My Key Takeaways: MidWest Growth Capital Symposium.

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In this newsletter, I will share my key takeaways from the Midwest growth capital symposium I attended at the University of Michigan Ross School of Business on May 23 & 24. Up to 60 Midwest companies in sectors like Life Sciences, Healthcare, Tech, Food & Agriculture, and Energy were seeking funding. The Big 10's Tech Transfer Pitch Track highlighted 15-20 companies.

Investors: companies that presented at the conference can be found here

Founders: Michigan Small Business Development Center shared a 10 and 5 min pitch recommended topics and order here

The conference included many concurrent panel discussions and pitch track presentations (Healthcare/life sciences, IT/software, Cleantech/Agriculture, and mobility). Panel discussions offered so much value. Below are takeaways from the panel discussions I attended.

I. The Future of Venture Capital:

AI is critical for business. It can accelerate use case scenarios such as content marketing. There is a need to distinguish between AI as a feature and a platform many can use.

"Focus on things you understand better than other people, put yourself in the shoes of your customer to get actual use case AI applications without overwhelm of the technology" Jacob Cohen . Partner at Detroit Venture Partners.

• The hardest thing is to build a company. You put all your effort toward one thing (building your company) and want to protect it. In many cases, Investors do not sign Non-Disclosure Agreements (NDA). As a founder, know what to share and when.
• The second most challenging thing is to invest in a company.
• Experienced investors are valuable to founders as they understand the market.
• The capital is excellent, and the self-discovery with the right investor can take you to the next level in the coming years.
• Value is driven by Intellectual Property (IP). This asset class should be well articulated when looking into raising capital. You can build a competitive moat around IP with trade secrets.
• AI will not take over investment decisions; humans will still make investment decisions, as investing is more than capital.

II. Silicon Valley Bank SBV After-effects and Market Trends

The SBV fallout put much pressure on startup ecosystems across the US, especially in Silicon Valley. Many startups chose to relocate to other regions, such as the Midwest. This fallout and economic uncertainty resulted in lower deal flow and higher quality deals.

• Raise as much money as possible and demonstrate your ability to be efficient with your funds. This shows future behavior which is attractive to VCs.
• Time your fundraising with coming off with considerable milestones (got 510K, FDA approval for a study, signing a contract...etc.)
• The worst place to be is when you are at the 5-yard line and need money soon.
• Please keep an eye on your business, too, while raising money. Who is operating the business while you are fundraising

"When you get an investor onboard, cultivate and communicate. Give the worst news first." Dale Grogan , Managing partner, Michigan Capital Network Ventures.

Market trends:

• VC community is behind the macro-economic activity.
• M&A activity is almost at a standstill.
• We will see more action in the VC flow in the last quarter.
• Expect valuations to be lower by 1/2

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Upcoming events:

1. Bridging the Gap between Science and Industry: Linkedin Live with guest Ricky Patel, PhD , May 31st, 12:00–1:00 pm EST
2. Funding Essentials for Startups: Linkedin Audio with cohost Dr. Marquicia Pierce Henderson , May 31st, 1:00–1:30 pm EST
3. Actionable AI for Business: Live Zoom: with me, June 1st, 9:00–9:30 am EST. Follow Entrepreneurs in healthcare, wellness and tech to stay up-to-date.
4. Leading through crisis: Live Zoom: Hosted by Emilie ?sberg & guest Joseph Polanin . June, 2nd, 7:00-8:00 AM EST (1-2 pm CET)
5. FS Grow Networking thread: Host Evaldas ? starts Sunday at 6:00 am EST (1 pm CET). Follow Founders Sunday
6. Mastering Investor Relations for Founders and Entrepreneurs: Cohosted by me & Dr. David Wolff , June 6th, 9:30–10:00 am

I will leave you with this meme about VC and startups. Until next week!

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