OWP liVe REPORT

So we’re back to business and what are the trends?

Do they have to be an expert in their domain?

They said, ‘We’re going to build this to a certain point, and then we’ll move on to the next venture and we don’t know what that next one’s going to be.’ Ismael Ghalimi has that quality too. A software engineer, he started to build an oxygen canister vending machine because of COVID, then his future home in Carmel, California was threatened by wildfires so he designed an automatic drone system that responds to sensors and puts out

fires while they’re still embers. Along the way, he has created a new hardware system that will help people build mechanical structures faster and more cheaply. This feature is common to serial entrepreneurs, they do not know what the next venture is, but they follow their curiosity and experiment and problem solve to find that next project.

Life Science companies, companies that in some way can help with the crisis and/ or profit from the crisis. That’s normal – suddenly, everybody is talking about an app to help you calm down or a product that helps with intubation or rapid diagnostics. Most life science things are long-term investments; 8-10 years, but apps that help during a crisis, or the use of ultraviolet to sanitize a room, are things where you’ll see a return in a reasonable amount of time. And then a number of companies were able to pivot their pre- existing competence into something COVID-related and use it to raise more money. Certain characteristics show up repeatedly. Obviously perseverance, as they’re going to face so many barriers, failures and people who tell them that what they want to do can’t be done. Secondly, they have strong views that are are weakly held, so if disconfirming information comes up, they’re able to change their minds and pivot. The next thing is amazing optimism that they can instill in their team, to somehow get through all those failures and stay with them as they take a leap into the unknown. What are the most important aspects of the start-up mindset?

I have seen both. If you’re a deep tech venture like ID Quantic, you have to be a quantum physicist; I’ve watched as Grégoire has transformed himself from scientist to CEO, but he is still an expert on quantum. Dan and Galena from Baabuk are different. I remember asking them if they were trying to build a huge brand.

JIM PULCRANO