The Biotech Startups Podcast
🧬 Why 40% of Venture Funds Failed Last Year (And How to Avoid It) | Krish Ramadurai (2/4)
December 4, 2025
"I was not like, 'Well, this partner helped me on it, and then we shared the deal.' I was like, 'I think I'm good at this because I basically did the output of an entire firm by myself, like, the first two years.'" In this episode of The Biotech Startups Podcast, host Jon Chee continues his conversation with Krish Ramadurai, exploring his unconventional journey from Harvard academia to becoming a venture capital partner in record time. Krish shares how he applied his research training to venture capital, identifying a new category of compute-driven biotech companies before "TechBio" even existed, and executing twelve investments during his first year as an analyst—all while the COVID-19 pandemic sent markets into free fall.​ Krish reveals the critical importance of "shot-calling" in venture capital, explaining why many talented associates and principals get stuck in their careers by not claiming ownership of their wins. He describes compressing his MBA into sixteen months at Washington University while working two full-time positions, his rapid ascent from analyst to partner by consistently performing above his role, and the uncomfortable but necessary transition from technical expert to fundraiser when dealing with limited partners. Throughout the conversation, Krish emphasizes breaking traditional rules when conviction demands it, treating every investment like an evidence-based academic experiment, and understanding that in venture capital, you're only as good as your last deal.
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"I was not like, 'Well, this partner helped me on it, and then we shared the deal.' I was like, 'I think I'm good at this because I basically did the output of an entire firm by myself, like, the first two years.'"

In this episode of The Biotech Startups Podcast, host Jon Chee continues his conversation with Krish Ramadurai, exploring his unconventional journey from Harvard academia to becoming a venture capital partner in record time. Krish shares how he applied his research training to venture capital, identifying a new category of compute-driven biotech companies before "TechBio" even existed, and executing twelve investments during his first year as an analyst—all while the COVID-19 pandemic sent markets into free fall.​

Krish reveals the critical importance of "shot-calling" in venture capital, explaining why many talented associates and principals get stuck in their careers by not claiming ownership of their wins. He describes compressing his MBA into sixteen months at Washington University while working two full-time positions, his rapid ascent from analyst to partner by consistently performing above his role, and the uncomfortable but necessary transition from technical expert to fundraiser when dealing with limited partners. Throughout the conversation, Krish emphasizes breaking traditional rules when conviction demands it, treating every investment like an evidence-based academic experiment, and understanding that in venture capital, you're only as good as your last deal.

Key topics covered:


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Find our guest, Krish Ramadurai, at these links: 
https://www.linkedin.com/in/krishramadurai/
https://www.aixventures.com/ 
 
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:
Due Diligence Best Practices in Venture Capital: https://www.wallstreetprep.com/knowledge/venture-capital-diligence/ 
Market Mapping for Venture Investors: https://www.growthmentor.com/glossary/market-mapping/ 

Companies, Universities, & People mentioned:
Harvard University (Belfer Center, Taubman Center): https://www.harvard.edu/ 
MIT: https://www.mit.edu/ 
Washington University in St. Louis (WashU): https://wustl.edu/ 

Timestamps:
00:00 Intro
02:22 Evidence-Based Approach from Academic Research to Venture
05:32 First Day at Harmonics and COVID's Impact
06:39 MBA While Working Full-Time at MIT
11:18 Market Mapping and Building a Thesis
16:29 Shot-Calling and Career Advancement in Venture
19:35 Accelerating from Analyst to Principal
22:02 Transition to Partner and Ownership of Thesis
23:31 Fundraising from LPs During COVID
25:48 Understanding LP Landscape and Emerging Manager Dynamics
30:05 Outro

The 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.