The Biotech Startups Podcast

In this episode of The Biotech Startups Podcast, we explore Roy Maute's foundational years—from a curious kid in Dallas, Texas, to an aspiring scientist at UC Berkeley. Roy, CEO and co-founder of Pheast Therapeutics, takes us back to his childhood home where an architect father and artist mother fostered a DIY ethos through weekend home renovations and creative projects that taught him no task was off-limits. He shares how Golden Age science fiction novels from his grandfather and Jurassic Park sparked his fascination with genetic engineering, his transition from a small Dallas magnet school to Berkeley's "sink or swim" environment, and the serendipitous dorm-mate connection that landed him his first lab position mixing salt solutions and caring for mice. Roy reflects on the patient mentorship, California's natural beauty, and early glimpses of Silicon Valley's startup culture that shaped his path before heading to Columbia University for the rigorous training that would define his scientific career.

In this episode of The Biotech Startups Podcast, Partner at Bison Ventures, Caleb Appleton shares how Bison Ventures is rethinking biotech investing through “TechBio,” backing revenue-generating platforms that validate product-market fit like software rather than relying solely on therapeutic risk. He lays out a practical framework for data platform founders—when to sell their technology versus build drugs—using examples like Eikon Therapeutics’ in-house super-resolution microscopy and Vivodyne’s ambition to become the “AWS of biology.” Caleb also reflects on how leading a turnaround at TuneIn made him more empathetic to founders and explains why, amid exuberance in physical world AI and tougher biotech markets, teams must identify their superpower and double down on it instead of trying to be everything at once.

In this episode of The Biotech Startups Podcast, we explore Partner at Bison Ventures, Caleb Appleton's journey from venture capital to operations and back again. Caleb shares his experience joining Innovation Endeavors during its spinout from Eric Schmidt's family office, where minimal structure forced him to rapidly master sourcing, diligence, and thesis-building—including a cold email that landed a multibillion-dollar investment in Eikon Therapeutics. Grappling with whether he could truly operate rather than just advise, Caleb left venture in 2020 to join TuneIn during a pandemic crisis, managing a $50 million turnaround after canceled sports leagues devastated subscriptions. He repositioned the company away from unsustainable NFL deals toward ad-supported radio and premium news content, achieving profitability while learning the immediate feedback loops and difficult pivots that operating demands. These hard-won lessons in execution and empathy for founders ultimately led him back to venture, joining Bison Ventures in 2023 as a more complete investor.

"People outweigh challenging environments. A great environment cannot outweigh challenging people."

In this episode of The Biotech Startups Podcast, Partner at Bison Ventures, Caleb Appleton returns for Part Two to share how early research experiences in nanotechnology, genome editing, and concussion biomechanics pushed him to question whether engineering could solve problems with poorly defined constraints, ultimately steering him away from academia and toward management consulting.
After a transformative summer in Portland sparked his commitment to prioritize lifestyle and location, Caleb landed at Bain by cramming Case in Point in seven days, where he learned to parachute into ambiguous Fortune 500 business problems and rapidly structure high-stakes analyses—skills that now underpin his venture capital work. He reflects on the crucial role of mentors and teammates who reinforced his conviction that people matter more than any opportunity, and recounts the unexpected ten-day whirlwind that pulled him from a clear promotion path in Atlanta to join Eric Schmidt's Innovation Endeavors in San Francisco, embracing serendipity despite tripled rent and an uncertain future.

"You have to learn to embrace serendipity. You can't plan everything out because it will never go to plan."

​In this episode of The Biotech Startups Podcast, we explore Partner at Bison Ventures, Caleb Appleton's formative years growing up in College Station, Texas, where being surrounded by Texas A&M University shaped his worldview and exalted academia as the ultimate career path. Now a Partner at Bison Ventures, Caleb takes us through his journey to Georgia Tech, where he dove into biomedical engineering and landed an extraordinary undergraduate research opportunity working with CRISPR technology in its earliest days, collaborating with pioneers like Feng Zhang when the field was just emerging.

Through hands-on lab work—pipetting, troubleshooting Western blots, and contributing to published research—Caleb began questioning whether a PhD was truly his path forward. The episode explores pivotal lessons about embracing serendipity, how a neighbor's connection unlocked a transformative research experience, and why growing up without exposure to business and industry careers ultimately shaped his unconventional journey into venture capital.