Turning Innovation into Investment: A Conversation with Anne Mazet

Speaker A: Welcome to this special series of the Commons, recorded live from the floor of the Bio International Conference in San Diego, California. At the Commons, we explore the people, ideas and places shaping our future. And over the next 11 special episodes, we're turning our attention to one of the most compelling bioscience growth stories in the country, that of Phoenix, Arizona. Across this series, we'll sit down with leaders from research institutions, healthcare systems startups, investors, philanthropy and economic development to better understand what it takes to build a world class innovation ecosystem. Phoenix's rise has not happened by accident. It is being driven by intentional partnerships, long term investment, entrepreneurial energy, and a shared belief that breakthroughs in bioscience can create healthier communities and stronger economies. From translational research and commercialization to talent, capital and the power of place, these conversations will explore how an ecosystem comes together and what other regions can learn from this journey. Thanks for joining us for these special episodes. I'm your host, Thomas Osha and this is the Commons coming to you live from San Diego.

Speaker B: Our special series, the Commons coming to you live from the show floor of the Bio International Conference in San Diego, California continues with a question every founder, researcher and innovation leader eventually faces. What terms? A, uh, promising idea into an investable company. To explore that question, I am joined by Anne Maze of Accelerant Ventures, an early stage healthcare investor focused on identifying and supporting companies working across health, tech and medtech. The firm emphasizes founder support alongside capital and prioritizes companies that demonstrate a path towards clinical, regulatory and commercial progress. At conferences like Bio, attention naturally gravitates towards breakthrough science. But investors are often evaluating a different set of questions. Is there a real problem? Can this scale? Does the team know how to navigate uncertainty? So, Ann, let's answer those questions and welcome to the Commons.

Speaker C: Thanks for having me, Tom. Uh, yes, those are great points to make because of course, uh, we lean toward biotech med tech, the Jetstream venture fund does veer into aerospace, defense, climate tech, legal tech. But since we're at Bio, I'll drill down into that.

Speaker B: Bio is full of extraordinary science.

Speaker C: Yes.

Speaker B: What makes you stop and say this could become a company?

Speaker C: You know, we have four general partners and a few others on the investment committee, so it's a collaborative effort. I think it's a combination of the ip, the technology, you know, how far along are they? And we don't have a set stage, but it's just a matter of what have they accomplished, where are they going? But truly, I think it comes down to the founder and the team around them. We have founders that are solo operators and we believe in them, if they're coachable, if they want to work with us and they're willing to let us surround them with the support that we have with our deep bench of experience, uh, we want to move forward with that kind of founder.

Speaker B: So it's all about the team behind the idea.

Speaker C: Yeah, usually it is. I think that's important. And you know, I think, let's face it, you want to work with people that want to work with you and you just get a feeling and sometimes you just know, um, we could just tell right after we see the pitch, we vote and we decide sometimes just based on that.

Speaker B: Has the definition of investable changed over the last couple of years?

Speaker C: It may have. Um, you know, I can't say that it's really changed. I think it depends, you know, we do have differing in opinions at times and I think it just depends on, you know, one of us usually will champion a startup or a founder. You know, we, we go to events, we see a lot of pitches, a lot of, uh, founders just are pushed our way. So, you know, we really listen to one another and you know, we don't always agree, but a lot of times, you know, there's the old saying, disagree and commit and, and so, and that's what we do sometimes. And you know, a lot of times you just have to take that bet.

Speaker B: At what point should a founder start thinking about or talking to investors?

Speaker C: Probably earlier than they think they need to. I think a lot of times if I go to some of the incubators, accelerators, and I meet very early stage founders, especially out of universities, you know, they'll say I'm not ready. And I'll say, have you applied for funding? And they'll say not yet, I'm not ready. And you know, the truth is I don't think, you know, anyone will really think they're ready. I also think when you apply and when you take that chance, you get feedback. You know, in our diligence process we send questions and they can be very detailed questions and based on those answers, we will provide feedback. You know, if it's way out of our thesis, we might decline an opportunity. But typically we will offer some type of information to guide them on their path. And a lot of times if we do say no, it's not a hard no, it's a not right now. And keep us posted and let's see what milestones you hit in the future.

Speaker B: Do you think founders are getting better at commercialization or are they still too research Driven.

Speaker C: I guess it's a bit of both. I think some of them really get it when it comes to business and it depends on the advisors they bring on and who's around them. But yes, I mean researchers, you know, they're in their labs and a lot of times that's heads down work, they're, they're in a bit of a bubble and perhaps they don't have that strategy, but that's where we come in and that's why we like to find those coachable founders. We are willing to work with them, we have connections that we will, you know, introduce them to. So that would not preclude us.

Speaker B: Are there things about the ecosystem where you're located in the Phoenix area that helps companies produce repeatedly rather than just occasionally?

Speaker C: Oh, absolutely. I think Phoenix is one of the most welcoming ecosystems I've ever experienced. I think some can be very competitive and while everybody likes a good competition, I don't find that in Phoenix. I think everybody's trying to help everyone else. And I really do feel that if a company is looking for support, resources, organizations like Azbio, aca, Flynn foundation, they're all there to really give that underpinning for these founders and startups. There's money available, there's support available, a lot of events such as Venture Cafe. So I think it's all there if you tap into it.

Speaker B: When folks think about venture investing, a, uh, certain profile comes to mind but. And it's largely been available to institutions in the ultra wealthy. But you've recently launched a new fund called Jetstream that was really meant to solve a problem. Tell me about the problem it solves.

Speaker C: Absolutely. The problem itself was really recognized by uh, our managing director and leader, Dr. John Shufelt, who is a big believer in equity and fairness for everybody. So you know, his vision is to make venture available to everyone. I think with all the IPOs such as SpaceX, I think people really want to tap into that and they want a piece of that, but they can't get it because they're not a high net worth individual. They can't prove that they're an accredited investor. And Jetstream really solved that problem. It's a venture for everyone. The buy in starts at just $5,000 versus a much higher price tag. I also think the difference is Jetstream offers liquidity. It's called an interval fund, meaning there are two intervals throughout the year where our investors can take out their money if they, if they need to, they have that opportunity. And you don't have that in a classic VC that money is locked up and you really have to just put it to bed, uh, and wait a long time to get it back.

Speaker B: Is this part of a broader movement to democratize the private capital markets?

Speaker C: Absolutely. There are other companies doing this and I do think that it will continue to proliferate over the years. But it is new and we do a lot of explaining, we do a lot of presentations to really explain what is the difference. Because I do feel if you don't have an understanding of that, you shouldn't invest in something that you don't fully understand. Everyone has to do their due diligence. But we really are explaining a new concept. So we do have to share those details and make sure that every investor that we meet fully knows what they're getting into. And the one thing I will say is we have our four general partners and we have our team. Very rarely would you have the opportunity to speak directly to a portfolio manager. You have that with us on our website. If you click Schedule a call, you will speak to one of our experts, Doug Sylvester, Chris Yu, Dr. John Shufelt, Mike Schufelt, and they will spend time with you and they will explain it to you. And if you want to call again, we'll walk you through it again. So we want everyone to know what they're getting into and be fully versed in the fund before taking that job.

Speaker B: Very hands on approach.

Speaker C: Yeah, absolutely.

Speaker B: As you're looking at pitches, because I'm sure you get them all the time, is there something that you find that uh, a lot of founders consistently underestimate? If there was one thing you could tell them, fix it before you come to see uh, uh, capital, what would that be?

Speaker C: A detailed map of your future plans. I think a lot of times we will ask those questions. So I think really thinking about the potential questions that might come your way and try to have those answers or a few answers ready. You know, I've been seeing pitches here in the startup stadium and bio and uh, all of them are fabulous. They would have to be to get this far. But some of them really differentiate themselves when they have maybe some backup slides, when they, you know, they don't, they don't have enough time to get through the full deck that they might in a 20 minute pitch. But they're ready. So if that question comes up, they can immediately speak to that and they can overcome any of the obstacles we might be throwing their way.

Speaker B: Is there a place where you see that as a founder and I'll use now researcher, founder, a time where probably professional Management and executive leadership is needed so the founder can focus on the science.

Speaker C: Yes, absolutely. You know, one of the questions, we have a team of fractional experts that we work with. We call it, that, that, we call that our jet fuel team. And you know, one of the experts I met with, one of the questions he asked a uh, founder was are you willing to not be the CEO? And the founder said, I never thought of that, but yes, you know, that's actually a good suggestion that would allow me to continue my research and bring in someone who has been a CEO to really support me and the team. So yeah, they need that expertise, they need that business sense and it's just a question of are they willing to take it on and accept it.

Speaker B: So looking back at Dr. Shufelt's career and really his focus on inclusion, is there something in your investment thesis that allows you to reach perhaps underserved founders?

Speaker C: I think so, in that with a lower buy in at $5,000, we are writing smaller checks right now. It's an evergreen fund. We've just started fundraising this year. And so while we will constantly be raising funds, you know, as we, as we raise funds, we're making investments. So because a lot of uh, I think a lot of founders, they set a high valuation, they get coached into doing that and that's going to really limit who can invest in them. So we're happy to co invest and we do look at, you know, other vehicles, secondaries and SPVs to provide liquidity. But when we are looking early stage, if they're willing to accept that smaller check along with the help that we will, you know, offer them, I think that's going to be a roadblock that they can overcome because they're willing to do that. And yes, that that equity, you know, as John Shufeldt believes in, is the reason that we're willing to go pre seat seat and honestly we're willing to stay with the company. We will stay with them through series A, B if we believe in them and they want to stay with us. So yes.

Speaker B: Are there things that universities, healthcare institutions from which the technology may come, are there things they can do to help reduce the risk or to make these new companies more investable downstream?

Speaker C: I think they can and I think in Phoenix they really do. You know, we work a lot with asu, U of A. Uh, also we have Mayo Clinic and they have an accelerator. So yes, I think that they can, they do in our situation. But I think, you know, that's that initial de risk they're working with professionals in the universities and that's their opportunity to really, you know, run everything up the flag pole and do those mock pitches. I think most universities do have accelerator programs and if they can avail themselves of that, you know, they're definitely a step ahead of the researcher that's still in the lab and really not getting out there and practicing and sharing and taking that feedback consistently. So yes, they need to do it and I do think most of them, ah, are doing it.

Speaker B: I think Jetstream is a brilliant concept for helping wealth creation flow to those who've been traditionally left out.

Speaker C: Absolutely. It's pretty limited. If you think of, you know, most people, they might have a 401k, they might have a high yield savings and they might own their home and there is kind of a sense of, well, what else can I do? And now what do I do? And you know, people watch shows like Shark Tank and they think, how I'd love to invest in a startup. And typically you'd have to find that one startup and you'd have to make a pretty big bet. But, you know, we are doing that for you. We, we are finding those startups and you're basically, um, it's similar to a mutual fund in that you're getting a mix of all these startups, you know, so I think it's a great opportunity for everyone to try vc, kind of hedge against those other vehicles and, you know, try something new and hopefully get those returns that you read about.

Speaker B: Phoenix has made enormous investments in its innovation ecosystem over the last 10 years. No doubt about it, when you look at what's happening on the Phoenix bioscience Corps, uh, Wexford's Connect Labs, what's happening at Discovery Oasis, ASU, Mayo MedTech Accelerator? Are the capital sources developing alongside? Is there more capital in the market today to support this activity than there was 10 years ago?

Speaker C: It feels like, it feels like there is to me. I mean, I do feel like where it would be more difficult and I do think that difficulty was probably the reason that some startups want to put out that high valuation, because they're afraid they'll never get it again. But, uh, I do feel like it's more available and I think you can start small and know that there might be somewhere else to turn, especially in Phoenix. There are so many organizations, um, that are, that are just stepping up and really funding these startups.

Speaker B: So you're finding the syndication partners you need?

Speaker C: Oh, yeah, yes, absolutely, we do.

Speaker B: In a world of AI, and AI has been one of the watchwords of bio this year, the Humans touch still matters. Right?

Speaker C: Right.

Speaker B: Going to these companies as an investor meeting with their leadership teams, understanding their science, their pathways and their plans.

Speaker C: Right. You know, AI, ah, has to be managed, it has to be taught. And the team that's doing that, it's really important. And you have to trust in who's doing that. So, yeah, I think those, those have to move hand in hand. And I do feel like the trust in AI is still, it's murky, you know, I think we're all in this experimental phase and as it keeps rapidly advancing, you know, there are the dangers around the corner. So I think right now, though, there is this real eagerness to avail ourselves of it, see what it can do for us. And, um, really, who knows what's around the corner?

Speaker B: Right. Besides AI, are there other things that excite you by what you've seen here at the show this year?

Speaker C: I mean, everything's exciting. This is such a new world, the biotech world, medtech world. For me, it does really excite me. And when I speak to friends and family, uh, about it who are outside of this world, I explain to them, you can't imagine what is going on in these labs. You can't imagine the cures that could be around the corner. And all the chatter about, you know, we are going to be living so much longer, we will retire later. You know, that's been said for years and I was always a bit skeptical about that. And I think it's. It's kind of easy to think, well, do I, do I really want to live till I'm 110? You know, will I, will I have enough money? Will I be able to do anything? Will I have quality of life? And from what I'm seeing, I think we will. And I think it's, you know, as I said, if it, if it keeps ramping up as rapidly as it has been. Yes, it is really exciting.

Speaker B: Finish the sentence for me. The companies that will win in health care will be the ones that blank.

Speaker C: The companies that win in healthcare will be the companies that understand the balance between the science and business and the companies that really, as I said before, surround themselves with the right support and really are willing to take it, know that they need it, and try not to shut it out and cling too tightly to what they first walk in the door with. You have to be adaptable. You have to take the notes, take the feedback. Otherwise you won't get that investment. And without that, your technology is at risk of dying.

Speaker B: So speaking of investment, those that want to participate In Jetstream. What should they do?

Speaker C: I suggest they go to our website. It's www.jvf.bc.

Speaker B: we'll put the link in the show notes.

Speaker C: Perfect, perfect. But yeah, go to the website. There are a lot of, um, frequently asked questions you can run through. And if you'd like to invest, if you're sure you want to do it, there's an invest now, now button. You can do it in about five minutes right on the platform. If you have an LLC or a trust, you can do that as well. We would do that through a phone call and walk them through that. And as I said, there's also a schedule, a call, uh, link to click. And I really encourage folks to do that. It will really give you all the information that you might not be sure of and never be pressured. Really do your homework, speak to us. And if you want to speak to us a few times, you can come to one of our events when we have those. And, uh, we're happy to discuss it. We're proud of what we're doing and we'd love to talk.

Speaker B: Final question, which I've been asking everybody, is there a book that you're currently reading that you think my listeners would be interested in? And is there something on your playlist that you think I'd enjoy?

Speaker C: Oh, wow. As far as the book I'm reading, I don't have a specific, specific book right now.

Speaker B: Is there something on your playlist that's fun?

Speaker C: I. I love jazz. I love lounge music, I love country. There's a band called Thievery Corporation that I've been listening to for years. They're always on, you know, uh, rapid rotation online. But I listen to Sonos, like Sonos Radio. So I would say 247 in my house, even when I leave the house, I leave it on. There's a channel called Jazz deville and they have Jazz deville Breeze, Jaz deville Chill, Jaz deville, you know, regular, and those are my favorite.

Speaker B: Thank you so much, Ann. It's been a pleasure. Thank you for what you're also doing to democratize access.

Speaker C: Mhm.

Speaker B: To investing in healthcare innovation. I think it's so important.

Speaker C: I do too. I do too. And as I said, we're proud of what we're doing and we would love to. We would love to just continue this. So anyone who is interested, please reach

Speaker B: out, have a great show and thank you for being on the Commons.

Speaker C: Thanks so much, Tom.

Speaker B: My guest today has been Anne Maze of Accelerant Ventures. I'm Tom Osha and this is the Commons live at Bio 2026. The Commons is a production of Wexford

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