Hidden in plain sight: Canaan’s Grant on company building in white spaces

• Canaan’s company creation and investments — Canaan incubates and backs early-stage biotechs, prioritizing cash-on-cash returns at $1 to $10 billion exits, with the philosophy that all roads lead to acquisition and the last private round can understate value by 10 to 20x

• Anchor tenants forming “all-weather” companies — Biotechs are often built around one individual who sets the tone; strong partnership, recruiting, and company culture are critical...