URL slug: 
boston
field_vji_guess_list: 
boston, cambridge
The VentureFizz Podcast: Julie Yoo - Co-Founder and Chief Product Officer at Kyruus banner image

The VentureFizz Podcast: Julie Yoo - Co-Founder and Chief Product Officer at Kyruus

For this episode of The VentureFizz Podcast, I interviewed Julie Yoo, Co-Founder and Chief Product Officer at Kyruus

Kyruus is a healthcare tech company that is ultimately solving some critical issues when it comes to not only getting the right doctor or specialist but helping to improve the access to these experts so you can get treated sooner. The company has 120 employees, and has raised over $60M in funding from Highland Capital, Venrock, McKesson, and others.

In this podcast… we cover lots of topics like:

  • The early days of her career at Endeca
  • How the book and movie Moneyball was an inspiration behind Kyruus
  • Her passion for product management
  • Advice for women raising venture capital 
  • and lots more!
You can listen to the podcast in the player below. To make sure you receive future episodes, please subscribe to us on iTunesGoogle Play, or Soundcloud. If you enjoyed our show, please consider writing a 5-star review - it will definitely help us get the word out there!

Keith Cline is the Founder of VentureFizz. Follow him on Twitter: @kcline6.

"Can We All Just Get Along?" - The Importance of Inclusion banner image

"Can We All Just Get Along?" - The Importance of Inclusion

In 1992, former taxi driver Rodney King uttered the emotional words, "Can we all just get along?" in response to the police brutality that left him beaten and the city of Los Angeles in a state of riot. While I might suggest we haven’t made tremendous strides towards his request over the last two-and-a-half decades (some Americans might suggest we are actually going backward), the notion of inclusion that King nods to is more critical now than ever. Don’t fear: I’m not turning this into a political rant, I’m just going to share a different view on approaching the topic of inclusion.

Zoom ahead to 2018. It’s hard not to open your news feed in the morning and be faced with a plethora of articles, stories, and perspectives about diversity and inclusion. Whether they are on the offense or defense, a vast number of companies and industries are now spending focused time, energy, and resources to address these challenges. As a tech company with a majority male staff, we too are digging deep to ensure Rapid7 becomes part of the solution rather than contributes to the overall problem.

Similar to many companies, we are actively revamping our recruiting efforts, enablement of managers and leaders, and contribution back to our community to help invest in women and underrepresented minorities as part of the longer-term solution. And while we are surrounded by numerous other companies pursuing their own path to balance diversity, we are all acutely aware there is no overnight solution.  For those of us in growth companies or who have become accustomed to seeing quick results when we focus our energies, this can be incredibly frustrating. In other words, when we put the effort and energy in, we hope to find immediate gratification. So what can we all do to move the dial while we pursue our longer-term goals?

Focus on King’s simple question. In other words, change how we approach inclusion.

Before I tackle any challenge, I typically spend an inordinate amount of time exploring the “why” behind it. As I’ve shifted my efforts to spend a significant portion of my energy on diversity and inclusion within our company, I’ve spent a considerable amount of time digging into why I believe this is so critical for us. Aside from believing it is just morally the right thing to do, there is a significant business driver. Ultimately, if we are going to continue to pioneer and innovate new products to lead our industry and provide solutions to make our customers more successful, we require a diversity of mindsets to accomplish this. That requires us to seek out people who think and engage in the world in a manner that is different to ourselves. And guess what? By definition, that typically means these people come in slightly different packaging than ourselves.

Let me break it down with what I hope is a relatable (and yet rather vulnerable and embarrassing) analogy.

In business, we tend to think in terms of “culture fit.” In our dating lives, we think in terms of “type.” When someone has historically asked me what my type is, I have often referred to some answer like “Jason Momoa in a suit.”  In my mind, that is a fairly comprehensive and broad depiction of what I am attracted to.  Edgy, irreverent and fun-loving on the outside, but can yet pull it all together. There’s one huge missing piece to that, however. The “...in a suit” reference to me is the physical representation of a business or a serious thinker. I don’t know Jason, nor his overall intelligence level, so there is no intended ding on him. My point is that when I am describing my “type,” I am probably outlining a really narrowly focused version of what I’m attracted to; a guy who looks like that but has the mind and drive of an executive. This thinking might explain why I am single and is forcing me to be more inclusive about what’s truly complementary to me.

Let me now apply that same thinking to what I think we are sometimes “attracted” to at work. We often want to build our teams with people who think or act like us. You’ll often hear hiring managers excited about a new hire to their teams because the person is a great “culture fit.” And while we can all get our heads around the notion that of course, we want to surround ourselves with people who inherently think and behave like us, this is a really slippery slope.

Instead, I’d challenge all of us to think about true inclusion. By this, I mean the basic human right of embracing all people, regardless of race, gender, disability, sexual preference, etc. When we think and behave this way, we provide equal access and opportunity for all, as well as remove barriers that are getting in the way of this happening. I’d argue when we shift our mindset, we shift our ability to be even more successful in business (or in dating).

So, how the heck do we do this? To ensure your diversity efforts are supported with the critical foundational focus on inclusiveness, read on for five ways for each of us to move this dial immediately.

Seek Out Perspective From Someone New & Different.

Typically, our teams are structured so that we sit near and/or work with people who have expertise in a particular area (think sales, product marketing, people strategy, etc.). Many of us have “go to” people on our teams or a handful of folks on other teams who we use as our trusted advisors. Challenge that status quo approach. If you are in marketing, for example, to reach out to someone in your products team today and ask their opinion on something you are working on. This doesn’t have to be a big time sink; just go invest 15 minutes in seeing what questions or insights this new perspective provides you with. It’s a really simple way to connect with others outside of your everyday go-to group, and potentially further your thinking along the way.  

Move Around

Many workplaces are becoming a little more forward thinking in terms of not having to be chained to your desk all day to accomplish your work. When you have the opportunity, go find a new place to park yourself, even for just a little while.  Whether it is in your office cafe, a different team area, or even if you leave to go sit in a coffee shop for a bit, you’ll likely be shocked at how moving your chair can really shift your perspective. You might find yourself engaging in conversations with people you don’t normally speak with, especially if you head to a location where there is a consistent flow of people. This small action can lead you to foster conversations not normally had, and that might lead you down the path of new ideas and thinking differently.

Change Up Who’s In Charge  

Whether you are the team leader or just a participant, request that different people take a turn leading team meetings. Often times, we can fall into a rut with hashing through the same agenda over and over, or listen to the same people dominate the conversation while others remain quiet or unengaged. We can change up that dynamic by alternating meeting leadership. As the team leader, while you may need to provide some basic parameters and meeting goals, allow your team members with an opportunity to apply their own approach. This allows the team to get even more engaged, and signals that everyone’s input is valued and welcome. Try this, and watch the participation level and discussion effectiveness skyrocket.

Stop Making Assumptions

Unless we are a raging extrovert, sometimes it’s just plain awkward to get over ourselves and connect with people outside of our safe circle. When we hold back from being more inclusive in our interactions with co-workers, we risk making assumptions about them. The danger in this can lead to misunderstandings, biases, and just plain wrong information. The next time you hesitate to collaborative with another person, push yourself past the assumption that she might be too busy for you, or might think your question isn’t worthy.  Take the bold move, and seek their opinion and insight. Even if their response supports your original assumption, you can now act from a more informed place to dig a little deeper and change up the dynamic going forward.

Connect about life, not work

The one thing everyone shares in common in a company is work.  And yet, regardless of how passionate we all might be about the work we do, none of us are uni-dimensional - we all have outside lives and varied interests.  Taking the time to get to know your colleagues outside of the normal work discussions opens up an entirely new way of interacting with one another. At Rapid7, we’ve tackled this through our InsightCoffee program, where we will pay for the coffee when two random people get together and invest a bit of time getting to know each other.  Such a simple action, but it allows people to break down barriers, make new connections, and gain insight into what makes each of us unique and special outside of the office.  As an added bonus, each coffee duo will post a selfie and their learnings on a Slack channel, so everyone gets to benefit from their discussion. There are a million ways for a company to approach inclusion, but the purpose is really straight-forward. When we disrupt our everyday patterns and engage in new ways with new people, we stand to improve relationships, communication, and ultimately inclusiveness.

Diversity and inclusion are incredibly important topics in today’s business climate. Both focuses can be vast and intimidating to tackle, primarily because there are no quick and simple answers.  If we stop thinking of this work as an initiative, and rather approach it as a shift of mindset, every single person in your organization can participate and move the dial to ensure you have an inclusive workplace as you make progress on the heavy lifting of creating a more diverse population.  My colleagues just brilliantly summed it up this way: diversity is a discipline...inclusion is a decision.

I challenge each of us to make the decision and take one (or all!) of the actions above to move this dial for ourselves, our teams, and our companies. By opening our minds, we gain the opportunity to create a place where each and every one of us can thrive.


Christina Luconi is Chief People Officer for Rapid7. Follow her on Twitter: @peopleinnovator.

The Colossal Spider Web of Constant Contact Alumni banner image

The Colossal Spider Web of Constant Contact Alumni

Constant Contact is one of the leading email marketing companies. They provide small-and-medium sized business the tools to create compelling campaigns for their customers. 

The company was founded in 1995 by Randy Parker as Roving Software and worked out of a “cramped attic in Brookline” and Gail Goodman joined as its CEO in 1999. In 2004, they underwent a complete rebranding under their present name and went public in 2007. And then, in 2015, Endurance International Group acquired Constant Contact for approximately $1.1 billion.

What makes the success of Constant Contact remarkable is the fact that they were an early SaaS company with a focus on working with SMBs, which translated into a high volume, but low dollar business. This was at a time when VC's wouldn't typically back a company with this type of business model.  

Many of its alumni have either gone on to be a founder or are in a leadership role for a company in the Boston tech scene. Below is a slideshow with over 50 of them. Please note, we kept the list to people who are still based in the local area as some alumni are now located in NYC or other areas like Ken Surdan (CPO at Diligent Corporation), David Wachtendonk (VP Product at Signpost), Aaron Severs (Founder & CTO / Head of Product at Frederick), Steve Oriola (Executive in Residence at Bessemer Venture Partners), and Josh Todd (CMO at MINDBODY).  

Also, Constant Contact / Endurance International Group is hiring! Check out its BIZZpage for all of the company’s openings!


Colin Barry is a Staff Writer & Editor at VentureFizz. Follow him on Twitter @ColinKrash
The VentureFizz Podcast: Brian Manning - VP & Head of Growth at PatientPing banner image

The VentureFizz Podcast: Brian Manning - VP & Head of Growth at PatientPing

Open Jobs Company Page

For the next episode of The VentureFizz Podcast, I interviewed Brian Manning, who is the VP & Head of Growth at PatientPing, a healthcare technology company in Boston.

He built out successful businesses at Zocdoc and NextJump, and he’s focused on doing the same at PatientPing, a company backed by leading VCs like First Round Capital, Andreessen Horowitz, F-Prime Capital, and others.

In our interview, you’ll hear about Brian’s background, his ability to succeed in a role usually handled by multiple people, his thoughts on creating a growth strategy, and lots more.

You can listen to the podcast in the player below. To make sure you receive future episodes, please subscribe to us on iTunesGoogle Play, or Soundcloud. If you enjoyed our show, please consider writing a 5-star review - it will definitely help us get the word out there!

Keith Cline is the Founder of VentureFizz. Follow him on Twitter: @kcline6.

About the
Company

Bamboo Health empowers life-improving actions during pivotal care moments to improve physical and behavioral health. Clients are enabled to deliver seamless, high-quality, cost-effective whole-person healthcare by leveraging one of the most powerful care collaboration networks with Real-Time Care Intelligence™

View Company Page
Career Path: Okan Okutgen, Channel Operations and Strategy Lead at Formlabs banner image

Career Path: Okan Okutgen, Channel Operations and Strategy Lead at Formlabs

Open Jobs Company Page

What does the career path and day in the life look for the Channel Operations and Strategy Lead at Formlabs?

We interviewed Okan Okutgen to find out.


Career Path

Where did you grow up?  What did you parents do for work?  What was your very first job?

I was born and brought up in Istanbul, Turkey. I moved to the USA for college and have been living abroad since then. My father studied economics, but runs his own distributor business in Istanbul and provides spare parts to car manufacturing facilities. My mother was an English lecturer at a university, and she is now retired.

My first job was my college internship at Daimler AG (parent company of Mercedes Benz) in Stuttgart, Germany. I was placed there through my university’s “Summer Work Program in Germany.” I was working in the procurement department and had to develop a strategy and plan for procurement of industrial washing machines. The coolest thing about it was that I got to improve my German, and also got to experience a foreign working culture early on.

Why did you decide to study Mechanical and Aerospace Engineering at Princeton?  It looks like you were very involved in various entrepreneurial efforts on campus. Can you highlight some of the details?

I love solving complex problems and engineering education gives you a distinct way of understanding, dissecting, and solving problems. I picked mechanical engineering because I think it is a fundamental engineering branch that has many broad applications. It does not narrow you down. I studied Aerospace Engineering because I love challenging myself.  I found “being a rocket scientist” pretty fascinating; in one class we designed a microsatellite that would detect new planets and tested our design at NASA’s Jet Propulsion Laboratory. Funny detail – since I was a foreign national, a security guard followed me during our entire stay at NASA, including accompanying me to the bathroom!

I have always been interested in the intersection of engineering/technical solution and business.  I believe a lot of the big problems in the world such as climate change, social inequality etc. can be solved by innovative businesses that make financial sense. Unfortunately – not everyone will be an environmentalist. However, if you build profitable green businesses that are integrated into a capitalist system, you can broaden the number of people who will contribute to a more sustainable life even though they might not be as passionate about the environment.

Princeton was a great environment to explore those interests and to highlight this message. I became involved with, and then served as President of, the Princeton Entrepreneurship Club. This is one of the most active and biggest student clubs on campus. One of my goals as president was to make environmental and social entrepreneurship a more prominent part of our activities such as our annual Business Plan Competition and our ongoing speaker series.

Okan Oktugen

What was your first job out of your undergraduate studies?  

I worked at RED (Recycled Energy Development), which was a small company with a mission to “profitably reduce greenhouse gas emissions.” The mission statement appealed to me since it aligned with my view that big problems can be solved by businesses. At RED we built, owned and operated combined heat and power plants and waste energy recovery plants that would produce highly efficient energy at industrial sites in the USA. In the business development department, I did the techno-financial analysis of various projects and worked on the acquisition of a major industrial park power plant. As part of my role, I had to be able to be down in the weeds of the technical, legal and financial details and marry them, but rise up to see the big picture and help craft deals that met the goals of various stakeholders. I also met one of my mentors Tom Casten, who was the chairman of the company. He has started or led multiple companies in the energy space. He is a published author who was also actively contributing to energy efficiency literature with articles. I was privileged to be part of some of his work.

Why did you decide to return back to school and earn your MBA from HBS?

I still wanted to do more in the intersection of engineering and entrepreneurship. Even in undergraduate, as I was studying engineering, I knew I wanted to go to business school and complement my technical education. Business is definitely not something that you can just learn in school. However, my two years at HBS were very defining for me as I reflected on what kind of a career I want to build and what kind of a leader I want to become. It is a unique place to do that – I was surrounded by diverse classmates who challenged me every day.

What kind of career do you want to build? What kind of leader do you want to become?

My goal is to become a leader who makes a difference in the world. I know it sounds like a cliche recruiting tagline, but it is true. Making a difference has many forms. It ranges from working in companies that have a mission that goes beyond profit, to being a coach and mentor to peers and direct reports every day. I found Clayton Christensen’s quote from his book “How will you measure your life?” very inspiring and eye-opening. He says:

“I used to think that if you cared for other people, you need to study sociology or something like it. But….I [have] concluded, if you want to help other people, be a manager. If done well, management is among the most noble of professions. You are in a position where you have eight or ten hours every day from every person who works for you. You have the opportunity to frame each person’s work so that, at the end of every day, your employees will go home feeling like Diana felt on her good day: living a life filled with motivators.”

What type of management consulting work did you do at Bain & Company?

Bain has a generalist model that focuses on strategy consulting. Given my engineering background and interest, I spent most of my time with IG&S clients (Industrial goods and services), who were more B-2-B and had technical products. I did a variety of projects such as developing a corporate strategy to drive the growth of a facilities management company, redesigning sales & operations planning for the global rental power company and streamlining the procurement efforts of a global EPC (engineering, procurement, and construction) company.

Personally one of the biggest highlights was my role in a pro-bono project as part of the Bain Green Team. We helped a sustainability data company perform more effectively by redesigning their entire operating model: including company structure, accountabilities, governance and ways of working. Our goal was to ensure that every resource and activity in the company is aligned with company strategy and mission, which is to make environmental reporting and risk management part of business decisions.

One of the key learnings from Bain is the ability to quickly ramp up about an industry or function that you are not familiar with and identify the key business levers that would bring the most value to the company whether in growth or operational efficiency. The 80/20 rule is crucial: 80% of the value comes from 20% of the work. It pushes you to do prioritization so that you only focus on the activities that will drive big change and impact, which is very important for every business where time and resources are limited.

Can you share the high-level responsibilities of your current position at Formlabs? Why did you join Formlabs?

I joined Formlabs because I was fascinated by Form 2, the most advanced desktop 3D printer ever created and the company culture. I think it is a company full of youth, drive, ambition, and willingness to set new norms in the 3D printing industry. And my time here has proven me that this was the right move for me. Every day I feel satisfied because I am building a company with my colleagues. As a fast-growing company sometimes we do things for the first time or we have to iterate fast based on new information we have. I tackle difficult problems that require trade-offs, quick thinking, flexibility, and creativity. That challenge invigorates me and grows me professionally, which I love.

My role has two hats. I am the Global Channel Operations Lead. Our channel is our network of distributors and resellers that sell Formlabs products around the world. My goal is to make sure this network works effectively and efficiently as we make more Formlabs products accessible to more end users around the globe. This involves project managing sales, marketing, customer support, and operations team globally to ensure products and services are delivered to channel partners efficiently while ensuring a good experience to end users.

I am also the lead for the North America and International Channel Sales team, where we work to grow our top-line revenue in North America, LatAm and ASEAN regions. We recruit and grow the right partners in these regions that not only allow us to hit our aggressive growth goals, but also provide the best customer experience and value to end-users. We want to make sure as many people around the world can have access to our technology and use 3D printing to create things.


Day in the Life

Coffee, tea, or nothing?

I have one cup of coffee every morning. No more, no less.

What time do you get into the office?

I get in between 8-9 am depending on when my first meeting is. I try to get in about half an hour before my first meeting to just settle in and orient myself before I start the day.

Every day is different, but can you outline what a typical day looks like for you?

Morning: I work out in the morning. Either I do HIIT (high-intensity interval training) or yoga.

Then I prepare breakfast for me and my wife: Boiled eggs and a breakfast smoothie with berries.

As I get ready, I listen to the Economist (the app has an audio version that reads you the articles).

Then as I am driving to work I talk to my family members on the phones (parents, in-laws, brother). Due to the time difference, it works best when I talk to them in the morning.

I go through my planner to orient myself for the day and prioritize my activities.

I usually have a couple of meetings especially with team members who are in European and Asian time zones.

Afternoon: I have few more meetings and usually have a couple of hours blocked for some alone working time.  

Evening: Early evening I go through my emails, to make sure nothing time-sensitive is pending.

Then I go through my planner and update it accordingly based on that day’s work.

I go home and have dinner with my wife, who is a current student at HBS.

We either go out to meet friends and attend a social school activity or stay in and watch one of our TV shows. We are obsessed with the Crown.

If she has still some school work to do, I do some reading on my own or pick up some work emails.

What time do you head out of the office?

It depends. Usually, I leave between 7-8 pm.

Do you log back in at night or do you shut it down completely?  

I do log back in as necessary, but I usually prefer powering through and leaving a bit later instead of logging back in. Either way, I make sure I have my family time with my wife. I have dinner with her every night.
 

Any productivity hacks?

I use the weekly planner (not daily!) framework from Stephen R. Covey’s “The 7 Habit of Highly Effective People.” In this planner, you divide all your tasks into 4 quadrants in a 2 by 2 matrix based on importance and urgency. You not only focus on important and urgent tasks but also focus on important and non-urgent tasks. This way you not only firefight but also spend time on what will drive long-term value. Read the book! It is not only for professional life!

What are the 3 apps that you can’t live without?

  • 7 Minute Workout (by Johnson & Johnson): Great way to exercise and challenge yourself if you have limited time. I do 2-3 cycles of 7 min HIIT.
  • The Economist: I listen to the audio version as I get ready in the mornings. It not only keeps me current with what is happening in the world but oddly calms me down:)
  • Whatsapp: Need to stay in touch with friends and family.

What professional accomplishment are you proudest of?

Working in companies with cultures and missions that excite me such as RED and Formlabs. I am proud to have found companies and roles that appeal to my deeper values and motivate me to perform at my best. I enjoy coming to work every day and I think that is a privilege.

Who do you admire or call upon for professional advice?

So many, but first that pops to mind is Elon Musk. I admire him, as he pushes the boundaries and tries to make the world a better place with business.

I call upon my core support network that consists of my wife, close friends, family and my career coach (yes such a thing exists and provided as support by my school to alumni.). My wife is my rock and best friend. She supports and challenges me every day.  

Also, I can admit that I read a lot of professional development and self-help books.


Keith Cline is the Founder of VentureFizz. Follow him on Twitter: @kcline6.

Images courtesy of Okan Oktugen.

About the
Company

Join Formlabs if you want to bring ground-breaking professional 3D printers to the desktop of every designer, engineer, researcher, and artist in the world.

View Company Page
Investing in AI - A Q&A with Rudina Seseri, Founder and Managing Partner of Glasswing Ventures banner image

Investing in AI - A Q&A with Rudina Seseri, Founder and Managing Partner of Glasswing Ventures

Rudina Seseri is a founder and managing partner of Glasswing Ventures, a Boston VC firm focused on investing in artificial intelligence-driven startups.

Glasswing officially launched in May of 2016, but Seseri has a long history of investing in companies offering AI solutions. Previously, she worked as a partner at Fairhaven Capital, where she funded AI-driven companies such as CrowdTwist, SocialFlow, and Jibo.

Below, Seseri talks with Zach Winn about investing in and starting AI companies.


Zach Winn: In what industries would you like to see more AI startups?

Rudina Seseri: While certain industries will naturally gravitate to including more, or different facets of AI, whether it’s vision or speech or different learning techniques, and there are characteristics of different datasets we can talk about, but I think we’ll see AI startups across the board.

Having said that, where AI is naturally planting itself in these early days is in markets that are data intensive or lend themselves to data, so we see this taking root already in enterprise areas like sales and marketing, IT, and HR.

We’re also seeing AI play a role in cybersecurity in a very meaningful way. Traditionally, enterprises have been on the receiving end and reactionary side of cybersecurity attacks, but with machine learning, we can predict that we’re going to be attacked and take corrective action in advance of an event. That’s a paradigm shift and a huge market opportunity.

And then lastly, we’re seeing a number of emerging AI startups in the field of robotics, whether it’s industrial robotics or consumer robotics. This is also true to self-driving cars, which are sensor heavy and produce a lot of data, which has driven investment in those categories. The next generation will surely produce a data-driven system of systems.

Outside of my firm’s focus areas, I think medicine and life sciences will be another key area for AI startups when you think about drug discovery, medical records, and tracking. These are data-heavy fields and all of them, in my view, lend themselves to AI.

ZW: Do you think the AI revolution will be driven by deep learning exclusively? In general, how big of a role will data play in AI’s growth?

RS: I think learning is woven across AI, whether it’s vision, speech, motion, or emotional cognition. Deep learning is one technique, but there are many others and the right one depends on the task at hand, the performance goals and the constraints you have. Today, deep learning is particularly strong, especially when it comes to vision, which is why you’ve seen Nvidia rise and Google put a lot of muscle behind deep learning.

You can’t have any kind of learning without data, so I think you need both models and data. The challenge we have in the AI paradigm, especially for deep learning right now, is that the required training data sets are very large, difficult to come by and typically task specific. But this is an active area of research and we are seeing new methods being developed to make models more data efficient, to create training data computationally, and to better generalize across tasks.

But to your question, will data remain important? For sure. Are there also huge data dependencies that are a barrier for startups? Absolutely. But in most applications, we’re still in the early days of AI adoption and the performance requirements of the market still require focused approaches. Besides that, the startup ecosystem, researchers, and the entire AI industry are working to reduce that data dependency, and we’re coming at it from both the data side and the algorithm side.

ZW: How should startups be thinking differently about creating an AI company compared to a company using other tech?

RS: When you’re selling to Fortune 1000 companies, there’s no doubt AI is a focus topic at the C-level, but people also don’t know how to wrap their heads around it. And then it’s also true that leading in with AI as a startup can be problematic.

From the CEO on down, executives understand that AI is the future and they need to get up to speed and start to implement the technology. But then a company comes in and pitches to you, and people feel uncomfortable buying your product because they can’t fully comprehend how it works and how they need to adapt their expectations and how they work to implement a system that requires data to learn and has ever-increasing performance. So, what I tell my portfolio companies is to lead with the problems they solve.

If AI is integral to your tech, you as a CEO need to be able to articulate what it does, how it does it and why it’s differentiated. Startups need to be really thoughtful about that, and they need to be able to explain the outcomes, methodologies, what they test for, even if it’s at a high level. I don’t need the CEO to be an AI guy with a data science background, but if you’re pitching for funding or, more importantly, to a prospective customer, and you, as the CEO, can’t articulate your solution, it tells people you don’t know what you’re doing and you’re just jumping on the AI bandwagon.

ZW: What kinds of founding teams do you looking for in AI startups?

RS: The CEO can be a business person or a technical person but they need to have the capacity to build companies and not just products. Typically, someone has to have deep understanding of data science, computer science and the business problem they are tackling. And this can be all the same person or different ones. However, no two startups come in the same shape, which keeps things interesting. But company culture and people are so important. I say this over and over: People make or break you. I pay great attention to the team dynamics of these AI startups.

ZW: What are some advantages startups have over existing companies when trying to bring AI to a new space?

RS: Startups are AI natives. They get built from day one with the latest developments in a field that is changing at lightning speed. And if new companies know how to get the right data sets up front, it’s really hard for incumbents to catch up to that.

And then there are all the usual advantages a startup has over existing companies, like agility on execution and being unencumbered.

ZW: What are some disadvantages startups have when competing with existing companies?

RS: The data problem (when relevant), then the balance sheet, and the need to compete with the big players for talent.

ZW: Are there any specific spaces where you think startups have a particularly large advantage over existing companies in bringing AI solutions to market?

RS: We’re certainly seeing it in security market and in markets where there’s been some software to date but that have been traditional services businesses, typically supported by large groups of people, with a consulting element. Talla [the first Glasswing investment] is a perfect example, where it’s less about replacing workers and more about augmentation.

Then I think there are areas that have a clear need but the tools and services are hard to build and not enough companies have done it. For instance, what will be the AutoCADs of the world for specific AI tasks like vision and speech and other areas where you’ve seen green space and now companies are being created?

ZW: How does Glasswing differentiate itself from other VC firms with AI strategies?

RS: VC firms fall into two categories: One type is the generalist firm that says they do tech and part of that is AI. These firms are just coming up the learning curve. The other category is the firm that has a more focused strategy analogous to ours, and who are trying to get deeper into AI.

The way we’ve differentiated ourselves over time is we have over a decade of investing experience. So when we’re getting a pitch, as an example, and we get this comment all the time, they’ll say, “In the first 45 minutes with other VCs, we’re spending half our meeting educating them on what exactly AI is and what it means. But you guys are able to explain the rationale for why we picked approach A versus approach B.” That gives us an immediate bond with entrepreneurs based on our deep level of understanding and domain expertise.

We also have a large set of advisors - renowned entrepreneurs and technologists, AI visionaries, and world-leading executives that exclusively advise and support the firm and our portfolio companies. A large subset of those people specializes in AI and machine learning. So we’re helping our portfolio companies not only by understanding AI, not only by helping them understand the end market to invest in —  I am focused on enterprise, Rick Grinnell (Managing Partner) does cybersecurity and robotics and Sarah Fay (Managing Director) does marketing and digital — where we have end-market expertise, AI expertise, and we extend our footprint between our relationships with advisors, CxOs of other companies, entrepreneurs, so it’s a big group that works exclusively with Glasswing and our portfolio companies.


Zach Winn is a contributor to VentureFizz. Follow Zach on Twitter: @ZachinBoston.

Images courtesy of Glasswing Ventures.

Pages