Episode #10: GLP-1, A VC’s Personal Experience

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  Narrator:
  In a world captivated by criticism, it’s easy to overlook the groundbreaking technologies shaping our future. Let’s shine a light on innovators who are propelling us forward. As the most active venture capital firm in the US, we have an exceptional view of tech’s real-world impact. Join us as we explore, celebrate, and contribute to the stories of those creating tomorrow. Welcome to the Tech Optimist. As a reminder, the Tech Optimist podcast is for informational purposes only. It is not personalized advice and it is not an offer to buy or sell securities. For additional important details, please see the text description accompanying this episode.

  Hi everyone. Welcome to another episode of the Tech Optimist. Switching things up a little bit today, and this time Mike is actually the one being interviewed. The interviewer is Grant Demeter. He’s a principal here at Alumni Ventures and they’re talking about the intriguing topic of Ozempic, a GLP-1 drug that Mike personally used. Grant and Mike are talking about Mike’s personal experience with the drug and how this drug is changing the investment world. They’re framing it like an investment thesis and discussing what future endeavors can emerge from the success of Ozempic. This is a really cool, insightful conversation between Grant and Mike and we hope you enjoy it.

  Grant Demeter:
  Hello everybody. My name is Grant Demeter. I’m a principal here at Alumni Ventures, and today I’m interviewing Mike on his journey with Ozempic treatment, a GLP-1 weight loss drug. We did a couple of previous pieces on this with Ron Levin, managing partner on our team, where we talked about Ron’s journey starting the drug and ramping up. Mike has recently ramped off and totally tapered off the drug, and so we want to counterbalance that with his story coming off and then close off by talking about some implications for the space more broadly as investors. So Mike, care to briefly introduce yourself and your professional journey?

  Mike Collins:
  Yes, so I’m the founder and CEO of Alumni Ventures. I started out in the eighties in venture capital and really my whole career has been at this intersection of technology, entrepreneurship, and venture capital. I’m a pretty active investor through Alumni Ventures, so I was very curious about this technology. I think a lot of people—I just hit 60, was an athlete in college, put on a pound here, a pound there, COVID—and you turn around and you’re probably 40–50 pounds over what you really should be.

  I had been following the technology in this space and was starting to see numbers go in the wrong direction with blood sugar and metabolic issues related to heart health. I thought it was the right choice for me and worked with my GP. Frankly, I had to bring him along a bit. I think I had done a lot more work and research on the drug, but we agreed to give it a try. I did it in the context of a holistic approach to health—good sleep (I’ve always been a disciplined sleeper), exercise (part of my daily life). It was a tool for me, and I went on the Eli Lilly version of the GLP, Mounjaro.

  I think Ron started his journey even before FDA approval of the Eli Lilly drug. I found that I was a super responder and started about six months ago. I lost 50 pounds in six months, hit my target weight, and kept learning more. Beyond just controlling blood sugar and food noise, more potential benefits of this drug were emerging. I responded on a very low dose and had no side effects. Everyone’s mileage varies, but it was a profound experience for me.

  Thinking about food noise, cravings, snacking—all of that is hardwired and, in a modern society, very difficult. This drug really helped with that. When tapering off, I had reached my goal weight and had foot surgery coming up. Before surgery, they take you off these drugs for three to four weeks. I went off it for a month before surgery.

  Initially, I didn’t notice much, but as we hit the one-month mark, I definitely felt food noise creeping back and had gained a couple of pounds—nothing major, still in my target weight zone. One mindset change for me (and Oprah also highlighted this) is that we tend to think of weight loss as a character or discipline issue. I think that’s a misframing.

  Ludwig Schulze:
  Hi, just a brief interruption to introduce you to the HealthTech Fund from Alumni Ventures. Alumni Ventures is one of the most active and best-performing VCs in the US, having raised over a billion dollars from more than 10,000 individual investors. With our HealthTech Fund, you’ll have the opportunity to invest in a portfolio of around 20 HealthTech startups—from transformative healthcare services to groundbreaking diagnostics. Our founders are paving the way for a healthier future. To learn more, visit us at av.vc/funds/healthtech.

  Mike Collins:
  I think framing this as a chronic disease is more appropriate. Yes, some people can smoke and not get lung cancer, and some can eat poorly, not exercise, and still be thin (though not necessarily healthy). Others are disciplined, try their best, but have body dysregulation. This medicine reframes weight as a treatable chronic condition.

  That shift hasn’t happened culturally. People in my life still think of it as cheating—”why don’t you just diet or exercise more?” My experience shows it’s a misunderstanding of the problem and solution.

  All of this is personal, but ideally you want to be on as few drugs as possible. We know what a healthy lifestyle looks like. Data shows no alcohol is best, but people want to enjoy life. I’ve decided I’ll have a drink now and then, even if it’s not maximizing health in that area.

  This drug is a tool. Anecdotally, in my extended family, I was the first to use it. Now four relatives are on or about to go on it, all dealing with significant blood sugar issues or obesity/BMI challenges.

  Despite shortages, I’ve decided I’ll maintain my target weight and take as little medication as needed. Typically, people take a weekly shot of Mounjaro or Zepbound. I plan to try every two weeks, with doctor approval, once I’m done recovering from surgery.

  That’s my journey. I’m not giving medical advice—just sharing one person’s experience.

  Grant Demeter:
  Thanks for sharing. Sounds like a couple of things are unique about your journey. First, as a technologist, you discovered this product before your doctor was familiar with it and had to bring your GP along. These treatments require doctor oversight and a consultative process since it’s a weekly shot. What was your process with your doctor? And with foot surgery coming up, did you taper off under your doctor’s guidance, or go cold turkey?

  Mike Collins:
  Yeah, so again, I had been studying this for probably a year and I have pretty good access to information. One of the first things you think is, this is new—am I going to be a lab rat? What are the side effects? Am I going to be on this for life? I have access to people that not everybody has. As I studied it, I became comfortable that this is a class of drugs that has actually been around for a while—not decades, but years—and used in many patients.

  With anything in life, there’s a risk-reward trade-off. I felt comfortable with that. My first encounter with my GP was, “Why don’t I set you up with a dietitian? Why don’t you be more rigorous in your exercise?” I had to say, “I know what’s going on with my diet.” Most educated people, most of our listeners, know how one should eat. I’ve tried diet and exercise repeatedly, like many people—it’s very hard to keep weight off once you lose it. There’s a natural plateauing curve.

  I had to bring my doctor along through that process. I had good data. I wouldn’t say I convinced him, but the average GP hasn’t been adequately trained on this yet. It’s too new, though it’s coming fast.

  So yes, it was a matter of bringing him along. We worked together on scheduling the foot surgery. It’s well known you should be off this drug before surgery. I had already tapered down to the lowest dosage, so it was easy to stop shots during the surgery month. Being data-centric, I tracked my numbers independently—not just weight, but sugar levels and other risk factors.

  Where I am today (subject to change with humility), I think this is a drug I’ll want to stay on long term at a very low maintenance dose. That keeps my important numbers and weight where I want them.

  There are positive flywheels from losing 50 pounds—exercise is easier, I don’t snore anymore, my knees don’t hurt after a run, and it’s like not carrying an extra 50-pound backpack. Managing protein, resistance training, water intake—all of that contributed to my success. Plus, genetically, we’re all different and respond differently to medication.

  From a bigger trend perspective, this is personalized medicine in action. Healthcare often treats conditions industrially—same standard of care for everyone—but that’s not reality. With this drug, some people are super responders like me; others have side effects or only respond at high doses.

  This drug category also has profound implications for investing. With half the population overweight and a food industrial complex feeding that, imagine when people no longer crave chicken wings during football games. How does that change food, exercise, even travel? There are many knock-on effects coming.

  Another thing to understand is the robust pipeline of drugs in this category—pill forms, variations. Over the next 5–10 years, even with the current drugs, we’ll see massive impacts. And because there’s so much money and value in this category, it’s going to be a huge investment area.

  In 10 years, I’m not saying for everyone, but I think weight will be much more of a choice than it’s been in the last 100 years. That has mostly positive implications for society.

  Grant Demeter:
  I’d draw a parallel to SSRIs, used for anxiety, depression, and other mental health conditions. When they first came out, they were seen as a crutch. Later, they became normalized as a way to get back to baseline and then wean off. Now, depending on the practitioner, many people stay on SSRIs long term. Over time, we’ve seen they can have side effects, even making people more susceptible to dementia.

  On one hand, we do have precedents for GLP-type drugs being used long term. On the other hand, we don’t yet have that for this specific drug modality. Many people I’ve spoken with see this as a short-term tool—take it, reach target weight, wean off, and try to maintain it.

  But you’re advocating proper normalization of using this long term—not just for weight management, but broader health management. That means you plan to stay on it for the foreseeable future. How do you feel about the unknown long-term effects and being an early adopter?

  Mike Collins:
  No, I mean I think this is a classic risk-reward analysis. My framework is that we know very clearly the long-term risks of obesity—cancer, heart disease, diabetes—the three horsemen of death right there. That’s well known. You have a known, very strong risk on one side of the ledger and only potential long-term risk on the other. That’s part of the framing to consider.

  We’re in the early days of this class of drugs. My view is that there will be future versions that are more targeted and have fewer side effects. One known downside is that when you lose 50 pounds, you lose some muscle mass, which is negative. You want to retain muscle mass. There are already pipeline drugs addressing that, offering more positives with fewer negatives. There’s so much money here that many companies and researchers are focused on this category.

  Personally, I don’t think I’ll be on even a low dose of Mounjaro for more than a few years before I switch to the next generation. This is similar to what people with cancer often face—you have a disease, a potential cure with side effects, and you wouldn’t want long-term chemotherapy, but you need it now. The goal is to survive until better medical options emerge.

  So you have to consider the option value of not being obese until the next generation of treatments arrives. Also, it’s not black and white: take it, lose weight, go off, and regain weight. Studies show cohorts who can maintain weight loss without medication, others who stay at a very low dose long term, and people who might cycle on and off—losing 10 pounds instead of 50 the next time. It’s very customized, personal, and between you, your risk-reward calculation, and your physician’s advice.

  Sharing my own calculus, it highlights a false framing—that this is 100% controllable through personal willpower. At 28, I could eat whatever I wanted, sleep whenever I wanted, consume 6,000 calories a day, and stay at 3% body fat. My system was well-tuned. By 30, less so, and by 60, I needed help. People shouldn’t be shamed for needing medical help.

  As societies, we’ve evolved our thinking about mental health—we now see it as a disease. Similarly, we understand that certain addictions involve brain chemistry and wiring. Appetite, metabolism, how we process food, food noise, and body regulation are complex system dynamics. You go on a diet, your body increases appetite and lowers metabolism. This is chemistry, not just character.

  Narrator 2:
  Ever wonder how the ultra-wealthy invest their money? They often back startups before they go public through venture capital. Now individual investors like you can too with Alumni Ventures. Visit av.vc to get started.

  Grant Demeter:
  Very well put. You mentioned predictions for the future, including your personal experience with exercise. Some people believe that after taking GLP-1 drugs and losing weight, they’ll be more likely to exercise and enjoy their new bodies. Others think, “I feel good and look good, so what’s the point of exercise?”

  The same debate exists around food and dining out. On one hand, cravings decrease; on the other, people might be more social, have more energy, and go out more often. There are views on both sides. What predictions do you have for food, fitness, health, and broader American life 10–20 years down the line as a result of these drugs?

  Mike Collins:
  Yeah, I think food is going to change. When you eat less and have less food noise, decisions become rational instead of emotional. Speaking from my own experience, the quality of food I crave and eat has gone way up. I still dine out with friends, but I eat smaller portions. I enjoy food; the drug doesn’t affect taste or enjoyment. I just feel satisfied with less.

  There are little hacks—I prefer tapas restaurants now because I eat less. People will continue to go out. With higher energy and confidence from weight loss, many will want to exercise more. There’s joy in movement—being able to hike without feeling overwhelmed, achy, or tired.

  Sure, you’ll hear anecdotes on the other side, but overall, I think this will result in more active, social, and healthy people. It tamps down something hardwired into us over hundreds of thousands of years: survival mechanisms for scarcity. We evolved to crave calories, sugars, fats—dopamine-driven behavior.

  This drug reduces that evolutionary overdrive we no longer need. It allows rational thinking, avoiding engineered foods that throw the system out of balance. Half of our culture isn’t overweight because of laziness—it’s evolution and environmental factors. As people age and have kids, it becomes nearly impossible to manage weight.

  I think we’ll see more positive than negative outcomes, but there will be big changes. From an investment perspective, I wonder where to invest. If my thesis is right, what opportunities does it create? There’s a promising category of peptide hormones emerging. We’re seeing early data on Parkinson’s, sleep apnea, antimicrobials, cancer, and chronic disease. This drug class will have profound impacts, so we’re very interested.

  There’s also opportunity in telemedicine. Prescribing the drug is one thing, but if you’ve been obese for decades and lose 100+ pounds, you face many other challenges. Telehealth consulting can help address eating habits, meal prep, exercise, and social aspects of life changes.

  It’s not just about taking the drug—it’s about adjusting to a whole new way of living. There’s opportunity there. As VCs, we don’t have to invent all the ideas. But having a prepared mind lets us recognize foundational, impactful technologies. It helps us resonate with entrepreneurial pitches and opportunities we see in accelerators or incubators. I always leave half the investing budget for having a prepared mind.

  Grant Demeter:
  Well put. I conceptually agree—with early-stage therapeutics, value will first be captured by drug developers, then service providers. Once those are fully priced, we’ll see macro-level strategies around downstream impacts like sports and fitness. Those will be the opportunities we need to spot. As a multi-stage, multi-sector investor, we’re positioned to do that.

  Mike Collins:
  Yeah, exactly. Just to wrap up—with my foot surgery, I chatted with the surgeon about this. He mentioned that a classmate of his, a plastic surgeon, has seen a huge uptick in patients who’ve lost significant weight and now want facelifts. Their faces slimmed down, making them look older because they no longer have the “puffed up” look from facial fat.

  Who would’ve thought this would boost plastic surgery demand? It’s an unexpected second- or third-order effect. Interesting to see where this all leads. Thanks for the time, Grant—interesting conversation.

  Grant Demeter:
  Thank you, Mike. I appreciate it.

  Mike Collins:
  Okay, be well. Talk soon.

  Grant Demeter:
  Take it easy. Bye.

  Mike Collins:
  Bye.

  Narrator:
  Thanks again for tuning into the Tech Optimist. If you enjoyed this episode, we’d really appreciate it if you’d give us a rating on whichever podcast app you’re using, and remember to subscribe to keep up with each episode.

  The Tech Optimist welcomes any questions, comments, or segment suggestions. Please email us at [email protected] with any of those, and be sure to visit our website at av.vc. As always, keep building.