Angel Invest Boston

Join Sal's Investment Syndicate: Click to Join Listener Robert Nagle is a mathy software guy and an angel investor. We had a great chat which included his perceptions of the risks in biotech investing and also discussed some of the companies in his portfolio. This is an instructive conversation with a thoughtful angel investor. Sponsored by: Purdue University entrepreneurship Peter Fasse, patent attorney at Fish & Richardson Highlights: Sal Daher Introduces Listener Robert Nagle, Mathy Software Guy and Angel Investor Robert Nagle Was Born in Ireland & Came to the US Robert Nagle Knew Jon Hirschtick as a Brilliant Intern at Computervision [ Jon Hirschtick podcast: https://www.angelinvestboston.com/jon-hirschtick-innovating-in-the-cloud] “If you're nice to people, sometimes they remember, sometimes they don't. If you're a jerk, they always remember...” Robert Nagle’s First Angel Check – Startup Making Bespoke Eyeglass Frames Conversation About Virtual Angel Investing “...many fascinating opportunities that spill out of the universities...” “That model that serves virtually-based, tool-based, asynchronous doesn't depend on a meeting is one of the exciting innovations that I think TBD Angels has brought to fruition.” “I think more than one model is good for angels. The aggregate sums as you point out can be comparable.” Robert Nagle Belongs to Hub Angels, Sky Ventures and TBD Angels Two Brothers in Law: How They Help Sal’s Angel Investing Robert Nagel on His Portfolio Company Easyship Robert Nagel on His Portfolio Company NODE40 – Pickaxe & Shovels for Crypto Sal Daher on Portfolio Company Meenta – A COVID Rocketship Rockstep Solutions – ERP for Pre-Clinical Trials VistaPath Bio – Machine Vision Helping the Intake of Pathology Samples “...what holds you back from investing in life science companies?” Sal’s Mentor on Life Science Company Was a Life Science Skeptic Having Made His Money in the Space “...life science companies...are taking over the value of the portfolio. That's where all the value creation is going on.” Said of SQZ: “...I'm putting my money on the fact that they have a technology that helps other people produce their therapies faster, more efficiently.” Said of Savran Technologies: “A few million dollars is enough to develop two use cases in a company like that.” The Subset of Biotech Companies that Interests Sal Daher, CFA How Sal Daher, CFA Made a Good Chunk of His Net Worth on a Scary Asset “At one point I had my kid's tuition money in Nigerian promissory notes. You'll probably say, "Majnun," that’s Arabic for crazy.” “That taught me a lesson that a particular area, a particular asset that people don't like at all, they turn their noses at it. There, I will find opportunity.” Why Life Science Companies Are Paradoxically Accessible to Intelligent Lay People “I don't think the challenge is people being unable to see the opportunity. I think the problem is...on the risk side.” The Weird & Wonderful Story of Bacteria That Glow in the Dark Robert Nagle on Marc Andreessen’s Thesis about Founder-Led Companies “I'm always gratified when I talk to a listener. I have yet to be disappointed, and I'm also surprised at the number of people come up to me and say, "I started my startup because of listening to your podcast."” Topics: angel investing strategies, biotech

When Sid Satish saw his first surgery he was struck by the contrast between the advanced technologies in use side by side with ancient practices such as the negotiation over how much patient blood has been lost. He saw an opportunity to apply technology to create an informed calculation of blood loss. This was in 2011, now this technology runs on iPad Pros and is in use at 30 hospitals. In the fall of 2021 Gauss Surgical was acquired by Stryker so it’s time to re-launch this compelling interview.   Here are some highlights from this eye-opening interview: Siddarth Satish’s Bio Got Hooked on Entrepreneurship from Business Plan Competitions at UC Berkeley Gauss’ Device & Software Scans the Operating Room to Estimate Blood Loss – Too Cool! [The Product Is Called Triton and Has Been Adopted at 30 Hospitals and Used on 100,000 patients Already] How Gauss Got Started “…we've had a few of our health systems study the delivery of the system and find that it has clinically impacted blood transfusions, made them more efficient, it has led to a significant increase in the recognition of hemorrhage, which is the problem we're trying to solve….by almost 400 percent.” “When you're trying to change an entire field and trying to change the way that medicine is ultimately practiced with a completely new perspective, it takes re-imagination both on the technical front, but also on the clinical front, on the customer-facing front.”   Topics: robotics / AI, discovering entrepreneurship, founding story

Join Sal's Investment Syndicate: Click to Join Salvatore Viscomi, MD founded his own startup and is now with GoodCell which isolates and stores cells of healthy patients who may need them for future cell therapies. The startup is founded by David Scadden, MD of the Harvard Stem Cell Institute. A truly informative interview. Sponsored by Purdue University entrepreneurship and Peter Fasse, patent attorney. Highlights: Sal Daher, CFA Introduces Salvatore Viscomi, MD, Physician, Founder & Investor “...to isolate and store cells that you may utilize for future therapy.” “The ability to not only isolate and store the cells but to be able to say, "These cells are of good quality for future therapy...” “One of the unique capabilities we have is looking at what are the genetic changes that happen in our lives that cause risk.” “...two years from now, and we can always reference your biobank material to see what your baseline levels were.” GoodCell Co-Founders: David Scadden, MD, Trevor Perry, CEO, Brad Hamilton, CSO Salvatore Viscomi Was Vetting GoodCell for a Friend but Ended Up Investing and Coming Aboard as Chief Medical Officer Raised $30 million Series Seed, Looking for Strategic Collaborations GoodCell Has Expanded on the Intellectual Property Licensed from the Broad Institute “The second filing was around the ability to determine the quality of cells that go through a manufacturing process.” Owned Patents Also Cover Matters Related to Autoimmune Disease How GoodCell Tests for CHIP (proliferation of unhealthy cells) Works Possibility that a Therapy for CHIP Will Be Developed A Plug for Purdue University Entrepreneurship & Peter Fasse, Patent Attorney “Purdue is in the middle of the country in West Lafayette, Indiana and so they're really making a big effort to reach out to angel investors in both coasts.” Salvatore Viscomi’s Father was a Stone Mason from Italy Who Moved to US via Argentina How Salvatore Viscomi, MD Got the Entrepreneurial Urge The Resistance of Certain Academic Institutions to Entrepreneurial Ventures “...taking that idea and making a business out of it, which is probably what was really the most fun for me...” How Being an Immigrant Makes People More Prone to Entrepreneurship “No matter how smart you are, no matter how smart your idea is, it's very difficult to do it alone.” Topics: biotech, co-founders, discovering entrepreneurship, IP / patents

Sal's Syndicate: Click to Join Virtual visits & robotics to improve greatly the recovery of stroke patients. Chrissy Glover & her startup, Imago Rehab, are taking to market technology from Harvard's Biodesign Lab informed by deep experience in how stroke rehabilitation is done now. Highlights: Sal Daher Introduces Chrissy Glover, Co-Founder of Imago Rehab “...they've had a stroke maybe a year ago, and their hand is just stuck in this fist position.” “It's well understood that what is required for successful recovery is high-intensity rehabilitation.” 300 Repetitions of Hand Movements per Day Is What’s Needed; Stroke Patients Now Get 30 Reps Twice a Week - If They Can Get to the Clinic The Brain Is a Lot More Plastic Than We Thought, Even the Brain of the Elderly “...we see people who are five years post-stroke and able to really drastically improve their hand function, which is really exciting.” With The Robotic Glove in Their Home, Some Patients Go Way Beyond 300 Reps per Day and Have Great Outcomes Chrissy and Imago Have been Through Mass Challenge FDA Regulatory Path Is Relatively Simple; Imago Rehab Is Getting Reimbursed for the Virtual Visits Even Before Approval “We actually just entered the market, which is exciting news for us.” With Imago Rehab, Sal Daher Has Dèjá Vu from His First Startup Investment, EXOS, Which Involved a Force-Feedback Glove Co-founder Kristin Nuckols Brings 15 Years of Experience in Occupational Therapy Technology Developed at the Harvard Biodesign Lab under Professor Conor Walsh Who Is Also a Co-founder Sal Daher on the Connection Between Creative People and Startups How Chrissy Glover Decided to Become an Entrepreneur Chrissy Glover Takes Notes and, More Significantly, Can Read Them! “You talked about could there be a multiplier effect for therapists where we're taking out some of the mundane tasks so they can really be more efficient with their time.” Imago Rehab Has the Potential to Build Strong Value for Individual Therapists and Thus Attract Large Numbers of these Sought-after Specialists Basecamp and Summit Thoughts on Imago Rehab “We're hyper-focused on stroke in the hand, but then we do have larger aspirations.” “Actually, in the Biodesign Lab, there is a shoulder and elbow device also in development.” “It could be learning algorithms, making their work more efficient, making their lives more manageable...Because the limiting factor in therapy is the availability of therapists.” “This is entrepreneurship. It's Stone Soup.” “...Imago Rehab, a startup that is getting ready to revolutionize the space of physical rehabilitation ..” Sponsored by: Purdue University entrepreneurship, and Peter Fasse, patent attorney at Fish & Richardson Topics: product, robotics / AI, co-founders, Mass Challenge, platform, founding story

Sal's Investment Syndicate: Click to Join Harvard’s Tom Eisenmann is the author of Why Startups Fail: A New Roadmap for Entrepreneurial Success. We discussed valuable lessons from the book and how they might apply to biotech startups. Highlights: Sal Daher Introduces Prof. Tom Eisenmann of the Harvard Business School, Author of Why Startups Fail Howard Stevenson’s 400X Return Contrasting Brad Feld’s Book with Prof. Tom Eisenmann’s Book Sal Daher’s Favorite Part of the Book: Failing “[failed] founders probably cycle through those. ...the Kubler Ross stages...” “...basically, half of failed founders come back and get back on the horse and do it again.” Shutting Down the Failed Venture, Gracefully The Number One Killer of Startups: False Starts “...engineers are particularly vulnerable to this because they want to build.” Sal Daher Discusses SQZ Biotech’s False Start and Brilliant Pivot The Origin Story of Why Startups Fail “...the factories that actually make this stuff actually generate enough cash to invest in new apparel companies...” Silver Linings of the Pandemic Tom Eisenmann on Harvard’s School of Engineering and the MS/MBA Program Tom Eisenmann on Tough Tech: Technical Uncertainty + Market Uncertainty Creating Supports for Life Science Academics to Become Founders Creative Destruction Labs Sal Daher’s Focus on Biotech Angel Formation Software Startup Funding vs. Biotech Startup Funding Maybe Successful Angel-Backed Founders Such as Todd Zion and Armon Sharei Could be a Resource for Training Angels The Dynamics of Venture Capital in the Last Decade – Many New Shoots Tom Eisenmann’s Parting Thoughts Sponsored by: Purdue University entrepreneurship, and Peter Fasse, patent attorney at Fish & Richardson Topics: biotech, management, co-founders, Mass Challenge, raising money, scholar, venture capital

Join Sal's Syndicate: Click to Join Genius founder Sam Bogoch of Axle.ai returns to the podcast to tells us the secrets of equity crowdfunding. Axle.ai helps enterprises with massive video files make them usable. The startup has found great success on Republic and Sam has wisdom to share. Highlights: Sal Daher Introduces Sam Bogoch Founder of Axle.ai Who Is a Returning Guest Sam Bogoch’s Back Story Is on Another Episode Titled “Boy Genius, MD & Founder” Axle.ai addresses the accumulation of video content in enterprises What Axle.ai Does for Its Customers Such as Sports Venues Enables Remote Work & Finding Relevant Parts on Massive Video Files It’s a Big Problem and Companies Are Getting Acquired – Adobe Bought Frame.io for $1.3 billion Video Files Grow Faster than Bandwidth, So Most of Them Are Still on Disk Drives, Not the Cloud “...Amazon Web Services, when they're collecting very, very large data sets, they actually send out a tractor trailer-“ How Do Crowdfunding Investors Get Paid Out? “We probably couldn't have gotten to where we are today had we not done that equity crowdfunding.” Sam Bogoch and Axle.ai Had a Great Experience at Republic Axle.ai Went Live Just Before the COVID Lockdown – Maybe It Helped Because a Lot of People Were on Their Screens The Joy of Watching the Investments Come In on Real Time Axle.ai Is Growing Fast But Not Fast Enough for VCs “Today we have over 1,000 investors in our company.” How Much You Can Raise on Republic? Sal Daher Pitches Sponsors Purdue University Entrepreneurship and Peter Fasse Patent Attorney Secret #1: Be a Business that’s “Crowdfunding-Ready” Secret #2: Your Business Has to Be Easily Understood by People Secret #3: Be Radically Committed to Communicating with Potential Investors Republic Vets Startups Closely Which Leads to a Success Rate of 90% Could a Life Science Company Succeed in Crowdfunding? “You want to know what it takes to be successful, but you also want to see what flopped and understand what it was about the intersection of the platform, the audience, and the company itself that did not click.” “...I do think that taken broadly, that this trend is going to change the way investing happens over the next 5 to 10 years.” Relatable Companies Like Nanno (Uber for Nannies) Have Investors Who Use Their Services and Refer Their Friends – They Go Viral “It's like Stone Soup at scale.” Contact Sam Bogoch at sam@axle.ai to Get His Advice Sam’s Company Axle.ai Is Raising Right Now So Check Them Out on Republic Secret #4: Have a Really Catchy Video Sal Daher Lost 70 Pounds Thanks to Plenity and the HMR Program   Topics: fundraising, Robotics / AI, software

Join Sal's Syndicate: https://www.angelinvestboston.com/our-syndicates Sponsored by Purdue University entrepreneurship and Peter Fasse, patent attorney at Fish & Richardson Hesitant about investing in biotech startups? Founder Çağrı Savran and I discuss the unique opportunities and requirements of angel-scale life science startups. This is the first in a series of biotech angel bootcamps. Highlights: Podcast Sponsored by Purdue University Entrepreneurship and Peter Fasse, Patent Attorney Sal Daher Introduces Founder, Çağrı Savran, PhD Purdue University Now Evaluates Professors of Engineering on Translation of their Technology to Industry as Well as on Publications and Citations Episode Created for Angel Investors Who Are Hesitant About Biotech Savran’s First Round of Funding Was Very Easy, the Subsequent Three Rounds Took Great Effort Several Walnut Members Had Invested in SQZ, Which Also Had a Fast Angel Round “...they saw parallels between SQZ and Savran.” ” If somebody is taking too much time to think, they're probably not interested and that's okay. You don't need the whole world...” “...it's similar to marriage... Sometimes it clicks, sometimes it doesn't click.” There Are Many People Looking for Attractive Investment Alternatives – It’s About Finding Those People Sal Asks About an Alternative Way to Fund Biotech Startups that Could Be More Efficient in the Long Run Angels Should Consider Staging their Investment in Biotech Startups Over Four Years with Annual Drawdown Based on Milestones Staged Funding Would Provide a Stable Financing Path So Founders Can Focus on the Business Angel Investors Have Contributed Much More than Money to Savran Tech; Advice, Introductions and Encouragement Çağrı Savran Wants Angels to Appreciate All the Trial & Error Involved in Building Life Science Companies When Things Work Out, Life Science Companies Can Build a Lot of Value Due to Strong Barriers to New Competitors Software Startups Face Stiff Competition Due to Low Barriers to Entry for Competitors “...you need to worry about minimizing user-to-user variation, especially if you're making an instrument. It's not like a computer code where if you hit a couple of keystrokes, it doesn't matter who it is that's hitting the keystroke.” Biotech Startups Have Different Metrics for Progress from Software Startups Biotech Startups Tend to Collaborate with Big Players; Software Startups Usually Compete Strong Patents Are Needed to Make Biotech Startup Valuable to Strategic Players “If the startup is making progress, it will have built a prototype.” Maturation of the Technology Is an Important Measure of Progress, It’s What Will Get the Company Acquired Founder-Led Companies Are Special Startups Can’t Afford Experienced People in Management but They Can Get Them on the Board “...the lesson here for angels is, don't expect a professional CEO in a life science startup.” We Are Living in a Time of Miracles; Biotech Miracles There Are Promising Biotech Startups that Can Flourish with Just $5 Million in Funding – Angel-Scale Biotech Startups Topics: biotech, management, angel investing strategies

Sal' Syndicate: Click to Join Artificial General Intelligence (AGI) is the whole ball game. Whoever gets it first will rule. Who’s ahead and how to bet on them; this is only part of the excellent second chat with AI wiz Gil Syswerda. Highlights: Sal Daher Introduces Second Installment of Interview – AI and the Future Sponsors: Purdue University entrepreneurship, and Peter Fasse, patent attorney at Fish & Richardson “History is full of financial firms devising algorithms that work great in the past and don't work in the future.” “...our back testing showed on average 15% returns per year, and our live performance was exactly that, 15% per year.” “...we needed a supercomputer to run our algorithm. We built one. In the end, we spent upwards of a million dollars on this machine, and it took $10,000 a month in electricity to run it.” Gil Syswerda Teams Up with the Legendary Paul Tudor Jones and His Hedge Fund via Percipio The Start of the Sub-Prime Mortgage Crisis Breaks Gil’s Algorithm and He Goes to Cash Investors Complain When Gil’s Fund Goes to Cash in August of 2008 but by the End of The Year, They Think He’s a Genius The Algorithm from Gil’s Hedge Fund Finds Use at a Lead Generation Company Percipio became Jobcase which Is Heading to Unicorn Status After the Hedge Fund Experience Gil Returns to Angel Investing Gil “Busted” While Coding at Darwin’s Coffee House Genetic Rule Induction Seminar at Babson – Big Turnout Machine Learning Talent Is Had to Get Even for the Legendary Paul Tudor Jones Gil Starts FeatureX to Look for Patterns in Satellite Imagery Machine Alpha Looked for Trades Based on Tudor Data Algorithms Required so Much Computing that AWS Bill Approached $2 million in One Year Gil Syswerda’s Next Challenge Is Artificial General Intelligence “...if you're so smart, how come you're not a billionaire? The answer to that is I like to work on hard problems, hard technical problems.” Sal Discusses Some of the AI Companies in His Universe: PathAI, Pilot.com and VistaPath The First Company to Build Artificial General Intelligence Will Rule Buy Google Shares Because DeepMind Is Doing Amazing Stuff and Could Win the AGI Race – What Else to Buy Jeff Hawkins – Thousand Brains Theory - Numenta AI Research Is Hugely Expensive Due to the Massive Computing Requirements

Sponsors: Purdue University entrepreneurship Peter Fasse, patent attorney at Fish & Richardson Mostly diagnosed in late stages, ovarian cancer is a silent killer of women. Oriana Papin-Zoghbi of AOA Dx aims to defeat this threat. Fresh out of Y Combinator, the team is making impressive headway in commercializing a promising technology from McGill University. Highlights: Sal Introduces Sponsors, Purdue University Entrepreneurship & Peter Fasse, Patent Attorney Sal Daher, CFA Welcomes Oriana Papin-Zoghbi of AOA Dx to the Podcast Ovarian Cancer Is a Silent Killer of Women “None of us on the founding team were originally scientists... We needed to really create a partnership.” Partnered with Professor Uri Saragovi of McGill University “...80% of cases being diagnosed when they're already Stage III and IV.” Professor Saragovi’s Approach Is Using Certain Glycolipids in the Patient’s Blood as a Marker of the Presence of Ovarian Cancer AOA Dx Supported by a Retrospective Study – Reached 95% Accuracy Sal Daher, CFA Makes the Case for Re-Skilling Angels Used to Investing in Software into Life Science Investors “We expect to be on the market in the US by 2025. Another four years out from here.” AOA Dx Is Developing a Platform for Early Detection of Other Diseases as Well Is AOA Dx Considering a Strategic Collaboration? A Good Attitude Towards Strategic Collaboration “...I can make the case for life sciences and that is where we are today is at the cusp of innovation, or medical innovation in the life sciences, this is truly just the beginning.” “...our ability to beat cancer or Alzheimer's or other types of diseases. It's that impact investment that is going to make a difference 30 years to come from now...” “I fully attest to the value Y Combinator gave us...” “...TBD Angels I worked specifically with, or closest I should say, with Yael and with Vicky was, how quick and transparent all of our communication was.” “...for anybody that is interested in the art of persuasion, I very much recommend reading about Robert Cialdini and his books...” Topics: biotech, co-founders, founding story, fundraising

Sal's Syndicate: https://www.angelinvestboston.com/our-syndicates Sponsored by: Purdue University Entrepreneurship Peter Fasse, patent attorney at Fish & Richardson The best measure of a founder is how much she can get done with limited resources. By this metric, Bryanne Leeming is an outstanding founder. Two years before she had a paper prototype and vague hopes for a Kickstarter program. At the time we spoke she had a sleek physical product that’s gaining market. She also had the software to make it valuable and had completed a successful Kickstarter campaign. The interview with Bryanne Leeming left me inspired. Here’s some of what we talked about: Bryanne Leeming Bio How Bryanne Leeming Decided She Wanted to Be a Founder What Bryanne Leeming Got from Her Babson MBA Balancing Time Between Consulting Gigs & Working on Her Startup How Being an Athlete Affects the Work Bryanne Leeming Does Bryanne Leeming Tells the Unruly Studio Story How Bryanne Leeming Overcame Not Being a Technical Founder Sal Reads a Listener Review – Asks Listeners to Review the Podcast on iTunes Bryanne Leeming Tells About Her Kickstarter Experience Bryanne Leeming’s Tips for Founders on Fundraising How Unruly Studios Is Doing a Lot with Few Resources Unruly Studio’s Go to Market Plans Product Roadmap for Unruly Studios Bryanne Leeming on Taking Advice as a Founder