YouSaid · the spoken record

Faheem Hasnain

lines on the record: 33
first: 2020-10-27
most recent: 2020-10-27
sittings or episodes: 1
sources: podcast

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“Your business where you as a founder are strong and where there are gaps in making sure you get great people to fill those gaps in is really critical to success. And the last one I would say is every entrepreneur should have a healthy balance of both optimism but also skepticism. You know, I joked before, but you can't find an entrepreneur who's not optimistic because for one to jump off the cliff, you have to be optimistic that you're going to land on the bottom or start flying, as they would say. But the other side is you need to have an appropriate amount of skepticism as well. Whenever I meet people who are starting businesses, I always say to them, if you can't tell me 100 reasons why this isn't going to work, then you haven't thought hard enough about it. And you need to be willing to poke holes in your own ideas and also talk to people who may be contrarian or poke holes in your ideas as well, because that's really what makes you better. And that's what makes your company better ultimately.”
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“I'm going to steal Sheila's playbook and give you a couple as well. I think the first thing I would say is, and it's hard to give entrepreneurial advice that doesn't come off as cliche now. So I fully acknowledge that. But I think doing things that you care about, and it sounds so simple, but that could be work on a problem you care about. That could be work on technology that you care about, or work on a broader value that you care about as well. This is a long journey. It's hard and it takes time. And if you don't have real personal investment in what you're building, it will eventually wear you down. The second thing I would say is the people are everything. And in every company of all sizes, people are everything, but particularly when you're starting a company in the early days, the people you bring on board have an outsized impact on your ability to be successful. So both being thoughtful about who you bring on to your team, but also being self-reflective about what's important.”
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“In his personal journey, it's around really making sure you stay aligned with your values and you don't lose that authenticity. And for myself, the values of respect, collaboration, and a really core value is humility. And I really love that he brought up the importance of being humble. And I think that's so important for an entrepreneur. If you're not humble, you'll miss the signals. You won't listen to your employees. You won't try to understand what's happening around you. and you may not make right decisions if you don't take all of that into account. So I really think humility is a really core value for me and I think it's important for really any entrepreneur.”
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“There's so many pieces of advice I could give. I guess I have three areas, and I'm sorry, it's not just one, but the first is basically focused on yourself. And I think really believing in yourself and having that tenacity and resilience to go for the dream and stick with it because you'll have ups, you'll have downs at the low points only make the high points sweeter, but you have to really believe in yourself and have that tenaciousness. The second is really surrounding yourself with great people. It can be a very lonely journey, especially as a founder and an entrepreneur and a CEO of a company. If you could find Bill Great mentors and supporters to surround yourself with, really add that executive level as well as your board if you have a board, as well as people you work with in the company. I always like to say the people are our platform. And so it's so incredibly important who you surround yourself with. And the third is something I think that Howard Schultz brought up yesterday when we were talking about the journey of star.”
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“The weed in the US is grown here in the US where there are many, many countries where it's fractional and most of their food is coming from other countries and long distances. So the need for a better and more regionalized food system is becoming more acute. And I think that's the second piece for me that drives a lot of optimism is I think you're going to start to see a strengthening in the regional food systems again, which is really important. And I think you're going to start to see assurance that in each of our regionalized areas, whether it's countries and other parts of the world or different parts of our country in the US, a stronger food system that is more self-reliant in that area, that practices are either regenerative or more sustainable in the way people are farming. And I think you're finding that people are figuring out how to work hand in hand with technology more effectively. And that could be precision agriculture. So farmers are using drip ear.”
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“I think you're hard pressed to find an entrepreneur who's not optimistic. I think it's probably table stakes for taking this journey. Maybe I'm wrong, but I think you have to be a pretty strong optimist to be able to stomach the ups and downs of building anything. To your question specifically, I am incredibly optimistic about what's ahead for farming and the sustainable food system in general. Specifically to our industry at Bowery, I am incredibly excited about just what's ahead for indoor farming as a part of produce moving forward and a part of a more sustainable food system. We see a market that's $100 billion a year in the US and about a trillion dollars a year globally. And that's just for crops that we think are good candidates for indoor farming at Bowery. And so the opportunity really is enormous. And it's not enormous only in the US. It is a true global opportunity, particularly because over 75% of the food, fresh”
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“I remember I was interviewed once and someone said, How do you deal with all the failures in drug development? How does that affect you? And I said, look at all the successes in drug development It's crazy basically the innovation and all the new therapies that have come out in the last 10 years alone with different disease series. And it's just astounding to me. So I'm very optimistic also, Kim, as you said, maybe I'm an optimist at heart, but I think we've done an incredible amount of work already and we have a lot more to do. The human body is very complex, but we're up to the challenge.”
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“Mechanisms and programs, whether they're large molecules, there's injections or small molecules or cellular therapy or gene therapy into the clinic into these later stages of development and really help patients and minimize those failed larger trials. And also how are you going to really manage for the safety risks? Like I think you were bringing out Irving, like we're also always trying to see how do we make sure that these are safe therapies for patients and how do we predict who's going to have safety issues and how do we minimize that and I think with the advent of artificial intelligence and the new algorithms that we're developing, large databases that we have access to where we can actually look at patient samples and interrogate our mechanisms before we go into the clinical trials all of this hopefully will improve the probability of us to be able to deliver successful medicines for patients and that's where we're all about that unmet need and to help patients because there is so much unmet need there in every disease area that I've been looking at even the ones where we've had great success.”
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“Yeah, and I wanted to kind of build upon really some analogous thinking that Irving has been talking about in the farming area, because you're trying to reduce uncertainty and you're trying to have more control over the outcomes. And as you all know, drug development is littered with failures, right? I mean, when you look at the percentage of programs that actually make it into phase one, two, three, and then get approval, this huge attrition rate through the pipeline. And our whole goal has been how do we minimize or at least make that attrition rate lower and have more successes over time. And I think we have all these tools now which really enable us to predict better the outcomes from a benefit from a clinical efficacy and benefit perspective, including which patients could be the most benefit responders from our therapies. So that we're always trying to figure out what mechanisms can work. How do we predict and increase the probability of success that we're going to be moving?”
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“That we have to worry about at Bowery. So we have the capacity to work with seed companies and find just these incredible varieties and flavors that actually remind you of what your grandmother's garden actually tasted like and the produce you got out of your grandmother's garden because we now at scale can grow crops without the concern of the external world that has really been plaguing and causing difficulty in agriculture for decades and really thousands of years.”
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“And that went from very rudimentary tools to What's so exciting about what we're doing at Bowery is, in essence, we're completely flipping that equation on its head. And we have the capacity at Bowery to intimately control all of the externalities that help a crop grow and thrive and not only grow as healthy as it can, but taste as incredible as it can taste. And when you can control all of those externalities, you no longer need to rely on chemicals. You no longer need to change the genetics of crops necessarily. And you have the ability now to grow crops that actually you don't see in our day-to-day life. Because if you look at industrialized agriculture, we essentially have chosen crops and seeds to deal with three things. How do we transport these crops for thousands of miles and they show up and they look good? And how do they resist pests and drought on the field? And that really is the most important determinant factor in choosing what we grow. Those aren't variables.”
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“What you say is exactly right, which is farming is 10,000 plus years old, right? This is probably the oldest and the largest industry there is. And it was our original understanding 10,000 years ago that you could plow in a field and you could plant seeds and that actually allowed us to start to establish civilizations and stop being hunters and gatherers. We just continue to innovate from there. But there's one consistency for the last 10,000 years in agriculture, which is agriculture has always innovated around the desire to figure out how can we control for a set of externalities that we have no control over, right? We can't control the weather. You can't control how cold it is or how hot it is, how much it rains or how much it doesn't, the nutrients that are or are not in the soil. And so much or almost all of the agricultural innovation has been around how do we deal with those externalities that we can't control.”
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“Amazing technology in the world if the food that we grow doesn't taste incredible, it doesn't matter because you bring it home to your family, you eat it yourself, your kids eat it, and food is such a highly personal and social component of our lives that it has to be amazing. It has to taste incredibly. It has to be vibrant and exciting for people. And so the technology is critically important, but without the food and the taste and what we're delivering on the other side, it's only one piece of a puzzle and it doesn't really complete the picture. And so I think what Kim was saying about technology being part of a larger picture is exactly how we think about this about Bowery as well.”
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“I want to just add something to what Kim had said before, which I thought was a really important point. And it resonated with me because of Bowery. We at Bowery have really believed technology and innovation can solve hard and important problems. And so the way we build our farms and what makes what we do possible is a combination of robotics and automation, which we develop and create for our growing systems and the processing overall, but also what we call the Bowery operating system, which is like the brains of our farm. And it combines software, artificial intelligence, computer vision to monitor and maintain our crops in real time and ensure they're getting exactly what they need when they need it. And it makes the whole system highly scalable because in essence, we're building a distributed network of farms and every new farm that comes online has the benefit of the network before it. And then that farm too strengthens that network. All that said, and we talk about this a lot, we have the most”
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“Work. I like to say it's not really research and development, it's the programs we work on. Let's continue to drive insights by doing the preclinical experiments, by doing the translational work, and we're even working with specialized biomarker companies on our different programs in different disease areas to learn as much as we can, which continues to understand how we refine the patients that we're selecting for our clinical trials. How are we getting novel insights and how we're going to do develop the next set of therapies, the next generation of therapies based on the current programs we have? So that's really what we focus on is that translational science.”
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“You can be very smart about how you work with real experts in the field, with the academic research institutions or other companies that are developing technologies in a certain area. So at Gossamer, what we try to do is employ as much as we can. And really the thesis for gossamer and sometimes say, well, what's your secret thought in terms of how you push drug development? And for us, we're a really translational company. And we have to have that integration between research, the translational scientists who bridge between research and the clinical studying, looking at biomarkers, the genetics, all the different insights we're getting on the mechanism from the clinical trials, as well as the clinical drug developers who know these patients and who can design the clinical trials. And so what we are doing is we're working with a number of different experts in the field in every disease area we're in, and we're trying to always push the boundary on those novel insights so that even when we go into the clinic, we don't stop our research.”
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“And so we're actually incredibly proud now to be the largest indoor vertical farming company in the country. And we've seen over 600% growth this year. So we started the year in under 100 stores and now we're in over 680 stores. And again, of course, that the pandemic isn't accelerant. It's not the reason alone for that.”
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“Yeah, you're exactly right. And I think that what's been interesting for us is the value proposition at Bowery and what our focus is today hasn't changed in the five years that I've been building the company. But what has happened is that COVID and the pandemic really heightened people's awareness quickly around the fragility of our fresh food supply chain or our food supply chain in general. I think people in this country particularly have sort of taken for granted the ability to walk into a grocery store and pull off the shelf anything you want at any time. And then we all know that a lot of machination behind the scenes goes on to allow that to be possible. And what we are really able to provide a bowry fundamentally is surety of supply year-round, a simpler supply chain overall, and a much safer product in general. And that has mattered long before COVID. And we were experiencing tremendous growth before COVID, but certainly the pandemic has acted as a major.”
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“cross functional team and still maintain people's energy level and have that thriving culture and make sure that we don't miss the beat which has been challenging to do but it's amazing how resilient the organization is how we've been able to pivot how we've actually been more productive in this time of COVID in terms of internal team driving and just waiting to work with these sites as they get up and running and I think it's just been very exciting but a lot of learning”
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“Big area. The second is that we tend to be, even though we work globally, we tend to really thrive in multifunctional, cross-functional collaboration teams because there's so many areas of expertise that you need in biotech to basically bring a drug forward. I always say it takes a village to really bring a new medicine forward for patients internally in your company and then externally working with contract vendors, contract research organizations, and of course all the patients, sites, the clinicians, the nurses that we work with. So we really feed all that energy. We have a lot of team meetings and we like to be co-localized and that has really gone away because we've had to work virtually. So how do we continue to have that energy and that dialogue that we need to have in that virtual environment where we're all working on Zoom all day long and that Zoom fatigue that occurs during the course of the day? So we've really had to manage that and understand how do we continue to have the great dialogue we need to have as a”
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“They really couldn't afford to have any risk because of their higher morbidity and mortality rates and their risk. So, for example, that clinical trial that we were running just shut down and we had to suspend enrollment, even though these patients are in dire need of new therapies. So that's a really big area in terms of understanding how to navigate through this, how to work with the site, these clinicians who are so stressed and overworked, how to make sure that we can enroll patients safely. We've even started shipping drugs directly to patients' homes really remote lab services for patients to be able to get their assessments done so we can make sure that we're ensuring safety and doing the clinical assessments for benefit from the clinical trial. So that's one big area and we're really the navigating through that. We've learned a lot. We had to pivot. We've had to become more nimble and understand how to conduct trials in this age of COVID where we may have to do more virtual site monitoring visits, things of that nature. So that's one.”
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“I had no idea I'd been navigating through the COVID pandemic. And there have been many areas in which it's impacted our business. The first most critical area is our ability to conduct clinical trials. So as you can imagine, this is our business. We go globally to run clinical trials. Sometimes I'm in 13, 15, 20 countries all over the world working with sites and hospitals and clinics to try to get patients enrolled into our studies. And when COVID came about, a lot of these centers and sites and hospitals just shut down and appropriately so because they really had to manage the risk. One area that we're doing development work in is pulmonary arterial hypertension. And these patients really have a lot of challenge because they tend to go into right heart failure. So they're managed by critical care doctors, intensivists, cardiologists, all the same clinicians were actually treating COVID patients now. And they themselves are very fragile.”
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“First of all, I want to congratulate both of you, Irving and Sheila, on your unbelievable success. I'm thrilled to be talking with both of you. But Jake, you know, to answer your question, it's mixed. COVID impacted early stage businesses in very different ways. In some cases, entrepreneurs suddenly found themselves facing prolonged zero revenue environments. In other cases, COVID massively accelerated adoption of their product or technology or sector. I will say that the common thread amongst my clients who are founders and entrepreneurs, and that's whether they're running a business that was a COVID beneficiary or not, is incredible resilience, conviction, and innovation. A lot of entrepreneurs were looking into a black abyss back in March and April, and they've persevered. Entrepreneurs of this unbelievable ability, as you all know, to sort of adjust when the ground shifts beneath them. And I think this year has been remarkable.”
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“Do see a lot of smaller biotech companies going after rare ultra-orphan type of disease areas or going after areas where not being pursued with larger companies and doing incredibly important development work. Agosmor Bio, we like to address disease areas that actually big pharma companies are in, and we're competing sometimes directly against them. But we again understand the science and we know how to execute and get clinical trials done in a nimble fashion. So that's what we're doing, but it can be really competitive environment. We just have to be that much more on our game all the time.”
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“Something that you have to be very focused on, you have to have a lot of expertise and know what you're doing because you really can't afford any missteps as a small company. Whereas sometimes with bigger companies and biopharma companies, you have a lot of resources and you can have multiple shots at a program. With biotech, you have to really get it right the first time out of the gate, which is another level of pressure.”
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“Supercrowded industry today. It is challenging. First of all, we're in an unprecedented time in terms of the innovation that we're seeing with the new tools and resources we have around genetics, what is capable in terms of the new insights we're getting and the type of drug development that we want to pursue. So it's so exciting to be in this field. I've never seen the rate of which the new discoveries are being made. I've never seen this type of energy. Sometimes frenzy because there's a lot of different programs we can work on. So it is an unprecedented time. The other challenge though with biotech and pharma is that the programs we work on typically are very resource intensive. It just takes a lot of capital to be able to run the trials that we need to run.”
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“Tell you, we need somewhere between 50 to 70 percent more food to feed that population. And all the while, 70 to 80 percent of people are going to be living in and around cities in this next 30 year period. And so I got really obsessed with this question of how do you provide fresh foods to urban environments and how do you do it in a way that's both more efficient and more sustainable? And that's really what drove me to found and create Bowery. And it's really based upon a technological foundation as well.”
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“I really, really cared about was A, working on something that I had an enormous passion for, but B, working on a problem that I thought mattered to larger society as a whole. And I really wanted to work on something that I thought could make a broader impact. And I've been a believer since I was a young kid that technology and the innovation economy can be used to solve hard and important problems. And when you look at agriculture, it is in fact at the nexus of many of the global challenges that we face today. 70% of the world's water every year goes to agriculture. We put down about 6 billion pounds of pesticides annually across the world. And what that's caused is over the last 40 years, we've actually lost 30% of all of our arable farmland. And so you have a system that's already stretching and straining. And then you look at what's happening to the world around us. There's going to be nine to 10 billion people on the planet in the next 30 years. The UN will...”
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“So I have been an entrepreneur since I was a very young kid. I was up to every little hustle you could imagine when I was growing up. And I would drag my younger brother behind me, whether it was my snow shoveling business or our leaf raking business or whatever else we could figure out how to start. Certainly a different journey than Valerie. But this is always the seat. I knew I wanted to sit in. Maybe not as a farmer per se, but certainly as an entrepreneur. And I kind of been in technology in the innovation economy for almost 20 years now and started out actually as a part of a small team figuring out digital for clear channel, which is the largest radio company in the world and was part of the team that built iHeartRadio and rolled that out, which was just an incredible experience. And ultimately decided to leave and start something of my own. And I went and built an enterprise software business in New York, a company called CrowdSwist, which we ultimately sold to Oracle. And when I started to think about what I wanted to do now next, what I”
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“Right people with that type of translational mindset and do again take risks and do really novel immunology development and that's our core translational immunology. So I thought I would be a good person to leave this effort. I'm also really supportive of a very strong, thriving culture that I believe that really drives performance and doing that in a small environment you can unleash so much value that sometimes gets a little bit lost in the bigger pharma companies. So I thought this is potentially a new way to move forward within biopharma and I wanted to do that.”
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“Great question. So I started Gasmore Bio. It's really the company of my dreams in terms of really just bringing together the totality of my experience that I've had. I've worked at large companies such as Genentech and Bristol Myersquid where I was a therapeutic head and leader for immunology. And then I was working at a small company, Receptos, where I was a chief medical officer, which we sold to Cell Gene in 2015 for about $7.2 billion at the time. So just a great exit. And I had all this experience that I had developed throughout my career and very grateful to have had those experiences. And I had terrific team, again, a team of industry veterans, but they also had that biotech spirit. And it's really hard to find individuals who actually thread that needle. And so I thought what I'd do is really create a next generation biotech company and really building upon all the experience I have, bring together a stellar team, add to that team with the”
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“Great. Yeah, so Gossamer Bio is a clinical stage biotech company where we're really focused on developing novel therapeutics in the disease areas of immunology, inflammation, and oncology. And I like to think of us as a disruptive research and development engine where we have an incredible team who has years of experience in industry. And what we're trying to do is bring the best of biopharma together, so the best of biotech where you're nimble, entrepreneurial, everyday count, you have a sense of urgency with really the best of pharma where you have that high quality excellence in drug development where we actually have a whole portfolio that we started with from the very beginning versus really one asset. So we have a really great research and clinical portfolio.”
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“Thanks so much. And so you said modern farming companies. What does that mean? So at Bowery, we build smart indoor farms that we locate close to the cities that we serve. So these are large warehouse scale farms where we grow our crops and we stack them from the floor all the way to the ceiling and they grow under lights that mimic the spectrum of the sun. And because of the way that we can grow, we grow 365 days of the year. We are completely pesticide free over a hundred times plus more productive than a square foot of farmland and we only use a fraction of the water compared to traditional agriculture.”
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