Danaher Corporation

You've had your blue chip background.

You've done the classic Danaher type private equity, the Danaher background, the private equity love with your time there.

And that's led you down to nine private equity backed exits.

Most people are happy with one.

People want that honesty and want you to be out in front of it and open with them about it.

And from an education standpoint, what book, framework, resource has had the biggest influence on

you and how you lead? It goes back to my days at Danaher and actually prior to Danaher, I got exposed to the book Lean Thinking by Womack and Jones.

And things just really clicked for me in the perspective they were putting forward of, you know, what I've mentioned before, focusing on what the customer values the most and then looking really critically at all the things that you do and asking why.

But given that and what you've done in terms of, again, building a business, pivoting a business, going into a space you don't know anything about, building a team, what does What closing advice would you have for people in that seat who, let's say, they've raised seed or maybe even Series A?

Mitch Rails, who is the founder of Danaher.

Danaher is probably the most successful conglomerate business started in the last 40 to 50 years.

You probably have heard of GE, but you may not have heard of Danaher.

They've reinvented themselves from an industrials company multiple times.

Now they're a true kind of healthcare business.

I just – for me, it's – I would have no way of knowing – whether or not something could come along that would displace them uh what what does the competitive set look like i really don't know i would have i would have had a hard time telling like could they win those lawsuits that they won you know if they don't that's a good point it's going to be hurtful for the business so yeah uh it's probably a pass for me what about you

Yeah, I put it in the same category as the Medpace, Illumina, there's others, Brooker, even Thermo Fisher and Danaher.

I think they all kind of are in the same area.

Obviously, tennis genomics is much more high risk than some of those other players.

So this acquisition obviously wasn't just important for Radiometer, but it was actually Danaher's first major move into medical technology and one of its first really large acquisitions outside the United States.

So there's a lot riding on proving that DBS or the Danaher business system could work in a highly regulated FDA environment and a healthcare environment.

Did you feel that pressure?

Yeah, definitely.

It was the first in healthcare.

It was the first company which was not a turnaround, but already profitable and doing well.

So there was a lot of of pressure on Danaher to prove to the market that they could do this and that Danaher business system would work outside and in this environment.

And that translated then, Larry Culp, who was the CEO of Danaher at the time, was my boss for the first two years.

So I'll give you a few examples.

So a first example would be a company called Danaher.

And Danaher makes kind of the picks and shovels that are used in mRNA production.

So they will benefit.

We invest in a company called Lonza, which makes drugs.

Let's look at the financial analysis and market mechanics, because this is where the commercial leverage becomes apparent.

Early enterprise adopters already signed on to MHS include AWS, Danaher, Universal Robots, Doosan Robotics, Tekon, and Qiagen, with Hugging Face and Raspberry Pi reportedly adding MHS support across their device ecosystems.

That is not a speculative pilot list.

That represents entrenched industrial automation, compute, and life sciences infrastructure providers hedging that MHS will become the undisputed standard.