"What is Deep Tech?"
On Wednesday evening, a bunch of Boston tech bigwigs gathered at the Analog Garage to answer the question. While there wasn't a definitive answer to that question (there was no need for one), the panelists: Patrick O'Doherty, VP of Emerging Business at Analog Devices, Natanel Barookhian, Founder of TechU Angels, Leila Pirhaji, Founder and CEO of ReviveMed and Jason Whaley, General Partner at Rhapsody Venture Partners went beyond and doled out essential startup advice to a crowd of entrepreneurs, and commiserated with fellow investors on pitch problems.
All in all, it was a great conversation which discussed startups that are at the forefront of developing technologies that address scientific and technological frontiers in industries as diverse as agriculture, healthcare, and energy. Below are some key takeaways from the event, in case you missed it:
Keep it simple, stupid: A vexing problem for both startups and investors alike is communicating what the business is really about. Elevator pitches, sales meetings, employee interviews are all testing times for startups trying to explain how or why their product or service is special. Natanel Barookhian's advice to founders is to keep it simple. "Talk to me like a fourth grader -- get to audience's level and talk to them." He also urged startups to recognize the difference between an order and advice received from VCs. "You can share knowledge and experience but not give an order," Barookhian said. "Ultimately, as investors, we invest in people and have to trust the decisions they make."
Customer Validation is key: Contrary to popular belief, fundraising is not a validation test for startup success. Leila Pirhaji, CEO of ReiveMed said, "The best way to present to investors is to go out and talk to customers. If you don't do that, you don't know what's really valuable," she said. Pirhaji also thinks that it's an essential step before fundraising.
Promise with caution: Investors in the room agreed that startups shouldn't be in a hurry to promise more than what they can offer. "Startups should be careful about what they are giving away because investors are very sure of what they're asking. None of this should be trivialized," said Patrick O'Doherty, VP of Emerging Business at Analog Devices. "VC funding is sometimes just a statement for us, what startups really want is our technical capability."
We thank our sponsors Analog Devices for the venue, amazing roof deck and even better snacks. Check out pictures from the event below.
