David Berry has co-founded more than 25 companies through Flagship Pioneering, including Valo Health, which became a unicorn after 18 months of operations. His fnSummit 2022 keynote covered unprecedented decisions, accountability and keeping the noise out.
To call startup founder David Berry a serial entrepreneur would be somewhat of an understatement. Through his work with Flagship Pioneering, Berry has co-founded more than 25 companies, and his venture Valo Health achieved unicorn status after just 18 months of operations.
Flagship Pioneering creates, builds, and finances early-stage startups addressing unmet needs in healthcare and sustainability. One of the most notable companies to come out of Flagship is Moderna, the pharmaceutical company that became a household name during the COVID-19 pandemic.
In October 2022, Berry was among the keynote speakers at Founders Network’s annual fall conference. fnSummit 2022 brought together founders, investors, and partners in the startup ecosystem for three days of networking and learning in Napa Valley. In his session, Berry shared lessons from nearly two decades in the entrepreneur ecosystem as of 2022.
Berry’s keynote was also available virtually on October 13, 2022, and the recording is linked below.
Here is a preview of his presentation.
To learn more about entrepreneur lessons check out the webinar from October 13 or explore our entire event video library
Revolutionizing an Industry
Valo Health was founded in 2019. As of 2022, the company used human-centric data and artificial intelligence to transform the drug development lifecycle, reducing the cost, time, and failure rate of drug development.
“In 2018, I saw a really powerful opportunity to take the historically siloed industry of pharmaceutical development with its legacy architecture and create a new way to discover and develop drugs leveraging an integrated data and development model—a framework that tech has done in industry after industry yielding dramatic benefits that here translate to benefits for patients,” Berry says.
Doing the Unprecedented
In the years after its launch, Valo Health rose quickly. As of 2022, the startup had raised $400 million in its first 18 months. The year before, it was poised to go public via a SPAC-PIPE transaction with venture capital firm Khosla Ventures. Ultimately Berry made the difficult decision to walk from the SPAC and keep Valo Health private.
“We saw the market changing. We saw what it was going to do to us,” Berry says. “Being a CEO is a lonely job requiring you to make the tough decisions. And for this one, there was no precedent.”
Making Your Own Path
While no one could provide Berry with precedent advice on how to handle the decision to go public or remain private, the entrepreneur says he has received wise counsel throughout his years in the industry. Perhaps the most poignant advice he ever received: “You have to take what you want because no one’s going to give you anything.” While it might sound aggressive, Berry says it’s especially applicable to startup founders where the company’s destiny is yours to create.
“If you’re a young person in the field you have to earn your career. Entrepreneurs have to make their own path,” Berry says. “When you want to do something without precedent, you have to have that will and that conviction. It’s about taking what you want and making it so. But I firmly believe that is what we all signed up for and we have the opportunity to live the vision we are trying to create.“
In his keynote David Berry covered:
- Real life stories about being an entrepreneur
- How to make unprecedented decisions with confidence
- Why you should embrace accountability
- How to keep the noise out
fnSummit 2022 reflected the Founders Network experience, giving startup founders the opportunity to learn from other tech founders in the startup ecosystem, build deep relationships with investors, and uncover solutions to the challenges they’re facing. The annual event is built for off the record discussion, reflection, and networking.
To learn more about entrepreneur lessons, see if you qualify for membership and check out the webinar from October 13.
Frequently asked questions
What is David Berry known for?
Berry has co-founded more than 25 companies through Flagship Pioneering. Valo Health achieved unicorn status after 18 months, and Flagship also produced Moderna.
Why did Valo Health walk away from its SPAC deal?
Valo was poised to go public through a SPAC-PIPE transaction with Khosla Ventures. Berry says the market was changing and he decided to keep the company private.
What is the best advice David Berry ever received?
'You have to take what you want because no one's going to give you anything.' He says it applies to founders because the company's destiny is theirs to create.
What does Valo Health do?
As of 2022, Valo used human-centric data and artificial intelligence to transform drug development, with the aim of reducing its cost, time and failure rate.
