574th 1Mby1M Entrepreneurship Podcast with Bill Baumel, Ohio Innovation Fund

Bill Baumel, Managing Director at Ohio Innovation Fund, is one of the pioneers of the Ohio startup ecosystem.

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1Mby1M Virtual Accelerator Investor Forum: With Zain Jaffer, Partner at Blue Field Capital (Part 3)

Sramana Mitra: As you are looking at this space, what is the scope and scale of the number of startups operating in North America?

Zain Jaffer: I saw 500 startups last year. That’s just what I tracked in my CRM. The number is mind-boggling. With any industry, only a few will make it. I don’t know what the actual number is, but PropTech is becoming a big segment. It’s a niche segment that’s an intersection of FinTech and marketplaces.

1Mby1M Virtual Accelerator Investor Forum: With Zain Jaffer, Partner at Blue Field Capital (Part 2)

Sramana Mitra: Let’s focus on the PropTech part of your work. You said you’re doing pre-seed and seed in that sector?

Zain Jaffer: Yes.

Sramana Mitra: What’s the geographical boundary of this?

Zain Jaffer: We try to stay focused on the US market. We are also open and have done many companies that plan to expand to the US. They may also be based anywhere in the world but they just happen to have US customers. Ideally, the US is the top focus though.

1Mby1M Virtual Accelerator Investor Forum: With Zain Jaffer, Partner at Blue Field Capital (Part 1)

Zain Jaffer, Partner at Blue Field Capital, discusses trends in PropTech.

Sramana Mitra: Our focus today is primarily on the investing that you had recently started. If you want to set some context about your entrepreneurial background, that would be great.

Zain Jaffer: As soon as I discovered computers, I started to mess around, code, and design things. I’ve always been at it trying to build things. Sometimes, it worked out. Most of the time, it doesn’t. I have had a lot of attempts. All you need is to be lucky once. It can change your life completely. I had a big exit. It was $718 million back in 2019 when I started an advertising tech company.

Roundtable Recap: May 5 – Spotlight on the Ohio Startup Ecosystem

During this week’s roundtable, we had as our guest Bill Baumel, Managing Director at Ohio Innovation Fund, one of the pioneers of the Ohio startup ecosystem.

CaterBite

As for entrepreneur pitch, we had Boddu Venkat Sujith from Visakhapatnam, India, pitch CaterBite, a concept arbitrage on EZCater, a Unicorn.

You can listen to the recording of this roundtable here:

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1Mby1M Virtual Accelerator Investor Forum: With Julie Lein, Managing Partner at Urban Innovation Fund (Part 4)

Sramana Mitra: The narrative in the media is how much money have you raised. The maximum focus is on the people raising the most money. That is a flawed way of evaluating companies. There are a lot of innovations that are done in a capital-efficient way. As such, they have a lot more options. The exit option is larger. They are not so dependent on a constant infusion of capital to sustain themselves.

Julie Lein: I agree wholeheartedly. We call those vanity metrics. Capital raise and valuation are extremely important barometers, but they’re not the only ones. They’re the ones that tend to get the most coverage in the media.

1Mby1M Virtual Accelerator Investor Forum: With Julie Lein, Managing Partner at Urban Innovation Fund (Part 3)

Sramana Mitra: Let’s do some case studies of companies that you’ve invested in that you’re passionate about everything. As you talk through them, talk about what they’re doing. Also, talk about at what stage and in what condition you encountered this company. What was it about that situation that made you write your check?

Julie Lein: One example I can give is our first investment out of our current fund in December 2019. The company is called Electriphi. They are a software solution to manage the transition for fleet owners to electric vehicles. This is an area that we’ve been passionate about for a long time. We deeply believe that the electrification of vehicles is coming.

Best of Bootstrapping: Seed Investors Who Like Bootstrapped Startups

If you haven’t already, please study our Bootstrapping Course and Investor Introductions page. 

I would like to encourage bootstrapping entrepreneurs to start thinking about certain investors as bootstrapping partners. These investors, typically, LIKE capital efficient businesses.

They do not want to force feed capital into companies, unlike certain larger funds.

Their fund sizes are small, and they are set up to make money off smaller exits. [Re: Bootstrapping to Exit]

Please listen to a few conversations to get a feel for the point of view. There are many more on the Seed Capital series on our blog. You can also listen to the 1Mby1M Podcasts for more.

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