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# Lessons from Joshua Kushner
- URL: https://www.antoinebuteau.com/lessons-from-joshua-kushner/
- Published: 2026-03-14T17:05:22.000Z
- Updated: 2026-07-18T22:07:30.000Z
- Description: Joshua Kushner is the founder of Thrive Capital and co-founder of Oscar Health, whose concentrated, high-conviction investment philosophy emphasizes respecting founders and making significant, long-term bets on visionary entrepreneurs tackling complex industries through technology.
- Author: Antoine Buteau
- Tags: Profile, Investing, Hedge Funds & Investing Profiles

Joshua Kushner is the founder of Thrive Capital and the co-founder of Oscar Health, recognized for his high-conviction approach to venture capital and his ability to identify category-defining companies at their earliest stages. By blending a deep respect for founders with a concentrated investment philosophy, he has built one of the most successful modern investment firms from the ground up. His strategy emphasizes making significant, long-term bets on visionary entrepreneurs who are reshaping complex industries through technology.

![Visual summary of operating lessons from Joshua Kushner.](https://www.antoinebuteau.com/content/images/2026/07/image-89-optimized.webp)

### Part 1: Venture Capital and Investment Philosophy

1. **On Conviction:** "We prefer to make fewer, more substantial bets where we can be the most meaningful partner to the founder." — [*Source: Thrive Capital*](https://thrivecap.com/?ref=antoinebuteau.com)
2. **On Noticing:** "Pay attention to what you notice, but what no one else sees." — [*Source: Invest Like the Best*](https://www.joincolossus.com/episodes/96816401/kushner-thrive-capital?ref=antoinebuteau.com)
3. **On Grand Ambitions:** "We should only try to be a part of things that have really grand ambitions." — [*Source: Invest Like the Best*](https://www.joincolossus.com/episodes/96816401/kushner-thrive-capital?ref=antoinebuteau.com)
4. **On Concentrated Portfolios:** "Concentrated portfolios allow for deeper operational engagement and oversight compared to spreading capital thin across dozens of startups." — [*Source: Thrive Capital*](https://thrivecap.com/?ref=antoinebuteau.com)
5. **On The "Fifth Avenue" Strategy:** "Our strategy is built on high-conviction bets on a small number of companies we believe will define their entire categories." — [*Source: Bloomberg*](https://www.bloomberg.com/?ref=antoinebuteau.com)
6. **On Partnership:** "Thrive is not just an investment firm; it is a company focused on creating meaningful, long-term partnerships with visionary founders." — [*Source: Thrive Capital*](https://thrivecap.com/?ref=antoinebuteau.com)
7. **On Decision-Making Speed:** "One of our core advantages is the ability to move quickly in investment decisions, often relying on one key decision-maker to maintain momentum." — [*Source: Capitaly VC*](https://www.capitaly.vc/?ref=antoinebuteau.com)
8. **On Stage Agnosticism:** "We invest from pre-seed through pre-IPO, seeking founders who are building something transformative regardless of the current stage of their company." — [*Source: F4 Fund*](https://f4.fund/?ref=antoinebuteau.com)
9. **On The "Founder-First" Mentality:** "The founder is the most important element of any early-stage investment; we back the people and their vision first." — [*Source: Thrive Capital*](https://thrivecap.com/?ref=antoinebuteau.com)
10. **On The Role of Capital:** "Capital is increasingly a commodity; the true value we provide to a company is our partnership, our network, and our operational support." — [*Source: Thrive Capital*](https://thrivecap.com/?ref=antoinebuteau.com)

### Part 2: Entrepreneurship and Building Oscar Health

1. **On Healthcare Sentiment:** "The net promoter score of health insurers averages 4/100, while Amazon is 74/100—people historically like Congress more than their insurers." — [*Source: DLD Conference*](https://www.youtube.com/watch?v=EG%5FJuZKCgoZ&ref=antoinebuteau.com)
2. **On The Reality of Startups:** "Entrepreneurship is not as romantic as the media often portrays; it is incredibly difficult and requires an intense blend of hard and smart work." — [*Source: DLD Conference*](https://www.youtube.com/watch?v=EG%5FJuZKCgoZ&ref=antoinebuteau.com)
3. **On Healthcare Innovation:** "Healthcare is a massive sector that has yet to be fully transformed by the power and efficiency of modern technology." — [*Source: AZQuotes*](https://www.azquotes.com/author/51841-Joshua%5FKushner?ref=antoinebuteau.com)
4. **On The Mission of Oscar:** "Oscar was founded to simplify healthcare coverage and improve the overall member experience through a technology-first approach." — [*Source: MarketBeat*](https://www.marketbeat.com/?ref=antoinebuteau.com)
5. **On Reducing Market Friction:** "Success in the insurance industry comes from using a proprietary digital platform to reduce friction in enrollment, claims, and support." — [*Source: MarketBeat*](https://www.marketbeat.com/?ref=antoinebuteau.com)
6. **On Identifying Category Leaders:** "We seek companies that have a clear product, initial market traction, and a team capable of defining a new industry category." — [*Source: Capitaly VC*](https://www.capitaly.vc/?ref=antoinebuteau.com)
7. **On Technology as a Tool:** "Technology should be used to make complex, opaque industries like healthcare feel simple and consumer-friendly for the average user." — [*Source: MarketBeat*](https://www.marketbeat.com/?ref=antoinebuteau.com)
8. **On AI and Economics:** "AI will eventually lower operating costs significantly in industries like insurance by automating routine claims processing and member support." — [*Source: YouTube*](https://www.youtube.com/watch?v=FIqsxEfEAJrgPPqb1B5NyjxrSLl3043KrBHTPWbqvrRxD%5F2wb2YiV4C6mT9BPbqt%5FrL6Qaq2bLhc-cyxzO29xvv60aLUAmiMtshFT8aOhmEveZeRfa6T51M8BdYR9lr1RzRqrk0JA&ref=antoinebuteau.com)
9. **On Managing Distractions:** "The most dangerous thing for a founder is to lose focus on the core mission of the company in favor of side projects." — [*Source: Thrive Capital*](https://thrivecap.com/?ref=antoinebuteau.com)
10. **On Building for the Long Term:** "We are not interested in quick exits; we want to partner with founders who are building companies that will exist for decades." — [*Source: F4 Fund*](https://f4.fund/?ref=antoinebuteau.com)

### Part 3: Decision-Making and Long-Term Strategy

1. **On Growth:** "If you’re not embarrassed about who you were two years ago, you’re not growing at the pace required for success." — [*Source: Invest Like the Best*](https://www.joincolossus.com/episodes/96816401/kushner-thrive-capital?ref=antoinebuteau.com)
2. **On Productivity:** "Occasionally turning off my phone for an entire day allows for deeper, more proactive thought rather than just reacting to the noise of the world." — [*Source: DLD Conference*](https://www.youtube.com/watch?v=EG%5FJuZKCgoZ&ref=antoinebuteau.com)
3. **On Moving Mountains:** "Believing that you can move mountains sometimes is more important than actually having the technical ability to do so at that moment." — [*Source: AZQuotes*](https://www.azquotes.com/author/51841-Joshua%5FKushner?ref=antoinebuteau.com)
4. **On Focusing:** "Ignore both overly positive and negative external noise; stay focused on the ultimate internal goals of the business." — [*Source: DLD Conference*](https://www.youtube.com/watch?v=EG%5FJuZKCgoZ&ref=antoinebuteau.com)
5. **On Operational Support:** "Beyond providing capital, we offer strategic guidance on talent acquisition and board strategy to help companies scale effectively." — [*Source: Thrive Capital*](https://thrivecap.com/?ref=antoinebuteau.com)
6. **On Strategy vs. Reaction:** "You must take the time to think proactively about the future rather than simply responding to the immediate demands of the day." — [*Source: DLD Conference*](https://www.youtube.com/watch?v=EG%5FJuZKCgoZ&ref=antoinebuteau.com)
7. **On Long-Term Conviction:** "Thrive is built on the principle of patient capital, with fund durations that can exceed 15 years to allow companies to reach full maturity." — [*Source: F4 Fund*](https://f4.fund/?ref=antoinebuteau.com)
8. **On Competitive Advantage:** "Speed of execution combined with high conviction are the two primary ways a smaller investment firm can win against institutional giants." — [*Source: Capitaly VC*](https://www.capitaly.vc/?ref=antoinebuteau.com)
9. **On Managing Hype:** "True success requires the discipline to ignore the short-term hype cycles and focus relentlessly on business fundamentals." — [*Source: DLD Conference*](https://www.youtube.com/watch?v=EG%5FJuZKCgoZ&ref=antoinebuteau.com)
10. **On Continuous Improvement:** "The pursuit of being the best version of yourself is a never-ending process of self-refinement and constant learning." — [*Source: DLD Conference*](https://www.youtube.com/watch?v=EG%5FJuZKCgoZ&ref=antoinebuteau.com)

### Part 4: Team Building, Talent, and Culture

1. **On Collective Success:** "Every single win that we have is the entire firm's win, and every single loss that we have is the entire firm's loss." — [*Source: Invest Like the Best*](https://www.joincolossus.com/episodes/96816401/kushner-thrive-capital?ref=antoinebuteau.com)
2. **On Talent Selection:** "If you have to choose between the most experienced person or the person who wants it the most, you always pick the person who wants it the most." — [*Source: Invest Like the Best*](https://www.joincolossus.com/episodes/96816401/kushner-thrive-capital?ref=antoinebuteau.com)
3. **On Insecurity as a Driver:** "Insecurity can be a powerful driver of innovation when it is successfully channeled into passion and work ethic." — [*Source: Invest Like the Best*](https://www.joincolossus.com/episodes/96816401/kushner-thrive-capital?ref=antoinebuteau.com)
4. **On Independence of Thought:** "We seek individuals with a passion for deep, independent thought, differentiating between simple intelligence and true 'smartness'." — [*Source: Invest Like the Best*](https://www.joincolossus.com/episodes/96816401/kushner-thrive-capital?ref=antoinebuteau.com)
5. **On Career Progression:** "Every single offer we give is with the expectation that if the person is successful, they will eventually become a partner at the firm." — [*Source: Invest Like the Best*](https://www.joincolossus.com/episodes/96816401/kushner-thrive-capital?ref=antoinebuteau.com)
6. **On Conviction from Mentors:** "I have learned deeply from mentors about the importance of conviction and maintaining your principles in a volatile market." — [*Source: Invest Like the Best*](https://www.joincolossus.com/episodes/96816401/kushner-thrive-capital?ref=antoinebuteau.com)
7. **On Enabling Artists:** "From the team at A24, I learned the importance of enabling artists—or in our case, founders—to do their best work without undue interference." — [*Source: Invest Like the Best*](https://www.joincolossus.com/episodes/96816401/kushner-thrive-capital?ref=antoinebuteau.com)
8. **On Legacy and Hard Work:** "My family's immigrant background taught me the foundational importance of working harder than anyone else in the room." — [*Source: DLD Conference*](https://www.youtube.com/watch?v=EG%5FJuZKCgoZ&ref=antoinebuteau.com)
9. **On Humility:** "Fostering a culture of humility and open-mindedness is essential for making better long-term decisions and avoiding arrogance." — [*Source: Invest Like the Best*](https://www.joincolossus.com/episodes/96816401/kushner-thrive-capital?ref=antoinebuteau.com)
10. **On Hiring "10x" People:** "A small, tight-knit team of '10x' individuals will always outperform a large team of average performers in any industry." — [*Source: Invest Like the Best*](https://www.joincolossus.com/episodes/96816401/kushner-thrive-capital?ref=antoinebuteau.com)

### Part 5: Leadership, Personal Growth, and the Future of AI

1. **On Personal Potential:** "To thrive is to be the best version of yourself, a definition that applies to both people and companies." — [*Source: DLD Conference*](https://www.youtube.com/watch?v=EG%5FJuZKCgoZ&ref=antoinebuteau.com)
2. **On AI Supremacy:** "Maintaining U.S. dominance in artificial intelligence is the most important technological moment in our lifetimes." — [*Source: Hill & Valley Forum*](https://www.youtube.com/watch?v=Ev6gATU7kh8&ref=antoinebuteau.com)
3. **On Democratic Values in AI:** "AI systems built without democratic values could have significant negative long-term consequences for the Western world." — [*Source: Hill & Valley Forum*](https://www.youtube.com/watch?v=Ev6gATU7kh8&ref=antoinebuteau.com)
4. **On Embodied AI:** "Embodied AI and robotics will create new economic opportunities and eventually enable a resurgence in domestic manufacturing." — [*Source: Hill & Valley Forum*](https://www.youtube.com/watch?v=Ev6gATU7kh8&ref=antoinebuteau.com)
5. **On AI Investment Strategy:** "Our AI strategy is five-pronged, focusing on compute, energy, talent, models, and the final application layers." — [*Source: Hill & Valley Forum*](https://www.youtube.com/watch?v=Ev6gATU7kh8&ref=antoinebuteau.com)
6. **On Transforming Traditional Businesses:** "We are looking at applying the lessons learned from tech investments to traditional businesses through new investment structures." — [*Source: Hill & Valley Forum*](https://www.youtube.com/watch?v=Ev6gATU7kh8&ref=antoinebuteau.com)
7. **On Resilience:** "My family's history of survival has been a foundational lesson in resilience and the importance of maintaining perspective during crises." — [*Source: Invest Like the Best*](https://www.joincolossus.com/episodes/96816401/kushner-thrive-capital?ref=antoinebuteau.com)
8. **On Navigating Complexity:** "There is a vital difference between being book-smart and being truly 'smart' in a way that allows you to navigate real-world complexity." — [*Source: Invest Like the Best*](https://www.joincolossus.com/episodes/96816401/kushner-thrive-capital?ref=antoinebuteau.com)
9. **On Global Competition:** "To maintain Western leadership, we must secure American access to the critical inputs of the future: cheap energy and massive compute." — [*Source: Hill & Valley Forum*](https://www.youtube.com/watch?v=Ev6gATU7kh8&ref=antoinebuteau.com)
10. **On The Human Element:** "At the end of the day, venture capital is a relationship business based entirely on trust and a shared vision for the future." — [*Source: Thrive Capital*](https://thrivecap.com/?ref=antoinebuteau.com)