EP16 – Esplanade HealthTech Ventures’ Ella Seitz on AI in Healthcare, Prevention, and Building Resilience in Venture

0:14 Introduction Hi, everyone. Welcome back to the Ivy Venture Podcast. You have Trinity here with you today and I'm very excited to introduce our next guest. We're joined by Ella Sites, the Managing Partner at Esplanade Health Tech Ventures, Canada's premier digital health venture capital fund. 0:30 Ella is super excited to have you here today and thank you for taking the time. I would love for you to introduce yourself to our audience, so your background, what you're currently up to and what excites you most in today's venture space. 0:43 Speaker 2 Awesome. Well, first of all, thank you for having me on the podcast. It's great to have more IV students and more interested individuals and venture. When I was at IBM, venture was really not a category, so not a career path we could take. 0:59 I'll share a little bit of my background. I am a Ukrainian, Russian, Israeli who has called Canada home for the last two decades, but half my family actually lives in the US, so grown up in a very diverse environment. 1:15 From consulting to health tech venture capital I went to school at McGill and Ivy. I started my career like many Ivy grads of my millennial generation in management consulting, spent about a decade there. Never thought I would actually leave. I was one of those individuals that really loved it. It was a lot of travel, exciting strategy work with Fortune 100 companies, but then I got an amazing opportunity to join my favorite client and run strategy and M&A for a Fortune 10 healthcare company. 1:40 It did that for a while and then moved on to a global roll around to translation and transformation. And from there I started to see the opportunity. This is now late 2019. That was starting to happen in technology and AI in healthcare. And I was really excited and felt like I was on the sidelines. 1:57 And so I had known my cofounding partners were about to launch an early stage health tech AI fund investing in Canadian, US and Israeli startups. And given my background, I couldn't have written a better job description for myself. So that was about six years ago. 2:14 I joined Esplanade as we were launching our very first fund investing in early stage healthtech companies. Since then, I've grown with the fund. I'm now the managing partner. We have 23 portfolio companies and it's in a wonderful journey. We're investing out of our second fund now and hope to raise our third fund later this year. 2:31 Immigration, resilience, and adapting to uncertainty That's great. Thank you for that overview. I really appreciate hearing more about what excites you about technology, which will definitely get into today. So I'd love to start with your personal story, which you've briefly touched on. You immigrated to Canada at 15 as a first generation immigrant. 2:47 I'm curious how that experience has shaped the values and perspectives that guide both your life and your work as an investor. 2:55 Speaker 2 Immigrating to Canada had a profound impact on how I think about opportunity, innovation and risk. When my family and I moved here, it was very much a you must learn to adapt. It's a it's a sink or swim, which has been a little bit of my philosophy with the right support as an investor and honestly now is a mom. 3:13 You will need to learn fast. You need to adapt. And it also develops grit and resilience and some ability to navigate uncertainty. You also develop a deeper appreciation for the systems and communities that help you build and succeed. Whether it's school, I'm deeply grateful to the Ivy and Miguel communities, friends or your professional network. 3:34 Very few things in life is up to the right, maybe except for startup slides. As my partner like to say, it's a lot of long hard work to become an overnight success. And that is something that takes a village and it it's the lens that I also bring into investing. 3:51 I'm really drawn to founders that are solving meaningful and impactful problems that they have the grid, that learn fast, that adapt and have the resilience to deal with the ambiguity and a changing environment. Having experienced what it means to start from scratch where you don't really understand the context. 4:07 You can't even access healthcare very well as an immigrant would, language barriers. I have a lot of empathy for the founder journey and the conviction that it takes to build something from scratch. I think it also gives me a long term perspective. There was no safety net when my parents brought me and my sisters here. 4:23 Like many immigrants, we kind of came from humble beginnings and we needed to figure it out, Build relationships, build homes, build careers and the path towards driving impact and outcomes. That's the same thing in life and company building. 4:39 Speaker 1 Were there moments early in your career where you felt like an outsider in finance or in venture? How has that changed or has it changed at all? How you approach being an investor, being an advisor or teaching others venture capital? 4:53 Speaker 2 No, I would say as an immigrant and a woman in finance, you always feel a little bit outnumbered. I also came from a less traditional venture background, having started in consulting and operating at scale. But it showed me kind of what great could look like and what's the end game, which I bring into my founder relationships. 5:12 I also think it really helped me appreciate kind of curiosity, asking a lot of questions, building networks and understanding problems more deeply. And I think that is all about kind of staying humble, asking good questions, being relationships so you can validate your assumptions, your perspectives on the market and the industry. 5:31 VC I like to think about it as a collaborative sport versus, you know, other finance professions like private equity. I don't want to be the only VP in a syndicate. I want to build a syndicate that can help founders along the journey that brings different perspectives. And so I think that mindset is something that's really attracted me to VC. 5:49 Making venture capital more accessible to students And so when you're talking about VC being more of a collaborative sport, since it can be quite intimidating as a space, I'm curious to know if you've taken conscious efforts in your day-to-day to make it less intimidating to those more junior in the space as you work. 6:04 How can you navigate that that space in that mentality if you're a student listening who also feels like an outsider to the finance and tech ecosystem? 6:15 Speaker 2 So at Aspire, we've been really proud of running a very strong intern program and we like to have our interns also help bring the next intern along and help build tools, artifacts that are ever changing, especially in today's AI context. Our current awesome intern from Waterloo, shout out is building a lot of AI automation on top of Claude. 6:35 But I think for navigating, there's a few things. One is building networks. I think networking is such an important part of BC that doesn't always get talked about, but going to the right events, going to startup pitches, talking to other investors, being really curious and building meaningful relationships around what are you seeing in the market? 6:54 What are you seeing in terms of areas of interest or problem solving? The key is kind of showing up, asking questions and learning and trying to identify interesting companies or partners to to be building with. 7:07 Speaker 1 That's really great advice right there. And on the note of students who perhaps might be going out to those networking events, taking that advice to integrate more into these ecosystems and expand their networks. As somebody who is a managing director of a venture fund, it might be quite intimidating for a student to attempt to go up to you and to speak with you, afraid to ask perhaps questions that you're not really interested in talking about. 7:35 And I'm just curious on that end if there's anything in particular that you think students should be asking more of. What should students be more curious about from somebody in your position? Is there anything that you would want to share with your listeners today? 7:51 Speaker 2 I, I think it would be great to hear and to talk about like, what are the problems you're seeing? What are you seeing, whether it's, you know, in healthcare and healthcare access, I think it impacts everyone. What opportunities. I also think it's interesting to bring parallels from other industries like healthcare tends to be a laggard, especially in Canada. 8:10 And so, you know, you should be asking me, why can I do my banking and get an Uber on my phone, but I can't do most of my healthcare on my phone. If health tech is interesting to you, I'd welcome the conversation and I'm curious to hear your thoughts and perspectives. If it's more about how do I get into venture and technology, I think it's, you know, there's a lot of venture clubs, early investing opportunities and also the ability to intern or spend time with startups are always looking for great talent, which is a great way to get to know the industry. 8:40 Esplanade’s health tech investment thesis That's a great transition into talking more about Esplanade health tech thesis, So could you give us some more background on the Haltech thesis of your firm, whether it be geographically to stage and and check for an overview? 8:54 Speaker 2 Yeah. So healthcare, just to put in context, because not everybody probably lives and breathes it. It's probably one of the more challenged markets. Most countries spend about 20% of their GDP on healthcare. It's a huge industry and all of the headwinds or tailwinds are there to keep driving the spend. 9:14 We have aging populations with chronic healthcare conditions and our clinicians are aging out, burning out. So we, we really have a crisis on our hands in Canada. More than 40% of most provincial governments budgets goes to healthcare costs. And I think if you talk to most of your friends, similar to mine, access to Healthcare is really slow. 9:35 Canada is what's called an affordable agard. And so our thesis really came out of a place where there needs to be a better and different solution. And we think that health tech and technology, specifically including AI can be a huge driver of bending that cost curve and improving access in a patient centric way. 9:54 So you should be getting care in a way that you actually want to interact with that care, not in a rushed, um, way where your doctor, you know, is just typing notes while you're talking to them, if you can even get an appointment. That has been the foundation for Esplanade. We are an early stage company, so we tend to invest in seed Series A companies that are in their early stage of commercialization. 10:16 We invest in companies in the US and Canada and Israel and all of our companies commercialize across North America. Our team has a lot of deep entrepreneurial investment provider and M&A experience. So we tend to partner really deeply with our founders and we focus on go to market strategy, business development and building the early stage team. 10:37 We tend to take board seats, so we tend to be very involved, which means that we only invest in companies that really we think we can help them grow. There's a ton of wonderful opportunities out there. Not all of them are the ones where I think we can really drive an impact in their growth. 10:52 Speaker 1 What draws you specifically to health tech investing, and how does Esplanade differentiate itself from candidacy and. 10:59 Speaker 2 Yeah, I would say there's not a lot of health tech focus funds in Canada. There's probably very few. There are generalists that do healthcare, but the sector is still relatively nascent. I mean, health tech in general has really grown over the last 10 years more than 10X, but it is still an emerging not as well developed sector. 11:18 As you know, fintech for example, what makes us unique as we don't have a specific candidate focus and our week are across three different geographies and we really encourage our founders to build something ready for export and scale, which I think is really important. We have deep networks in the US we tend to syndicate with USB C's and Canadian VC's, which we think gives our portfolio companies a leg up when they're starting to commercialize. 11:45 Speaker 1 Great. And personally through your journey, what had drawn you to health tech investing other than or I guess it might have been treated in the experience you mentioned in the growth startup you joined before Esplanade, but curious as to what personally drew you to health tech investing? 12:04 The personal experience that drew Ella to healthcare Yes, I would say it's more what drew me to healthcare. Um, so around the time I was at Ivy, my sister was navigating very challenging healthcare situation and she kept getting undiagnosed and misdiagnosed, ended up leading to an unnecessary surgery. 12:19 And is somebody who's spent a lot of time in business at the time, just like how is this possible? Like we are in such a developed country, we have great access to resources and it really made me appreciate how at the time, and this is going back quite a bit, I think 1% of Canadians accounted for 35% of our healthcare costs and 5% was closer to 50%. 12:41 I was like, this is so broken. And part of the problem was that we couldn't find those people. There were no integrated healthcare records. The clinicians couldn't share data. It was just so siloed and broken. And if that could happen to a young Canadian in a major urban centre, it was just very obvious that the healthcare gaps are are really deep. 13:01 And if I'm going to work really hard and try to drive impact, that seemed like an amazing industry to to have kind of a double bottom line where you can build a great career, but you also have a huge lasting impact. Healthcare is a difficult industry at change is hard. 13:17 You know, you can't really move fast and break things because you'll kill people. But behind that regulation and complexity, there's also the opportunity to shape and impact people's lives. And that's something that, you know, gets me excited every day that I go to work. 13:32 Speaker 1 Speaking of health care and being a difficult industry, health tech is often described as one of the hardest sectors for venture investors with its long development cycles, heavy regulation, complex stakeholders. 13:45 Why healthcare is still venture-backable despite complexity As you mentioned, you can't build fast and break things otherwise you'll kill people. And yet it continues to attract significant venture capital. From your perspective, what makes health care a venture bankable category despite these structural frictions? 13:59 Speaker 2 Yeah. So first of all, it's massive in the US it's I think close to trillion dollars. Like it's it's massive in terms of the size of the opportunity, in terms of venture investing, it's around $10 billion right now. That goes into health tech. The definition of course can be debated a little bit, but it's a huge problem that's quite behind. 14:18 And when you think about kind of the opportunity for change, all those things that you mentioned, whether it's regulation, privacy and security or the lack of change, those can also be sticky. So healthcare has shown, and there's a lot of really great data that when you do have an impactful solution that has a real ROI, providers, clinicians, payers, they don't necessarily want to change. 14:41 They're very loyal customers. And and because health care is so far behind, like literally healthcare and the legal professions are the ones keeping the fax machine alive, there's a huge opportunity right now, AI adoption and Healthcare is actually 2.2 times the rate of the broader economy. 15:00 And so maybe that's because we're starting backwards, but also there's a huge opportunity for change. And I think having deep engagement, real clinical, an operational value can help early signals from pilots and early adopters really translate into scalable solutions. 15:19 Why healthcare innovation still feels slow So healthcare represents nearly 20% of GDP in many developed economies, as you previously mentioned, and yet the system still struggles with access, affordability, and outcomes. If startups and venture capital are supposed to drive innovation, why does meaningful change in healthcare still feel so slow? 15:39 Speaker 2 So it's a great question. I would say we actually have come a long way, but there's much more to go. And, you know, sometimes we need a good crisis with many large organizations that before COVID were like virtual care. That's never going to happen. 15:55 COVID comes along and we all learned that we could be really impactful over a screen. There's still you can't do everything, but you can do a lot. And I would say over 80% of Canadians, I believe have had at least some virtual care. Now the challenge with some of the transformation is who pays for it. 16:12 One of the things that have really made it more challenging for virtual care to become sustainable way, which by the way, doctors really like working from home too, not just us, his reimbursement. And So what happened in the US is you have pretty broad reimbursement to virtual care and we've seen a lot of virtual care is kind of a primary means of accessing care in Canada. 16:35 That hasn't necessarily been the the situation and it really changes by province as an example. But there's a lot more innovation that has been happening, whether it's in your testing, in your access to records, it's slow, but it's definitely impactful. 16:51 I think the key here and I've, I've said this before, there has to be a clear ROI and you need to have the providers, the payers, the patients all integrated and designing a solution for change takes a lot of time. And there's some more things that are moving down to the private sector, which is controversial because as Canadians we're not used to paying for healthcare. 17:09 That's really challenging. So finding the right business model is can take a lot of work. 17:14 Prevention, longevity, and the future of healthcare I think the other piece is prevention. Gosh, preventative Healthcare is something that I'm hoping your generation of Gen. Z will be bringing along. But our system also was built to treat sick people based on throughput, like how many beds are filled, how many people are coming through? 17:31 And it's not based on like, let's prevent it. Let's have you live healthier, happier lives for longer. And so I think those incentives have to change because reactive care is always going to be kind of catching you at the most expensive place. It's easier to measure, but I'd rather prevent the heart attack with some good healthy living and good lifestyle changes, wearables, predictive analytics, the right testing, changing your diet. 17:57 If you're going down the path of like, let's wait till after, that's going to be way more expensive and difficult. Prevention only sticks when it's really embedded into peoples lives, into the workflow. It's not a side app. And I think for that, startups that can really move and change the healthcare system have to take that vision and persistence and tie to incentives and rewards that actually people well and healthy for longer. 18:21 Speaker 1 So healthcare systems globally still spend the vast majority of their resources on treating illness rather than preventing it. And you spoke on how that has historically been developed. So my question for you is, why has preventative health care historically struggled to gain traction, and how do you think startups can change that? 18:41 Speaker 2 Yeah, I would say we're actually, I think in a good place on this where things are starting to change, though it might feel slow. I I'd call this like longevity or preventative care 2.0. I think the first 1.0 was all of the executive health, preventative care companies like the Medicis, the Meccans, those were inaccessible for most Canadians. 19:04 But now we're starting to see more tailored solutions and I think consumers, and a lot of this is Gen. Z's and millennials saying this is not acceptable. So we're seeing new categories, whether it's Women's Health, it's Pediatrics, it's direct to consumer pharmacy, they're starting to specialize. 19:22 I think behavioral health has also been a huge category, which if you talked about behavioral health 10 years ago, it was almost a taboo. You couldn't talk about mental health. And I think a lot has changed. I also personally like the term behavioral health more. I think it has less of a negative connotation. 19:39 So we're starting to see more innovative solutions and platforms. And I think a lot of these companies are maybe still early on in their growth, but there is significant opportunity, whether it's, you know, Kicks Care and Pediatrics or Felix Health, Coral Dialogue, Layer Health, there's a lot of interesting companies that are building here. 19:57 And I think consumers are getting smarter around it and trying to find ways to really make sure that they can take care of themselves. Like how do we make sure that you have your integrated record of all of your informations? What tests should you do? How should you live your lifestyle? 20:14 I think that's the next generation that is just starting to emerge and there's a lot of those kind of in that seed series, even pre seed that I'm really excited about. 20:23 Speaker 1 Yeah, sure. 20:24 AI in healthcare: substance vs. hype Many can relate to your personal health care being so fragmented within the system today, and that's definitely frustration. So I just want to touch on briefly something you talked about before as well about AI within health tech. So AI is currently one of the most hyped areas in venture investing in technology, one of the biggest sectors of venture dollars invested in 2025. 20:45 I'm curious where you think AI can be genuinely transformative in healthcare, and on the flip side where you think investors might be over estimating its near term impact. 20:57 Speaker 2 Yeah, I think AI in Healthcare is genuinely transformative. It really can help augment the provider experience and accelerate decision making. So think about things like medical imaging analysis, early disease detection, predictive rescoring, or automating a bunch of admin tasks. 21:15 I think AI can really help save lives, change errors, and free clinicians to really do the higher thinking activities. One of the things that really excites me is AI adoption in healthcare. And so I talked about the rate being 2.2 X the broader economy. 21:31 Also two out of three physicians are using health AI right now. That's massive and up significantly. We have seen in the US that over 30% of healthcare institutions have moved at least one AI solution from pilot to actually being in production. 21:48 And so I think there's real change here that is happening. What I would say is we don't want to overestimate the near term impact. And so I think Geoffrey Hinton very famously said don't train any more radiologists. Um, AI is going to solve their job. 22:05 We're actually investors in rat AI, which is killing it and an amazing radiology AI company and work. And what they do is they help radiologists that of which there's a huge shortage, see more patients make more informed decisions. I think successfully I startup solves measurable problems and they're not just chasing general purpose breakthroughs. 22:26 Where I get concerned is when individuals use AI for behavioral health and mental health. I think we'll get there. I just don't think the right guardrails are there. And there have been multiple issues, instances of, you know, AI used in a way that has really caused harm. 22:43 And I think that's where I'd like to have safer solutions. But it's definitely going to be part of it. Think about it as like an assistant that makes you smarter. The Copilot model I think is really helpful for care delivery, but it's not autonomous AI. 22:57 Diversity, representation, and women in VC I. 22:57 Speaker 1 Want to transition more into a discussion of of your personal experience in the industry has kind of really shaped the way that you approach things. So you've been in venture and finance for nearly two decades, and there's been a lot of discussion about improving diversity in venture capital. 23:17 From your vantage point, has the industry made meaningful progress in this manner, or has it been that the narrative has changed more than reality? 23:27 Speaker 2 I think the narrative is important, but probably one that has kind of two sides to it. I think in terms of having more women take their place in the decision making table and being represented on as on the investment committees and as partners, that's definitely grown. 23:45 Think we have over 80% of companies have at least one woman on the investment committee, which is up from like 60% five years ago. That's massive growth. However, I would say a lot of that tends to be more junior versus senior. 24:01 And so you see less true GP investing partners than you see associates and, and, and analysts. And that's something we have to work for. I would say like for junior team members, it's really about how do we make sure that we diversify that leadership and continue to help them grow, have mentors, have people that they look up to and grow. 24:21 I also think there's a huge problem that often gets untalked about around which group gets funding. And I recently saw staff that just like shocked me, but over 80% of funding goes to all male founding teams as of 2025. 24:37 Like that's wild. We are the women entrepreneurs. And I think part of that is reflected from GPS, like people investing, people that they understand that they can have commonality and build relationships with. And so I do think that's important and something that you need to change. 24:55 I think in Canada, um, the picture is actually a little bit better, Um, where we see material growth in terms of VC. But in the US, I think 16% of partners are women now again up from early 2000s when it was 9%. 25:14 So we're improving, but is it, is it sufficient? I think there's also a really good BDC study that came out and said that over 80% of women in Canada RBC's, which again is up, but how many of them are partners. 25:29 And so I think it's really important that we continue to sustain that. And we've seen some things around DEI that are kind of going, I would say, in the wrong direction. And so I'm always mindful that it doesn't come to a different place. And, you know, when I talk to my mother about what it was like to be, you know, a woman and entrepreneur and how few women there were, you know, the challenging conversations that she's had, you know, raising a family and people telling you either need to have kids or you need to be an entrepreneur, you can't do both. 26:00 I'm not sure. We have progressed a ton on that. And so I think that the challenge for founders is still very, very meaningful. 26:08 Speaker 1 Within the industry, what do you think needs to happen in order to facilitate that change? Is it more conversations and an open dialogue about that, or does the change start from the bottom up of the structure? 26:22 Speaker 2 It's a really great question and I won't tell you that I have a magical ball. I think part of it is having a conversation. Part of it is networks and mentorship. I'm a really big believer in mentorship and relationships. It takes a village. I can't tell you the number of calls I've received from women in BC or who are expecting their first and don't know how to navigate it because most VC firms don't have a policy. 26:46 It's just a biological fact that it tends to fall to women like where the ones that get pregnant and carry a child and most of us are the ones that tend to take parental leave. I encourage a model that has Bell, but it's about how do we help these women navigate it and make it less of an isolated, challenging and intimidating situation. 27:04 Part of that is community and your village and part of that is infrastructure. I will tell you I was the first senior women to take a the first woman in my fun to take a amount leave was really helpful for me that my male partners were super supportive and talked to me about infrastructure, about what would work well for me and my family. 27:22 And I also talked to a lot of other partners and principles that have gone through the journey and asked for their advice. I think asking questions, building community and also taking a long term view, same way as we think about startups with the long term view. Most women have two kids in Canada two or three years apart in the span of, you know, 30-40 year old year career. 27:45 I think a good team that takes that long term orientation could do a lot to retain their talent and grow it and build an excellent reputation for themselves. There's also a lot of great research about women entrepreneurs and women founders having a lot of resilience and grit and really strong operations and results that I think often gets overlooked. 28:05 Career advice for students entering venture and startups Looking on the other side of things, more on the side of students who are looking up to those said women in venture and, and obviously yourself as a managing director of, of a fund that's so influential. How can students firstly perhaps reframe their experience working towards their goals and perhaps what what the culture currently facilitates in terms of limitations on what you can do as a woman and and how can how can we seek opportunities in network with people who are going to push us to where we need to be? 28:41 Speaker 2 I think as, as a student kind of entering the workforce or doing internships, the my first advice is typically look for places that give you a lot of learning and growth opportunities early in your career. So whether that's exposure to a lot of different industries, exposure to a lot of technologies or working in a startup where you can have a broader role with more responsibility early in your career, you're going to learn a lot. 29:05 And I think in the first years of your career, that's really important. You could have different interests, you can have different strengths and those can kind of emerge and I think you can build on those, um, as you navigate your career. I know that's very generic, but that was partially for me. 29:20 Why I really like management consulting is I had exposure to a lot of different industries. I didn't have to choose one. And I think you see that if your interest is really in venture, I actually maybe this is a hot take. I don't think venture is a great first job. Uh, I think Ventura is a great second or third job. 29:37 And I would say working for a startup, working in management consulting in banking or working for like a scale up can actually give you a better appreciation because there's more mentorship, bigger teams early on and then venture can be a great second job. 29:52 Um, and there's a lot of non traditional ways to enter venture. I also think a lot of the school programs around venture investing and having your own portfolio, it can be small. There's a lot of Angel networks. I think getting involved with the community, the ecosystem, the accelerators is a great way to learn and make sure that this is something that's really interesting to you and that you're really passionate about. 30:16 Because venture and startup is, is not an easy 9 to five career. And so really if if your passion and your interest and your skill sets aligned, then that's a great choice. But it's also OK if it's not. That's. 30:29 Health tech hot takes and rapid-fire questions Concluded the questions that I've had for you today and now I want to get more into the hot takes that IVCC wants to ask. How this works is I'll ask you one liner of a hot take in Healthtech or Adventure and I want you to answer and as little words as possible. Does that make sense? 30:45 Speaker 2 I'll try my best, OK? 30:46 Speaker 1 Great. What's the most overhyped trend in health tech right now? 30:50 Speaker 2 Magic wand AI will solve everything. Cure healthcare overnight, replace doctors. Real change takes years, not months. 30:59 Speaker 1 What's the most underrated opportunity in healthcare innovation? 31:04 Speaker 2 Prevention, early intervention, there's still a lot of opportunity there, and startups that make prevention easy, measurable, and part of your daily life through wearables, AI, or care coordination can really change healthcare outcomes long term. It's like low glimmer, not shiny, but really high impact. 31:23 We. 31:23 Speaker 1 Previously touched on this, but is AI in healthcare currently more hype or substance? 31:29 Speaker 2 I am so proud to say it as substance because of the adoption I'm seeing. Super excited about it. 31:35 Speaker 1 Should venture capitalists prioritize mission or market size when evaluating health startups? 31:42 Speaker 2 Market size can't pay. It won't happen. 31:45 Speaker 1 What's a health tech category you think investors are sleeping on? 31:49 Speaker 2 Pediatrics and Women's Health, I think these markets are massive but offer overlooked because they're considered too niche. 50% of the population is super niche for Women's Health and we're seeing a lot of really exciting pre seed companies and seed companies, but none that have really scaled. I think it's starting to enter the conversation and I'm really optimistic for the growth to come there. 32:08 Speaker 1 What's 1 belief about venture capital that you hold that many investors might disagree with? 32:14 Speaker 2 I think maybe one, um, beliefs that I hold about venture capital than many other investors disagree with is that, you know, experience and pedigree matter the most. Um, and I think that it's great to have second time founders, but curiosity, grit and perspective can be really helpful. 32:35 I've seen a lot of founders who think differently, question assumptions and persist despite setbacks. And that often creates really big impactful opportunities, especially in healthcare where we can't continue to think the same way. Those are some great hot. 32:48 Speaker 1 Takes Ella thank you so much for that and that's just about all we had for you today on the podcast really appreciate your time thank you Trinity. It was a. 32:57 Speaker 2 Pleasure and I I hope it was impactful and I'm excited to see all the future Ivy alums that will enter the venture and startup ecosystem and help make healthcare better. We need you to our listeners. 33:10 Speaker 1 Thank you for tuning in today. You can stay up to date on future episode releases through our Instagram at Ivy Venture Capital. Until next time.