Launching Technology Ventures from your PhD
Summary
Panelists:
Charlie Rodenkirch (C) - Affiliated with Columbia University
Malwina Lewicka (M) - Affiliated with MSK University
Ali Khaloo (A) - Founder and CEO of Aren - Affiliated with Cornell Tech
Questions and answers:
1. Tell us about your background and how you got interested in entrepreneurship.
M: In my PhD, I looked at psychosocial treatments for cancer patients and found that the current treatments do not work well so she wanted to fix this issue.
C: The company is focused on creating sharper hearing, vision, and other senses. Mom created her own advertisement company so he grew up with an entrepreneur. He worked in startups when younger. During his academic training, he published in Nature journals multiple times for the research that led to the company.
A: The company is called Aren and is about infrastructure. Engineer by training in undergraduate. Decided to go to grad school when he had a task to count cracks on bridges out of undergraduate. He also works with robotics.
2. Why did you apply for the runway startup postdoc program?
M: The program offered a career path that was not thought of before. She wanted to do clinical, translational work, and this route was even more encompassing than those things. The financial support offered by the program is critical.
C: Participated in other programs such as eLab NYC and a course at Columbia University. Some accelerators are great if your tech is about to go public but not for early ventures. Runway is more suitable for these ventures.
A: Programs for new graduates and deep tech companies are rare. Runway is a unique program for this type of founder. Also for international students, since the program is through Cornell Tech, visa issues are nonexistent.
3. Once in the program, what was your experience with the program? What were your initial expectations, and how did the program's structure align with them?
M: Educational support, connection within the runway community, financial support, physical location, and psychological services were all important aspects of the program.
C: You get to email Fernando at any time to ask for advice. You learn the difference between running a company and research.
A: The beginning is a crash course in entrepreneurship, then you are a bit more on your own. The culture is very collaborative and you are connected to both current and past people in the program.
4. How did you balance your research responsibilities with the program's demands? Additionally, what was the nature and frequency of your interactions with mentor(s)?
M: The beauty of the program is that you get to decide if and when you do research. It may be months when you are doing no research and only focusing on the business aspects of the company.
C: You should demand a lot from the program, not the other way around. The program adapts well to each company. Also, one important thing is that Cornell can be used as an IRB, which is a unique feature.
A: Research responsibilities – it is in your benefit to get involved with everything the program offers. You learn about how to move the company ot the next stage, less about the specific research focus.
5. What is the most rewarding aspect of going through the program? And How would you define success within the program—whether it was achieving a specific research output, reaching a particular milestone, or advancing your startup to a certain stage? If not a publication, what deliverables or outcomes signified success for you?
M: The ultimate goal is to sell and make revenue. Enjoy the smaller milestones like building the team, minimal viable product, pitch practice.
C: In general, success is returning value to shareholders. You need to get to milestones you set. You need to get to a point where the investors are happy or new investors will be interested in investing. Also, you learn how to derisk your company and identify and remove the risks during the program.
A: You need new money coming in so you cannot get to the program end and have no customers – this is failure.
6. How does the program prepare you to enter the entrepreneurial ecosystem at its conclusion?
M: Changing from scientist to entrepreneur requires a paradigm shift. The people you are talking to need you to build value. The program allows you to learn how to talk this way.
C: I regret not having more connections with ecosystem before the program. This program helps you build the network and even with VCs. Now I have a lot of connections in common with investors so I can reach out to people for advice. You learn to speak like an executive, not a researcher.
A: Before the offer letter, I got put in touch with other applicants. The community is very helpful and everyone has a common goal and wants others to succeed. Mentors are plentiful. I got help with doing HR and healthcare things from past members of the program.
7. What is your advice for current PhDs and postdocs who are planning to apply for the program or enter the startup space after finishing their PhD?
M: Be proactive with the application and have someone look at it, preferably who is not a scientist.
C: Always be prepared. A paper was published on the program when it was created. Be honest where the unknowns in the company are and work on them.
A: 80% of people on my cap table were introduced during the program. Most people hear about the success stories. The journey is difficult and you need resiliency. One decision can sink the whole ship so you have to be able to bounce back. You need to think about resources because you are not in academia anymore. There is always a solution even though things will get messy.