Dr. Prash on Psychedelic Therapy & Crypto Innovation

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Dr. Prash discusses his journey from studying to become a surgeon to becoming a psychiatrist specializing in psychedelic therapy. He shares his experiences as an entrepreneur and the challenges he faced in starting his businesses. He also talks about his current venture, Enosis, which combines psychedelic therapy and virtual reality technology. Dr. Prash highlights the importance of psychedelic therapy in treating mental health issues and the potential for its integration into mainstream medical practice. He also offers insights for early-stage founders, emphasizing the need to balance innovation with the realities of the present.

Takeaways

  • Dr. Prash's journey from studying surgery to becoming a psychiatrist specializing in psychedelic therapy
  • The challenges and rewards of being an entrepreneur
  • The potential of psychedelic therapy in treating mental health issues
  • The integration of virtual reality technology in therapy
  • The importance of balancing innovation with the realities of the present

Chapters

00:00
Introduction and Dr. Prash's Background

08:14
Dr. Prash's Entrepreneurial Journey

19:23
Enosis: Psychedelic Therapy and Virtual Reality

25:28
The Potential of Psychedelic Therapy

35:02
Imposter Syndrome and Building for Tomorrow


Companies

  • Caleb & Brown – The world’s first dedicated cryptocurrency brokerage, offering personal brokerage services for crypto investors.
  • Enosis – A company developing immersive reality (VR) applications for psychedelic therapy and mental health treatments.
  • The Alfred Hospital – Major teaching hospital in Australia where Dr. Prash trained in psychiatry.
  • Australian Government / Therapeutic Goods Administration (TGA) – Regulated the legalization of psychedelic therapy in Australia (July 2023).
  • Controlled Substances Act (1970, USA) – Legislation that criminalized psychedelics under President Nixon, halting research for decades.
  • Burning Man – A countercultural event in Nevada that was referenced in discussions on psychedelics and altered states of consciousness.
  • Crypto Exchanges (Historical) – Mentioned in the early crypto days, including Russian and Mongolian exchanges used for arbitrage.

Frameworks & Strategies

The Jam Jar Analogy: Why Founders Lose Perspective

Description: “When you’re inside the jar, you can’t read the label.” This analogy highlights how startup founders often get too immersed in their work, making it difficult to maintain a strategic vision. Regular reflection and structured breaks can help regain clarity.

Time Blocking for Founders: How to Stay Focused

Description: Forced thinking time every six months helps founders take a step back and reflect on their company’s purpose. A structured approach to time management can improve decision-making and prevent tunnel vision.

External Capital Pressure: How Funding Can Shift Focus

Description: Taking external funding often creates pressure to deliver on growth expectations. Founders must balance investor demands while staying true to their startup’s mission.

The 3 Traits of Successful Startup Hires

Description: Dr. Prash values hiring based on passion, conscientiousness, and curiosity. The best hires are deeply invested in the industry, ethical, and constantly learning.

Building High-Trust Startup Teams

Description: A high-trust environment helps build a strong company culture. Founders should focus on hiring people they’d want to work with long-term.

Why Imposter Syndrome is a Sign of Growth

Description: Feeling like an imposter is a natural part of being in new, challenging situations. The key is to recognize it as a sign of growth and an indicator that you are pushing your limits.

When Founders Should Step Down as CEO

Description: Many startup founders eventually realize they are no longer the best person to lead their company. Knowing when to bring in a new CEO is a critical leadership decision.

The Psychedelic-Assisted Therapy Model Explained

Description: The standard model consists of three phases: preparation, dosing, and integration. The therapy focuses on using psychedelics to induce insights, followed by psychotherapy to sustain behavioral change.

How Virtual Reality Enhances Psychedelic Therapy

Description: VR technology is being used to extend the benefits of psychedelic therapy, allowing patients to revisit their insights and reinforce positive behavioral shifts.

How Crypto Brokerage Works vs. Exchanges

Description: Unlike traditional exchanges where users trade on their own, a brokerage like Caleb & Brown assigns personal brokers to manage crypto transactions, reducing risk and improving accessibility.

Why 24/7 Crypto Support Matters

Description: Since crypto markets operate 24/7, having a round-the-clock brokerage service can help investors execute trades quickly and take advantage of market movements.

Crypto Arbitrage: How Early Traders Made Money

Description: Dr. Prash initially leveraged crypto arbitrage opportunities, buying Bitcoin from international markets at a lower price and selling it locally for profit.

The Controlled Substances Act & Its Impact on Psychedelic Research

Description: Signed in 1970, this law classified psychedelics as a Schedule 1 drug, effectively halting research for 50 years.

How Australia Became the First Country to Legalize Psychedelic Therapy

Description: In July 2023, Australia legalized MDMA and psilocybin-assisted therapy for treatment-resistant depression and PTSD, setting a global precedent.

Michael Pollan’s How to Change Your Mind – The Book That Mainstreamed Psychedelics

Description: This book played a major role in reintroducing psychedelics into mainstream culture, sparking a wave of renewed interest and research.