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Angel Invest Boston — Entrepreneurship
Angel Invest Boston

Boston exports ideas and imports money. The city’s unique concentration of academic talent and entrepreneurial culture is renowned for creating powerful new technologies and companies. These ideas and companies attract smart money from around the globe. This podcast surveys the companies that venture capitalists and strategic investors will be courting in a few years.

I’m Sal Daher, host of the Angel Invest Boston Podcast. After immigrating to Boston as a child and attending Belmont High School, I studied engineering at MIT and Stanford. Decades of work in international finance followed. During that time, I invested in a handful of ventures founded by friends and acquaintances. Now, I’m a member of Walnut Ventures and MIT Angels and spend most of my time as an angel investor. Startups in my portfolio include: SQZ Biotech, Gelesis, Akili Interactive, Vedanta Biosciences, FineTune Learning, Concrete Sensors, Squadle, doDoc, Pixability, Mavrck, Viral Gains, Streamroot, XMOS, Alice’s Table and others. Exits include: Exos (Microsoft), Rifiniti (KKR) and PIKA Energy (Generac).

Latest Episodes:

COVID-19 - Mark Bissell and the AllClear App for Finding Test Sites May 20, 2020

Show notes

AllClear.App is the product of thirty plus tech veterans who gave their time to make it easier for people to get tested for COVID-19. Tech exec and angel investor Mark Bissell joins us to tell how he and his colleagues responded to the contagion that has paralyzed the world. Inspiring.

Jay Batson on Revenue-Based Finance May 13, 2020

Show notes

Join Sal's Syndicate: Click Here

“So, there's been a hole in the market for that kind of company that's going to be a great company that's not venture-scale.”

Repeat founder and super angel Jay Batson talks about his new passion: Revenue-Based Finance. He likes the possibility it opens up for startups that are great but not quite venture-scale. Learn what RBF does for founders and investors.

Highlights include:

Sal’s Intro
Jay Batson’s Bio
Acquia & Drupal
Revenue-Based Finance Is Introduced
The Debt Model vs. The Equity Model
“Well, the problem is, there's kind of a hole in the middle, because banks don't like to take risks that startups pose.”
“So, venture capital is great if your company is the kind of company that will provide large capital gains to the investor.”
“…venture investors tend to say, "Is this a company that could create a billion-dollar company?"”
…"This isn't a venture-scale company,"…
“So, there's been a hole in the market for that kind of company that's going to be a great company that's not venture-scale.”
Wistia as an Example of a Great Company that’s Not Venture-Scale
Being Venture-Scale Means You Have to Grow at All Costs
“So, the investor makes money by the entrepreneur's business generating the revenue to provide the investor the returns; the entrepreneur retains ownership of the company during the duration.”
“…your returns that you see as percentages on your money, are really going to be defined on how fast the entrepreneur repays you.”
“It's not venture-scale, but it's going to be a fine company, thank you very much, but it needs an influx of cash to help grow the go-to-market.”
“...we want RBF to be the kind of thing that's notable and well-known for something that people do in Boston.”
Sal Talks About His Investment in Gelesis
Jay Batson and Sal Discuss Various Aspects of the Current Crisis and How Startups Might Respond
“…this won't be the first time you've had to embrace the suck, you know? It's kind of part of the deal of being a founder and being an entrepreneur.”
“And then, I hate to say this, but now's the time to cut costs kind of hard and fast, and this may mean cutting some people. And that's really hard to do.”
“It's not even just snagging other companies, Sal, it's snagging customers.”
“…the things that are happening in the stock market in terms of valuations are probably going to happen to you.”

Russ Wilcox, Repeat Founder and VC - Pillar VC Apr 29, 2020

Show notes

Sal's Investment Syndicate: Click for Sal's Syndicate Page

If you’ve used an Amazon Kindle you’ve used tech pioneered by Russ Wilcox and co-founders at E Ink. Russ is now a VC who remembers well the trials of being a founder and is a deep well useful knowledge about building startups. I learned a lot.

Highlights include:

brief bio of Russ Wilcox
the founding story of E Ink
the mistake of focusing on a financing strategy rather than product development
burning $2 million per month but clients hated the product
Golden Lesson for Founders: don’t kill your company by sticking to an unrealistically high valuation; propping up valuation is self-delusion
beware liquidation preferences (jargon-free explanation)
comparison of VC funding to debt
Pillar is a seed-stage VC firm founded by people who have started companies
Pillar’s “phantom partners” are 22 startup CEOs who put money into the fund and roll up their sleeves to help
Write checks of $1 to $2 million in rounds of $3 to $4 million
Put in a lot of time and energy to support founders
Emotional support is provided by the Pillar CEO investors
Cool Portfolio Company: Kula Bio which has a really clever way to make earth-friendly fertilizer
Cool Portfolio Company: Higharc creates 3D plans for your home without needing an architect
Russ Wilcox’s wisdom on platform technologies
Sal talks about his portfolio company Akili Interactive that has a game to treat ADHD in children and invites accredited investors to join his syndicate at https://www.angelinvestboston.com/our-syndicates
What Russ learned from his post-exit world tour with his family
Golden Lesson for Founders: look for a co-founder first

COVID-19 - Joe Caruso, Super Angel on How Startups Are Weathering the Crisis Apr 27, 2020

Show notes

S a l ' s I n v e s t m e n t S y n d i c a t e : https://www.angelinvestboston.com/our-syndicates

Joe Caruso is treasured by tech founders for his kind support and sage advice. He's back to tell us how his startups are dealing with the COVID Crisis. Fun chat.

Here's Joe's other interview which delves into how he became involved with founders. It's one of the most popular episodes I've recorded: Link to Joe Caruso's Story

COVID-19 Research Database with Martin Aboitiz Apr 22, 2020

Show notes

S a l ' s I n v e s t m e n t S y n d i c a t e : https://www.angelinvestboston.com/our-syndicates

"We have solved in two weeks problems that were completely intractable before..."

Martin Aboitiz, CEO and founder of Healthjump and I explore the opportunity for scientific advancement from compiling a massive and accessible database of de-identified patient data made possible by the urgency COVID-19 created.

Here's my interview with Martin on his entrepreneurial journey towards the founding of Healthjump: https://www.angelinvestboston.com/ep-24/2017/9/25/martin-aboitiz-healthcare-paella-ep-24?rq=aboitiz

COVID-19 - Startups and the Contagion Apr 20, 2020

Show notes

They met at Techstars Boston and were getting their startups off the ground and then COVID-19 struck. Here's what they're doing about it.

Oguzhan Oyar, founder of Metrobi which does B2B deliveries,
Jinesh Patel, founder of UptimeHealth which automates compliance for healthcare,
Susan Conover, founder of LuminDX which is building a database for the diagnosis of skin conditions.

Both Jinesh and Susan are alums of the podcast. Here are their full-length interviews:

Mike Nardella, CEO and Founder, Relevize Apr 15, 2020

Show notes

Sal's Investment Syndicate: Click Link to Sal's Syndicate

Mike Nardella built an ad agency while an undergrad at Boston College. That work would eventually lead to the founding of Relevize, a platform that facilitates the interactions of big brands with their local partners. Trends in social media are presenting big opportunities for this Boston-based startup.

Highlights from the interview:

Sal Daher’s Intro
Chance Encounter at Venture Lane Startup Hub
Mike Nardella’s Bio
What Mike Nardella’s Company Does and Why It’s Important
“Yeah, local connections, brand awareness and... You know, this works across a ton of different industries.”
“But now all of a sudden, 600,000 potential patrons of Boston are coming across something from Landsdowne and that's free for the partner, for the pub itself.”
The Founding Story of Relevize
Running a College-Focused Ad Agency Led Mike Nardella to Discover the Opportunity Presented by Local Partners of Huge Brands
The Competitive Landscape for Relevize
Fast Traction
Circa 2025: “, I really see us being the be-all, end-all for those partner-based interactions and those actionable partner-based campaigns.”
Relevize Also Sees the Potential of in Where Influencer Marketing Is Going
Sal Daher Talks About Squadle and Invites Accredited Investors to His Syndicate List
How Is Investing in a Company Like Relevize Going to Produce an Attractive Return?
What’s Most Promising About Relevize Is that a Thin Layer of Technology Can Allow the Creation of Huge Value Across Many Industries?
“…the value prop for them is so high, to be included in these brand dollars in these campaigns... We once had 50 Irish pubs on board in 48 hours.”
Mike’s College Entrepreneurship Experience
“… when I was in college, my extracurriculars were almost important than my curriculars a lot of the time.”
Mike Nardella’s Acting Career
“…I think being able to deal with that constant rejection really helps you become an entrepreneur because you know, it's a game-“
Mike Nardella Puts in a Word for V Foundation

Michelle Carazas, CEO and Founder - Host Events Apr 01, 2020

Show notes

Sal's Investment Syndicates:Link to Sal's Syndicate

Part-time work to pay off student debt led Michelle Carazas to the opportunity she’s pursuing in her startup, Host Events. Her tech-enabled service provides insured and vetted bartenders to liven up corporate events at companies that seek to create a welcoming culture for Millennial employees. Fast and profitable growth, together with funding from Launchpad Venture Group are validating Michelle’s idea. Great interview with a compelling founder who expresses beautifully what draws her to startup life.

Highlights include:

Sal Daher Intro – The Opportunities that Abound in Boston’s Unique Startup Ecosystem
Michelle Carazas Bio: Founder and CEO of Host Events
What Host Events Does and Why It’s Important
“…Host is a way to create culture in the workplace and that's what we really strive for.”
“We're living in a world where we're so connected, but we're also so disconnected because we easily use Slack or email or text as a way to communicate.”
“Our mission is really to create community through every experience that we service.”
The Founding Story of Host Events
The Competitive Landscape for Host Events
“So, people book us because of the insurance and they come back, I really say because of the people.”
How Michelle Carazas Connected with Her Co-Founder, Brian McGill
Michelle and Brian Ran Host Events as a Side Gig for a Year – It Eventually Became Their Full-Time Job
The Virtues of Bootstrapping
On Raising Capital: “Could we have done it without raising capital? Absolutely.”
Michelle Carazas: “One of the beauties of Hosts is that we make money.”
Sal Daher: “…My resolution not to invest is dissolving.”
Sacrifice: “I sold my car. I bought a $78 bike to ride to work. Brian sold his car; he left his apartment. He moved into our apartment. My boyfriend allowed him to live in our spare bedroom. I mean really-“
The Upside of Being a Founder – “There's no playbook. You're in control of your own destiny.”
Sal talks About Portfolio Company FineTune Learning Whose Platform is Being Used by the College Board to Correct Essays on the AP Exam
How Host Events Is Going to Market
“Now, we're rolling out multiple cities at a time.” “We've actually brought on someone that's done this quite a few times elsewhere…”
“Since last year at this time, we grew 256%. And our LTV is about... It's pretty high and really I think it's because we've built personal relationships with a lot of these companies as well.”
‘So ezCater is a great compliment to Host.”
Michelle’s Thoughts on an Exit for Investors in Host Events
Where Host Events Will Be at in Five Years?
How Michelle Came to be an Entrepreneur
“And so, growing up I just always had that ability to think bigger and that there was no cap, and that it was never stopping anywhere.”
Sal’s Experience with a Peace Corps Volunteer in Brazil
Sports & Leadership
Michelle Carazas’ Parting Words of Wisdom
“…I think the best place to start a business is in Boston, no doubt.”

Jinesh Patel, Founder and CEO, UptimeHealth Mar 18, 2020

Show notes

Sal's Investment Syndicates: Investment Syndicates 101

The dispersal of medical equipment by the move to outpatient medicine has presented a huge opportunity for repeat founder Jinesh Patel. His startup, UptimeHealth, provides outsourced monitoring of the complex compliance requirements of equipment located at the proliferating outpatient facilities. UptimeHealth is also creating a marketplace for service technicians to reduce response times and costs. Jinesh’s affable manner and clear understanding of this promising market made this a delightful interview.

Highlights include:

Sal Daher’s Intro
Jinesh Patel’s Bio + Shoutout to Betsy Scherer of Venture Lane Startup Hub
What UptimeHealth Does and Why It’s Important
“So, we're finding healthcare facilities are not understanding the best way to manage compliance at, what we call a fragmented level.”
The Founding Story of UptimeHealth
Having Managed Medical Equipment Gave Jinesh the Ability to See the Opportunity Presented by the Shift to Outpatient Care that Created a Need for Outsourced Management and Compliance Support
Most Medical Devices Are Internet of Things-Enabled but that IoT Connection Is Off Due to Security Concerns
UptimeHealth’s First Product Is Basically a Digital Checklist of Equipment and Required Tasks
Parallels Between UptimeHealth, HomeBinder and Squadle; The Binder-Replacement Business
Connections Between UptimeHealth and Cohealo
Comparison with Meenta
“…we've created the industry's first marketplace for biomedical technicians to gain work and access to these outpatient healthcare facilities.”
“So, the uptime of your device has improved. The service response time has improved. The quality of customer service has improved.”
Why Jinesh Patel Came to Boston to Start UptimeHealth
Sal Talks About His Syndicates – Tells About His Investment in FineTune Learning
UptimeHealth’s Go-to-Market Strategy – Land & Expand
“…because we're the first people in this market doing exactly what we're doing it. There's no one who's paved a pathway to how to get this done. So, a lot of it is learning, trial balloon testing, A/B experimenting, whatever it looks like.”
“…, if we can predict who's going to need new equipment in the next year, we're now a sales engine for people selling medical equipment of the exact same category.”
Target Vision – How Jinesh Patel Fell into Entrepreneurship
“So, if you're both shooting at the same piece of paper, we can tell you who shot which bullet hole.”
"I'm young. There's a lot of time I have to correct whatever happens if it goes south."
“…I love entrepreneurship because every day is so different. Every challenge is a new strategy.”
Jinesh’s Concluding Thoughts
Of Advisors and Mentors Jinesh Says: “…the percentage of actual follow up was so high. I didn't understand like, "Oh, these are real people really trying to help."”
“There's a big difference between meaning to help and knowing how to help. I think that in the ecosystem here in Boston, there's a lot of practice on what do you do to help somebody when somebody asks you for this kind of help.”

Ashland Stansbury, CEO and Founder "Because Intelligence: Belief Marketing Platform" Mar 04, 2020

Show notes

Invest with Sal's Syndicate: Sal's Syndicates

“The biggest thing that we learned is that 78% of them were struggling to share those stories with their consumers, the biggest reason being a fear of feeling inauthentic.”

“What do I mean by the organic model? I mean that the influencers we're engaging for these brands are not paid.”

Ashland Stansbury, age 23, is building a new category with her startup, Because Intelligence. Belief marketing helps brands create genuine connections with their customers. She’s funded by Launchpad and BOSS Syndicate.

Highlights include:

Sal Daher’s Intro
Correction: Enterprises Manage to Capture 5% of the Value They Create Not 2% as Stated
Bio of Ashland Stansbury
What Because Intelligence, Ashland’s Startup, Does
Common Misconception that Only Expensive Products Are Environmentally Conscious
The Founding Story of Because Intelligence
“So, we took this approach of going out and talking to as many of our customers as possible. We got on the phone with over 50 different enterprise consumer brands.”
“The biggest thing that we learned is that 78% of them were struggling to share those stories with their consumers, the biggest reason being a fear of feeling inauthentic.”
“…I knew I was really good at was convincing other people to follow my mission.”
“…if we can prove that giving back is actually good for business, that it actually impacts the bottom line, then we can financially motivate corporations to get involved in our key social and environmental issues.”
How Ashland Stansbury Won Over Investors Skeptical That Her Startup Could Be Profitable
“…we have all these metrics around how consumers are buying, and essentially proving the facts and figures behind this mission.”
Sal Daher Talks About One of His Favorite Portfolio Companies: SQZ Biotech
If You Are an Accredited Investor Do Check Out Sal’s Syndicate at AngelInvestBoston.com
Go to Market Strategy for Because Intelligence
“What do I mean by the organic model? I mean that the influencers we're engaging for these brands are not paid.”
“Our long-term vision is to eventually become the social platform for talking about causes and beliefs.”
Where Ashland Expects the Company to Be in Five Years
Ashland Stansbury’s Father Is a Repeat Founder Who Inspired Her to Be a Founder
Ashland Stansbury’s House Painting Company Started When She was a Freshman at Babson
Entrepreneur of the Year
Crazy Story from Her House Painting Company Days
Pros & Cons of Early Entrepreneurship
“…and I went off and did this crazy path of not taking a salary, living off of ramen noodles.”
“I'm that annoying person at the gym that's always on the phone.”
Sharing Your Wisdom: Getting Funded by Launchpad & The BOSS Syndicate
“…we have really been trying to bring on investors who bring tremendous advice and network and value to the table on top of just capital.”
“Last summer, I spent the entire summer building up my founder network.”
“…when you go in to get advice from an entrepreneur, they will open up their network to you.”
Because Intelligence Is Hiring
"Be fearless in what you stand for and talk about your beliefs…"

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