CAMBRIDGE, Mass. (Diya TV) — Krishi Kishore, an Indian American graduating senior at Harvard College, has been awarded the prestigious 2025 John T. Dunlop Undergraduate Thesis Prize in Business and Government, the Mossavar-Rahmani Center for Business and Government (M-RCBG) announced this week.
Kishore earned the $2,000 prize for his thesis titled “Drugs and Deals: Understanding Biopharmaceutical Venture Capital Performance and Behavior.” He graduates this spring with an A.B. in applied mathematics in economics, complemented by a secondary concentration in molecular and cellular biology.
The John T. Dunlop Undergraduate Thesis Prize recognizes graduating seniors who produce outstanding theses addressing complex public policy issues where business and government intersect. This year’s award highlights Kishore’s rigorous analysis of venture capital’s role in funding innovation within the life sciences sector — a critical area given the high risks and potential rewards associated with biopharmaceutical startups.
In his thesis, Kishore addresses a significant gap in academic literature by closely examining the performance of venture capital investments in biopharmaceutical companies. Using a Monte Carlo simulation model he designed, Kishore identified factors correlated with higher returns: conducting more deals, managing smaller funds, engaging in co-investing, making fewer deal contributions, and focusing on early- and mid-stage investments.
“Many venture capital investors perceive biopharmaceutical investments as risky and unattractive,” Kishore’s research notes. However, his findings suggest that the prevailing venture capital strategies in this sector may not be optimal. By adjusting their approach, investors could improve returns and thereby encourage increased funding for life-saving therapies in emerging biopharmaceutical companies.
John A. Haigh, co-director of M-RCBG, praised Kishore’s work: “Krishi’s thesis was impressive in its conception and execution. It represents the type of excellent analysis and policy recommendations at the intersection of business and government that we value highly here at the center.”
The Mossavar-Rahmani Center for Business and Government, housed at Harvard Kennedy School, focuses on research and policy development where business and government intersect, especially around public policy challenges. The center named the prize after John T. Dunlop, a renowned labor economist and Harvard professor emeritus, who served in various significant government roles, including U.S. Secretary of Labor under President Gerald Ford.
Dunlop’s legacy includes advising multiple U.S. presidents, beginning with Franklin D. Roosevelt, and contributing to labor-management relations throughout his career. He also served as the second director of the center from 1987 to 1991. The award honors his commitment to advancing knowledge and policy at the nexus of business and government.
Kishore’s interdisciplinary approach, combining economics, applied mathematics, and molecular biology, exemplifies the growing importance of data-driven, cross-sector research in shaping public policy and investment strategies within complex industries such as biopharmaceuticals.
As Kishore prepares to graduate from Harvard College this week, his work sheds light on how venture capital can be better leveraged to foster innovation in life sciences, potentially accelerating the development of vital therapies that improve health outcomes worldwide.
