Great advice Jared. I’m a biotech company executive with therapeutics and diagnostics and am applying for YC (I’ve had up to $4M in NIH and seed funding to this point, but need network to capital for series A raise) hopefully it works out, thanks for the insights
Great Lecture! Re letters of intent (LOI) it’s not necessarily the case that they’re not enforceable as a contract, though typically they are not. The court would look at the intent of the parties, both from the written instrument as well as their actions, so it’s not always the case that the magic words ‘LOI’ would prevent a court from ruling it as binding, when the snubbed party may try to enforce it later. So it is possible and even likely that legal counsel wouldn’t want the business folks executing an LOI without review and counseling.
A non binding offer to sell a product would make later filed patents on that product invalid. So don’t use them until after patents covering the product have been filed. That is true even if no potential customer signs such a contract.
If any YC biotech startup founder here is looking for a shared laboratory with office space in Massachusetts, you may reach out to us at www.labshares.com/ and see if we can help you.
When hard tech companies raise a lot of money, to do the hard tech r&d, do they give away a lot of the company? That part I don't fully understand. They would need to raise a lot of money early, does the valuation get set really high or are they giving away more of the colony than a usual tech startup?
They should also fund it personally as much as possible to still have control of the company. That's the price of going into hard tech, higher risk higher reward. Just see what happened to the original Tesla founders when they lost control of the company.
if I want to found a deep-tech startup, but I don't have the technical skills in the specific sector (for example biology or engineering), how do I do it? Do I have to find partners who have those skills?
I have a hard tech company (connected social fitness) and I just think this is mostly hot air. People pat you on the head and it makes for ok conversation with the smile and nod crowd but no one cares if you are trying to do a fundamental human need differently or you have built something life changing.
Also talk about this honestly. All examples are b2b or large tech. Talk about dilution for these raises. Talk about failure likelyhood and survivor bias
@@snippletrap tell that to peloton. Products aren't always supposed to be exciting for everyone. They are supposed to solve a problem hopefully an intense one. People struggle with motivation around fitness. Making a frictionless home experience that provides human connection is game changing
Man, this should rather be an early lecture during school....it cleared Soooo many confusions I had for my startup
Update: Didn’t get into YC but raised $4m at x10 the evaluation I would’ve got if I did go through YC... so lesson learned
this is a GOD SEND!
Great advice Jared. I’m a biotech company executive with therapeutics and diagnostics and am applying for YC (I’ve had up to $4M in NIH and seed funding to this point, but need network to capital for series A raise) hopefully it works out, thanks for the insights
Was it hard to raise from NIH?
@@JonStenstrom It's GRANT from NIH for your proposal on certain subj.
How did it go?
what was the NIH process like?
It's like attending a lecture at a top-tier university without any cost. Thanks for sharing your ideas.
Great Lecture! Re letters of intent (LOI) it’s not necessarily the case that they’re not enforceable as a contract, though typically they are not. The court would look at the intent of the parties, both from the written instrument as well as their actions, so it’s not always the case that the magic words ‘LOI’ would prevent a court from ruling it as binding, when the snubbed party may try to enforce it later. So it is possible and even likely that legal counsel wouldn’t want the business folks executing an LOI without review and counseling.
The best course in YC. Thanks a lot! Really changed mindset
I really appreciate the existence of this video. Thank you!
Brilliant video, just what I needed. I'll now binge watch the rest of this startup school thingy.
Love the way speaker handle the subject
Brilliant video lecture! This is exactly what I needed.
A non binding offer to sell a product would make later filed patents on that product invalid. So don’t use them until after patents covering the product have been filed. That is true even if no potential customer signs such a contract.
Really good advice. Most MVP advice is for apps that are pretty simple to develop and to mock-up.
Another great video from the YC folks!
If any YC biotech startup founder here is looking for a shared laboratory with office space in Massachusetts, you may reach out to us at www.labshares.com/ and see if we can help you.
When hard tech companies raise a lot of money, to do the hard tech r&d, do they give away a lot of the company?
That part I don't fully understand. They would need to raise a lot of money early, does the valuation get set really high or are they giving away more of the colony than a usual tech startup?
They should also fund it personally as much as possible to still have control of the company. That's the price of going into hard tech, higher risk higher reward. Just see what happened to the original Tesla founders when they lost control of the company.
@@charlech Spoiler: they got kicked and now everyone thinks Elon is the founder
@@ASLUHLUHC3 eh he is a founding partner. Their idea came to fruition and they both are stupid rich.
Thank you for this video, YC and Jared. God bless you guys. 😊
Awesome!
whoa. well, this helps. thanks yc
Insightful!
Excellent! Thank you!
if I want to found a deep-tech startup, but I don't have the technical skills in the specific sector (for example biology or engineering), how do I do it? Do I have to find partners who have those skills?
I have a hard tech company (connected social fitness) and I just think this is mostly hot air. People pat you on the head and it makes for ok conversation with the smile and nod crowd but no one cares if you are trying to do a fundamental human need differently or you have built something life changing.
Also talk about this honestly. All examples are b2b or large tech. Talk about dilution for these raises. Talk about failure likelyhood and survivor bias
Tbh, "connected social fitness" doesn't sound very exciting or technically difficult. It sounds like an aerobics class or softball league.
@@snippletrap tell that to peloton. Products aren't always supposed to be exciting for everyone. They are supposed to solve a problem hopefully an intense one. People struggle with motivation around fitness. Making a frictionless home experience that provides human connection is game
changing
If you’re right, then you have a big advantage - few will compete with you. I wish you luck, and hope you prove the doubters wrong.
If you’re right, then you have a big advantage - few will compete with you. I wish you luck, and hope you prove the doubters wrong.
Elizabeth Holmes approves this message.
lol
lmao
Wow
is this the "wow" guy ?
I wish someone would share a list of hardtech investors
8:00 📖🖍️
big big like👍👍
10:48
Didn't this guy start Pied Piper?
The challenge is hardtech developed by minorities only command less then 1% of access to investment capital which is unfortunate,
wow . ;)
GIVE ME MY MONEY
You even stole Gene Wilder’s look.
Guy is a walking stereotype. Every second sentence starts with "not everyone knows..."
And the word "SUPER" in every sentence...
Thief
Nothing new in this talk.
For u
Wow