 Michael Langer |
Interview with Michael LangerBy Dennis Ford, Founder and CEO of Life Science Nation |  Dennis Ford |
Michael previously founded Old Silver VC, a family-associated investment firm that invests in Healthcare and Deep Tech startups focusing on materials. They invested in 20 companies, including Big Hat Biosciences, Sesame Care, Seismic Therapeutics, Alto Pharmacy and Opentrons. Also involved are Susan Langer, who is the former head of strategy at Biogen, and Dr. Bob Langer, who is an MIT Professor and founder of over 40 biotech companies, including Moderna.
Michael was formerly Head of Search, Evaluation, In-licensing & Acquisitions at Pear Therapeutics. During his time at Pear, Michael led or co-led 15 different transactions. Pear Therapeutics discovers, develops, and delivers clinically validated software-based therapeutics to provide better patient outcomes, smarter engagement and tracking tools for clinicians, and cost-effective solutions for payers.
Michael is an active philanthropist. He co-founded the Young Coder’s Society, which teaches children how to code using Raspberry Pi. He is a Young Leader at the Milken Institute and formerly a World Economic Forum Global Shaper. He serves on The Leadership Board at Beth Israel Deaconess Medical Center, on the Board of Advisors at the Museum of Science, and is the Senior Advisor of Special Projects at the Galenus Foundation.
Dennis Ford (DF): Please comment on the state of early-stage investments in Digital Health Technology. I see many startups in the digital health arena: the good is its software; the bad is not a lot of traction; and the ugly is reimbursement.
Michael Langer (ML): The last decade has seen incredible advances in digital health, both from an innovation and progress standpoint. Although valuations have gotten very frothy over the previous few years, we are presently seeing a return to equilibrium. Furthermore, there has been a significant impact on patients, which is a promising indicator for us. Business models are continuing to mature and evolve, but still more is needed to really solidify them. Reimbursement remains a significant issue, as payers have hesitated to reimburse products quickly. As a result, we need longer-term data and creativity in business models. Ultimately, the digital health sector will continue to need collaborative efforts from stakeholders – namely payers, providers, patients, pharma, and pharmacies – which can foster clear standards, interoperability, and payment models that support the integration of innovations into mainstream healthcare. We are also seeing regulatory frameworks evolving to accommodate and streamline the approval process for digital health technologies.
DF: Please share with our readers what you have learned as an entrepreneur through some of your ups and downs in the industry and some key takeaways you have personally learned from your experience in the life science arena.
ML: Entrepreneurship demands resilience above all else — the ability to weather setbacks while persisting in building. Beyond resilience, the power of effective communication paired with steady leadership cannot be overstated: inspiring others and cultivating a team that remains dedicated is paramount. I believe that people are drawn to work with leaders they believe in, rallying behind visions that resonate with their own values. Building a team that shares a foundational commitment to the mission is not just important but a cornerstone of enduring success.
DF: Michael, can you comment on what you have learned and elaborate on your process for vetting a startup for capital or licensing? How do you source, vet, and qualify the key things you must see when looking at a startup, from CEO to team to technology?
ML: The most impactful lessons I’ve gleaned boil down to two key principles. Firstly, cultivating a distinct and authentic voice has proven crucial in negotiations. My personal blend of humor, patience, and unwavering persistence aligns with my personality, making it a potent tool in various negotiations. This approach has significantly helped me be effective in navigating diverse scenarios. Secondly, emphasizing a relentless commitment to process and volume has been a game-changer for me. Establishing a streamlined and repeatable process enhances not only efficiency but also effectiveness.
Being successful in sourcing, vetting, and qualifying comes down to a few areas. Finding quality and passionate people to partner with is key. It’s extremely difficult to build anything of value without the right team. Secondly, the science needs to be sound with research and data to support it. Are there patents and how defensible are they? Are they realistic with their goals and forecasts? Lastly, what kind of impact will it have, does this help change the lives of others?
DF: Let’s switch to the Langer Family Office, which both your sister and father are also in. Can you explain the family dynamic and principles in how they approach business?
ML: My father has a number of principles that he has taught us from an early age. One is kindness: we are very big on developing enduring relationships, which is a massive part of our family ethos. This philosophy has therefore been core to how we look at deals, how we think about developing these deals. Another is the celebration of creativity, of scientific contrarianism: we don’t just seek intelligence, we value individuals who work outside the conventional boundaries of their work. Finally, we have an unwavering commitment to ethical integrity, to upholding a strong moral compass. We prioritize transparency and honesty with each other, with entrepreneurs, with business partners, with stakeholders – all to guide our business decision-making process.
DF: Your Family is well-known in the life science industry. Does that have advantages, and how do you leverage your amazing family network? Are there any disadvantages?
ML: Like anything, there are positives and negatives. I have seen more positives. We have built a very strong reputation in the space and that can be very helpful in the things we do. But there are obviously huge expectations. When I was younger, that was stressful, although now I consider it more motivating than anything else. Ultimately, I feel very fortunate for the opportunities I have been given and am able to continue to foster.
DF: Do you have a network of other family offices that you co-invest with? When you find a deal you like, will you lead? Are you able to pull in LPs from your vast network? Do you ever look for new LPs for specific deals?
ML: We have built a lot of strong relationships with other FO’s and institutional VC funds. We like a blended approach when we look at deals. Having diversity of investors in a round is really important. We like strategics as well as institutional and family offices. Each can offer really unique value and perspective in a syndicate.
DF: Last Question: There has been a lot of buzz in Boston about a new Langer Family Office initiative which is a new VC Fund in the works. Care to Comment?
ML: Unfortunately, at this time, we are unable to comment on that.
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