Podcast Summary: The Investor with Joel Palathinkal

Episode: Jacob Mahaffey: Cowboy Technologies
Date: October 10, 2025
Host: Dr. Joel Palathinkal
Guest: Jacob Mahaffey, Cowboy Technologies

Episode Overview

This episode explores the unique professional journey of Jacob Mahaffey, who balances a background in science, medicine, and business with his roles in venture capital in Oklahoma. The discussion centers on Mahaffey’s path from early investment education to his work across medical innovation, university VC ecosystems, philanthropy, and the future of biotech and tech-enabled investing. The episode offers insights for aspiring investors, entrepreneurs, and anyone interested in innovation at the intersection of academia and industry.

Key Discussion Points & Insights

Early Life and Foundations of Investment

• Family Influence (01:51–04:27):
  • Mahaffey’s father, a chemical engineer, gave Jacob and his brother a few thousand dollars to pick their own stocks as children.
  • “My dad gave me some funds and I had to pick different stocks…” (01:51, Jacob)
  • Early lessons in diversification and patience through investments (Marvel vs. Walmart stocks).
• Building Financial Habits (03:19–04:41):
  • Now implements similar strategies with his daughter—emphasizing diversified buckets for saving, investing, giving.
  • “You need money, you need secure funds and you need risky funds.” (04:41, Jacob)

Education and Career Path

• Academic Choices and Business Exposure (13:28–16:04):
  • High school involvement in Future Business Leaders of America, business plan competitions, and balancing between science and business interests.
  • “In high school, I made a business plan for a fly fishing shop...maybe when I retire I’ll do that.” (15:01, Jacob)
• Medical School and Pivot to Business (16:08–17:51):
  • Earned a biology degree, attended medical school for three years, shifted to business after realizing better work-life balance and economic prospects.
  • “There was a surgical residency program...they said, ‘You’re only allowed to work 90 or 120 hours a week’...I’m like, no, not gonna happen...” (16:36, Jacob)

Industry Experience

• Pharmaceutical & Clinical Trial Work (18:09–23:18):
  • Roles in continuing medical education and sales, then clinical trials, before pivoting to a more front-end, innovative path.
• First VC Role & Bridging Business with Science (23:18–28:22):
  • At Cancer Treatment Centers of America, helped select and incubate internal innovations and some external startups.
  • “My job was...to select what investments they should make on the medical side. That’s kind of been the niche that I fit into...” (23:51, Jacob)
  • Emphasizes the importance of intermediaries who speak both scientific and business languages.
• Internal Venture Funds and Time to Market (27:01–28:22):
  • Many internal innovations take years—sometimes 5+ years—from ideation to market.
  • “Until a product’s actually placed in a patient, it’s just all ideation, investment.” (27:57, Jacob)

University VC, Philanthropy, and Fund Structure

• Fund Structure at Oklahoma State (OSU) (35:14–38:06):

  • Cowboy Technologies as a business incubator/accelerator with a small fund for early commercial projects.
  • Multiple entities: OSURF (Oklahoma State University Research Foundation), Cowboy Tech, Riata Pre Seed Fund (philanthropic), Oklahoma Life Sciences Fund, and various academic collaborations.
  • "If you don't know, you don't know. They put me in—I wear several hats...Anyone in an ecosystem needs front-facing people they can just go talk to." (35:36, Jacob)

• Philanthropy vs. For-Profit Investing (29:06–35:14):

  • Detailed look at how philanthropy and for-profit funding work side-by-side, using the example of university and estate funds.
  • “Normally it’s either or because it gets messy...If the fund invests in a student project, then you can’t personally invest in that project.” (31:22, Jacob)
  • Large corporations use both arms for mission and margin: philanthropy for education/awareness, for-profit for commercial return.

Investment Themes, Process, and Portfolio

• Cowboy Technologies’ Investment Process (38:06–42:22):

  • Scout campus research for commercial potential; use associate deans/research grants as sourcing.
  • Two main investment cycles/year, focus on translational research (bridging early innovation to market).
  • Uses SAFEs (Simple Agreements for Future Equity) for early-stage investments.

• Key Sectors (42:22–43:28):

  • Digital health, life sciences, ag tech, aerospace—aligned with OSU’s strengths (airplanes, crops, vet med).

• Highlighted Portfolio Company (44:33–45:42):

  • Plasma Bionics: Sterilization tech for surgical devices, with applications including N95 mask sterilization.
  • “Started back in 2011 and they finally got their first sales earlier this year...” (45:22, Jacob)

Trends and Reflections

• Industry Trends and Hopes (46:54–50:37):
  • Excitement for advances in rapid vaccine development and tools to make society “normal again.”
  • Frustrations with loss of certain research models (baboon studies) and how that affects clinical development.
  • On COVID vaccines: “I’m hoping January, February, March of next year...I think we’re going to, I’m hoping by next summer for sure things should be back to normal.” (49:30, Jacob)

Notable Quotes & Memorable Moments

• “Sometimes it’s like the time from getting a product, filing a patent, making the prototype...it can be a long time. So it’s gratifying to see, hey, I started this project with you, you know, several years back, and here we’re getting to make the prototype...”
  — Jacob (27:57)

• “You need money, you need secure funds and you need risky funds...not very many venture deals make it to an exit. So just know that.”
  — Jacob (04:41)

• “Take advantage of non-dilutive opportunities...the NSF has set it up where it’s real easy for anyone to get involved...having more small businesses who get funded by the government’s important.”
  — Jacob on life and business advice (51:17–52:18)

• “Figure out what you want to do and don’t give up on your dreams and achieve them...continue to pursue your dreams, however hard it may be.”
  — Jacob’s final advice (51:17)

Important Timestamps

• 01:51–04:41: Jacob’s early investment education, family influence
• 13:28–16:04: High school/college involvement in business competitions, early business plans
• 16:08–17:51: Pivot from medicine to business, work/life balance realization
• 23:18–28:22: First venture capital experiences, bridging science & business, IP incubation
• 29:06–35:14: University fund/philanthropy structures, internal/external investments, double dipping clarified
• 35:14–38:06: Explanation of Cowboy Technologies, OSU's innovation ecosystem
• 38:06–42:22: Deal sourcing, investment cycle, non-dilutive grants, SAFEs
• 44:33–46:34: Portfolio highlight: Plasma Bionics’ sterilization breakthrough
• 46:54–50:37: Industry trends, vaccines, and future hopes
• 51:17–52:18: Life and business advice for listeners

Summary Tone

Conversational, approachable, and practical—both host and guest use relatable anecdotes and straightforward, jargon-light explanations. The dialogue moves fluidly from personal stories to actionable advice and industry insights, with lots of teachable moments for early-career professionals and aspiring innovators.

Final Takeaways

• Early investment education and diversification matter
• The path from medicine/science to business/venture capital can be nonlinear but deeply rewarding
• University VC ecosystems thrive at the intersection of philanthropy, for-profit funds, and translational research
• Non-dilutive funding is under-utilized by aspiring founders—seek it out
• Long time horizons and perseverance are essential in deep-tech and medtech investing
• “Figure out what you want to do and don’t give up on your dreams.” (51:17, Jacob)