text: Speaking to a group of people in San Antonio who are considering founding a startup, Frashier and Farquharson perhaps weren’t intending to say that there is no value in venture funding. Indeed, they cited the aphorism that there’s more value in owning a small percentage of something real than there is in owning 100 percent of nothing. Their point was to emphasize that sources of funding such as government grants, among other opportunities for raising funds without giving up an equity stake, can potentially do more good for early stage companies than venture capital, at least at the start.
  It’s common for medical device startups to do so, though it may not be common knowledge for those that haven’t worked in the startup world before. That was part of the reason for having Frashier and Farquharson on the panel addressing would-be entrepreneurs in San Antonio, many of whom were local scientists or researchers considering founding companies that might bring medical devices to market.
  The panel was part of the final class in a workshop series aimed at teaching people in the healthcare industry about developing and pitching a sellable product—particularly those who have little experience doing so. The series was run during the course of five months by The Health Cell, a life sciences and healthcare group founded in 2013 by three people in the San Antonio healthcare industry.
  The workshop concluded with the 40 or so attendees pitching potential medical device or diagnostic technologies—ideas that haven’t necessarily been turned into companies yet—to Frashier, Farquiharson, and other investors on the panel. The winner: a group that had an idea for a device to aid in helping restore the wall of the heart after it thins.
  During the discussion, Frashier said that deciding whether to give up equity for funding depends on circumstance and timing. Dilution is bad when you come looking for VC funding because your startup has run out of money, and must therefore give up a large stake of your business, he says. It’s positive when you’re in a position to negotiate with the potential financier because you’re not in need, he says.
  Amit Mehta, another panelist who is a San Antonio radiologist, angel investor, and venture capital investor, noted that dilution is still something of which to be wary. Grants through the federal government’s Small Business Technology Transfer (STTR) and Small Business Innovation Research (SBIR) programs can get a company far in 2017, Mehta says.
  “I worry a huge amount about dilution. I self fund my company,” said Mehta, who runs a contract research organization in San Antonio with other radiologists for medical imaging, called Intrinsic Imaging. “Use the government’s money. It’s there.”
  A workshop attendee asked the panelists how they personally make money. Mehta noted that some venture capitalists get a small salary and a large carry—a payout for bringing a deal to the firm that gets funded—while others get the opposite. The best investors, Mehta said, do it for the carry, saying that finding good deals is hard and fun.
  Farquharson said he made more money co-founding and selling Operon than by being a venture capitalist. InCube Ventures is a part of InCube Labs, a healthcare-focused research and development business that invents new technology and spins them into separate businesses. InCube has offices in San Antonio and California.
  Pratap Khanwilkar founded the workshop series with Acelity research and technology director Kris Kieswetter and Teresa Evans, who is an employee of the University of Texas at San Antonio Health Science Center and is also involved in the local angel network and a new accelerator program. Khanwilkar perhaps best summed up the experience of making money as a venture capitalist.
  “As Mark Twain said, ‘If you want to make $10 million, start with $100 million,’” said Khanwilkar, vice president of product at InCube.
  
  The make up bang after a fight. Fucking at dinner in restaurant. Blonde tattoo'd chick is a super fucker. Big round busty amateur in glasses.
  
  (Cruiserweight) Consume The Meek defeated Dakota West by unanimous decision: 115-113, 115-113, 115-113.
  +Consume hits West with a volley of stinging punches to the ribs. West sneers "My little sister can hit harder than you!"
  +Consume shakes West with a series of punches to the eye. West sneers "My little sister can hit harder than you!"
  +Consume pops West with a volley of stinging punches to the nose. West hangs on until the referee breaks them up.
  +West lashes out with a series of quick blows to the head. Consume sneers "My little sister can hit harder than you!"
  +Consume thumps West with a barrage of furious punches to the mouth. West shakes his head to clear it.
  West remains standing while the trainer wipes him down. He has minor cut above the left eye. He has the left eye swollen shut. He has a bloody mouth.