🧬 People Over Place: A Lesson in Career Success | Caleb Appleton (Part 2/4)
February 5, 2026
"People outweigh challenging environments. A great environment cannot outweigh challenging people."
In this episode of The Biotech Startups Podcast, Partner at Bison Ventures, Caleb Appleton returns for Part Two to share how early research experiences in nanotechnology, genome editing, and concussion biomechanics pushed him to question whether engineering could solve problems with poorly defined constraints, ultimately steering him away from academia and toward management consulting.
After a transformative summer in Portland sparked his commitment to prioritize lifestyle and location, Caleb landed at Bain by cramming Case in Point in seven days, where he learned to parachute into ambiguous Fortune 500 business problems and rapidly structure high-stakes analyses—skills that now underpin his venture capital work. He reflects on the crucial role of mentors and teammates who reinforced his conviction that people matter more than any opportunity, and recounts the unexpected ten-day whirlwind that pulled him from a clear promotion path in Atlanta to join Eric Schmidt's Innovation Endeavors in San Francisco, embracing serendipity despite tripled rent and an uncertain future.
"People outweigh challenging environments. A great environment cannot outweigh challenging people."
In this episode of The Biotech Startups Podcast, Partner at Bison Ventures, Caleb Appleton returns for Part Two to share how early research experiences in nanotechnology, genome editing, and concussion biomechanics pushed him to question whether engineering could solve problems with poorly defined constraints, ultimately steering him away from academia and toward management consulting.
After a transformative summer in Portland sparked his commitment to prioritize lifestyle and location, Caleb landed at Bain by cramming Case in Point in seven days, where he learned to parachute into ambiguous Fortune 500 business problems and rapidly structure high-stakes analyses—skills that now underpin his venture capital work. He reflects on the crucial role of mentors and teammates who reinforced his conviction that people matter more than any opportunity, and recounts the unexpected ten-day whirlwind that pulled him from a clear promotion path in Atlanta to join Eric Schmidt's Innovation Endeavors in San Francisco, embracing serendipity despite tripled rent and an uncertain future.
Key topics covered:
- Rethinking academia: How hands-on experiences in biology, biomechanics, and concussion research led Caleb to question a PhD-focused career path.
- Constraint-driven problem solving: Why poorly defined scientific problems made him rethink engineering as a route to impact.
- Discovering consulting and Bain: From last-minute case-interview prep to thriving in a high-caliber, high-expectation environment.
- The power of people and mentorship: How managers, peers, and long-term relationships shaped his growth and decision-making.
- Jumping into venture capital: Leaving a secure promotion at Bain to join Innovation Endeavors in San Francisco and embrace career serendipity.
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Subscribe to the Podcast:
Find our guest, Caleb Appleton at these links:
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:
Case in Point by Marc Cosentino:
Venture Deals by Brad Feld and Jason Mendelson:
​CRISPR Genome Editing Basics:
​Nanotechnology and Genome Editing: https://www.diversatechnologies.com/how-nanotechnology-can-overcome-current-limitations-in-gene-editing-with-viral-vectors/
​Understanding Venture Capital Funding: https://www.investopedia.com/terms/v/venturecapital.asp
Companies, Universities, & People mentioned:
Bain & Company: https://www.bain.com
Innovation Endeavors: https://www.innovationendeavors.com
Georgia Tech (Georgia Institute of Technology): https://www.gatech.edu
​
Eric Schmidt: https://www.linkedin.com/in/eric-e-schmidt
Brad Feld: https://www.linkedin.com/in/bfeld
​
Timestamps:
00:00 Intro
02:07 Rethinking the PhD Path Through Undergraduate Research
04:19 Early Machine Learning Project on Horse MRIs
06:25 Summer in Portland Working on Concussion-Reducing Bike Helmets
10:05 Realizing Academic Research Wasn't the Right Long-Term Path
11:51 Falling in Love with the Pacific Northwest and Location Flexibility
13:39 Learning About Consulting and Landing at Bain
17:21 What It's Like Working at Bain as a Junior Consultant
20:29 Mentors and Relationships from Consulting
23:22 The Unexpected Move to Venture Capital
26:30 Making the Big Decision to Move to San Francisco
28:59 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.