Report from Sicktech Gilded Age ground zero

John Pierpont Morgan Sr. (April 17, 1837?– March 31, 1913)[1] was an American financier and investment banker who dominated corporate finance on Wall Street throughout the Gilded Age and Progressive Era. As the head of the banking firm that ultimately became known as J.P. Morgan and Co., he was a driving force behind the wave of industrial consolidations in the United States at the turn of the twentieth century.

Many think we are in the next Gilded Age dominated by the sick tech industrial complex.

In Farewell Address, Biden Warns of an ‘Oligarchy’ Taking Shape in America

Here are some observations from the latest JP Morgan annual event in San Francisco:

1. There is constant energy, some would describe as chaos, in the ecosystem from dawn to dusk and into the night
2. Offsite events, cocktail parties, conferences, and parties dominate the scene
3. Sharpen your networking skills and connect to the connectors to be part of the show
4. Given the hotel and travel costs, the benefits will vary depending on your objective, like finding collaborators, cash/funding or customers
5. Many of the events and gatherings are invitation only
6. Stanford and Cal-Berkely sit at the top of the academic food chain
7. Entrepreneurial finance dominates the conversation
8. The sick care AI product map is bulging at the seams and is consolidating.
9. Point solutions are being aggregated into whole product solutions. For example, we’re barely halfway through the first month of 2025, and Innovaccer already raked in what could end up being the biggest raise of the year with its $275M Series F funding round.

Innovaccer got its start in 2014 with the goal of breaking down healthcare’s data siloes and using that connected fabric of information to improve care delivery.

• That infrastructure was made possible by Innovaccer’s Data Activation Platform, which unifies data across EHRs and care settings to deliver insights at the point of care.

• Innovaccer’s Health Cloud adds an entire suite of applications on top of that data layer to modernize patient experiences and alleviate administrative burdens for providers.

10. Be sure to bring an extra cell phone battery charger, an umbrella, plenty of business cards with a QR code on the back (remember those?), and drink lots of water. Be prepared for many add on charges when you take an Uber.

11. You will be surprised by that white car waiting for you to cross the street that does not have a driver.

12. SF has made progress on the "seedy solutions" to homelessness in the downtown.

Be sure you know what an exosome is.

Scientists, entrepreneurs, and educators in the western U.S. bioclusters are trailblazers: energetic, enthusiastic, and optimistic. They live in hubs of creative research institutions and bold life sciences companies. As one biotech investor says, "the fear of failure here is zero." Bioclusters enliven their communities, raising scientific awareness and diversifying economic opportunities. Each western U.S. biocluster has its own history, unique personality, and distinct area of focus. Find your place in the pioneering West, whether your field is research, business, education, or global health.

California rules. It's the most populous state, and its bioclusters, particularly the Bay Area, dominate U.S. biotech. Common advantages of western bioclusters are diverse job options, opportunities for dual career couples, entrepreneurial support, and proximity to Asian collaborators and markets. However, since each biocluster is different, here's a guide to three of them.

• AOL's billionaire cofounder Steve Case runs the DC-based venture capital firm Revolution.
• Case is convinced that the future of American startups lies outside of Silicon Valley, New York City, and Boston, which receive 75% of all venture capital in the US.
• Since 2014, he has gone on seven "Rise of the Rest" bus tours to encourage entrepreneurship across the country, for a total of 38 cities outside of the three main VC centers.
• Late last year, he launched the $150 million Rise of the Rest Seed Fund and put "Hillbilly Elegy" author and former Valley investor JD Vance in charge. It includes limited partners like Amazon's Jeff Bezos and Bridgewater's Ray Dalio.
• While the investments are considerable, the factor that's making the biggest impact on entrepreneurs in smaller cities is the relationships Case facilitates.
• This article is part of Business Insider's ongoing series on Better Capitalism.

Here 's how to find your place in a biocluster.

Come prepared and connected, pick your spot, and good luck with your venture.

Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs on Substack