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    Understanding non-dilutive fundraising options + Continuum Ag Founder Mitchell Hora | E1419

    en-usMarch 27, 2022

    Podcast Summary

    • Understanding Non-dilutive Funding for StartupsNon-dilutive funding is essential for startups to secure capital without issuing shares. Types include venture debt, grants, ARR factoring, Indiegogo campaigns, and pre-selling products. Each has unique terms and implications for revenue recognition.

      Non-dilutive funding is an essential topic for capital allocators, board members, and founders alike in the ever-evolving world of startups. Non-dilutive funding refers to various methods for startups to secure capital without issuing shares, including venture debt, grants, ARR factoring, Indiegogo campaigns, and pre-selling products. During the show, Molly, a venture capitalist, discussed the importance of understanding non-dilutive funding and asked about its implications for a founder's revenue recognition. Jason explained that non-dilutive funding can indeed count as revenue, but it's crucial to consider the specific terms and implications of each funding source. Additionally, they touched on the potential risks and red flags associated with non-dilutive funding. It's essential for founders, investors, and board members to stay informed about the nuances of non-dilutive funding to make the best decisions for their businesses.

    • Non-dilutive funding methods for startupsGrants, pre-orders, and venture debt are non-dilutive financing methods for startups. Grants add cash without changing ownership, while pre-orders bring in revenue. Venture debt is a loan for startups without diluting equity, but may come with high interest rates and equity kickers.

      Non-dilutive funding refers to financing methods that do not involve issuing additional equity shares, resulting in a stable cap table. This can include grants, pre-orders, and venture debt. Grants and pre-orders are non-dilutive as they add cash to the company without changing ownership. Venture debt, a type of loan specifically for startups, allows a company to borrow money without diluting equity, but may come with high interest rates and equity kickers for the lender. While grants may seem attractive, they are often minor and not a significant source of funding. Venture debt, on the other hand, can be a good sign of a financially sound startup, but may not be necessary for world-class startups in a hot funding environment.

    • Alternative funding options in various market conditionsIn slow markets, venture debt can extend runway. In hot markets, Pipe lets founders sell future revenue for cash without equity dilution, but both have risks.

      In a slow market, venture debt can provide valuable additional funding and runway for companies, but in a hot market, it may be less desirable due to high interest rates and potential for financial strain. A new financial innovation, Pipe, has emerged as an alternative, allowing investors to buy a company's future revenue at a discount, providing immediate cash without diluting equity. This can be particularly useful for founders who feel confident in their growth prospects but don't want to give up equity. However, it's important to note that these financial devices come with risks and should be used wisely.

    • Connecting with customers through Intercom's personalized chat platformIntercom helps startups build strong customer relationships, and early-stage companies can join their academy for a discount. However, consider caution when using debt financing, especially in a down market, and prioritize predictable revenue and a strong internal accounting team.

      Intercom is a powerful tool for startups to connect with their customers through personalized chat experiences, with over 25,000 companies using it daily. Intercom's platform helps build strong customer relationships, and for early-stage startups, there's an opportunity to join their early stage academy at a discount. However, it's essential to be cautious when considering debt financing, especially in a down market, as covenants can be strict and potentially harmful to founders. Companies with predictable revenue and a strong internal accounting team are better positioned to take advantage of debt facilities. Ultimately, it's crucial for companies to consider various finance mechanisms and seek advice from financial experts when making decisions.

    • Assessing a startup's viability involves financials, product market fit, and seeking adviceConsider financials, product market fit, and expert advice when evaluating a startup's potential for success. Tailor solutions to each startup's unique context.

      Assessing the viability of a startup requires considering various contextual factors, including financials, product market fit, and seeking the right counsel. For instance, adding venture debt may not be the best solution for a startup without product market fit or sufficient cash. Additionally, climate tech startups, like Continuum Ag, can make a significant impact by helping farmers improve soil health and profit from environmental outcomes, while also contributing to carbon sequestration. For startups overwhelmed by cybersecurity needs, Cyvatar offers a simple and cost-effective solution with a fully managed cybersecurity as a service. In summary, understanding the unique context of each startup and addressing its specific needs is crucial for success.

    • A company using advanced tech to improve soil healthContinuum AG's software, based on the Haney soil health test, empowers farmers with data to make better decisions, adopt regenerative practices, and create environmental benefits.

      Continuum AG is a soil health data intelligence company that helps farmers utilize advanced technology to improve soil health, which goes beyond traditional chemistry and physics approaches to focus on the biological components of soil. Soil health is crucial as it creates a balance between chemical, physical, and biological properties, and it leads to various environmental benefits. Continuum's software, based on the Haney soil health test, enables farmers to make better decisions and adopt regenerative farming practices, contributing to carbon offsetting, improved water quality, and increased nutrient density. The company, founded by Mitchell Hora, has expanded from its roots in a small town in Iowa and is now present in 38 states and 15 countries. Continuum's mission is to enable farmers to optimize their land and create a positive impact on the environment. The freemium version of their service is available now, and new users can get their first two months free by visiting Cyvatar.ai/twist.

    • Emulating natural processes in agricultureRegenerative farming promotes soil health through practices like cover cropping, increasing diversity, integrating livestock, and making local decisions for long-term sustainability and profitability.

      Regenerative farming is about reintroducing natural processes back into agriculture to promote soil health. This includes practices like cover cropping, increasing diversity, integrating livestock, and making decisions based on local context. Soil health is crucial for crop growth and human health, and neglecting it can lead to the need for excessive use of chemicals and fertilizers. Just as humans need proper nutrition and self-care to maintain health, so does the soil. The transition to regenerative farming may not be easy, but it's necessary for long-term sustainability and profitability. It's essential to focus on the farmer's bottom line while implementing these practices to ensure the viability of family farms. In summary, regenerative farming is about emulating natural processes, promoting soil health, and making decisions that benefit both the environment and the farmer's profitability.

    • Healthy soil and gut microbiome connectionImproving soil health leads to a more sustainable farming practice, healthier crop, and ultimately, a more nutritious food supply. Similarly, a healthy gut microbiome benefits overall human health.

      The health of our bodies and the health of the soil are interconnected. Our bodies are made up of trillions of human cells and trillions of microbial cells. Just as a healthy soil ecosystem leads to a more productive and nutritious crop, a healthy gut microbiome leads to better overall health for humans. The use of at-home tests, like those offered by Thorne, can help identify areas for improvement and provide personalized steps for better health. In contrast, unhealthy soil is fragile and requires more inputs, making it more susceptible to weather issues. Healthy soil, on the other hand, allows for better nutrient cycling, water retention, and carbon sequestration. This not only leads to a more sustainable farming practice but also to a healthier crop and ultimately, a more nutritious food supply. By focusing on the health of our soil and our gut microbiome, we can improve both individual health and the overall health of the planet.

    • Soil health is crucial for tech businesses and farming alikeA holistic soil health test can help farmers reduce synthetics, increase profits, and make better decisions with data.

      Having good soil is crucial for the success and profitability of a tech business, just as it is for farming. Traditional soil testing methods may not be effective for farms with unique soil conditions, leading to frustration and confusion for farmers. However, a more holistic soil health test, like the one used by the speaker, can help quantify biology and naturally available nutrients, enabling farmers to reduce their need for synthetics and increase profits. The speaker's company, Continuum, built software to help farmers make better decisions based on their data, leading to increased profitability and resilience. The business started as a direct-to-farmer consulting service in 2015 but evolved into a tech company with the help of venture capital and accelerator programs. Today, the average farmer customer spends $10 to $15 an acre on the service.

    • Revolutionizing Agriculture with Data-Driven SolutionsAgroIntel empowers farmers to improve soil health and increase profitability through data-driven solutions, including their Regen Roadmap product, which helps farmers assess, set goals, and create plans for optimal soil health.

      AgroIntel is revolutionizing the agricultural industry by providing farmers with data-driven solutions to improve soil health and increase profitability. Their Regen Roadmap product helps farmers assess their current state, set goals, and create a plan to reach optimal soil health. AgroIntel acts as the data hub, collecting and analyzing information from existing tools or new soil samples. With 96% of farms in the US yet to adopt regenerative practices, AgroIntel's services are crucial for enabling these farmers to succeed and contribute to a more resilient agricultural sector. The company's mission is to strengthen family farms and communities by providing the necessary tools and knowledge for long-term success.

    • Encouraging farmers to adopt new technologies and practicesFarmers face challenges in adopting new technologies and practices due to fragmented data, mindset change, and lack of financial incentives for carbon neutrality

      Farmers are being encouraged to adopt new technologies and farming practices to make their farms more efficient, profitable, and environmentally friendly. However, the process of adoption is not straightforward, as farmers need to change their mindset and collect and utilize data more effectively. The agricultural data is currently fragmented, and there's a need to clean it up and make it more accessible to enable better economic decisions and prepare for future data-driven supply chains and blockchain technology. The farmers who are late adopters are now expressing interest due to government incentives and financial sector demands for carbon neutrality. However, the carbon markets and carbon credit programs are not yet ready for large-scale implementation, and farmers are struggling to quantify their carbon footprint and receive significant payments. Overall, the agricultural sector is on the brink of a major transformation, but there are significant challenges that need to be addressed to enable farmers to fully participate and benefit from it.

    • Helping Farmers Make Money from Sustainable PracticesInvesting in companies that assist farmers in adopting sustainable practices can yield financial returns and contribute to a more sustainable food system and a healthier planet.

      The carbon market for farmers is not yet fully developed, with verified carbon credits being a work in progress on various registries. However, the potential for farmers to make real money by adopting sustainable farming practices, such as reducing tillage, using cover crops, and implementing soil health principles, is significant. This business model is not policy-dependent and offers farmers a way to increase profits regardless of political climate. Nori, the company mentioned, reported an average customer return of $106 an acre last year. The USDA has deployed a billion dollars worth of grants to help figure out climate-smart commodities, and Nori is applying for some of those grants to help more farmers make the transition. Overall, the message to investors is that investing in companies that help farmers adopt sustainable practices is a smart move, as it not only offers financial returns but also contributes to a more sustainable food system and a healthier planet.

    • Agriculture industry leading carbon solution, farmers need data and tech for carbon optimizationThe agriculture industry is transitioning to address carbon footprint, farmers need better data and tech to optimize carbon usage, and farmers deserve incentives for innovation without harming small family farms.

      The agriculture industry is at the forefront of the solution to address the carbon footprint and make farming more regenerative. However, to achieve this, there is a need for better data and technology to enable farmers to understand their carbon impact and be rewarded for innovation. The farmers are competitive and want to lead, but they need to be paid based on their carbon optimization efforts. This will require enabling farmers with the right advice and incentives, without hurting small family farms. Mitchell Hora, a farmer, startup founder, podcaster, and evangelist, emphasizes the importance of this transition and encourages everyone to get involved. To learn more about his perspective and work, listeners can check out his podcast, The Field Work Podcast, and follow him on social media through Actinium Ag and Continuum Ag.

    • Connecting with Jason Calacanis for SaaS funding opportunitiesJason Calacanis and his network of 9,000 accredited investors offer various ways for SaaS founders to apply for funding and for anyone to refer startups for potential investment. OpenScouting.com, Remote Demo Day, and angel.university workshops provide opportunities for connection and learning.

      There are various opportunities for founders of SaaS companies and anyone interested in investing in startups to connect with Jason Calacanis and his network of over 9,000 accredited investors. The SaaS syndicate is looking for SaaS founders with a product and market to apply for funding. OpenScouting.com allows anyone to refer a startup for potential investment, with the possibility of earning a reward. For early stage startups looking to raise at least $500,000, Remote Demo Day offers the chance to pitch to these investors. Additionally, for those interested in learning how to invest in startups, there's an opportunity to attend a workshop led by Jason Calacanis at angel.university, with all proceeds going to charity.

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    LinkedIn: ⁠https://www.linkedin.com/in/alexwilhelm/

    *

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    LinkedIn: https://www.linkedin.com/in/jasoncalacanis

    *

    Thank you to our partners:

    (11:03) Coda - Empower your startup with Coda’s Team plan for free—get 6 months at https://www.Coda.io/twist

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    (30:17) Vanta - Get $1000 off your SOC 2 at http://www.vanta.com/twist

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    Great 2023 interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland

    *

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    *

    Subscribe to the Founder University Podcast: https://www.founder.university/podcast

    This Week in Startups
    en-usJune 20, 2024

    Nvidia tops Microsoft, FTC sues Adobe, weight loss startups, and more! | E1968

    Nvidia tops Microsoft, FTC sues Adobe, weight loss startups, and more! | E1968

    This Week in Startups is brought to you by…

    Vanta. Compliance and security shouldn't be a deal-breaker for startups to win new business. Vanta makes it easy for companies to get a SOC 2 report fast. TWiST listeners can get $1,000 off for a limited time at http://www.vanta.com/twist

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    *

    Todays show:

    Alex Wilhelm joins Jason to discuss Nvidia's rise as the most valuable company (2:34), the GLP-1 phenomenon (11:50), the FTC suing Adobe (34:21), new TWIST500 companies (47:09), and more!

    *

    Timestamps:

    (0:00) Jason and Alex kick off the show

    (2:34) Nvidia's rise as the most valuable company

    (10:58) Vanta - Get $1000 off your SOC 2 at http://www.vanta.com/twist

    (11:50) Eli Lilly and the GLP-1 Phenomenon

    (23:42) .Tech Domains - Apply for the Jam Session with JCal contest today at https://jamwithjcal.tech

    (25:08) Telehealth and its future

    (33:00) Lemon.io - Get 15% off your first 4 weeks of developer time at https://Lemon.io/twist

    (34:21) FTC sues Adobe

    (47:09) New TWIST500 Companies

    (1:18:22) Would Amazon buy TikTok?

    *

    Subscribe to the TWiST newsletter: https://www.ticker.thisweekinstartups.com

    *

    Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp

    *

    Mentioned on the show:

    https://companiesmarketcap.com

    https://www.wsj.com/health/pharma/david-ricks-eli-lilly-ceo-a67f90d7

    https://www.ftc.gov/news-events/news/press-releases/2024/06/ftc-takes-action-against-adobe-executives-hiding-fees-preventing-consumers-easily-cancelling

    https://news.adobe.com/news/news-details/2024/Adobes-Statement-Regarding-Federal-Trade-Commission-Complaint/default.aspx

    https://www.justice.gov/opa/pr/united-states-files-complaint-against-adobe-and-two-adobe-executives-alleged-violations

    https://www.justice.gov/opa/media/1356176/dl?inline

    https://www.sec.gov/Archives/edgar/data/1997859/000119312524162032/d396527ds1a.htm

    https://www.color.com/blog/colors-copilot-and-partnership-with-openai

    https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=202120220AB390

    https://frame.work

    https://creators.wattpad.com

    https://www.royalroad.com/home

    https://www.ft.com/content/e33cb565-6d44-4f9a-9105-f3afc03aa732

    *

    New TWIST500 companies:

    https://albedo.com

    https://www.dawnaerospace.com

    https://about.webtoon.com

    https://www.spacex.com

    https://www.color.com

    https://www.biltrewards.com

    https://sakana.ai

    *

    Follow Alex:

    X: https://x.com/alex

    LinkedIn: ⁠https://www.linkedin.com/in/alexwilhelm/

    *

    Follow Jason:

    X: https://twitter.com/Jason

    LinkedIn: https://www.linkedin.com/in/jasoncalacanis

    *

    Thank you to our partners:

    (11:58) Vanta - Get $1000 off your SOC 2 at http://www.vanta.com/twist

    (23:42) .Tech Domains - Apply for the Jam Session with JCal contest today at https://jamwithjcal.tech

    (33:00) Lemon.io - Get 15% off your first 4 weeks of developer time at https://Lemon.io/twist

    *

    Great 2023 interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland

    *

    Check out Jason’s suite of newsletters: https://substack.com/@calacanis

    *

    Follow TWiST:

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    Instagram: https://www.instagram.com/thisweekinstartups

    TikTok: https://www.tiktok.com/@thisweekinstartups

    *

    Subscribe to the Founder University Podcast: https://www.founder.university/podcast

    This Week in Startups
    en-usJune 19, 2024

    Woke Google Maps, how Wells Fargo is losing money on fintech, and the global AI race | E1967

    Woke Google Maps, how Wells Fargo is losing money on fintech, and the global AI race | E1967

    This Week in Startups is brought to you by…

    Squarespace. Turn your idea into a new website! Go to http://www.Squarespace.com/TWIST for a free trial. When you’re ready to launch, use offer code TWIST to save 10% off your first purchase of a website or domain.

    LinkedIn Ads. To redeem a $100 LinkedIn ad credit and launch your first campaign, go to http://www.linkedin.com/thisweekinstartups

    Mercury. With Mercury, you can simplify your financial operations with banking and software that power your critical financial workflows, all within the one thing every business needs, a bank account. And with new bill pay and accounting integrations, you can pay bills faster and stay in control of company spend. Apply in minutes at ⁠https://www.Mercury.com

    *

    Todays show:

    Alex Wilhelm joins Jason to discuss woke Google Maps (1:57), Bilt & Wells Fargo dynamics (16:20), AI progress in China and Japan (32:00), and more!

    *

    Timestamps:

    (0:00) Jason and Alex kick off the show

    (1:57) Woke Google Maps

    (9:44) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at http://www.Squarespace.com/TWIST

    (16:20) Bilt and Wells Fargo fintech dynamics

    (17:00) CNBC interview with Bilt founder Ankur Jain

    (25:50) LinkedIn Ads - Get a $100 LinkedIn ad credit at http://www.linkedin.com/thisweekinstartups

    (32:00) AI progress in China and Japan

    (39:41 ) Mercury - Join 200K startups who use Mercury to operate at their best at http://www.mercury.com

    (45:09) Defining AGI and its implications

    (49:06) McDonald's AI ordering systems and their challenges

    (1:04:37) Audience question on EU's AI Act and its impact on startups

    *

    Subscribe to the TWiST newsletter: https://www.ticker.thisweekinstartups.com

    *

    Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp

    *

    Mentioned on the show:

    https://www.ft.com/content/357f3c68-b866-4c2e-b678-0d075051a260

    https://www.theinformation.com/articles/openais-japanese-rival-gets-1-billion-valuation-from-silicon-valley-investors

    *

    Follow Alex:

    X: https://x.com/alex

    LinkedIn: ⁠https://www.linkedin.com/in/alexwilhelm/

    *

    Follow Jason:

    X: https://twitter.com/Jason

    LinkedIn: https://www.linkedin.com/in/jasoncalacanis

    *

    Thank you to our partners:

    (9:44) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at http://www.Squarespace.com/TWIST

    (25:50) LinkedIn Ads - Get a $100 LinkedIn ad credit at http://www.linkedin.com/thisweekinstartups

    (39:41 ) Mercury - Join 200K startups who use Mercury to operate at their best at http://www.mercury.com

    *

    Great 2023 interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland

    *

    Check out Jason’s suite of newsletters: https://substack.com/@calacanis

    *

    Follow TWiST:

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    TikTok: https://www.tiktok.com/@thisweekinstartups

    *

    Subscribe to the Founder University Podcast: https://www.founder.university/podcast

    This Week in Startups
    en-usJune 17, 2024

    Lessons in Unreasonable Hospitality with Will Guidara | E1966

    Lessons in Unreasonable Hospitality with Will Guidara | E1966

    This Week in Startups is brought to you by…

    Oracle - Oracle Cloud Infrastructure, or OCI, is a single platform for your infrastructure, database, application development, and AI needs. Take a free test drive of OCI at https://www.oracle.com/twist.

    DevSquad - Most dev agencies only offer developers. Why? Because product management is hard. Get an entire product team for the cost of one US developer plus 10% off at http://www.devsquad.com/twist.

    LinkedIn Ads - To redeem a $100 LinkedIn ad credit and launch your first campaign, go to http://www.linkedin.com/thisweekinstartups

    *

    Todays show:

    Will Guidara joins Jason to discuss the book Unreasonable Hospitality and how it relates to all businesses including startups (3:44), Will’s annual “The Welcome Conference” in NY (14:32), how the show The Bear lifted Will’s ‘NY street hotdog’ story and made it their own - which then led to his involvement with future seasons (36:19), and more!

    *

    Timestamps:

    (0:00) Will Guidara of Unreasonable Hospitality joins Jason.

    (3:44) Important premises from the book Unreasonable Hospitality and how it relates to all businesses including startups.

    (6:26) Will explains how it felt to see parts from his book appear on the hit show The Bear.

    (8:13) Iconic examples of hospitality and how it can turn customers into advocates for your brand.

    (10:04) Oracle - Take a free test drive of OCI at https://www.oracle.com/twist.

    (11:08) Powerful examples of going above and beyond for your customer.

    (14:32) Will’s annual “The Welcome Conference” in NY.

    (20:57) DevSquad - Get an entire product team for the cost of one US developer plus 10% off at http://www.devsquad.com/twist

    (22:13) Jason shares an anecdote of how he helps others.

    (24:17) Will and Jason riff on interesting examples of unreasonable hospitality, including one that should exist for airplane passengers.

    (30:44) LinkedIn Ads - Get a $100 LinkedIn ad credit at http://www.linkedin.com/thisweekinstartups

    (32:12) A perspective shift that changes the value of call centers.

    (36:03) How the show The Bear lifted Will’s ‘NY street hotdog’ story and made it their own - leading to his involvement for future seasons.

    (40:21) Will feels that The Bear was able to craft and articulate his message spot on in one of their best episodes.

    (42:22) How to gain from the addictive personality traits in the restaurant business.

    (51:15) The “Chicken for Two” at the NoMad hotel.

    (53:31) Breaking down the state of tipping culture and how its removal from Eleven Madison Park was highly successful.

    *

    Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp

    *

    Check out Unreasonable Hospitality: https://www.unreasonablehospitality.com/

    Sign up for Will’s newsletter: https://www.unreasonablehospitality.com/newsletter

    Check out “The Welcome Conference”: https://www.thewelcomeconference.com/

    Check out Will’s hospitality agency “Thank You”: https://www.thankyou.nyc/

    *

    Follow Will:

    X: https://x.com/wguidara

    LinkedIn: https://www.linkedin.com/in/willguidara/

    *

    Follow Jason:

    X: https://twitter.com/Jason

    LinkedIn: https://www.linkedin.com/in/jasoncalacanis

    *

    Thank you to our partners:

    (10:04) Oracle - Take a free test drive of OCI at https://www.oracle.com/twist.

    (20:57) DevSquad - Get an entire product team for the cost of one US developer plus 10% off at http://www.devsquad.com/twist

    (30:44) LinkedIn Ads - Get a $100 LinkedIn ad credit at http://www.linkedin.com/thisweekinstartups

    *

    Great 2023 interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland

    *

    Check out Jason’s suite of newsletters: https://substack.com/@calacanis

    *

    Follow TWiST:

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    TikTok: https://www.tiktok.com/@thisweekinstartups

    *

    Subscribe to the Founder University Podcast: https://www.founder.university/podcast

    This Week in Startups
    en-usJune 14, 2024

    Inflation cools, how Waymo handled a crash, and the next startups to go public | E1965

    Inflation cools, how Waymo handled a crash, and the next startups to go public | E1965

    This Week in Startups is brought to you by…

    Eight Sleep. Good sleep is the ultimate game changer. The newest generation of the pod, the Pod 4 ultra has arrived. Head to https://www.eightsleep.com/twist and use code TWIST to get $350 off the Pod 4 Ultra.

    Zendesk. The best customer experiences are built with Zendesk. Qualifying startups can join their Startup program and get Zendesk products free, for six months! Visit http://www.zendesk.com/twist today to get started.

    CLA. Innovation takes balance. CLA's CPAs, consultants, and wealth advisors can help you get from startup to where you want to end up. Get started now at ⁠https://www.claconnect.com/tech

    *

    Todays show:

    Alex Wilhelm joins Jason to discuss Waymo crash implications (3:53), Apple's AI announcements post-WWDC (17:17), inflation cooldown (27:21), and more!

    *

    Timestamps:

    (0:00) Jason and Alex kick off the show

    (3:53) How Waymo handled a crash and self-driving car standards

    (8:08) Eight Sleep - Head to https://www.eightsleep.com/twist and use code TWIST to get $350 off the Pod 4 Ultra.

    (10:04) Car safety technology

    (17:17) Apple's AI announcements and stock impact

    (25:41) Zendesk - Get six months free at

    http://www.zendesk.com/twist

    (27:21) Inflation update: Recent CPI data and its implications

    (33:34) High interest rate environment and venture capital

    (40:48) CLA - Get started with CLA's CPAs, consultants, and wealth advisors now at ⁠https://claconnect.com/tech

    (42:12) 10 companies most likely to IPO

    *

    Subscribe to the TWiST newsletter: https://www.ticker.thisweekinstartups.com

    *

    Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp

    *

    Mentioned on the show:

    https://www.reddit.com/r/SelfDrivingCars/comments/1cxo27o/waymo_car_crashes_into_pole/

    https://www.theverge.com/2024/6/12/24175489/waymo-recall-telephone-poll-crash-phoenix-software-map

    https://techcrunch.com/2024/02/13/waymo-recall-crash-software-self-driving-cars/

    https://techcrunch.com/2024/06/12/waymo-second-robotaxi-recall-autonomous-vehicle/

    https://www.cnbc.com/quotes/AAPL?qsearchterm=aapl

    https://www.bls.gov/news.release/cpi.nr0.htm

    https://x.com/ashugarg/status/1800658425040253309

    https://www.cnbc.com/quotes/US2Y

    https://www.wsj.com/livecoverage/fed-meeting-fomc-interest-rate-decision-cpi-inflation-june-2024/card/traders-firmly-expect-a-rate-cut-in-september-q8qGgjh8jorUx56RBpK8

    https://kalshi.com/markets/ratecutcount/number-of-rate-cuts#ratecutcount-24dec31

    https://www.cnbc.com/2024/06/12/fed-meeting-today-on-interest-rate.html

    https://www.crunchbase.com/organization/databricks

    https://www.crunchbase.com/organization/gusto

    https://archive.is/fGJav#selection-2217.0-2226.0

    https://www.crunchbase.com/organization/shein-b79e

    https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001514587&owner=exclude&count=40&hidefilings=0

    https://www.crunchbase.com/organization/turo

    *

    Follow Alex:

    X: https://x.com/alex

    LinkedIn: ⁠https://www.linkedin.com/in/alexwilhelm/

    *

    Follow Jason:

    X: https://twitter.com/Jason

    LinkedIn: https://www.linkedin.com/in/jasoncalacanis

    *

    Thank you to our partners:

    (8:08) Eight Sleep - Head to https://www.eightsleep.com/twist and use code TWIST to get $350 off the Pod 4 Ultra.

    (25:41) Zendesk - Get six months free at http://www.zendesk.com/twist

    (40:48) CLA - Get started with CLA's CPAs, consultants, and wealth advisors now at ⁠https://claconnect.com/tech

    *

    Great 2023 interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland

    *

    Check out Jason’s suite of newsletters: https://substack.com/@calacanis

    *

    Follow TWiST:

    Substack: https://twistartups.substack.com

    Twitter: https://twitter.com/TWiStartups

    YouTube: https://www.youtube.com/thisweekin

    Instagram: https://www.instagram.com/thisweekinstartups

    TikTok: https://www.tiktok.com/@thisweekinstartups

    *

    Subscribe to the Founder University Podcast: https://www.founder.university/podcast

    This Week in Startups
    en-usJune 12, 2024

    Apple’s WWDC 2024: Reactions, Highlights & Breakdowns with Jason and Alex | E1964

    Apple’s WWDC 2024: Reactions, Highlights & Breakdowns with Jason and Alex | E1964

    This Week in Startups is brought to you by…

    Squarespace. Turn your idea into a new website! Go to http://www.Squarespace.com/TWIST for a free trial. When you’re ready to launch, use offer code TWIST to save 10% off your first purchase of a website or domain.

    LinkedIn Jobs. A business is only as strong as its people, and every hire matters. Go to https://www.linkedin.com/twist to post your first job for free. Terms and conditions apply.

    The Equinix Startup program offers a hybrid infrastructure solution for startups, including up to $100K in credits and personalized consultations and guidance from the Equinix team. Go to https://www.equinixstartups.com to apply today.

    *

    Timestamps:

    (0:00) Jason and Alex kick off the show

    (1:50) Jumping into the keynote from Apple and whether or not it impressed.

    (5:24) “Apple Intelligence” has landed!

    (8:32) Reactions to the new Siri.

    (10:00) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at http://www.Squarespace.com/TWIST

    (12:42) The importance of Apple’s addition of “on-screen awareness”.

    (16:30) Breakdown of Apple’s use of data with their AI.

    (19:48) LinkedIn Jobs - Post your first job for free at https://www.linkedin.com/twist

    (23:53) ChatGPT’s integration with Siri.

    (26:32) Unpacking the “free” use of ChatGPT with Apple products.

    (30:01) Equinix - Join the Equinix Startup Program for up to $100K in credits and much more at https://deploy.equinix.com/startups

    (31:07) Discussing the relationships between OpenAI and Microsoft and now Apple.

    (34:44) More “ooohs” and “ahhhs” from Apple’s new Image Playground.

    (40:25) Jason breaks down other key announcements from WWDC 2024 including a password manager and Apple TV’s new “Insights”.

    *

    Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp

    *

    Links:

    Watch Apple’s WWDC 2024 Keynote: https://developer.apple.com/videos/play/wwdc2024/101/

    Article on Fearless Fund: https://www.bloomberg.com/opinion/articles/2024-06-06/the-fearless-fund-should-keep-fighting-racism-in-venture-capital

    *

    Follow Alex:

    X: https://x.com/alex

    LinkedIn: ⁠https://www.linkedin.com/in/alexwilhelm/

    *

    Follow Jason:

    X: https://twitter.com/Jason

    LinkedIn: https://www.linkedin.com/in/jasoncalacanis

    *

    Thank you to our partners:

    (10:00) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at http://www.Squarespace.com/TWIST

    (19:48) LinkedIn Jobs - Post your first job for free at https://www.linkedin.com/twist

    (30:01) Equinix - Join the Equinix Startup Program for up to $100K in credits and much more at https://deploy.equinix.com/startups

    *

    Great 2023 interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland

    *

    Check out Jason’s suite of newsletters: https://substack.com/@calacanis

    *

    Follow TWiST:

    Substack: https://twistartups.substack.com

    Twitter: https://twitter.com/TWiStartups

    YouTube: https://www.youtube.com/thisweekin

    Instagram: https://www.instagram.com/thisweekinstartups

    TikTok: https://www.tiktok.com/@thisweekinstartups

    *

    Subscribe to the Founder University Podcast: https://www.founder.university/podcast

    This Week in Startups
    en-usJune 11, 2024

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    Episode Transcript

    00;00;00;00 - 00;00;26;12

    How can researchers who have developed innovative products begin to commercialize them? Why are digital persistent identifiers important to researchers? And who are some of the partners that can help researchers get their products to market? We'll get those answers and more on this episode of Research and Action. Hello again. Welcome back to Research in Action, brought to you by Oracle for Research.

     

    00;00;26;12 - 00;00;47;27

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    00;00;48;00 - 00;01;14;09

    the U.S. National Academies, and Science magazine. She's currently founder and CEO of Mighty Red Barn. That's a consultancy that supports impact-based organizations that are trying to build their digital infrastructure. And it also helps research innovators like many of our listeners, get from discovery to startup. Laure carries on this work as a research scholar at the Ronin Institute and Board chair of Phoenix Bioinformatics and the Green Bay chapter of SCORE.

     

    00;01;14;09 - 00;01;38;01

    Laure you're obviously a very busy person, so I'm really glad you're on the show. Well, thank you for the invitation. I'm really looking forward to this conversation. Us as well. So we're going to talk about innovation to commercialization, because we do have listeners who are researchers and PhDs. They've got the research discovery part down. But starting and leading a startup, that's a whole different thing.

     

    00;01;38;02 - 00;02;02;28

    But before we do that, what did you want to be when you grew up and what motivated you at each step from Stanford, to ORCID, to Mighty Red Barn? Yeah. And so, I think whenever people ask about careers, it kind of depends on what you had for breakfast, how you answer the question. So, I think the best way to explain my career is that I never grew out of the childhood fascination with how things work.

     

    00;02;02;28 - 00;02;24;19

    I never stopped asking why, which has it's endearing and annoying qualities, depending again on what you had for breakfast. I was and still am fascinated with how the brain works. And after college I started graduate school in neuroscience during what was then the decade of the brain. It was a big deal. So I studied hibernation. I studied sleep wake cycles.

     

    00;02;24;19 - 00;02;51;12

    I studied how our bodies internal clock responds to light. I was also at the same time involved in the Association for Women in Science as well as Women in Neuroscience, where I managed a quarterly or a quarterly newsletter back in the day when you actually mailed things using stamps in the Postal Service. You know, we couldn’t look at how many people opened, but we had a list of about a thousand people were sending out to.

     

    00;02;51;15 - 00;03;21;14

    So during my tenure as president of Women in Neuroscience, that particular group was folded into the Society of Neuroscience. And it is still an active initiative today, which is really awesome to see. So from my postdoc with that portfolio of three years of these newsletters, I joined the Next Wave team at Science Magazine and triple-A US, which is now called Science Careers, and I worked on post-doc policy and career development for science graduate students.

     

    00;03;21;14 - 00;03;39;15

    And there's so many really smart people that are so focused on their research, they couldn't see the vast opportunities for applying their passion and skills. I think this gets back to your question, Mike, about, look, there's folks that do research, but how can I be an entrepreneur and start something? And part of it is kind of looking up.

     

    00;03;39;18 - 00;04;04;07

    So when I was at the Next Wave team, I helped to support the founding of the National Postdoc Association and then went on to be a study director at the National Academies and working with esteemed scientists to research and produce reports on research workforce issues, including interdisciplinary research, international students. And on the last report I did when I was there was on women in academia.

     

    00;04;04;10 - 00;04;28;15

    So from the academies I again moved to something completely different and a tech startup where when I started there was no job description and no job title. It sounds like a tech startup. Yes, but you have to really you know, I came out of academics in that I went to two places where there is a lot of structure, right?

     

    00;04;28;17 - 00;04;53;26

    So the tech startup was like, okay. And I was also the only peer there. So I crafted my job and my job title and became the chief science officer. And I help the company build an analytics consultancy that brought the data that they were kind of collecting and munching together to these pressing research policy issues where, you know, you could kind of look at some amount of data.

     

    00;04;53;26 - 00;05;15;07

    We didn't have, you know, a lot of it that we needed to really answer these pressing issues. So this was this time was right as compute power was really starting to take off. So I have to admit, during graduate school, we had a computer that took up the size of a room. We had an old one of those things.

     

    00;05;15;09 - 00;05;35;29

    And so now a few years later, you can now crunch terabytes of data in hours rather than weeks. And I know these days you can do petabytes in microseconds. But, you know, we're getting there in the machine, sit on a desktop, Right. So this is like this wonderful period of time when people are like, oh, my gosh, what can we do?

     

    00;05;36;01 - 00;05;55;01

    And one of the wonderful things we did was work with the National Institutes of Health on a number of program evaluation projects. We had data on grants, we had data on papers, we data on people, we had data on patents. We brought all that together to help the NIH understand what is the impact of their funding in certain portfolio areas.

     

    00;05;55;03 - 00;06;30;27

    One of the projects we did was with the NIH leadership, and it was to examine what was thought to be potential bias in the awarding of research grants, a hot button topic and lots of anecdotes. So we were able to bring to bear the compute power and the data that we had to a study which led to a publication of a paper in Science magazine demonstrating a substantial gap in the likelihood of award for black NIH grant applicants, other measures being equal that spurred the NIH to examine their review process.

     

    00;06;30;27 - 00;06;53;26

    I'm really, really proud of this work, and I'm proud that the NIH took action, both partnered with us on the work and took action to try to remedy or at least further study and remedy the situation. So some of the stuff I've done, so at the same time all this was happening, startups, right, like to go through and sell and, you know, get money for the investment they've made.

     

    00;06;53;26 - 00;07;24;26

    So I was actually part of the startup's management team that was pitching for our acquisition and we were eventually purchased by Thomson Reuters. And overnight we went from a team of about 50 people to a team of about 50,000 people. It is a really big change and I'm the kind of person that really likes the scrappy energy of startups where you can be super nimble and change your mind and oh, maybe we should do this today and started looking for an opportunity to build something new.

     

    00;07;24;26 - 00;07;44;25

    So I did the kind of spin in, you know, with the the group. So I did the spin out with the National Post Association. I did the spin in with the evaluation team and analytics team at Discovery Logic, Thomson Reuters. And then it was like, okay, I want to try something else. And this would actually be Let's start a company from the beginning, right?

     

    00;07;44;28 - 00;08;12;29

    And I had the phenomenal opportunity to come on board at as ORCID was just starting. And so I became the founding executive director and I was the first staff hire. There was already a board and bylaws and all these other things, but they didn't have any staff. So I became the founding executive director and it was just awesome. I cannot tell you how wonderful that it was, just every day on my hip pinch myself.

     

    00;08;12;29 - 00;08;46;06

    I can't believe I have this. Jobs is great. So I helped to. I have to build the operational infrastructure. I built a team and with the team, a globe of community and technology infrastructure for researcher identifiers. So ORCID is essentially a digital name for researchers that connect us with all of our professional activities and contribution. So in eight years we managed to reach financial sustainability is this is a nonprofit and we had over 10 million registered researchers, a thousand members and national consortia in 40 countries.

     

    00;08;46;13 - 00;09;07;28

    I was delighted, but it was also time for me to move on because we got where I wanted to get to. It was built and now we had to move into more of a maintenance mode. Then let's build, build, build, right. I was ready for my next build project and I stepped out in 2020 to create Mighty Red Barn, which is, as you said, a consultancy for social impact startups.

     

    00;09;07;28 - 00;09;32;05

    So here we are. Well, I'm worried that you're going to go start another company before this podcast is over, but your role at ORCID seems like a pretty big deal when you think about how critical digital persistent identifiers are. Tell me what you're trying to get done at ORCID or what you were working on at ORCID. Why digital identifiers are so important.

     

    00;09;32;08 - 00;09;53;09

    Yeah, So I guess the way to explain that is, you know, as you move from print, you know, people going to the library, when I started graduate school, we would go to the library, have a lot of time at the photocopy machine, photocopying stuff from journals. You know, people don't do that anymore. And everyone's looking for stuff on the Internet now.

     

    00;09;53;09 - 00;10;14;06

    You can't find things on the Internet unless you have a good key for finding things. Right. And for researchers, anybody with the name notices in my name, I have a fairly unique name, but it's not unique enough to be able to find all of the things that I've done and attach them to me. Even Google still gets me wrong.

     

    00;10;14;06 - 00;10;47;00

    I get messages every three weeks saying, Could you please update your record? So what ORCID does is it provides individuals with essentially this digital name, a unique digital persistent identifier that they can use as they're going through their regular workflows. Right. So for example, when you're applying for a grant, when you're registering as a new graduate student, when you're submitting a manuscript or a dataset to a repository, part of that transaction is you including your name and your digital name, your ORCID I.D, as you're going through that workflow process.

     

    00;10;47;06 - 00;11;11;10

    So it's not asking you to do any additional work other than basically using ORCID single sign on to go log into these systems, the systems, collect your ID and then attach that ID to the transaction. So now your paper includes your ORCID ID, now your grant includes your ORCID ID, your record at your university, includes your ORCID ID, etc., etc..

     

    00;11;11;10 - 00;11;34;24

    So part of that workflow and one of the things I was really, really big on since graduate school was this idea that research outputs are so much more than just journal articles, right? This huge motivation for me, articles are how we talk about the work we do, right? But there's datasets, there's software code, there's instruments made. This committee is mentoring, teaching.

     

    00;11;34;24 - 00;12;05;14

    All of these things are integral parts of the research process. So ORCID was not just about, Here's my ORCID IDs. I publish a paper. It was a way to say to the individual, here you have power in determining what to include in your professional body of work. This is your idea. You decide when and where to use it, and you can also decide what is available on your ORCID profile for public view or sharing with trusted parties.

     

    00;12;05;14 - 00;12;34;03

    We were all about providing that power and agency to the individual and based on this presupposition, that individual should control what information is shared publicly regarding their digital reputation. And yeah, so I'm I'm proud that ORCID was has been and continues to be part of the story of providing a way for research as an agency over how they are viewed on the Internet and how people can find and see what they've been doing.

     

    00;12;34;06 - 00;12;58;24

    Yeah, it sounds like the way an artist would sign their painting, right? Except providing a digital way, a digital recognition of that. Right. And you started to see more artists using digital identifiers at DMS, things like that, to say, this is my work and essentially coded in the back end. So you can't steal or repurpose the art without some recognition or citation of the artist.

     

    00;12;58;24 - 00;13;22;07

    That's all of what this is about. Yeah, the applications go way beyond researchers. Yes. Yes. Now, as promised, we need to get these folks from research to commercialization. I've never seen science and research move so fast as it did during the pandemic, and of course, with good reason, we didn't have a lot of time to putz around with red tape and bureaucracy as we had to get a product to the market.

     

    00;13;22;13 - 00;13;46;22

    Now it feels like on university campuses around the world, there's a sense of look up our support and resources because we might have to do that again or produce spin outs. What does that framework look like today and what is the level of support? Yeah, and so I think, you know, part of this is how do folks in academics do commercial work, right?

     

    00;13;46;23 - 00;14;14;22

    And so I think starting off with how do we talk about ownership? And one of the big differences between academic and commercial research, of course, is intellectual property rights. Who owns the research output shapes how information is shared and how and what can be moved into a product, right? So for me, during COVID, one of the most impressive demonstrations of the power of open collaboration is the National COVID Cohort Collaborative.

     

    00;14;14;22 - 00;14;46;04

    Also known as NC three. And I love identifiers. They used open identifiers including ORCID and dyes and organization identifiers to attribute who made what data contribution, which is really awesome. And they also coupled that with this this really strong metadata framework that enabled the combination and the combination of contributed datasets and components of dataset. Talk about awesome. This is not something you could do in one company.

     

    00;14;46;04 - 00;15;33;05

    This requires a collaboration across labs and across corporate. This work was instrumental in driving early data sharing during the pandemic, so you couldn't have gotten the product without that data sharing, right? And part of that data sharing happened, at least in part because everyone who contributed data to the collaborative knew they would get credit, even if another group did the analysis and knew that if some missed study that was contributed or some dataset that was contributed was later withdrawn, that that data could be withdrawn from their analysis as well because of the way that persistent identifiers in metadata had been that that framework had been set up at the get go in NC three.

     

    00;15;33;12 - 00;16;00;12

    So the group managing the collaborative actually won the inaugural Data Works and Challenge Prize for data sharing earlier this year, and I encourage you to check it out. Is really phenomenal piece of work. And I personally think that's the way we need to start thinking about getting product to market is the step before that which is how do we enable data sharing that allows people to collaborate on these problems?

     

    00;16;00;14 - 00;16;18;28

    Yeah, after this, I think you should go work in Hollywood because, you know, you are you see these screenplays that were written by about 11 or 12 people and it's like, okay, who contributed what? Right now that industry kind of has the same problems of people being, you know, the collaborations and what was mine versus what was else's.

     

    00;16;19;01 - 00;16;58;05

    Right. But, you know, the world needs solutions. And the younger you are, the more you've gotten used to near instant gratification. We're used to seeing things happen. So have expectations and research shifted as well, or our research institutions moving as fast to commercialization as they can? What's driving that need to commercialize? Yeah, I mean, you've got the by dual act that shifted everything, at least in the US and there's been a strong push ever since then was in the mid-eighties right of where universities set up tech transfer offices and you know have patent attorneys on staff advising people.

     

    00;16;58;05 - 00;17;23;14

    There's a number of universities that have spin out incubators, things like that. If I don't think it's getting faster, if anything, I think some universities are realizing there's a huge amount of effort and money that they're putting into these centers that they may not be recouping there. It hasn't been a fast win for many universities in this space, but it's certainly active.

     

    00;17;23;17 - 00;17;49;08

    I think, again, coming back to my previous comment, I think in addition to these spin outs and commercialization, where academic IP intellectual property is acquired by a commercial entity, I think what I would love to see is more people considering this collaborative model, right? One in which there is incentive baked in for data sharing by all parties.

     

    00;17;49;08 - 00;18;16;24

    Right. And I like to see this civilly. Is it science fiction? Right. We can look at how high energy physics is done, right? There's this large inter-country collaboration at CERN using shared equipment and management. And, you know, researchers can openly access this facility, you know, by applying to work there. And three, this a covered example I just mentioned proved this concept in biomedical sciences.

     

    00;18;16;24 - 00;18;43;18

    Right. What I see that similar in both of these models is both the intent to collaborate on big Thorny and of course, expensive like really crushingly. You need to answer the question right now. Problems. There's also the willingness to fund at the highest levels. And I think this might be what is changing a little bit where you see and an agent and a NSF starting to fund these larger collaborative efforts.

     

    00;18;43;18 - 00;19;09;27

    I'm really happy to see these things happening. And then also what, NC three and to some extent CERN and others have done is operationalizing attributions using these open and persistent digital identifiers, not just for people, not just for the papers, but for all of the things and the places that are involved in the project so that you can kind of deconstruct and tease apart and understand, Hey, I did this part and I did that part right?

     

    00;19;09;27 - 00;19;35;15

    So everyone participating gets credit. Whether you build a detector, develop the methods, collect the samples, perform the analysis, curate the dataset, or even fund the initiative or house the researchers and the equipment. Right? All of that. Everyone understands your different part of it. And I think there is room in this collaborative model for academic and commercial and government entities to work together.

     

    00;19;35;18 - 00;20;02;18

    Collaboration. It reduces the upfront development costs for companies, It enables broad talent sharing, which is pretty awesome. It allows, like the postdocs in the academic lab to get some corporate experience working in these collaborations. And it also leverages the strengths of each sector the ideas, the innovation product to market, which most people in academia never think about product to market as well as risk reduction.

     

    00;20;02;18 - 00;20;31;14

    Right. Which again, most people in academia are thinking about risk reduction. And I would love to see more research groups looking into these cooperative business structures as an option for bringing products to market. We provide recognition, operational frameworks and I think also really important is this idea of equity for all of the parties involved in this. And you asked for some practical examples and there's actually a co-op accelerator program at START that co-op.

     

    00;20;31;14 - 00;20;52;24

    So it's not like you can only get startups through a venture model. You can also get or a venture for profit model. You can also get startups moving through these accelerator programs that are really focused on the co-op structure. So something to look at. If you've met a lot of startup founders, you start to see they have a unique set of talents and drivers.

     

    00;20;52;24 - 00;21;20;16

    You know, research entrepreneurs, PhDs may not be like them. That may not come naturally. They've got to learn product market fit, funding strategies, sales, marketing, regulatory compliance, business skills. It's kind of not fair. It's like that, Is it not enough? I'm not a research genius now. I have to be Richard Branson on top of that. Right, Right. So our grad schools, are anyone helping train them to be entrepreneurs or is it assumed they probably don't need to be?

     

    00;21;20;17 - 00;21;42;02

    Yeah. And it's funny because, like, our entrepreneurs are actually trained to be entrepreneurs is like, where does that come from? Well, it's almost natural inside me, right? I'm going to say it probably wasn't natural. Looking at any number of things is exposure to certain ideas and concepts and ways of thinking and doing that happen. Right? And so I'm going to tell a story.

     

    00;21;42;02 - 00;22;05;08

    I can tell a story here. So back in the day when I was at Science magazine, working on Next Wave, working on postdoc policy, that was when my first kid was born. Okay, fast forward 20 years, several stops later in my career, and I returned to pursue our policy in an early career workforce conference sponsored by the National Bureau of Economic Research.

     

    00;22;05;08 - 00;22;27;04

    This is like two years ago. So the very same issues were on the table. And I just like, Oh my God, I feel like I stepped into the Wayback Machine, right? There's perceived poor career prospects by the postdocs. They felt stuck long terms in low paying apprenticeships, no substantive change in the ability to attract and retain diverse talent into science careers.

     

    00;22;27;04 - 00;22;52;28

    It was really frustrating even to just sit in the room and listen to the the economist talking about this. I'm like, I can't believe things haven't changed in the last 20 years. This is insane, right? So one of the key skills of researchers is our ability to focus on a problem and give it all we've got. Even if it looks hopeless, we give it all we've got.

     

    00;22;53;04 - 00;23;17;08

    And to some degree, that's a parallel skill with entrepreneurs is just like hammer away and make it happen. Right? But it also means it's really hard for us to look up and around and see what else might be good or fun or wise for our career, right? It's even more difficult to do this when the culture of science is driving for speed above all else.

     

    00;23;17;08 - 00;23;39;27

    We've got to answer this question right now. Right? Publish or perish. Publishing is so important, right? And because of that, people hold their findings really close for fear. If they're going to be scoops they don't want to share. They're not they're actually disincentivized from sharing. And they're, you know, in their cubbyholes working on their stuff. It's really not a great way to think about how can I be an entrepreneur, right?

     

    00;23;40;04 - 00;24;06;07

    So when the structure of science does not prioritize credit for all the people and it doesn't include the necessary components of the research process and what you get credit for collaboration and career development more in your question is not the outcome. So we do need entrepreneurial researchers, whether they spin out a product, run a lab, work in research policy, run a nonprofit.

     

    00;24;06;09 - 00;24;35;06

    All of these things are good skills such as team management, data sharing, budgeting, strategy and operations are all essential. And of course, looking at business, these are the same skills. Entrepreneur Sorry, entrepreneurs need to start a business to right? So these you have to have these skills, but it's not what you learn at the university, right? So the big questions are who provides the training and when is this training provided?

     

    00;24;35;06 - 00;24;58;06

    And then how? If you have the training, how do you get researchers early career and the supervisor is to prioritize participation in the training. You're supposed to be in the lab. What are you doing outside the lab? How dare you? Right. So one shining light here is the National Institutes of Health launched a program called Best Broadening Experiences in Scientific Training.

     

    00;24;58;06 - 00;25;23;18

    And this is one example of a science agency actually providing incentives through a funding program for these training experiences for grad students and postdocs. And I can tell you, I was on the review panel for one of these best sessions, and it was really interesting listening and reading what the universities were trying to do to get people just to come to the training courses that are part of their training program.

     

    00;25;23;18 - 00;25;50;20

    As a grad student and a postdoc, it was incredible the amount of resistance that there is in the university setting for having researchers do anything other than their particular experiment. There's a massive cultural challenge there. I mean, it sounds like because you're right, again, the research is doing the research because that's their passion. And it's the old thing of, you know, if I just don't think about this other thing, maybe it'll go away, right?

     

    00;25;50;23 - 00;26;11;20

    If I don't think about the fact that there's not a job for me at the end of this, maybe it'll materialize magically. Somewhere in there. Yeah. Okay. So I'm a university dean that could never happen. But just play along with me for a minute. I come to you and I say, Laure, I want to build programs and a culture around turning research into innovative product.

     

    00;26;11;25 - 00;26;34;20

    What resources do I need to make available and how do I build a supportive community around that? And I guess that speaks to the challenges of fighting that resistance, you know, getting community to pull people in. Right, Right. And so I think, you know, the other question at universities is anywhere is always cost rate. How much more do I need to invest to create these programs?

     

    00;26;34;20 - 00;26;58;02

    I think the great and wonderful answer here is that universities don't really need to invest a whole lot more to create a program. So there's a number of universities. Many, many of them already have something called a small business development centers. These are associated with the Small Business Administration, and they're staffed by business and technical advisors that can help problem solver access capital and help with business planning.

     

    00;26;58;04 - 00;27;20;04

    Woo Right. You know, I think anything new, it's already there. And they provide services to people at the university and actually at SCORE are we we collaborate with folks in the SPDC as well and we can send people from the community over to these groups at the university to get the technical assistance they need. That is beyond the scope of what we do in this program.

     

    00;27;20;04 - 00;27;45;13

    So I think it's less a matter of the university setting up more resources. It's really more connecting entrepreneurs with the resources that are already in the community. And I mean, frankly, we run into the same challenge with data sharing. There's tons of resources available through the university library, but researchers often have no clue to reach out to the librarian for help with data sharing.

     

    00;27;45;16 - 00;28;18;21

    So I think all of us researchers have myopia, but so do research administrators and services like SDB sees and score as well. Right? How do we reach and run the workshops, walk the halls? Right. We have to be really proactive and go out and engage with the researchers, meet them where they're at, and engage with these groups of people about entrepreneurial skills, practices, meeting with mentors, things like that.

     

    00;28;18;21 - 00;28;37;01

    So I think all of us need to do better at looking up and out, asking for help, listening. And, you know, it's not just product market fit. It's like the focus groups that we always tell entrepreneurs to do. I think the services that are out there for entrepreneurs also need to do the same thing. I think about biotech and medical research entrepreneurs.

     

    00;28;37;01 - 00;29;09;15

    They've got like an extra bucket of problems because they have to work with the health care industry. Highly regulated, very complicated, not big risk takers when where innovation is concerned, can the sharing of data be a difference maker in all that? What data should the researcher bring to the table and how to smooth process? Yeah, so there are two wonderful sets of guidelines that are out there and people are working on implementing them and they have really great acronyms.

     

    00;29;09;15 - 00;29;31;29

    One is called CARE and the other is called FAIR. Right? So I think this this comes back my to your question, there is no one way to answer that question. I think the ways you answer this question is by providing a framework that allows people to use a framework to answer the question for their particular situation. Okay, So FAIR stands for findable, accessible, interoperable and reusable.

     

    00;29;31;29 - 00;29;48;27

    And it tells us how to share. It tells you how to create your data set, use persistent identifiers, you know, make sure that this is there is some way for people to request access to your data set, whether that it's in a repository of a landing page, make sure it's interoperable, that there is a good set of metadata.

     

    00;29;48;27 - 00;30;10;29

    Well, describe to explain what the heck's in your dataset. Right. And then make sure it's reusable, right. That there is some way to pull it down into a file, share it. It's already in a database or our code, whatever it is, right? That that's all there. So that's FAIR. How do I create and curate my data set so that it is accessible and usable by other people?

     

    00;30;11;01 - 00;30;37;02

    But there's also another component that is as important, and these are enshrined or encompassed in the CARE principles, and these were developed through the lens of Indigenous data sovereignty, and they provide a framework for what to share, right? So CARE stands for collective benefit authority to control responsibility and optics. And like when you're working with biomedical data, you know you can't share personal level data, period.

     

    00;30;37;08 - 00;30;58;10

    That is ethically wrong. To share personal level data, you have to identify it. So that's a component of, for example, what you could put in CARE. Do you have the authority to control the data that you're sharing, or does somebody else have the authority? For what benefit are these data being shared? These are all really important questions to ask when you're when you're sharing data.

     

    00;30;58;10 - 00;31;18;01

    So as gets to like, I'm really big on attribution, right? So I think and I don't think it's even I think I'm just going to make the bold statement that we have to recognize the rights of the people from whom data are collected. I think for too long we've only recognized the rights of the people who are collecting the data.

     

    00;31;18;06 - 00;31;42;15

    Right. And I don't think that finders keepers should be the ruling ethos for how we share data. I think we can do a lot better and the CARE principles get us there with that collective benefit authority, control, responsibility and ethics framework. And so between CARE and FAIR, we address for people and purpose, and together the guidance is share your data as openly as possible and as closed as necessary.

     

    00;31;42;15 - 00;32;06;28

    So there isn't just open data shared with everybody. It's like, let's really think through what's in this data set. Do I have authority to share it? What is my responsibility for protecting the information that's in this data set, and how can I collectively benefit the community by sharing? How can I do this in an effective way? And I really, really love how these two sets of principles work together and foster this way of thinking.

     

    00;32;06;28 - 00;32;35;02

    This framework about intellectual property that is intentionally respectful for the full set of stakeholders and rights holders of the data that's represented in the data set. So that may not be as specific as an answer as you want, but I think that's the best way to address this is using these frameworks. It does. It sounds like it. Oracle for Research has actually provided research to commercialization support for a handful of researchers like University of Bristol biotech spin out Halo Therapeutics. Is that a good role for a big old tech company like Oracle to play? Is that appropriate? Oh my God. When I met you guys at the Research Data Alliance meeting, I was so excited to know that there's Oracle for Research exists and that you guys are providing tech support for founders. I think it's awesome.

     

    00;32;54;07 - 00;33;23;23

    I do. And this is part of the collaboration I'm talking about. You have skills and resources that startups don't, and to be able to share those resources is for the collective benefit of all the parties. Awesome, right? So I think, you know, this small grant funding and technical support that you guys have done with the community, support those folks that are our need to use or want to use cloud computing, super important community building is also a big one for me, obviously, right?

     

    00;33;23;26 - 00;34;00;19

    Bringing together aspiring entrepreneurs to share their stories, to meet with mentors, to meet with other entrepreneurs. It may be a little bit farther along the pathway. Super important to do that and you're starting to do what you're doing that a bit right? Supporting collaborations. One of the things I've heard over and over again in this data space is, yes, there's these cloud computing services, but one of the big challenges is the middleware that's needed to enable access to the data in the cloud server that's respectful of privacy and any like data sharing challenges that you might have.

     

    00;34;00;19 - 00;34;25;28

    Right. In that that federated sign and piece is really challenging for a lot of folks building these data infrastructures. So there may be some some role that you can play in helping to support collaborations to answer some of those questions. And it's not saying that there's a particular product that you guys can build, but maybe say, hey, here's some options, here's how they can be implemented, here's some folks doing it right.

     

    00;34;25;29 - 00;34;52;09

    Why don't we have a meeting or something to help others figure out how to also implement those? And then the thing you guys have been doing, again, partnering. We talked about research, data Alliance. I think you also participate in these giant and TNC meetings looking for opportunity is to work with research networks and identity federations and data sharing alliances in developing these cross-platform solutions that work on a global scale.

     

    00;34;52;15 - 00;35;22;04

    All of those are great. So I think when I look at this, is providing some hope right. We have this great idea as an entrepreneur and is like, Oh my God, how am I going to do this Right? Providing some hope to those of us who who want to start developing a tech-based product for the research community, that someone out there is willing to share some resources to help us test our idea.

     

    00;35;22;04 - 00;35;51;10

    I think that that would be the way I would think about it. Yeah, well, technology as a driver, it's an enabler for nearly all research entrepreneurs and biotech founders. There's no way around that. But as we're seeing with AI, technology appears to pop up and move at incredible speed. So what do you think researchers should be doing to make sure they understand what the right technology is and how to use it for things like cost, performance, security, flexibility, scale, those things?

     

    00;35;51;13 - 00;36;14;02

    Yeah. And so I was thinking about this and, you know, tech is necessary for everyone, as you know. Right. And, you know, I work with a lot of small businesses through my SCORE mentoring volunteer service. Right. And these are people starting restaurants and hair salons and retail outlets. And, you know, they're like, how do I do this? They also have to use cloud-based solutions, right?

     

    00;36;14;02 - 00;36;38;18

    Accounting, e-commerce platforms. They have internal external communication platforms like the storage slack and other things like that, discord on customer management systems out there. All of these things people think of tech and they think of cloud computing and massive compute resources that you need for time. Actually, yes, you need that, but you also need these other cloud solutions.

     

    00;36;38;18 - 00;37;00;14

    If you're going to run a business, you have to have all of these other kind of operational pieces as well. Right? And there's other things like, Oh my God, I have to look at mileage tracking and receipts management, inventory control, all the things no one wants to think about, but they're all essential parts of running a company. And all of these to also have cloud-based solutions.

     

    00;37;00;14 - 00;37;20;21

    You don't have to do stuff on a spreadsheet that's only on your computer. You can have it in the cloud, you can move around. This information comes with, you can easily share, you can collaborate on documents. And I think Mike, to some degree, I think people need to pay attention to this as well, right? They have to do this as well.

     

    00;37;20;23 - 00;37;42;06

    Things like SCORE, right? Used to be only face to face mentoring now is almost I think over 90% of mentors now in the space of three years shifted from face to face to virtual meetings and like it was like, oh, I didn't do this earlier. An orchid was run as a virtual office From the very beginning. We never had a building, never.

     

    00;37;42;10 - 00;38;12;28

    And my consultancy is also virtual, right? So it's how do we use these wonderful cloud-based resources to really expand how we can do our work, where we do our work and open up time that we didn't have before because we were running around or trying to share documents through email or trying to collect all these things that the cloud is made possible for us that really enable collaborative work I think is great.

     

    00;38;12;28 - 00;38;34;14

    So your question, what tech do you use? And this is a question that can't be answered easily. Again, it depends on the stage of your company, the size and scale of your team where you're operating and of course your product, right? So I will always take an iterative approach, have a conversation. Where are you in your evolution as a company?

     

    00;38;34;14 - 00;38;55;19

    What is your product? What are your needs? And then also make sure my big advice is make sure when you pick a technology for whatever it is that, it is something you can evolve and adjust and iterate with. Then, you know, if it's one particular platform, make sure has an API, make sure you can get your data in and out of it.

     

    00;38;55;23 - 00;39;18;21

    So as your needs evolve, you can transition to something else if you need to. That better suits you need as a company. Don't get locked into a particular solution because you'll find like if you get locked into one, I don't know, customer relationship management system or fundraising system. And then you can't move as your company gets bigger, you're kind of screwed.

     

    00;39;18;27 - 00;39;44;25

    So you have to make sure you you plan for, in my opinion, to plan for flexibility from the very beginning to allow you to grow and evolve as a company. And then that last thing, it comes back to experience at work. It ensuring privacy. What did you actually need to collect? Right? And if you have to collect personal love with data, make sure that you're ensuring the privacy of the people you're collecting it from.

     

    00;39;44;25 - 00;40;06;10

    So that's always a big one for me. And that's where Cloud Solutions not putting this stuff on your laptop are. So, so important. Well, we talked a good bit about partners and partnerships. Some people like to try to partner with our friend, the federal government. Federal funding is critical for academic and nonprofit researchers, the NIH as a funder.

     

    00;40;06;17 - 00;40;28;16

    It's driving change in the research space with things like the updated data management and sharing policy. And that policy is that researchers now have to plan and budget for the management and sharing of data when they apply for a grant. Are these mandates going to lead to real and meaningful changes or is it window dressing? What's your take?

     

    00;40;28;18 - 00;40;50;25

    Oh, another story. So one of the early community stories we did, ORCID had a question about mandates. There are always these conversations about mandates and the folks that would do put in place the mandatory oh, we couldn't possibly put in place the mandates or just irritate the people who would use it like the publishers can't put in place mandate because then the authors won't come to our platform.

     

    00;40;50;25 - 00;41;18;20

    We'd want to put up any barriers to, you know, to people using our stuff. But we did the survey and one of the questions on it was, Hey, would you want work it to be mandated by publishers? And since surprisingly, something like 80% of the respondents said mandate organ, we're like, okay. And that in turn, the funders and publishers are like, Oh, I had no idea people would be into this.

     

    00;41;18;20 - 00;41;40;14

    So that, you know, it was like researchers asking for a mandate in in a way with the researchers were asking for was would the publishers and funders please use ORCID? Please just use it so we can use it as researchers and gain the benefit. It was an interesting kind of reverse way of doing the mandate. So I think now we see these two stories about mandates.

     

    00;41;40;14 - 00;42;08;28

    You know, no one ever mandated Google search, right? It was remains as elegant and easy solution of finding things on the Internet. People still use it in droves, even with problematic privacy frameworks or revenue model. Right. It's because it's so easy. This just does what supposed to do. You get in and out your data, right? So why do we need to resort to mandates to get people to use things and do things that should be good now, which gives me to my second comeback, right?

     

    00;42;09;02 - 00;42;32;21

    Things like ORCID and data sharing are usually promoted or marketed as quote unquote good for us. It's like eating broccoli. Some people like broccoli. A lot of people don't like broccoli or they will not go out of their way to eat broccoli like a guy eats broccoli because it's good for me. But given this choice between green vegetables and I don't know, chocolate, I'm sure most people will head for the chocolate.

     

    00;42;32;24 - 00;43;08;16

    So why don't we design things and workflows and incent dev structures that provide the sweets that people want? Right? So these research policies that are enforced by mandates are usually ways getting researchers to do things that, you know, I like broccoli, I got to eat my broccoli. And then if they don't work very well because the systems haven't been designed in the workforce, haven't been designed to make it a delicious experience for the researchers, where you might I actually need to use the mandate because everything just works well.

     

    00;43;08;19 - 00;43;47;10

    Right. And the other problem here is that the culture of research is also about kind of protecting experts in this. Right. And so when you're talking about data sharing, if there isn't something that's done with data sharing that makes it attractive to share data, not just you must do it, but it's actually, hey, this is going to help me in my career, then the mandate, you know, it's just going to be this that people put up with and will find ways of getting around and delaying because they don't see the benefit to them in actually sharing the data.

     

    00;43;47;16 - 00;44;32;19

    And some people actually see harm. And that's a lot of the conversations that are happening at NIH today and over the past couple of years. It's like, what is that, that harm reduction that can be done to kind of reduce the barriers to data sharing. And so one of the projects I worked on that my consultancy was with the Federation for American Societies of Experimental Biology, also known as Faseb, putting together a program that kind of worked side by side with the NIH to see how can we as fast of this Federation of society is support the community in sharing data and make it an attractive prospect for researchers, not a grudging thing to do.

     

    00;44;32;20 - 00;45;04;15

    Right. So that gets back to I mean, you guys talk about this all the time, I'm sure. How do we work with our communities to design products and workflows that work for them, that are seamless, that are delicious, that provide a benefit? This is all user centered design. And I feel like sometimes what happens in the research community is people forget some of these basic design principles and they use these sticks through the form of mandates to get stuff accomplished because those design principles just aren't practiced in the community.

     

    00;45;04;15 - 00;45;25;19

    And so again, coming back to NC three, that big COVID collaborative, it made data sharing easy for users with this metadata model that was partly automated and also a service to help researchers with the curation process. Instead of saying you must curate your data, they'll say, Hey, you need to curate your data and we'll help you with it.

     

    00;45;25;21 - 00;46;03;14

    Huge difference, right? And at facet of this Data works project actually provided a substantial award, $100,000 for two teams that could show their data sharing and the impact that data sharing on a community that's not just a $5,000 prize, it's not just a little ribbon you get. It's a substantial award. And they had over a hundred teams submit applications for these awards and get a fabulous recognition by the NIH and the broader community and can show the way for others, Hey, we made this work.

     

    00;46;03;14 - 00;46;31;16

    Here's how made it work. They become ambassadors in the community and provide that incentive and mentoring for other people who are interested in sharing data. So I think that's what needs to happen. So you asked about, you know, what will mandate help? Yes, it has raised the urgency of data sharing in the biomedical community. Right. There's still a gap between this desired state and operationalizing how we share data.

     

    00;46;31;18 - 00;46;54;13

    And there is this series of surveys called the State of open data that happen to be going on for four years now. They've found a consistent desire among researchers to share data, but also a consistent need for more and better pathways to do so that also embed this attribution and respect components we've been talking about. So I think that's where we need to go next with the competence will make progress.

     

    00;46;54;20 - 00;47;25;15

    We're already making progress. We need to celebrate success and we also need to collaborate on a user design system and mandates like NIH is doing could be part of the solution. But they're not the solution. They're not the only thing we do. I've convinced myself I like broccoli, so self-delusion is very underrated. Yeah, well, Laurie, this has been a great conversation, super useful to those listening that are in that place of I've researched an innovative product.

     

    00;47;25;15 - 00;47;42;14

    Now what you know, thank you so much again for making the time. And if people want to know more about you or what Mighty Red Barn does, is there any contact info for you? Yeah. So you can come to my LinkedIn profile. Probably the best way to get me. I mean, I have a Twitter profile ID at Hack Yack.

     

    00;47;42;17 - 00;48;02;11

    Probably the best way, however, to get me is through my website at www dot mighty red barn dot com and there's a contact us form on there and I'm happy to talk to folks where you can contact me through LinkedIn and you to send me message that way. So yeah thank you very much I really really enjoyed the conversation today.

     

    00;48;02;11 - 00;50;14;27

    Really good questions. That's great. Me too. If you are interested in how Oracle can simplify and accelerate your research, all you have to do is check out Oracle dot com slash research and join us next time on Research in Action.

    Jane Chen (Embrace Innovations) - Embrace the Entrepreneurial Journey

    Jane Chen (Embrace Innovations) - Embrace the Entrepreneurial Journey
    Jane Marie Chen, co-founder and CEO of Embrace Innovations, describes how her social-enterprise startup’s infant warmer for premature and low-birth-weight babies came into the world. She discusses how passion fuels the drive to overcome setbacks big and small, how Embrace has expanded into retail to support its humanitarian efforts, and explains why we should “choose to see the world through the lens of beauty.”