Primary care physician and Stanford professor, Dr. Kavita Patel, discusses her journey into venture capital and empowering others.
Dr. Patel’s career trajectory showcases impressive achievements: she’s a primary care doctor, a venture partner at New Enterprise Associates, a professor at Stanford University School of Medicine, and a contributor for NBC News.
Her experience includes crucial roles in health care policy, notably in the Obama administration and as health deputy staff director for Senator Ted Kennedy.
Despite her remarkable accomplishments, she initially struggled to broaden her perspective on financial success.
Growing Up in a Motel: A Unique Background
Raised with her two sisters in San Antonio, Texas, Dr. Patel's family was part of a community of Indian immigrants who operated motels.
“I worked around the clock,” she shares, expressing the aspirations she and her mother held for a brighter future.
“My mother, who experienced an arranged marriage, emphasized the importance of independence: ‘You must learn to be smart and self-sufficient, as you won’t have brothers, and I can’t guarantee a husband will support you,’” Dr. Patel recalls.
This inspired her pursuit of either medicine or law — fields that promised financial stability. She took both the MCAT and LSAT, ultimately choosing to attend medical school, focusing on internal medicine, where she found joy in unraveling complex diagnoses.
Transitioning from Medicine to Policy
During her residency, Dr. Patel grew disillusioned with healthcare policies. A particular moment stands out when she argued with an insurance company over a life-saving medication for her patient.
“I questioned the rationale behind prior authorization, wondering who designed such policies and why they weren’t covered in my medical education. This led me to delve into health policy and work with those who could implement change,” she explains.
Her career then took her to work on health policy with Senator Ted Kennedy and later, in the White House under President Barack Obama. This experience honed her ability to convey complex ideas succinctly.
“Everything was meticulously planned, and the President’s time was incredibly valuable,” she reflects. “We had to communicate intricate concepts in under a minute. This was invaluable training for my future endeavors,” she adds.
Her government tenure also introduced her to a significant mentor who would help her gain entry into exclusive circles.
Redefining Financial Success
Dr. Patel’s foray into venture capital was unexpected, initiated by a colleague, Dr. Scott Gottlieb, whom she met while working on Capitol Hill.
“Our bipartisan relationship blossomed over the years,” she recalls. “One day, he asked, ‘Would you be interested in making some money?’”
Intrigued, Dr. Patel learned that Dr. Gottlieb was leaving NEA for a role at the FDA.
“I had helped draft laws that led to billion-dollar firms, yet I had never considered the role of private capital,” she admits.
Thanks to Dr. Gottlieb, she joined NEA as a venture partner, marking a new educational journey.
“My first investment was a book from Amazon on how to read a term sheet,” she laughs. She dedicated herself to mastering the intricacies of investing, from understanding warrants to structuring appealing deals for founders and analyzing public stocks.
Over time, Dr. Patel recognized a crucial truth about wealth creation: “It’s perfectly valid to set explicit financial goals, aiming for both security and the journey toward it.”
Dr. Kavita Patel: Uplifting Others and Giving Back
In venture capital, she observed a trend among female entrepreneurs. When discussing the potential of their ventures, she often waited for ambitious projections like, “This could be a billion-dollar company,” but didn’t hear it as often from women as from men.
As a result, Dr. Patel actively encourages women to dream bigger. “We can reach a hundred million dollars. That should be your target,” she advises. Her daughter, now eight, has picked up this mantra. “She often exclaims, ‘yeah, a hundred million dollars!’”
Dr. Patel reminds her daughter, “It’s challenging, but there’s no shame in aspiring for greatness.”
Her mission now is to continue lifting others, particularly women. “How can I help someone access opportunities they might not otherwise find?”
“I was once given that chance, and while it took time, I earned my place,” she shares. “I had to begin somewhere, and that’s the essence of what I do now.”
