Mario Schlosser On Raising $2.2 Billion To Build A Tech-Driven Health Insurance Company, Making Good Health Accessible And Affordable For All
Update: 2024-10-19
Description
Mario Schlosser’s story resonates with entrepreneurs navigating the complexities of building companies across different cultures, facing financial hardships, navigating board dynamics, and even being fired from their own startups.
Mario’s latest venture is Oscar Health that has raised funding from top-tier investors like Lakestar, Alphabet, Coatue, Baillie Gifford, and Reinvent Capital.
In this episode, you will learn:
- Mario’s transition from Germany to Silicon Valley revealed how cultural differences shape entrepreneurial approaches. His shift from a solitary, self-reliant coding mindset to a more collaborative, big-thinking American approach was pivotal in his success.
- Mario faced numerous challenges, including financial hardships, being fired from his own company, and failed ventures. His story emphasizes that resilience in the face of failure is critical for entrepreneurial success.
- Many of Mario’s early ventures were ahead of their time, such as his work on mobile photo-sharing apps before Instagram. This taught him the importance of launching products when the market is ready.
- Mario’s time at Vostu, where internal strife and a lawsuit with Zynga ended in him being fired, was a valuable learning experience. These setbacks prepared him for future ventures, including the launch of Oscar Health.
- Mario’s diverse background—from coding as a child to studying electrical engineering, linguistics, and business—allowed him to combine technical and business skills, contributing to his ability to innovate in sectors like health insurance.
- Mario’s time at Harvard Business School and McKinsey broadened his perspective, teaching him how to approach problems strategically and helping him transition from a technical expert to a business leader.
- The creation of Oscar Health leveraged Mario’s gaming background, using virtual economies and incentives to reshape how health insurance influences consumer behavior. This innovative approach, coupled with the rise of Obamacare, helped Oscar thrive in a challenging market.
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