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Doximity CEO ignored Silicon Valley wisdom and built a $10 billion health-tech company [cnbc.com]:

While Doximity had to skip this year's gathering because of Covid-19, the event has been held in Napa and at Pebble Beach, and more recently at the company's San Francisco office.

"It's been probably the biggest influence on our product roadmap," Buck said. "We talk about what we plan on building, individual features and new crazy ideas that we have. The best ideas come at cocktail hour on Saturday night."

Buck said Tangney is known for carrying around little notebooks that he diligently fills up cover to cover over the two days.

Kevin Spain of Emergence Capital attended the Napa weekend in 2012, not long after his venture firm led Doximity's first investment, a $10.8 million financing round [techcrunch.com].

Spain was thoroughly invested in Doximity's success, and not just because of the money Emergence had on the line. He wasn't yet a partner at the firm but had convinced his superiors to back a pre-revenue business. It was an atypical bet for Emergence, which focuses on early-stage cloud software companies.

Spain said that while board meetings were instructive because he could see signups going in the right direction and engagement on the site increasing, the Napa weekend was much more insightful. He got to hear directly from doctors about what they needed to improve their practice.

"They felt like they had a hand in co-creating this thing Doximity was building," said Spain, whose firm owns a $1.35 billion stake in the company [cnbc.com] as of Friday's close. "I'd never seen that before."

Some of those doctors ultimately made good money from the IPO. Doximity allocated up to 3.5 million shares to doctors on the platform, representing 15% of the offering. After Doximity's stock price jumped 115% in its first two days, the value of shares owned by doctors climbed from $91 million to over $195 million.

"Physicians are sort of outsiders in the financial markets and business world," Tangney said. "Yet in our life and world they're the insiders, they're the people we care about most. We'd rather the shares go to them if there's a pop than to some hedge fund somewhere."

One challenge for Tangney as he continues to seek expansion opportunities is that there's a finite universe of users and the core product already reaches the vast majority of them. The company serves more than 80% of U.S. physicians and over 90% of recent medical school graduates. There are only about 1 million doctors in the country.

Still, Tangney sees a decade of revenue growth ahead. There are digital ad dollars to capture as pharmaceutical companies move spending online. And there's the power of medical referrals, helping doctors get patients to the right places based on where the top experts work and which hospital specializes in treating a particular disease.

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