34 - Investing in early-stage science companies with Lucius Cary

Lucius Cary first raised money for a small restaurant chain in the late 1970s. The difficulties of doing that inspired him to start a newsletter connecting startups and investors. Four decades later, he is on the seventh iteration of his fund. We start with Lucius's own story. He tells us how he found his first investors in an environment with no infrastructure at all. He tells us how this inspired him to help others with the same problems, and how that business led into fund management. Oxford Technology still invests in very early stage-science companies, often investing before there is even a product. We talk about how he assesses such companies and how he paces investment to help manage the risk of being too early. We also talk about his 'one-hours drive rule'. As an investor in over 150 companies, Lucius brings a wealth of examples, both of companies and his unique way of working. Website: https://www.oxfordtechnology.com/ (https://www.oxfordtechnology.com/)