Driving Alpha

What does it take to consistently generate venture capital returns in one of the most complex industries in the world? Garheng Kong, founder and managing partner of HealthQuest Capital, has spent more than two decades answering that question, backing transformative healthcare companies that improve patient outcomes while bending the healthcare cost curve. A physician, scientist, and engineer by training, Garheng has led investments resulting in more than 40 IPO and M&A exits across medical devices, diagnostics, biopharma, and healthcare services. Here's a glimpse of what you'll learn: 00:10 Meet Garheng Kong 01:51 Athletics and Teamwork 03:08 From Medicine to Investing 05:29 Why Start HealthQuest 08:17 Modality Agnostic Edge 09:42 Measuring Outcomes and Value 12:35 Evaluating Founders Fast 15:35 Hidden Systemic Problems 17:55 AI in Healthcare 25:40 Lessons and Mentorship 29:08 Succession and Alpha Edge 32:07 Lightning Round and Wrap In this episode, Garheng shares the investment philosophy behind HealthQuest Capital and explains why the firm takes a modality-agnostic approach to healthcare investing. Instead of focusing on a single sector like software or medical devices, HealthQuest evaluates opportunities across the entire healthcare ecosystem, searching for companies that deliver measurable improvements in both patient outcomes and healthcare economics. Garheng also discusses how today's payer-driven healthcare environment has fundamentally changed innovation, requiring startups to prove both clinical value and financial impact from day one. Additionally, Steve Brotman and Garheng dive into the structural inefficiencies that create massive opportunities for healthcare innovation, from administrative bloat to the disconnect between patients, providers, and payers. They explore how venture investors evaluate founders in the first minutes of a meeting, why resilience and domain expertise matter more than perfect business plans, and how AI is beginning to transform healthcare by saving both time and lives. Garheng also shares his perspective on the technologies shaping the next decade of healthcare, from robotic surgery and AI diagnostics to why gene editing may be overhyped today while genetic sequencing is quietly becoming one of the most powerful tools in modern medicine.

A cancer diagnosis rarely leads to a venture fund, but for Ben Freeberg, it became the catalyst for building one. As Founder and Managing Partner of Oncology Ventures, Ben transformed a firsthand experience with broken cancer care into a focused investment strategy aimed at fixing the system from the inside out. Here's a glimpse of what you'll learn: 00:12 Introduction and Welcome 01:17 The Origin Story of Oncology Ventures 04:56 Challenges and Surprises in Fundraising 07:07 Superpowers of Oncology Ventures 10:02 Fund Performance and Future Plans 17:28 Impact on Patient Lives 21:39 The Role of Stand-Up Comedy in Venture Capital 24:38 Life in Austin and Closing Remarks In this episode, Host Brian Smiga speaks with Ben Freeberg about the moment his professional trajectory changed forever. After surviving cancer, and navigating delayed diagnoses, fragmented care, and costly inefficiencies, Ben recognized that the biggest opportunities in oncology weren't just in new drugs, but in the infrastructure, data, and care delivery systems surrounding them. That realization became the foundation for Oncology Ventures. Also, Ben explains how a specialist venture model can outperform in complex healthcare markets. He breaks down why Oncology Ventures avoids drug development risk, how its strategic LP base of cancer centers and healthcare operators creates a powerful sourcing and commercialization advantage, and what it takes to underwrite early-stage oncology companies before the market fully validates them. The conversation also covers fund construction, co-investment discipline, and the real-world patient impact already generated, demonstrating how strong business models and meaningful outcomes can scale together.

What happens when a venture capitalist brings a deep understanding of government into the startup world? Yanev Suissa, Founder and Managing General Partner of SineWave Ventures, has done just that, carving out a powerful niche by helping commercial-first startups break into government markets. His journey from NEA to the Bush and Obama administrations gives him a perspective few investors can match. Here's a glimpse of what you'll learn: 00:42 Introduction and Guest Overview 01:24 Yanev Suissa's Background and Career Path 02:19 The SineWave Ventures Model 03:33 Navigating the Government Tech Space 05:42 Competing with Mega Funds 07:50 Investment Decision-Making Process 10:24 Evaluating Founders and Teams 16:14 Impact of AI and Investment Landscape 18:23 The Importance of Vision in Entrepreneurship 19:16 AI and Business: Making Money and Saving Money 19:38 Challenges and Realities of AI Implementation 20:20 Future Proofing and Investment Strategies in AI 21:16 The Role of VCs in Supporting Startups 22:21 Debate: The Future Landscape of AI Companies 25:32 VCs and Founders: Building Productive Relationships 29:55 The Rewards and Challenges of Being a VC 31:42 Timeless Advice for Entrepreneurs and Investors In this episode, Yanev unpacks how his background in federal investment shaped the founding of SineWave Ventures, a VC firm built to help commercial technology companies win in both the public and private sectors. He explains why many venture-backed startups overlook government as a growth engine, and how SineWave uniquely helps founders access these massive, often hidden, revenue streams. With past investments in Databricks, SentinelOne, and Evolv, Yanev shares what makes a venture truly scalable across sectors. The conversation dives deep into the challenges of competing with mega-funds, the critical role of team dynamics in startup success, and how Yanev's firm makes concentrated bets in a crowded market. He also offers a candid perspective on the current AI supercycle; including what's hype, what's real, and how to think about sustainable ROI in enterprise AI adoption. Whether you're a founder, investor, or LP, Yanev's insights offer a playbook for navigating venture capital with both conviction and clarity. Sponsor Host: Affinity Affinity is a relationship intelligence platform that empowers dealmakers in relationship-driven industries to find, manage, and close more deals. With the most automated relationship intelligence insights and technology, Affinity enables leaders to drive deals and ensure their teams can take action with confidence, knowing the context and history of every relationship. The Affinity platform, including Affinity CRM, is used by over 3,000 relationship-driven organizations worldwide. Founded in 2014, Affinity is headquartered in San Francisco and backed by leading investors, including Menlo Ventures, Advance Venture Partners, 8VC, and MassMutual Ventures. Learn more at https://affinity.co

What if your venture capital firm could plug you directly into the world's most influential corporations; unlocking growth, customers, and global scale overnight? That's exactly what Simon Wu does as a Partner at Cathay Innovation. Leading U.S. investments at the $2.5B global VC, Simon's work sits at the intersection of innovation, industrial strength, and strategic capital. Here's a glimpse of what you'll learn: 00:41 Introduction to Alpha Partners and Guest Simon Wu 01:33 The Origin Story of Cafe Innovation 03:06 Growth and Expansion of Cafe Innovation 05:59 Unique Corporate Connections and Investment Strategy 11:04 Navigating the Competitive Venture Capital Landscape 15:23 AI and Wealth Tech: Current Trends and Future Predictions 23:28 Closing Thoughts and Future Collaborations In this episode, Simon Wu shares how Cathay Innovation bridges the gap between fast-moving startups and industry giants, turning traditional corporate LPs into game-changing partners for growth-stage companies. From automotive and energy to digital health and fintech, Simon explains how their global corporate network unlocks distribution, contracts, and strategic edge for portfolio founders. With nearly 20 core corporate LPs and hundreds of partners worldwide, Cathay's model delivers far more than capital. Simon also reveals what separates the good from the great in today's AI-fueled startup landscape. He walks through Cathay's investment in companies like Skan and Range, outlines how their ecosystem teams help navigate enterprise sales, and breaks down what it really takes to win Series A and B rounds in a bifurcating VC market. For VCs, founders, and operators alike, this conversation is a masterclass in strategic venture capital at scale. Sponsor Host: Affinity Affinity is a relationship intelligence platform that empowers dealmakers in relationship-driven industries to find, manage, and close more deals. With the most automated relationship intelligence insights and technology, Affinity enables leaders to drive deals and ensure their teams can take action with confidence, knowing the context and history of every relationship. The Affinity platform, including Affinity CRM, is used by over 3,000 relationship-driven organizations worldwide. Founded in 2014, Affinity is headquartered in San Francisco and backed by leading investors, including Menlo Ventures, Advance Venture Partners, 8VC, and MassMutual Ventures. Learn more at https://affinity.co

In venture capital, power isn't just about capital, it's about who gets to decide where it flows. Paige Hendrix Buckner, CEO of All Raise, is redefining who sits at the decision-making table. With a background spanning public policy, education, and founder support, she's leading a movement to shift both the culture and the calculus of VC, proving that diverse check-writers create better outcomes. Here's a glimpse of what you'll learn: 00:42 Welcome to the Driving Alpha Podcast 00:52 Meet Paige Hendrix Buckner: CEO of All Raise 01:38 Paige's Journey: From Education to Entrepreneurship 04:34 All Raise's Mission and Impact 06:09 Transformations in Venture Capital 09:12 Empowering Women and Non-Binary Investors 13:10 Building Competitive Advantage 21:41 The Importance of Sponsorship and Mentorship 29:43 All Raise's Networking and Community Initiatives 33:34 The Power of Storytelling in Venture Capital 38:15 The Business Case for Diversity 41:37 Final Thoughts and Call to Action In this episode, Paige joins Driving Alpha host Zoe van den Bol to explore how shifting power toward women and non-binary investors can unlock smarter investing and stronger returns. Backed by compelling data, Paige shares how All Raise has doubled the number of women in Partner+ roles and is now laser-focused on helping them build measurable influence, from leading deals to securing board seats. They dive into tactical strategies for junior investors looking to grow their credibility and capital access, the importance of mentorship and sponsorship in a relationship-driven industry, and how to build a personal brand that earns deal flow. Paige also speaks candidly about the need to normalize being "transactional", and how that mindset shift helps communities, and careers, thrive. This is a masterclass in rethinking power, performance, and the future of venture capital.

What if your investor could also be your first customer, biggest champion, and gateway into a massive market? David Horowitz, Partner at Cerity Partners Ventures and a corporate VC pioneer, has spent over 20 years proving that venture capital can do more than write checks, it can open doors. Here's a glimpse of what you'll learn: 00:43 Introduction and guest welcome 01:21 David Horowitz's early career and venture capital journey 04:49 founding Touchdown Ventures 06:38 The evolution and success of Touchdown Ventures 08:16 Cerity Partners merger and wealth management 13:16 Corporate venture capital insights 25:28 Future of corporate venture and AI 30:19 Closing remarks and future plans In this episode, David takes us behind the scenes of his remarkable career, from launching Comcast Ventures to building Touchdown Ventures into the gold standard of corporate VC. Now leading Cerity Partners Ventures, David reveals how his team manages over 20 corporate venture funds, helping Fortune 500s invest in and support startups with precision and purpose. You'll learn why corporate VC isn't just capital, it's a strategic lever for growth. David explains how his model brings startups deep industry access, faster validation, and critical early feedback that de-risks innovation. He also shares how vertical AI is becoming a central theme across sectors like legal tech, healthcare, manufacturing, and insurance, and how Cerity is helping founders unlock these opportunities globally.

Can AI truly transform the enterprise, not just improve it? Eric Benhamou, legendary tech CEO and founder of Benhamou Global Ventures, believes it already is. He reveals how his firm is leading the charge with "Enterprise 5.0", a new era defined by full-stack, AI-native solutions. Here's a glimpse of what you'll learn: 00:43 Intro to Alpha Partners 01:00 Meet Eric enhamou: A Pioneer in Tech 02:09 Understanding Enterprise 5.0 04:26 Case Study: Events and AI Accessibility 07:37 Selling to Enterprises: Insights from a Fortune 500 CEO 09:42 The Global Edge: Investing Beyond Silicon Valley 15:44 Spotlight on Paris and Japan 20:32 Building a Network of Advisors 25:45 Conclusion and Final Thoughts In this episode, Eric Benhamou joins host Brian Smiga for a powerful conversation on what it means to build and invest in AI-driven companies that go beyond hype to deliver tangible results. Eric introduces the concept of "Enterprise 5.0," where AI is not just an enhancement but the core ingredient of transformative enterprise platforms. He shares the story of Evinced, an accessibility startup solving compliance at scale using AI, not just to detect issues, but to fix them automatically. Eric also reveals why some of the world's most resilient and high-performing startups are being built far from Silicon Valley. With deep roots in Israel, France, India, and soon Japan, BGV's global model taps into the best AI talent worldwide, often at a fraction of the cost. He discusses how grit, ambition, and cross-border structuring create companies with global potential from day one. The conversation rounds out with Eric's insights from the frontlines of enterprise sales, where his CEO playbook helps founders sell strategically, not just tactically. He also shares BGV's secret weapon: an elite advisory network of CTOs, CISOs, and AI experts who shape product strategy and accelerate go-to-market. If you want a front-row seat to how AI is truly redefining enterprise, this episode is a must-listen.

What if your greatest edge as a VC wasn't data or deal flow, but your network? Heather Hartnett, CEO and General Partner of Human Ventures, is proving that authentic human connection can drive real alpha. From startup studio to powerhouse VC platform, she's built one of New York's most trusted early-stage ecosystems. Here's a glimpse of what you'll learn: 00:40 Introduction to the Driving Alpha Podcast 00:51 Meet Heather Harnett: CEO and Co-founder of Human Ventures 00:57 Heather's Career Journey and Achievements 02:21 The Founding Story of Human Ventures 02:39 The Evolution of Human Ventures 05:54 Why New York City? 07:42 The Future of Human Needs and AI 12:11 The Concept of Human Alpha 14:50 The Importance of Networks and Relationships 30:18 Finding Human Alpha in Founders 34:10 Closing Thoughts and Takeaways In this episode, Heather joins Zoe van den Bol to unpack how Human Ventures evolved from a startup studio into a fund franchise now three funds deep. She explains how "human alpha", a blend of grit, network mindset, and founder-market fit, is the cornerstone of their investment strategy. You'll hear how she leverages deep community roots in New York to unlock underpriced talent and fuel breakout success. Heather also dives into the intersection of AI and human connection, revealing how new tools are transforming relationship management, sourcing, and founder support. With insights from her work with advisors like Esther Perel and an upcoming launch of human.ai, Heather shares why relationships (not just returns) will define the next era of venture capital.

What if the biggest venture opportunities aren't in the next SaaS tool, but in the markets everyone avoids? Salen Churi, founder and general partner at Trust Ventures, is proving that regulation-heavy industries hold the keys to outsize alpha. A former law professor turned VC, Salen helps startups turn red tape into competitive edge. Here's a glimpse of what you'll learn: 00:40 Introduction to Driving Alpha Podcast 01:58 Salen Churi's Background and Family History 03:30 The Intersection of Innovation and Regulation 05:41 Founding Trust Ventures 12:29 Case Studies: Oklo and ICON 17:05 Navigating Regulatory Challenges 22:03 Investing in Regulatory Risk 25:27 Unique Approach to Venture Capital 26:35 Policy Partner and Regulatory Strategy 26:57 Investment Strategy in Nuclear and Competitive Markets 28:46 Innovative Solutions in the Energy Sector 30:44 The Role of Batteries in Grid Management 38:46 AI and Regulatory Challenges 43:48 Future Vision and Regulatory Changes 46:28 The Importance of Tackling Regulatory Problems In this episode, Salen Churi breaks down how Trust Ventures consistently finds billion-dollar potential hiding in plain sight, by backing companies that challenge outdated regulatory systems. From modular nuclear energy to 3D-printed homes and AI-driven battery grids, Trust helps founders reshape broken systems and unlock massive, underserved markets. Salen explains why regulation isn't a red flag, it's often the moat. He shares stories from Trust's early bets like Oklo, ICON, and Base Power, each tackling entrenched incumbents with bold tech and smart policy strategy. He also dives into how Trust evaluates regulatory risk, why they're not afraid of government-adjacent challenges, and how their model as a "policy partner" is turning underdog startups into market leaders. Whether you're a founder eyeing a legacy industry or a VC seeking differentiated returns, this episode is a playbook for turning policy gridlock into venture-scale alpha.

Can a PhD in accounting build a top-tier VC firm in the heartland, and beat the coastal giants? Ira Weiss did just that. As founding partner of Hyde Park Venture Partners and a professor at Chicago Booth, Ira has quietly helped turn the Midwest into a serious startup engine, backing breakout companies like ShipBob and Audit Site before they were household names. Here's a glimpse of what you'll learn: 00:48 Introduction to Driving Alpha 01:00 Guest Introduction: Ira Weiss 01:14 Ira's Academic and Professional Journey 01:50 Hyde Park Venture Partners 03:07 Personal Connection and University of Chicago 05:00 Transition to Venture Capital 06:25 Routes to Becoming a Venture Capitalist 08:51 Evaluating Startups: Then and Now 12:23 Case Study: ShipBob 18:32 The Importance of Sticky Products 19:34 Exciting New Ventures: Audit Site 22:46 AI's Role in Auditing and Financial Systems 24:31 AI Adoption in Companies and Investment Strategies 28:45 AI's Impact on Academia and Student Learning 31:45 Investment Decision-Making Processes 38:06 Midwestern Entrepreneurship and Investment Insights 42:01 Reflections and Closing Remarks In this episode, Ira shares how his journey from academia to early-stage venture capital gave him a unique lens for spotting high-potential founders in overlooked markets. He dives into the importance of founder chemistry, sticky products, and the traits that separate real moats from hype. You'll hear how ShipBob scaled in a gritty, unsexy market and how Audit Site is transforming the world of financial audits using cutting-edge tech. We also explore how AI is reshaping the startup world, from reducing headcount to disrupting traditional B2B models, and what that means for investors. Ira offers tactical advice for aspiring VCs, insights into how investment committees really work, and why the next breakout startup might not be in San Francisco or New York.