Christopher Robin: I wonder which way? Winnie the Pooh: I always get to where I'm going by walking away from where I've been. Christopher Robin: Do you? Winnie the Pooh: That's the way I do it.
I posted the above exchange on LinkedIn this week and it was by far the most read thing I have ever posted on that site. I find that incredibly interesting, I guess because it speaks to everyone’s deep-rooted ideal to control their own destiny. If you didn’t see it, I posted it because I decided to make a change in my current career situation. Despite a wonderful experience at GE Ventures, it was just time, as I have said to others, to find my next adventure. I made some incredibly great friends at GE Ventures and I will miss them. In my nearly two years there, we made some really great healthcare investments and forged an investment practice that I am very proud to have led. I had a kick-ass team and an awesome peer group. I got to experience some very new things in the large corporate environment, which was an entirely new one for me. Some of you may roll your eyes at that, but the power of a large platform is hard to argue. See Amazon. See Google. See Walmart (and hear Marcus Osborne talk about this HERE).
This is the first time I have ever left a job without having a plan for what comes next. That’s so very me: one foot on the brake, one foot on the gas. Leave no question unanswered! Life is black and white so allow no signs of gray. Uncertainty? Never! In all of my previous job moves over the years, I always knew where I was going because the answer showed up before I ever left. But this time has been different and interestingly so.
As the great philosopher Nelly once said in that immortal song N Dey Say:
“I used to think that life had a plan for me, Until I realized life had to be planned by me, see that's the key.”
So off I go to start my planning.
When I was talking with my friend Susannah about my new transition, she suggested I write something here that is more than an announcement about leaving; she suggested I should use this space to talk about what the experience is like and what I’ve been learning and what others might find useful as they contemplate their own journeys. So I decided to rise to that occasion and make her proud.
I have historically had a pretty good idea of what I was going to be next in every transition. I set out to find particular roles and that was the focus of my endeavor. In my last version of this, my plan was specifically to move from being a consultant back to venture capital. It was just a question of finding the right place to land. This time is really different for me. I am not at all focused on WHAT I want to be, but rather how I want to FEEL. It may seem subtle, but it’s not, at least not for me. For most of my “adult” life I have asked myself the usual “What am I going to be when (and if) I grow up? Now I’m asking myself the following question: What are the qualities I want to find in an organization? What do I want to learn? How do I want to feel at the end of the day?
Here’s the answer: great people who welcome me at the table; some new things to learn, maybe even beyond the healthcare sector; the ability to actively grow things, whether they be programs, revenues, or organizations; a great culture where I can be exactly who I am and be appreciated for it. That’s basically my list. I’d love some global travel as the sprinkles on top, but the core is that list above. What I’ve learned about myself is that it’s ok to be very open about the kinds of opportunities I will consider and still be entirely rigid about getting what’s on my list. That’s my plan in a nutshell. Making a list of what matters to me has been very helpful. I put it on my phone so I can refer to it when I see shiny objects. Note to self: objects in rear view mirror are often not so shiny as they once appeared when viewed close up, list in hand.
I have also learned that the entrepreneurial/venture capital milieu, as it is currently operating, needs some real therapy. The crazy drive to maximize valuations and use hundreds of millions (nay, billions!) in cash to achieve “greatness” is perilous at best. It’s become a badge of honor to garner these zillions of dollars (in both funds and valuations) and a sign of bravado to participate in them on the investor side, revenue and profitability be damned. All I have to say about that is “caveat emptor.” It’s hard to perform when you are swinging for the fences 120% of the time. Remember: the average baseball player, even the very best ones, would kill to have a hit, any hit not just a home run, 40% of the time.
The pressure to perform under the current financing environment leads to unhealthy behavior on the part of both entrepreneur and investor and will put a real damper on returns when and if—nope, let’s go with when—the day of market reckoning comes. I’d love to see a return to rational thinking in this sector, particularly in healthcare where everything takes longer than you think it will. If I hear one more entrepreneur say, “all we need to get is to rapidly get 1% of the market and we are golden!” I will melt like that guy in Raiders of the Lost Ark when the Ark gets opened. If you haven’t seen that movie, you have a gap in your pop culture education that you must remedy immediately.
And to my fellow investors I say this, “Math people. Math. Whatever happened to math?” And by that I mean this: if you want to make say, 3-5 times your money, and you invest in a company at a post-money valuation of $500 million dollars, you need to sell it for $1.5-3 billion to achieve your goal. Now go count how many $1.5-3 billion exit transactions there are in healthcare in the average year. Now go find a corner where you can cry in private. Fleece vests make excellent Kleenex substitutes.
And another thing I’ve learned. People are pretty awesome. As word of my transition has spread, I have received hundreds and hundreds of notes, emails, suggestions, opportunities, encouragements, and all manner of positive feedback. I have received these from people I know and people I have never met or even crossed Twitter paths with. It has been kind of shocking and also so lovely and affirming. Everyone, and I do mean EVERYONE, has those moments of self-doubt or insecurity or imposter syndrome freak out, even when they know they are making good decisions. Those moments are easily spackled over by these warm and welcoming words of encouragement and entreaties of interest in working together. Thank you for that, those of you who have tendered them. If I have been slow to respond to you, please forgive me; it is only because I have been so fortunate to have many wonderful people to whom to respond. For that I am extremely grateful and it makes me confident that my current shade of gray will ultimately sharpen in a great way and that time is my friend.
I’ve also learned that saying “I don’t know yet” is a liberating, not scary thing. I am not sure this would have been true when I was in my 20s or 30s, but now I am finding it kind of pleasing in a way that I would not have predicted. Everyone is predictably asking me “What are you going to do now/next/tomorrow?” and I have been answering everyone with “I don’t know yet…got any great ideas?” It has led to some fascinating conversations. Those conversations are educational and creativity-producing in and of themselves and way more fun than anxiety-provoking. Maybe it’s a sign of age or maybe it’s a sign of denial, I don’t really care. Either way, I’m rather enjoying it. Wallowing in the not knowing turns out to be kind of inspirational rather than terrifying. Who knew? Not having a label that is widely recognized, like “venture capitalist” or “entrepreneur” or any of the others I have worn over the years is a fine state of being for the moment. It won’t be my long term destiny, I’m sure, but today it it’s fitting fine. 
I’m definitely excited to figure out what comes next for me and excited to be diligent about adhering to my list of must-haves. I have been so fortunate in my career to find myself around great people and great ideas and I’m planning to double down on that, Nelly style. I look forward to seeing you all around. If you’re worried you’ll miss me, I can assure you I will be out and about as I have speaking engagements all over the place the next few months to keep me on my toes and on the circuit. If you’re now worried you won’t miss me, what can I tell you?
What I can tell all of you is this: watch this space – construction zone: plan in progress. 
And thanks, Susannah, for being not just a great friend, but also a wise one.
When I did something like this a while back one “friend” said to me, so “consulting is code for being unemployed then…”
I’m sure something will come up that’s terrific. And to focus you, if it doesnt I’ll insist you come and work with me!
Hey Matthew, I’m sure all the well-paid consultants I know will find that amusing. And thanks! You and I can start a consulting firm for cynics! L
OOOO! If you do that, can I play? I’ll bring all the snark.
No fair – everyone gets a turn to be snarky!
Well Lisa, I was in a similar situation a number of yrs ago which led me to found Chilmark Research. Likewise, I’m sure you and your compass will find something equally enriching.
A couple of yrs back when talking to Judy F of Epic I told her of my path to working in healthcare – I actually had narrowed it down to two choices, healthcare or education. She looked at me and said: “You made the wrong choice, there is far more work of social value to be done in education.”
Still not sure if she’s right on that one but maybe, just maybe that is one sector worth exploring.
Next time in Boston, let’s get together.
Would love to see you John so will make sure to reach out when in Boston. Lisa
ps–I think it’s a toss up between education and healthcare, but on balance, if people had better education they may need less healthcare…
Lisa, very true. And school based telemedicine programs have also shown that better health care for kids substantially reduces chronic absenteeism… which leads to better educational attainment.
Kind of a win-win all around
( I don’t normally comment on articles like this, but as a pediatrician who does telemedicine, I couldn’t resist!)
Thanks for weighing in Sylvia! L
Great article Lisa. I developed a list of must-haves after ‘retiring’ from BCBSNC. It was an important filter for me to stay true to my values and ensure that I didn’t become too enamored with shiny objects or shiny people. It also ensures a pretty solid return on investment, by any measure!
1. Work only with great people (smart, caring, tenacious, funny)
2. Help build a company that is solving a real problem in healthcare (and refuse to work with companies that are preserving the status quo)
3. Keep learning
4. Advance women and diverse teams
4. Reserve precious time for family, friends, travel and photography
Enjoy your ‘under construction’ time and don’t cut it short!
Thanks Maureen. As usual, you and I are on a similar wavelength. Lisa
healthcare may need you more than education, but that is my self serving bias. Hope you will have more time to help more companies with your domain insights than before! Whatever you do, I know it will be of value. This is exciting, although it may not be as much for GE.
Thanks Sherif!
Hello Lisa, I have not had the pleasure of meeting you yet but recently started following you on Twitter and just ordered your book! Thank you so much for writing this blog, it has helped me tremendously. I, too, am at a crossroads in my career, reflecting on what I’ve done and my experiences over the past 10+ years when I got into the health tech space completely by accident , what I’ve learned about our crazy healthcare system since then, and where I truly feel I can make a difference. The way you describe the “pressure to perform under the current financing environment leads to unhealthy behavior” is so spot-on for me and my recent experiences. A lot of that behavior has left a bad taste in my mouth – but know it’s not normal and am determined to forge a better path. I also totally related to what you are seeking next – focusing more on how you feel vs. the what you do. So powerful and has really helped me look at my next step in a totally different way. I hope to see you one of your upcoming speaking gigs, look forward to reading your book and meeting you in person one day soon!
Hi Eileen, thanks for the note! Hope I see you around. Lisa
Lisa- you’re still the awesomest! Don’t worry about a break in your career path. Just enjoy not having to set your alarm clock! It’s very liberating. Are you going to be speaking in Florida?
Bruce
Hi Bruce, alas no Florida gigs at the moment. You and your pocket protector will have to haul up north to find me! Lisa
I think John may have it right, Lisa. Invest in people! Education … teaching … has about as much true long term growth potential as anything I can think of and your personal capital … your smarts and experience … is unmatched in my humble opinion. Share it.*
You go girl … and all the best to you whatever you choose!
* I know that’s what you’ve always been doing (your blog is Exhibit A). But why not come out of the closet and put “professor” in front of your name?
Oh Bill, you make me blush! I do love teaching my class at Berkeley. Lisa
Lisa,
“When life itself seems lunatic, who knows where madness lies? Perhaps to be too practical is madness. To surrender dreams — this may be madness. Too much sanity may be madness — and maddest of all: to see life as it is, and not as it should be!”
― Miguel de Cervantes Saavedra, Don Quixote
May you continue to see life as it should be!
…Bruce…
Thanks Bruce! I appreciate the encouragement and the opportunity to do some windmill tilting! Best, Lisa
“Doing nothing often leads to the very best of something” Winnie The Poo
Nice Dorit! I swear the best philosophy comes from children’s books. Lisa
Lisa,
This quote from you really resonated with me when I decided to change job paths recently, “No artificial intelligence algorithm can replace the role of decisions that seem irrational but may be entirely rational if the underlying personal motivations and psychology were fully known.” I made numerous career decisions many would consider unconventional, but every decision was intended to meet specific (and typically very different) goals at various points in my life. I wish you all the best in your current soul-searching phase.
Thanks so much Sheri! I hope I get to see you soon. Did you know our daughters had dinner together last week? Lisa
Yes! I’m so glad they are connected. Warms my heart.
Lisa,
I found myself in a nearly identical position about six months ago. The first thing I did was attack the blackberry bush which had claimed far too much of our backyard. After reclaiming that territory (to the tunes of Imagine Dragons blasting in my headphones), I set forth on a path in academia which, even with my close affiliation to the University for decades, has been a strange new world for me. It’s liberating, scary, weird, stimulating and challenging all rolled up into a bizarre Bazooka-gum wrapper (I like gum but this one can be hard to chew).
What I found along the way is that I could find my passion again. I had lost it along the way, chasing a shiny object that didn’t really exist.
Lucky you – you have your passion! And the drive! And, as you determine “what’s next” it will be fun and interesting for your friends (fans) to watch and follow along.
Thanks for the encouragement Darek- hope you’re well. Lisa
Great post. We’re tackling Anti-Microbial Resistance at CBio. So if you get bored before you find your next pursuit, we could use all the help we can get with this soon to be $100T problem.
Thanks Ken! Lisa
I love your podcast. Do you have another book in the tank? Ever consider working on improving the healthcare system from a policy standpoint?
Interested in seeing what you do next regardless. I found out about you through Stat, they should bring you on their podcast more often.
Hi Eric, wow thanks! I so appreciate the note. I haven’t really considered going the policy route – too political these days. Glad you like the podcast! Lisa
Person of leisure is a fun phase.
Mike – that is so true – I’m looking forward to the leisure setting in! Lisa
Enjoyed your blog – indeed, never too late to consider one’s life path and what a blessing to have the luxury to be able to do so. And you have lots of interesting talks coming up that will be keeping you busy!
Thanks Kathryn! L
I love your criteria. They are the perfect “north star” and together with instinct and wisdom, will lead you to the right place. (There may well be more than one!). Your work has meant to a lot to me as I’ve transitioned into health. Thank you for your always-thoughtful and entertaining blog posts; for TechTonics; and for C-Sweetener. Psyched to see you’ll be at Optimize. Oh, and long-overdue congrats on your daughter’s graduation. Loved the graduation speech post.
Thanks so much Amy! Lisa
Your observations on the state of venture are wise and will become prescient. Don’t rush the next “thing!”
Thanks Casper – yes it feels like time to put money into…mattresses! Lisa
Lisa,
I was speaking with a mutual acquaintance last week at a conference and she mentioned you had recently left. Shame on me for falling behind on your posts and not realizing you had, but best of luck with the new adventure. Look forward to connecting again along your journey.
Thanks Eric!