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BackTable / Innovation / Podcast / Episode #27

Physician Underdog

with Dr. Navin Goyal

Aaron Fritts talks with Dr. Navin Goyal about why he decided to leave clinical practice, co-founded LOUD Capital, and how he's helping physician entrepreneurs flip the script and leverage the underdog mentality to drive ideas and careers forward.

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Physician Underdog with Dr. Navin Goyal on the BackTable Innovation Podcast)
Ep 27 Physician Underdog with Dr. Navin Goyal
00:00 / 01:04

BackTable, LLC (Producer). (2022, May 27). Ep. 27 – Physician Underdog [Audio podcast]. Retrieved from

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Podcast Contributors

Dr. Navin Goyal discusses Physician Underdog on the BackTable 27 Podcast

Dr. Navin Goyal

Dr. Navin Goyal is a former anesthesiologist turned CEO of LOUD Capital.

Dr. Aaron Fritts discusses Physician Underdog on the BackTable 27 Podcast

Dr. Aaron Fritts

Dr. Aaron Fritts is a Co-Founder of BackTable and a practicing interventional radiologist in Dallas, Texas.

Show Notes

In this episode, our host Dr. Aaron Fritts interviews anesthesiologist and VC founder Dr. Navin Goyal about his journey into medicine, why he decided to leave clinical practice, and advice for physicians who are looking to branch out to alternative pursuits.

We start by discussing Dr. Goyal’s new book, “Physician Underdog: Leveraging the Underdog Mentality to Move Forward.” He says that his inspiration to write this book evolved from an initial proposal to write a textbook chapter on innovation for an anesthesiology textbook. He found himself wanting to self-reflect and write down more ideas, and this writing process eventually prompted him to find an editor and publish his own book. The title “Physician Underdog” comes from a paradoxical feeling within the physician community– regardless of the education and experience that physicians have acquired, an underlying feeling of being an “underdog” persists. This feeling can develop as a result of realizing that they have limited control over hospital administrative policies or doubting their abilities to pursue projects outside of clinical practice.

Dr. Goyal encourages physicians to seek roles where their core values align with those of the institution. From his experience as a medical director, he found himself questioning why his initial focus on patients became lost in a sea of administrative and financial conversations. His values were not being addressed in his role. To remedy this dissonance, he decided to create his own purpose-driven mission, become an entrepreneur, and eventually start a VC firm called LOUD Capital. He shares two examples of products in LOUD Capital’s fund that have energized him– a fetal pulse oximeter from Raydiant Oximetry and a hydrogen fueled car from Hyperion Motors.

To wrap up the episode, Dr. Goyal highlights the importance of self-esteem in the physician community. He reframes the medical degree to encompass more than just the credentials for clinical practice; it is also proof that physicians can learn new skills and continue to grow throughout their careers.


Disclaimer: The Materials available on are for informational and educational purposes only and are not a substitute for the professional judgment of a healthcare professional in diagnosing and treating patients. The opinions expressed by participants of the BackTable Podcast belong solely to the participants, and do not necessarily reflect the views of BackTable.

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