E20: Martin Shkreli on Public Vilification, Lessons from Prison, and Getting Back in the Arena
Biotech founder and investor Martin Shkreli joins Erik Torenberg and his co-host Jesse Genet on In The Arena podcast to dissect his controversies and crises through the lens of leadership. Martin goes deep into the leadership decisions and regulatory environment that led to him serving time in prison, the lessons he took away about tech and founding startups, and how he believes there is a hero’s journey arc up ahead. If you’re looking for an ERP platform, check out our sponsor, NetSuite: http://netsuite.com/upstream In The Arena is a part of the Turpentine podcast network. If you loved listening, subscribe at the podcast platform of your choice: https://link.chtbl.com/MwjyhPC5 Upstream and In The Arena are part of the Turpentine podcast network. Learn more: www.turpentine.co RECOMMENDED PODCAST: Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriff TIMESTAMPS: (00:00) Episode Preview (01:52) Reliving Martin's most stressful moment (06:09) How the lawsuit impacted Martin's team (09:52) How the government handled Shkreli’s case (11:22) The day Martin was taken by authorities (14:28) Sponsor: NetSuite (19:10) Hedge funds’ relationships with the law compared with venture (25:57) The price hike and pharma industry norms (32:22) Explanation of charges (41:15) The new CEO (44:36) New trope of private equity pharma (48:57) The demise of trust in the media and Pharma Bro (57:11) Regrets and anger (59:45) The epidemic of criminal injustice (01:02:58) Being sued by the FTC under the Sherman Act (monopoly law) (01:06:03) Shkreli and Silicon Valley (01:08:31) Entrepreneurship post-indictment (01:15:40) Martin’s time in prison (01:21:48) Martin reflects on being a repeat founder, and where his passions lie now. X / TWITTER: @wagieeacc (Martin) @jessegenet (Jesse) @eriktorenberg (Erik) @inthearena_pod Please support our sponsors: Beehiiv | Shopify Head to Beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝to https://Beehiiv.com and use code "UPSTREAM" for 20% off your first three months. Shopify: https://shopify.com/torenberg for a $1/month trial period Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of all ecommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries. From their all-in-one ecommerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. Sign up for $1/month trial period: https://shopify.com/torenberg. This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.