Creative Ways to Back Young Scientists: Andy Rachleff and Yung Lie on The Long Run

Yung Lie and Andy Rachleff are today’s guests on The Long Run.

Yung is the president and CEO of the Damon Runyon Cancer Research Foundation, based in New York. Andy is the board chair. Andy was one of the founding partners of Benchmark Capital, the prominent Silicon Valley VC firm, and today is the chairman of Wealthfront.

Yung Lie, president and CEO, Damon Runyon Cancer Research Foundation

This is a conversation about the many attacks on the scientific enterprise this year, and how scientists and nonprofit foundations can respond in a constructive way.

A lot has happened this year. The relationship between science and society is in a precarious state.

The Department of Government Efficiency started off the year by announcing plans to cut the indirect cost rate on federal grants to 15 percent. That has threatened billions of dollars in cuts to universities to run their labs and keep the lights on. That proposal was blocked by a federal judge, and is on hold pending court review.

About 1,200 staff jobs were cut at the National Institutes of Health, the largest and most important funding organization for biomedical research in the world. More than 2,500 NIH grants were canceled, although about 900 have been reinstated. Study sections that review grant proposals were canceled and rescheduled. Travel to conferences was disrupted. Anti-vaccine, and anti-science statements dominated public discourse. The cuts, and rhetoric about the cuts, sent shock wave after shock wave through US science in the first half of 2025.

Andy Rachleff, co-founder, Benchmark Capital; board chair, Damon Runyon Cancer Research Foundation

That’s not all. Immigration enforcement has stepped up, sending additional waves of fear and uncertainty through many young immigrants who come to study on visas at the US universities. Some countries are seeking to capitalize, rolling out the welcome mat for bright young talent in the US.

This show is about stamina and resilience to accomplish big things in biomedicine, and everyone is going to need it for what comes next. About one-third of all the federal government’s spending on basic research will be cut if the White House budget proposal for fiscal year 2026 is adopted, according to an analysis by the American Association for the Advancement of Science.  

Philanthropy, of course, is nowhere near big enough to pick up the slack from the federal government. But there are things nonprofits and philanthropies can do.

There are creative long-term ideas in play. Andy in particular, with his Silicon Valley tech VC mindset, has championed a way to make small investments go a long way. Damon Runyon is setting aside $1 million to invest in its alumni fellows who have entrepreneurial ideas.

The foundation will make seed investments in these startups – $50,000 at a time. These scientific entrepreneurs can then hopefully leverage that initial cash to persuade other private investors to put more of their capital in. If even a few of these nascent companies pan out, they could plow large proceeds back into the Damon Runyon Foundation, allowing it to give more research grants.

I should say here that I am partial toward Damon Runyon, as I have led Timmerman Traverse campaigns that have raised $2 million for the organization since 2023. This work continues.

Yung and Andy are fighting the good fight on behalf of science. They are doing it in a positive way that others might be able to follow.

Please enjoy this episode of The Long Run.