DTM E46. Deep Science Technology Startups - Dr. Ritu Verma, Ankur Capital
From the Deep Tech Musings Podcast - Get actionable and tactical insights to take your Deep Tech startup from 0 to 1 [Idea to Traction].
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Dr. Ritu Verma is the Co-founder and Managing Partner at Ankur Capital – an early-stage venture capital firm that invests in digital & deep science technology startups. Prior to starting Ankur Capital, Ritu ran Truven, an advisory firm for venture funds looking at investments in India and SE Asia. She is passionate about bringing innovation from the lab to the market and did that for over a decade across different roles at Philips and Unilever across the globe. In this episode, Ritu shares her insights into the world of deep science technologies, including synthetic biology, battery chemistry, bioinformatics, and materials. She also discusses Ankur Capital's investment philosophy and how they support deep science entrepreneurs in India. Ritu highlights the importance of user research and the need to bring in business, market, and customer skills to test whether an innovation is a solution to a customer's problem. Whether you are an aspiring entrepreneur, or an investor interested in deep science startups, this podcast is a must-listen. Tune in to gain valuable insights into the world of deep science technologies and how early-stage startups can set themselves up for success.
Quotes from this episode:
“Deep science is an innovation that has a strong IP moat around it that can be protected as the technology grows commercially.” - Ritu
“The most important thing for us is to see the passion and vision of the founders.” - Ritu
"IP needs to be defensible - just because you have a patent, that doesn't make it defensible." - Ritu
"Think about how your moat gets built. Please use help, talk, sounding boards, etc. Just one pattern is not enough." - Ritu
"We're interested in energy, we're interested in food and agriculture, and we're interested in health." - Ritu
"We walk on the shoulders of other folks who do a lot of hard work." - Ritu
Show Notes & Summary:
(00:46) What motivated founding Ankur Capital's deep science technologies vertical?
o Ritu Verma launched the Deep Science Technologies vertical at Ankur Capital to engage with the deep science community and develop an ecosystem for deep science startups in India.
o The initiative was launched a year and a half back, and Ankur Capital also launched an initiative called Tech Sprouts to help develop this ecosystem.
o Ritu Verma, who has a PhD in physics, is excited to see deep science startups emerging and building out of India.
(02:32) How does Ritu Verma define deep science?
o Deep science companies are defined as those that address a large pain point or gap in the world and have a strong IP moat around the innovation that can be protected.
o Deep science innovations can range from synthetic biology to battery chemistry to bioinformatics, but Ankur Capital doesn't invest in therapeutics.
o Ritu’s definition of deep science is focused on the intellectual property moat that can be built around an innovation, rather than the specific technology area.
(05:30) Portfolio startups that Ankur Capital has invested in, the problems they solve & their IPs
o Ankur Capital has invested in a portfolio of deep science startups including String Bio, a synthetic biology company that converts waste gases into proteins for feed, food, agriculture and specialty materials.
o Ankur has also invested in an AI breast cancer detection company, which uses images to detect breast cancer earlier than mammography with the added benefits of being non-touch, non-grading, cheaper, and more comfortable for the patient.
(09:30) What makes Ankur Capital one of the best places for deep science startups?
o Ankur Capital is a good place for deep science startups because the team has years of deep technical and commercialization experience to guide and aid startups in bringing their solutions to market.
(11:15) Ritu’s top 3 advice to entrepreneurs looking to take their deep science startup from zero to one.
o Ritu advises entrepreneurs in the deep science domain to talk to potential users for feedback early on and think about upfront pitfalls for scaling up.
o She suggests designing and thinking about how to manufacture the product at the scale it needs to be in the market.
o She believes that the basic research part cannot be de-risked, but de-risking can occur by creating a technology platform with multiple applications.
(16:50) How can startup founders assess scalability potential early on?
o Ritu suggests looking at benchmarks from similar products in the market to gauge volume of demand.
o She also mentions considering existing allied industries and engineering needs to determine feasibility of commercialization and techno commercial journey.
(19:50) Ritu’s viewpoint on the prevalence and importance of doing user research in the deep tech industry.
o Ritu emphasizes the importance of understanding whether an innovation is a solution to a customer's problem before bringing it to the market.
o She shares her personal experience of realizing the importance of customer research after receiving negative feedback from potential customers.
o Ritu suggests that researchers and innovators should adapt their solutions to what customers want, and if they are passionate about their innovation, they need to put in the other pieces to make it valuable in the market.
o She recommends finding a co-founder or team member with complementary skills to address the other necessary aspects of bringing an innovation to market.
(24:05) How to build moats in deep science products? What is ring-fencing?
o Ritu discusses the importance of defensible IP (intellectual property) for startups in deep science products.
o She mentions that having a single patent may not be enough and that a suite of IPs should be used to protect innovation.
o Geographical protection is also important to prevent other countries from encroaching on IP.
o Sometimes, ring fencing around core innovation without disclosing it can be used to build a mode.
o Entrepreneurs should seek help and advice to build a strong mode.
(26:55) Future initiatives of Ankur Capital in deep science space.
o Ankur Capital will involve experts in areas such as IP and ecommerce to help entrepreneurs learn and grow.
o It aims to promote and build the ecosystem for entrepreneurs in the deep science space.
(28:12) Who are the influential figures in the deep science industry that one should follow?
o Ritu recommends BIRAC as an organization to work with in the deep science space.
o BIRAC supports start-ups and entrepreneurs by offering grants and other resources.
o She praises BIRAC for their contributions to building the ecosystem in the field.
Transcript
Generated by AI, so please bear with some malformed words.
— Where to find Dr. Ritu Verma:
· LinkedIn – ritu-verma
· Twitter – @rituverma01
— Where to find Ankur Capital:
· LinkedIn – ankur-capital
· Twitter – @ankurcapital
· Web – Ankur Capital
—Where to find Pronojit Saha, DTM Podcast:
· LinkedIn – pronojitsaha
· Twitter – @pronojits
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