In this episode of The Crux of MedTech, Henry Norton sits down with Thom Rasche, Managing Partner and founding force behind Earlybird Health, the venture fund that literally changed German law to get public health insurers investing in early-stage medtech. Thom shares the unvarnished reality of European health VC: where the arbitrage lies, why the CE mark has lost its edge, and what separates the 5% of startups using AI meaningfully from the 95% just putting it in the business plan. From building a fund around patient outcomes to coaching founders through the painful moment their company outgrows them, this conversation is a masterclass in what it takes to back revolutionary healthcare technology in Europe and get it to the US market.