Don't Build Your Own Cathedral: The Hidden Cost of Lab Space | Philip Borden (4/4)
September 10, 2026
Philip breaks down the hidden costs of traditional lab leases, from equipment maintenance and utilities to medical waste, freezer alarms, and unused square footage. He explains how flexible space can help emerging companies stay focused on milestones while preserving critical capital.
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“Don't build your own cathedral.”
After more than two decades in healthcare investing, Philip Borden decided to become an operator. He explains how a conversation with longtime friend Jeff Behrens led him to Labshares and why the shared lab model immediately resonated with his experience watching biotech companies struggle with infrastructure.
Philip breaks down the hidden costs of traditional lab leases, from equipment maintenance and utilities to medical waste, freezer alarms, and unused square footage. He explains how flexible space can help emerging companies stay focused on milestones while preserving critical capital.
The conversation closes with lessons from Labshares' first day under new ownership, including the loss of a major customer, the evolution of the company's value proposition, and the importance of transparent relationships with vendors. Philip also reflects on resilience, family, and the advice from his father to dream big.
Key Topics Covered:
- Becoming a Biotech Operator
- The Acquisition of Labshares
- Shared Lab Space
- Capital Efficiency
- Total Cost of Lab Ownership
- The Cathedral Problem
- Flexible Contracts
- Founder and Vendor Relationships
- Search Funds and Private Equity
- Resilience Through Biotech Cycles
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Find our guest, Philip Borden, at these links:
LinkedIn: https://www.linkedin.com/in/philipborden
Website: https://www.labshares.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:
Labshares: https://www.labshares.com/
LabCentral: https://labcentral.org/
UW CoMotion: https://comotion.uw.edu/
Pacific Lake Partners: https://www.pacificlake.com/
Harvard Business School: https://www.hbs.edu/
Duke University: https://www.duke.edu/
Excedr Partner Network: https://www.excedr.com/partners
Companies, Universities, & People Mentioned:
Riverside Partners: https://www.riversidepartners.com
Galen Partners: https://www.galen-partners.com
Frazier Healthcare Partners: https://www.frazierhealthcare.com
LabCentral: https://labcentral.org
UW CoMotion: https://comotion.uw.edu
Pacific Lake Partners: https://www.pacificlake.com
Harvard Business School: https://www.hbs.edu
Duke University: https://www.duke.edu
Wells Fargo: https://www.wellsfargo.com
JPMorgan: https://www.jpmorgan.com
Moderna: https://www.modernatx.com
Lyndra Therapeutics: https://www.lyndra.com
Jeff Behrens: https://www.linkedin.com/in/jeffbehrens
Paul Graham: https://www.paulgraham.com
Timestamps:
00:00 Intro
01:43 The Post-2008 Crash and Changing LP Base
03:16 Riverside, Galen, and the Impact of COVID
04:25 How Jeff Behrens Started Labshares
05:19 Why Labshares Resonated with Philip
07:55 Let Scientists Focus on Science
10:01 The Total Cost of Owning Lab Space
11:54 From Incubators to Flexible Lab Space
16:12 Capital Efficiency in a Boom and Bust Industry
17:00 The Cathedral Problem and Staying Alive
25:22 Flexibility, Communication, and Trust
27:33 The Search Fund Partnership
28:41 A Brutal Welcome on Day One
29:38 Refining the Value Proposition and Scaling
41:00 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.