Angel Invest Boston

Quotes from the podcast: “Every startup investment is folly, but not every folly should be a startup investment…” "How can I eliminate the real follies?" “Banks are dominated by all these rules, and they're extremely risk averse. It's sort of like belt and suspenders, and yet, periodically, their pants fall down.” “Someone who's selling is steeling herself for failure in every phone call…” Sal Daher got a person who knows him really well, his brother in law Martin Aboitiz, to interview him in this 25th episode of the Angel Invest Boston podcast. The result is a wide-ranging and light-hearted conversation that tells a lot about how Sal sees the world of startups. BTW, during the podcast Sal refers to the physicist Stephen Hawking as Christopher Hawking. This lapse was occasioned by Sal having spent time with Christopher Lydon (Christopher Lydon's Website) just days prior to recording. Sal's sure neither gentleman takes umbrage from the confusion. The list of topics includes: Sal Daher Bio Switch from Engineering to International Finance How Sal Started Investing How Being a Banker and an Engineer Helped Develop Sal’s Investing Philosophy ”When I look at markets, I understand that markets are not knowable, and so I don't look to guess where markets are going. I don't look to think that I know more than anybody else, or that I know more than the market.” “Banks are dominated by all these rules, and they're extremely risk averse. It's sort of like belt and suspenders, and yet, periodically, their pants fall down.” “I've developed kind of an approach of skepticism, you know Popperian skepticism of how much I can know.” Sal Has Andrew Carnegie as a Model – Keep a Lot of Cash to be Able to Buy Bargains “I can tell you right now, anything we're buying, we're buying it very expensively.” Sal Thanks Listener GranTia for Leaving a Review How Sal Decides on Which Startup to Invest “Every startup investment is folly, but not every folly should be a startup investment…” "How can I eliminate the real follies?" “What I have to do is I have to play a defensive game, I have to avoid investing in losers.” “Martin, I discovered a really amazing thing, being really smart and really knowledgeable has zero correlation with the ability to sell, zero, okay?” “Someone who's selling is steeling herself for failure in every phone call…” Regrets? Anti-portfolio Sal’s Favorite Pivots – Pixability & SQZ Biotech – Personal Pivots “I'm a big fan of pivots, because a pivot is an expression of belief in the ability of human beings to fall down and get up again.” Networking in Boston vs. the Bay Area “There's no other place like it [Boston], and there's an unbelievable variety of things that go on. It is a little bit insular, it is hard to network here, but I can tell you that the angel investing environment, there's no angel investing environment that's as collaborative as the one here.” “Now, venture capitalists aren't interested in follies, they're interested in sure bets.” “How many companies can an angel investor successfully track and manage in his portfolio?” People from Whom Sal Learns the Most

Epilogue to the Interview: Martin Aboitiz asked me to add this to the notes: "...I do have a regret though, that I did not mention four names during the interview: Juan Manuel Garcia Carral, my CTO in Intermedia who suggested Healthcare as an industry worthy of application and data integration,   Dr. Richard Low of PraxisEMR, who first gave me a picture of the lack of data integration in Healthcare Juan Manuel's suggestion, and   my two other founders in Healthjump, Mark Ribeiro (our original CFO) and Shanti Aboitiz who was our Patient Advocate, both have moved on, but were pivotal in getting Healthjump started.     Sal's Notes: In 2013, (I said 2003 in the podcast by mistake) my brother in law Martin Aboitiz sat in my dining room and sketched out this business he planned to start. I thought “majnun” which is Arabic for crazy! How would this guy who had built software companies in Argentina found a startup to help Americans have better access to their healthcare data? But I underestimated his resourcefulness and titanic tenacity. Four years later, Healthjump is at cashflow break even and has 7.5 million patients in its data warehouse. I’m glad because I have some real money riding on Martin’s company. Listen to this lighthearted but informative interview. It was inspired, in part, by an excellent meal shared by the interlocutors the night before which included an outstanding paella (see photo) and some delightful wines. We talked healthcare, pivots, angel investing homeruns and flops and many other matters. Topics covered include: Martin Aboitiz Bio Martin Aboitiz Gets Started in His Career Lessons from Working in a World Bank-funded Project in the Philippines Lessons from Doing Business in Argentina How Did Martin Discover He Wanted to Be an Entrepreneur? Martin Aboitiz’s Advice about Dealing with Failure – Really Good Stuff! Martin Aboitiz’ First Startup – Intermedia Martin Aboitiz Sets Up an Informal Incubator for Argentine Startups Martin Aboitiz Founds Healthjump in 2013 to Make Medical Records More Accessible to the Patient Problem: Healthcare Data is Sitting in Silos and People Don’t Have Access Healthjump’s Pivot Saber & Amadeus as Analogues “Now in healthcare it's different because what we're seeing right now is the equivalent of the Hyatt across the street buying the bed and breakfast. That did not happen in travel but it's happening in healthcare.” Lack of Healthcare Record Interoperability Is Pushing Consolidation to an Absurd Extreme Healthjump is Helping Make Electronic Health Records (EHR) Software More Interoperable Seven and a Half Million Patient Records Now Reside in Healthjump’s Data Warehouse As More Practices Use Healthjump to Understand Their Data the Number of Patients Who Can Use Healthjump to Access their Records Grows – Network Effect Healthjump is at Cashflow Breakeven Martin Aboitiz Starts Angel Investing – Three Homeruns in a Row – Thought Angel Investing Was Easy Martin’s Favorite Pivot Story - Twitter Argentina as a Place to Build a Startup – OLX & Mercado Libre

Super angel Michael Mark and marketing wiz Kathryn Roy take questions on the topic of angel investing. This was recorded before a live audience at gorgeous Babson College, a university dedicated to teaching entrepreneurship. Sal, as usual, finds it hard to keep his opinions to himself! Topics covered include: Recorded on the Beautiful Campus of Babson College, Thanks to Margaret Jones & Nina Block Michael Mark Mini Bio Kathryn Roy Mini Bio Michael Mark on What Angel Investing Is Not – Not the Best Way to Make a Lot of Money Kathryn’s Thoughts on Making Money in Angel Investing Question from Mark T.: What’s the Minimum Number of Startup Investments to Get a Good ROI? Audience Question: What Are the Three or Four Things You Look for In a Startup? Startup Founder Davey Bakhshi Asks a Question - Fundraising Pointers Davey Bakhshi: Do you Invest in Founders from Other Countries? Have a Real Sales Funnel for your Fundraising – Willy Loman Beats Einstein Monthly Communication with Your Investors and Constituents Lisa’s Question: What Would You Do Differently Today as a Founder Given the Changes? Go to an Incubator What Has Not Changed in Fundraising Question from Listener Martin Aboitiz: What Startups Do You Regret Not Investing In? “Another Train Leaving Every 15 Minutes.” – Michael Mark Question from Kit, a Freshman at Babson: Can You Build Business without Raising Money? Audience Question from Alan, an MBA Student at Babson: Notes vs. Priced Rounds? Audience Question from Marcos, an MBA Student at Babson: How Long Does It Take to Build Trust? Sign up here to be informed about future episodes: Angel Invest Boston Sign Up Link

Ed Roberts started the scholarly study of startups. Learn from this brilliant academic pioneer and seasoned investor in Sohu.com and HubSpot about the keys to success in founding a tech company. Along the way you will be entertained and charmed by his most engaging narrative style. He grew up in working-class Chelsea, Massachusetts. At Chelsea High, he received preparation that would allow him to explore the academic delights offered by MIT’s curriculum. Four MIT degrees later he was on the faculty at MIT’s Sloan School of Management studying the impact of NASA’s research on the economy. From there it was a short hop to founding the study of tech startups. He also co-founded successful companies, including Meditech. His course on entrepreneurship incubated Beijing's Sohu.com and Boston's HubSpot. Ed Roberts was an early investor in both. The oft-cited result that companies founded by MIT alums generate revenues equivalent to the 10th largest economy in the world is one of the products of his scholarship. He also delves into his work on the optimal composition of founding teams. Among the many topics covered in this bravura interview are: Ed Roberts Bio High School in Working-class Town of Chelsea Thoroughly Prepared Ed Roberts for Success at MIT Sound Preparation from Chelsea High Allowed Ed Roberts to Explore the MIT Curriculum Ed Roberts Meets Jay Forrester, Co-inventor of the Core Memory and Founder of System Dynamics Research into Entrepreneurship Springs from NASA Project to Measure Impact of Its Technology Ed Roberts Starts His First Company, Pugh-Roberts Associates MIT Faculty Form Consulting Firms, MIT Grads Form Product Companies Ed Roberts Founds Meditech Engineers Debate the Need for a Marketing Person on the Meditech Team – Hired the Only Marketing Person They Knew Sal Daher’s Pitch for Listeners to Give Back by Reviewing the Podcast on iTunes and Telling Others About It The Most Significant Results from Ed Roberts’ Research It’s Important Not to Keep Your Idea Secret but to Talk to Many People About It Eric von Hippel & User Innovation Ideas Are Overvalued – Person Who Has It Gets Too Much Credit – Pivots Are the Norm – Nobody Remembers All the Pivots – Example: Founders of HubSpot Ed Roberts Invests in Founders, Not Ideas Charles Zhang & the Founding of Sohu.com – Ed Roberts Was Surprised Charles Zhang Wanted to Return to China – Amazing Story! “I’ve always focused on ground zero companies. I do not regard a ground zero company as a frightening and risky thing. I regard it as the place to be because that’s where the fun is, that’s where you can have impact and, to me, if you’ve passed my test, that you’re passionate, you’re dedicated, you’re trying to do something that seems worthwhile, you’re smart, you’re open. I’m going to be able to relate to you. Then, I don’t see it as a risky thing”. Data on PhDs as Founders? Why Are MIT Students & Alums So Likely to Invest in Startups? 30% of MIT Alumni Go to Work for a Startup – Of Those 25% Go on to Found Their Own Company – Those Companies Outperform the Market Second Companies Outperform First Companies; Third Outperform Second – Studies of Universities as Sources of Innovation – Chuck Easley Did Similar Study at Stanford        

The collaboration of Ham Lord and Christopher Mirabile, two of Boston’s most consequential super angels, is widely admired. Its most visible fruit is the success of Launchpad Venture Group, which they manage together. In this revealing interview, they let us in on how this winning collaboration came to be and what keeps it productive as it approaches the end of its first decade. Christopher Mirabile and Ham Lord are already familiar to our listeners.  Each has been interviewed individually on earlier episodes of the Angel Invest Boston Podcast. In the current episode, the two different personalities interact and give us a glimpse into what drives their working relationship. Topics covered include: Christopher & Ham’s Remarkable Collaboration How They Connected Division of Labor Lucky to Have Jody Collier as Operations Manager Complementary Skills & Creative Tension What They Enjoy in Working Together What Motivates Christopher and Ham How Christopher & Ham Differ in their Investing Gene Gregerson, an Engineer’s Engineer & Mobius Imaging – Astonishing Feat of Entrepreneurship Blind Spots: How Having a Partner Helps Avoid Them Integrity in the Founding Team is Essential – Due Diligence Screens Out Frauds Geographic Focus Makes It Possible to Add Value Dos & Don’ts for a Winning Collaboration How Ham and Christopher Work Things Out When Problems Arise Co-CEOs Raise a Red Flag but Can Work Trends Christopher & Ham See A Business Semyon Dukach Would Like! Sign up to be informed of live, in-person events and of new content at: Angel Invest Boston Sign Up Link

Writing software never seemed like work to young Ham Lord. In high school and then in college, coding is what got him rolling with his other courses; he loved it. This passion, and the happy coincidence of being at the right place (Brown University) at the right time (early 1980s) led to a brilliantly productive career in computing and entrepreneurship. Ham’s early work in computer graphics would eventually lead to innovation in applying 3D imaging to the creation of new molecules. Later he helped build software with applications in medicine, oil & gas exploration and engineering analysis. He even did work that presaged today’s drone technology. After 16 years as a software engineer and entrepreneur, Ham cashed in his chips and began a hugely consequential career as one of Boston’s super angel investors. He was the engine behind the relaunch of Launchpad, one of the country’s most respected angel groups. In a frank and accessible interview, Ham discusses the workings of this group, talks about companies that excite him and addresses current trends in the ambit of angel investing. Topics covered include: Ham Lord Bio Ham Lord Discovers His Love of Computer Programming How Ham Lord Connected with His First Job After Brown Building a New Display for the F-14 Navy Jet Why Ham Lord Founded His First Startup AVS Rises from the Ashes of Stellar Ham Lord’s Transition from Software Development to Marketing After 16 Years Building Startups Ham Lord Takes a Sabbatical Year & Starts Investing Ham Lord Discovers Angel Investing Ham Lord Relaunches Launchpad Ham Lord & Christopher Mirabile Get Together What Does Ham Lord Look for in a Startup? The Ones That Got Away Ham Lord’s Favorite Pivot Story Ham Lord & Cambridge Trust Ham Lord Talks About Launchpads’ Early-stage Track, the Catalyst Program Two Companies in the Machine Learning Space – Netra.io & Smartvid.io Seraf-investors.com & Seraf Compass Trends: Professionalization of Angel Investing & the Angel Capital Association Sign up to be informed of live, in-person events and of new content at: Sign Up Link 

The family of Wan Li Zhu did not see a future in China. His parents, persecuted by the one-party state, came to America when Wan Li was ten years old. China’s great loss became America’s brilliant gain. Wan Li benefited from high-quality public education at Bronx High School of Science and went on to a perfect grade-point average at MIT. He studied under renowned quant wiz Andrew Lo and was poised for a career on Wall Street but was lured away by the prospect of hands-on responsibility for product features at Microsoft. After a prodigiously successful stint, during which he was involved in building and marketing Dynamics CRM, MS’ fastest-growing product, he went to Harvard Business School. From HBS he was recruited by early-stage VC firm Fairhaven Capital. The firm, known for its expertise in web security and digital advertising, now sees promise in various applications of artificial intelligence starting with self-driving technology. Wan Li is deeply engaged in bringing on the next generation of winning investments at Fairhaven Capital. Despite a busy professional life, Wan Li Zhu has found time to advise startups and to co-found MIT Angels in Boston. I learned a ton from my conversation with this wise, yet unassuming VC. Here is a list of some of the topics broached: Wan Li Zhu Bio From Persecution in Communist China to Bronx High School of Science Studied with MIT Professor Andrew Lo – Used Natural Language Processing to Assess Market Sentiment Why Wan Li Zhu Went to Microsoft – Three Years at MS – Shipped Three Versions of the Product Wan Li Zhu Connects with Fairhaven Capital through HBS Resume Book Fairhaven Capital Is Thesis-driven – Attentive to Market Trends that Could Create Large Opportunities How the Fairhaven Capital Portfolio Is Doing What Wan Li Zhu Looks for in a Startup Investment Experienced Founders Can Actually Time Markets TVision Came Via MIT Angels – Measuring Engagement of TV Viewers AirFox – Enabling Wireless Carriers to Offer More Affordable Data Plans MIT Angels Company PathAI’s Deep Learning System Is Better at Detecting Tumor Cells than Human Pathologists Latch – Enterprise-grade Keyless Access System for Apartment Buildings The Investment Wan Li Zhu Regrets Not Making Wise VC Wan Li Zhu Continues to Be Very Bullish on AI

Two brilliant scholarship kids became friends at Georgia Tech and went on to found a company that could change the world. This is the story of Matthew Stellmaker and Keith Hearon and of the good chemistry manifested in their friendship and in the creation of new polymers friendly to people and nature. The idea came to Matthew when he was working at a large company that produces 50,000 tons of citrus waste per year. His friend Keith thought that he could do something interesting with the citrus rinds so Matthew got the company to fund the research into creating a use for this natural material. These two young founders display remarkable self-knowledge and reveal discoveries in the art of founding companies that could help other founders, technical or not. It’s a valuable conversation that includes the following topics: Keith Hearon Bio Matthew Stellmaker Bio Keith Hearon Views Himself as an Entrepreneur Who Uses Science to Commercialize Valuable Products – Inspired by Ken Gall, Founder & Inventor How Keith & Mathew Became Friends How to Find a Job in Architecture in a Down Market Challenge of Langer Lab Further Energized Keith Hearon How Poly6 Got Started How Poly6 Zeroed in on its First Use Case How Poly6 Zeroed in on its First Use Case How Being Co-founders Changed Their Friendship Should You Found a Company with Your Friend? The Risks of Moonlighting The Care & Feeding of Advisors – Busy People Generous with Their Time Other Startups Matthew & Keith Admire Sign Up to Hear of Upcoming In-person Events

Tivan Amour is reinventing how urban bikes are designed and sold. This is a tall order. The competition is ferocious. Wise counsel is justifiably skeptical of the possibility of success in this endeavor. Yet, Tivan is gaining traction with his approach. He may be defying the odds. This young repeat founder bristles with energy but is also capable of contemplation. He is a growth hacker familiar with the Socratic Dialogue. He is hugely ambitious yet generous with the less fortunate.  It was great fun interviewing him and he taught me a bunch of things. Among these were the real value of Techstars to founders and some pointers on growing a customer base. Here is a list of the topics covered: Tivan Amour Bio What Effect Did Working for AT&T While Still in College Have in Tivan’s Life? Tivan as a Product Manager at Abercrombie & Fitch Tivan Starts His First Company Tivan Decides Boston Is Just Right for Him What Tivan Learned from Volunteering at BUILD How Tivan Structures His Day Tivan’s First Company Pivots Genesis of Fortified Bike – New Way to Market to Bike Shops – Cutting Out Distributors Fortified Bike Goes into Techstars The Real Value of Techstars to the Founder Changing Co-founders com Has Won Plaudits from Experts for Its Efficacy – Tivan’s Advice on Building a Website

Armon Sharei wants to train our immune system to fight cancer. We hear a lot of claims like this, however when a mega-pharmaceutical company like Roche inks a $500 million deal to work on it, we pay attention. At age 29, Armon convinced not only Roche but gimlet-eyed VCs to back him. How did he do this? How did he go from a boy living in Iran to being one of the stars of MIT’s storied Langer Lab? Part of Armon’s secret is the ability to explain thickly complex ideas in accessible language that does not over simplify. He is that rarest of creatures, a scientist of the first rank that speaks lucidly and acts practically. I am grateful that Armon took time out from curing cancer to share his experiences with us in this inspiring interview. If you are a scientist thinking of founding a company or an investor thinking of investing in a biotech startup you could learn a lot by listening to this interview with Armon Sharei (as well as the interview with biotech founder & investor Patrick Rivelli Patrick Rivelli Interview). Among the topics covered are: Armon Sharei Bio Childhood Spent in Iran & Dubai, Finished High School in Marin County Why Armon Sharei Wanted to Be a Scientist Why Leave Edenic Bay Area for Purgatorial Boston? SQZ Technology Comes from Failed Attempt to Shoot Genetic Materials into Cells How the Idea of Starting a Company Came About “I think one of the main examples, which is kind of the subject we've been pursuing most deeply at the company in two different projects, is the idea of telling the immune system what to target in the context of cancer”. SQZ Technology Excels at Getting Protein Fragments into Cells – Very Promising Method of Training Our Immune System to Fight Cancer Sal Asks Listeners to Subscribe & Review on iTunes – Podcast Has Great Guests & Sound Biotech Fundraising Is Hard – Armon Sharei’s Advice on Fundraising Armon Sharei Finds a Lead Investor for His Angel Round SQZ Biotech’s Pivot from Selling their Tech as a Tool to Looking for Therapies “…over 70 or 80% of scientists want to put stuff into cells for some reason. I think aside from looking under a microscope there's nothing that they want to do more”. Therapy Research Is Risky, But Tool Business Was Harder Than It Looked, Besides Armon Really Wanted to Do Science The Board Was Essential in the Pivot from Being a Tool Company to Becoming a Therapy Company How Does a 29 Year-old Negotiate a $500 Million Deal with a Major Corporation? Hiring the Right People Is the Most Important Thing a Founder Does, Look for Cultural Fit