Building Deep Tech Startups Outside Silicon Valley
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The resources you need can be distributed: for R&D, prototyping, production, financing and customers. Silicon Valley is an expensive option in most cases!
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Building Deep Tech Startups Outside Silicon Valley
- 3. SOSV Fund $550M AUM 800+ startups Most Active Lead Investors Globally In 2018 #1 in IoT #4 in Health Tech
- 4. SOSV Model Advanced prototype Lab prototype Idea Product Growth 1 2 3 4 5 Pre-pre-seed Pre-seed Seed Series A Series B, etc.
- 6. Hands-on Capital Labs Experts 01/ 02/ Unique ecosystems03/ HAX ShenzhenIndieBio SF 100+STARTUPS PER YEAR
- 7. 7 JUMP BIKES Uber, $200M + stock HARMONIX $175M + earn-out Makeblock (val. $367M) Memphis Meats (Gates…) BitMEX (#1 Crypto exch) Formlabs GetAround Some SOSV Startups
- 8. Digital Therapy Flow Neuroscience Brain Stimulation Depression Treatment Digital Diagnostic Criam Tech Instant Blood Type Diagnostic Digital Tool OpenTrons Pipetting Robot For Biotech Industrial Automation Youibot Autonomous Robots For Inspection Consumer Tech Nura Personalized Audio (Stevie Wonder) Sweden Portugal NYC China Australia
- 11. Silicon Valley 100 years history01/ Multiple cycles02/ Set of resources03/ Vacuum Tubes 1 Test Equipment MicrowavesICs PCs Internet Social Media 2 34 5 6 7 1920s 1930s 1960s 1950s 1980s 1990s 2010s Source: steveblank.com/secret-history/
- 12. China USA RoW $293B VC Funding 2016 2017 2018 Source: Crunchbase News
- 14. 1 Market Local Regional Global 2 Capital Angel Seed Growth Exits 3 Talent Tech Design Sales Management Finance 4 Infrastructures Telecom Payment Logistics Utilities 5 Regulations Incorporation Bankruptcy Employment Immigration Taxes 6 Safety Net Benefits Job market Ecosystem What can be changed?
- 15. About Exits… • 7 events in 2018 • SF, NYC, London, Paris • 50 experts • Founders & VCs • Corp Devs, Bankers, Lawyers, CFOs • John Chambers (Cisco)
- 16. Lessons • Myths • Unicorns? Maybe. • IPOs? Maybe. • Pragmatic path • >90% of exits are M&As • You have to prepare! • Be visible + connect early
- 17. FOMO? FOSO • The problem(s) • Fear Of Selling Out • VCs want homeruns • 1 egg in 1 basket • Millions before Billions • Balance risk • Critical to ecosystem health ‘You sold out.’ ‘You’re not going to amount to anything’ Captain Disillusion Opens Patreon Account
- 18. 1 Market Local Regional Global 2 Capital Angel Seed Growth Exits 3 Talent Tech Design Sales Management Finance 4 Infrastructures Telecom Payment Logistics Utilities 5 Regulations Incorporation Bankruptcy Employment Immigration Taxes 6 Safety Net Benefits Job market Ecosystem
- 19. Safety Nets Silicon Valley Japan?Most places Fluid Job Market Unemployment Benefits
- 20. Part2 DeepTech
- 21. Congratulations! Important01/ Not easy02/ Software into the real world03/
- 22. Deep Tech Tech Mix (CS + Other)01/ Longer time02/ More capital03/
- 23. Walls & Moats Patents Regulations Distribution Network Effects Stickiness Technology Team MOATS WALLS
- 24. Risks (Tech) x (Market) x (Execution)
- 25. Why Investors ‘Pass’ 'Only invest in US & Canada’ ‘Invested in competitor’ ‘Don’t know enough about this market’ 02/ 03/ 05/ ‘Too early’01/ ‘Market is too small’04/
- 26. Why Investors ‘Pass’ 'Only invest in US & Canada’ ‘Invested in competitor’ ‘Don’t know enough about this market’ 02/ 03/ 05/ ‘Too early’01/ ‘Market is too small’04/ ‘Don’t think YOU can do it’06/
- 27. Part3 WhatToDo?
- 28. e.g. Flying Car
- 30. Risks Propulsion Aerodynamics Structure Noise Battery Regulations Customers • How long? • How much? • Right team?
- 31. The Challenge • Building the right thing (10x? scaling?) • With the right team • At the right time • With the best resources
- 32. i-Corps (US ~100 nodes + Canada) The Right Thing Entrepreneur First (UK, FRA, GER, HK, SIN, Bangalore) 01/ 02/ DeepTech Founders (France / EU)03/
- 34. Case:Autonomow Unfortunately, not a HAX company 2011
- 35. Case:Autonomow Unfortunately, not a HAX company Mowing = Mild interest Weeding = Need NOW! Autonomy not needed “Autonomow is no mo’ …” 7 weeks 20 interviews 6 site visits 2011
- 36. Case:Autonomow Carrotbot Prototype in 1 week Computer vision Laser Hot Oil Spray (organic) 2011
- 37. Case: Blue River Acquired by John Deere for $305M Carrotbot 2017
- 38. Epilogue(s) 2019 HAX invests in spray AND laser New iCorps team using… fire! 01/ 02/ 129 interviews ‘Fire Roomba’ Crop counting Specialty crops corn, soy, berries
- 39. No.1 risk at early stage Learning machines 01/ 02/ Where to learn from?03/ The Right Team
- 40. Give up earlySevere Asperger Can’t execute ‘Artist’ Silicon Valley Burn Rate Caught Up In Startup Theatre Can’t get along ‘Maker’ Addiction DeathHarassment The Right Team Issues
- 41. Give up earlySevere Asperger Can’t execute ‘Artist’ Silicon Valley Burn Rate Caught Up In Startup Theatre Can’t get along ‘Maker’ Addiction DeathHarassment The Right Team Issues
- 42. The Right Team EntrepreneurInventor ManagerEngineer Software, Maths, Mechanical, Electrical, Design, Prototyping, Sourcing, Manufacturing, Logistics, Marketing, PR, Pricing, Recruiting, Financing, etc. Evolution
- 43. Know thyself Strong: Vision & Analysis 01/ 02/ Weak: Org & Com03/ STRONG WEAK The Right Team
- 44. The Right Time • Why now? • 18 months ahead is great • 3 years ahead is terrible
- 45. Magic Leap Founded 2011 Raised $2.3B LaunchAug 2018
- 49. Sub-systems Jokes Iteration speed 6 times / night Feedback Instant MVP ‘Tight 5’ Product 1 hour show The Best Resources
- 50. • Speed up • Lower burn rate The Best Resources $115,000 AVG. SOFTWARE ENGINEER $3,600 AVG. TWO BEDROOM SF is expensive at any stage…
- 51. • Science / Prototype(s) / Production / Funding(s) / Customers • Not all in one place, even in Silicon Valley! • Target the next milestone The Best Resources NEXT
- 52. 2 4 861 3 7 95 Identify Customers EVT DVT 1 Manufacturing samples DVT 2 Marketing samples PVT Pilot Unit Production SOSV (pre-seed) SEED Product Dev $$$ Month 10 Pilot 12+ 18+ Roll-out 24+ SERIES A Program Development Sales Fundraising Shenzhen San Francisco Develop CRM & Sales Materials Pitch Customers Mass Production Establish product benefits Fundraising Timeline: Enterprise / Robotics
- 53. 2 4 861 3 7 95 Identify Customers EVT DVT 1 Manufacturing samples DVT 2 Marketing samples PVT Pilot Unit Production SOSV (pre-seed) SEED Product Dev $$$ Month 10 Pilot 12+ 18+ Roll-out 24+ SERIES A Program Development Sales Fundraising Shenzhen San Francisco Develop CRM & Sales Materials Pitch Customers Mass Production Establish product benefits Fundraising Timeline: Enterprise / Robotics
- 54. Labs Shenzhen (50,000sqft) + SF Speeding Up Prototyping Suppliers #1 electronics supply chain 01/ 02/ Experts & Peers 30 in-house (ID, Sourcing, DFM, etc.) >50 founders (20-30 startups) >700 alum founders (>200 startups) 03/
- 56. 1 year => 4 months Compressing Time Lower costs (& burn rate) 01/ 02/ Lower risk03/
- 57. Summary KeyIdeas
- 58. Local leverage Learn fast 01/ 02/ Connect to ecosystems03/ Summary Invention Team Prototyping Production Customers Funding
- 59. Lukasz Gadowski Chairman, Delivery Hero South Summit 2018
- 61. Lukasz Gadowski Chairman, Delivery Hero South Summit 2018 “Dealing with differences in markets and cultures is one of Europe’s skills”