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How Howard Hughes Medical Institute Builds a Nonprofit Moat
Episode 84 of Business Strategy Talks explores how the Howard Hughes Medical Institute (HHMI) built a durable competitive advantage in biomedical research. Lucas and Luna break down HHMI's unique model: instead of funding projects, it hires top scientists as 'HHMI Investigators' — giving them stable salaries, full freedom, and long-term support — then gets out of their way. They trace how this talent-first approach has produced a stunning return on investment: 34 Nobel laureates, a 90% investigator retention rate, and a 5:1 leverage ratio on private investment. The episode also…
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