Episode Description:
Carl Byers joins Tom and Christina to unpack what’s actually changing in healthcare as AI moves from hype to real world application.
From the “failure of imagination” phase of AI to the reality of investor expectations, Carl shares how he evaluates companies in a market where capital is no longer free and technology is increasingly commoditised. The conversation moves between venture dynamics, digital health’s overinflated past, and what it really takes to build something with durable value in healthcare.
It also expands beyond AI. From GLP-1s reshaping metabolic health to the limits of behaviour change, the discussion explores where real impact is likely to come from in the next 5, 10 and 20 years and whether the future of healthcare is driven by software, drugs, or a combination of both.
Key Themes
- The “failure of imagination” phase of AI adoption in healthcare
- What investors actually look for: traction, value creation and defensibility
- The Indiana Jones theory of entrepreneurship (knowing where to dig)
- Digital health’s overvaluation and the shift away from “free money”
- Services vs software: why many health tech companies don’t deserve tech multiples