth and innovation in the healthcare sector.

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Vijay Patel is an institutional investor turned corporate venture capitalist. He has spent the last decade at the intersection of finance and healthcare, changing the way CVS Health approaches innovation and strategic investments. His journey from traditional venture capital to leading CVS Health® Ventures has positioned him as a thought leader in corporate venture capital and healthcare innovation.

In this episode, Janice Bourque is joined by Vijay Patel to discuss his path from institutional investor to Managing Partner of CVS Health Ventures. They discuss the creation and growth of CVS Ventures, highlighting Vijay's approach to fostering innovation and driving strategic value in the healthcare ecosystem.

Topics Include:

• Vijay's transition from institutional investing to corporate venture capital
• The founding story of CVS Ventures and its impact on healthcare innovation
• CVS Ventures’ investment strategies and focus areas
• The role of corporate venture capital in shaping the future of healthcare
• Vijay's vision for the future of healthcare technology and innovation
• And other topics...

Vijay Patel is the managing partner and co-founder of CVS Health Ventures and vice president of enterprise business development for CVS Health. Patel founded the CVS® Digital Leadership Program and has played a key role in developing strategic partnerships with digital health companies. Patel holds a bachelor's degree from the University of Pennsylvania's Jerome Fisher Program in Management and Technology and an MBA from the MIT Sloan School of Management.

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In an era where breakthrough innovations coexist with concerns over drug affordability, Peter Kolchinsky, founder and Managing Partner at healthcare and life sciences investment manager RA Capital, joins us to shed light on the factors and paths forward.

Hercules Capital's Janice Bourque engages with Peter on his No Patient Left Behind initiative, a non-profit dedicated to making medicines affordable for everyone in America.

Topics Include:

• Overview of the "No Patient Left Behind" movement and its objectives
• Examining communication challenges within the drug industry
• The pivotal role of insurance in enabling patient access and affordability
• Strategies to maintain support for innovation amid pricing concerns
• Potential solutions to bridge the gap between innovation and affordability

Peter Kolchinsky, PhD is a founder and Managing Partner at RA Capital Management and author of The Great American Drug Deal. Peter is an active investor in and board member of publicly- and privately-held companies developing drugs, medical devices, diagnostics, and research tools. He served on the Board of Global Science and Technology for the National Academy of Sciences, is the author of The Entrepreneur’s Guide to a Biotech Startup, and frequently writes and speaks on the future of biotechnology innovation. Peter founded and serves as a Director of No Patient Left Behind, a non-profit advocate for healthcare reforms that would make today's medicines affordable to patients and promote the innovation that gives all of us hope for tomorrow. He holds a BA from Cornell University and a PhD in Virology from Harvard University.

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Navigating the intricate world of venture debt requires a deep understanding of both the legal landscape and financial imperatives. David Ephraim from Morrison & Foerster brings over two decades of experience to the table, making him a leading authority on structuring deals that align legal precision with business innovation.

This episode, hosted by Janice Bourque from Hercules Capital, engages David Ephraim in a discussion about the nuances of venture debt, including how negotiations are framed, the roles of various stakeholders, and the essential strategies for overcoming common challenges. David also provides forward-looking insights into how the field might evolve in the coming years.

Topics include:

• Overview of venture debt and its importance
• Detailed look at negotiation processes in venture debt
• How legal and business issues intertwine in these negotiations
• The importance of strategic foresight in financial planning
• David’s perspectives on the future of venture debt

David Ephraim is the co-chair of Morrison Foerster’s Transactions Department and managing partner of their Boston office. He specializes in various aspects of secured lending, including venture debt, fund finance, and cross-border financing transactions. David's expertise ensures sophisticated solutions for banks, institutional lenders, and private funds, making him a pivotal figure in the financial industry.

Join us on today’s episode, where David Ephraim’s expertise offers invaluable perspectives on the nuanced processes that underpin successful venture debt strategies, providing our listeners with guidance for navigating these essential financial instruments.

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Public market investor turned tech visionary, Casey Woo, has spent the last two decades at the forefront of technology and finance, revolutionizing the way high-growth startups approach operations and strategy. His journey from analyzing markets on Wall Street to leading Operators Guild and FOG Ventures has positioned him as a thought leader at the intersection of technology, finance, and community building.

In this episode, Catherine Jhung is joined by Casey Woo to discuss his unique path from public market investor to influential COO/CFO in the tech industry. They discuss the creation and growth of Operators Guild and FOG Ventures, highlighting Casey's approach to fostering community and driving innovation in the startup ecosystem.

Topics Include:

-Casey's transition from public market investor to tech COO/CFO

-The founding story of Operators Guild and its impact on the tech community

-Inside FOG Ventures: Strategy and vision for tech startups

-The role of community in the success of tech and finance ventures

-Navigating high-growth challenges in the startup world

-Casey's vision for the future of technology and finance

-And other topics…

Casey Woo is the founder of Operators Guild, the premier community and ecosystem for finance and operational professionals at high growth companies, and its associated investing arm, FOG Ventures. He has two decades of experience as a proven, serial COO/CFO in high-growth technology companies, most recently as the CFO of property tech company Landing. Casey started his career as a public market investor focused on the consumer/retail, media, industrials, technology and healthcare sectors. His expertise in blending strategic finance with operational excellence has made him a pivotal figure in shaping the landscape of technology startups.

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In the aftermath of the 2020 biotech surge and its subsequent contraction in 2022, the biotech industry has been characterized by significant volatility. There were 21 biotechnology IPOs in 2022, a notable decrease from the record-breaking 104 IPOs in 2021.

To review the highs and lows of 2023 and explore what lies ahead in 2024, distinguished biotech analyst and co-founder of Endpoints News John Carroll joins Hercules Capital's Janice Bourque. Carroll brings 45 years of award-winning journalism, and a specialization in biopharma spanning over two decades to discuss the biggest pharma deals and surprises of 2023, the impact of AI on drug development, the future of biotech in Asia, and much more. 

Topics Include:

• The biggest pharma deals and surprises of 2023
• AI’s impact on drug development
• Whether or not the Inflation Reduction Act will impact pricing
• John’s major lessons from 2023
• The future of biotech in Asia
• The greatest concerns for the biotech industry going into 2024
• John’s hopes for the industry in the new year
• And other topics…

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John D. Carroll is a biotech analyst and writer with decades of prize-winning experience in journalism. A co-founder of Endpoints News, he has covered biopharma for the past 15 years. Carroll has been quoted by The New York Times, The New Yorker, Financial Times, The Times of London and more. He’s also keynoted at biotech gatherings around the world and addressed student audiences at MIT and Harvard. Carroll has contributed stories from Central America and Ireland to the Dallas Morning News and Time and wrote for the Houston Press. He spent 6 years as editor and publisher of the Dallas Business Journal, was publisher of Texas Business and early in his career was part of a Pulitzer Prize-winning team of reporters and editors at the Kansas City Star & Times.

Resources Mentioned:
Endpoints News: https://endpts.com/ 

Connect with John:
LinkedIn: https://www.linkedin.com/in/john-carroll-884aa410/ 

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The gaming and platform industries are dynamic sectors at the intersection of technology and entertainment, constantly evolving to meet the demands of a global audience. In 2022, the revenue from the worldwide gaming market was approximately $347 billion.

Ed Lu, a seasoned executive with 23 years of financial and operational experience, has played a pivotal role in this landscape, dedicating thirteen years as the CFO at online gaming and platform companies. Ed is the current Chief Financial Officer at Fandom, the world’s largest gaming and entertainment community platform.

In this episode, Hercules Capital's Lesya Kulchenko  and Ed Lu discuss Ed’s CFO experience within gaming and platform companies, top advice for new founders and aspiring CFOs in today’s business landscape, choosing between building, buying, and partnering, the key factors for successful acquisitions, when to pursue bargain opportunities, and much more.

Topics Include:

• Ed’s top priorities as a CFO in today’s business landscape
• Essential advice for emerging founders and aspiring CFOs
• Core values that led Ed to leadership
• The advice Ed gratefully avoided
• Choosing between building, buying, and partnering
• Key factors for successful acquisitions
• When companies should pursue bargain opportunities
• Factors outside of work that shape Ed as the “non-CFO CFO”
• And other topics…

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Ed Lu is a seasoned executive with 23 years of financial and operational experience and thirteen years as CFO at online gaming and platform companies. He is the current Chief Financial Officer at Fandom, the world’s largest gaming and entertainment community platform. During his tenure, Fandom has grown revenue by more than 3x, acquired three companies, and doubled its employee base to 500.

Before joining Fandom, Ed served as the CFO for Outpost Games and Machine Zone. His tenure at Machine Zone involved raising over $800 million in combined financings, overseeing revenue growth from $8 million to $1.7 billion, and scaling the company from 30 to 1000+ employees. In his free time, he also enjoys serving as a strategic advisor for other digital gaming companies.

Resources Mentioned:
“Top 10 Start-Up Tips for Founders,” by Ed Lu: https://www.linkedin.com/feed/update/urn:li:activity:6998677341623267328/