I’m really excited about this episode. Today, we have a jam-packed episode full of startup advice, inspiring challenges, and an accelerator breakdown all in one with founder, Andrew Ive.
One of my favorite parts of this interview is the talk about startup ecosystems. Not only on how we think they are formed, but how they can be transferred. Other questions such as investing is also brought up. Why do people invest in companies? And has COVID changed the way we think of investing?
Last, I don’t think we’ve talked too much about the structure of accelerators on this podcast. Andrew delivers a breakdown of the flaws of a typical accelerator and what Big Ideas does differently to help accelerate their cohorts to the next level.
Though Big Idea Ventures only focuses on alternative meat innovation, don’t let that discourage you! There are plenty of problems in today’s world so the lessons here are transferrable and I hope that within this interview, you can find your big idea and try it out on the world.
Show Notes
When someone asks what you do for a living, what do you say?: I find and back great entrepreneurs in the food space. I find founders and teams to change the world for the better
What’s your job title?: General Managing Partner
Why is it called that?: In funds, a general partnership is an entity
Are you a VC?: I think of myself as an entrepreneur by bringing people together. A VC to me, is a numbers guy
What did you study at college?: I studied geography at Kings College with a mix of politics
I came up with this game in college called the Brain Game. It was the opposite of Trivial Pursuits
My first job was in Proctor and Gamble and I learned a ton about marketing and product development
It’s easy to be sucked into corporate life when you first start. If I haven’t have reset and gotten my MBA, I wouldn’t have pursued entrepreneurship
When you moved to the US, what did you feel was the entrepreneurial magic in the US?: After 8 years, we went back to London. After 6 months, we missed “home” or the US.
What we noticed in the English system was that English financial systems like to make older systems more productive. America has a more developed ecosystem of investors. As a founder you know who to talk to at the beginning stages.
Generally, Investor ecosystems are made to pay it forward through the entrepreneur always assumes that the point of investing is to make money
Some people are focused on other big factors than just money
What made you get into food?: I was the Managing Director for Food X, which was a food Accelerator spinoff
As I started to invest in companies, I found our about plant-based and cell-based meat
Our first fund focuses on Plant-based, Cell-based meat, seafood and dairy
We ended up getting around 800 applicants and chose 12-13 companies. The 2nd cohort, we have 25 plant-based and cell-based companies
What do you look for when you choose companies?: Whenever I would go to conferences, I would step up and ask for big ideas. We are looking for big ideas that is moving the industry forward. Has the chance to be successful globally
Product, Business ideas that have the potential to have a global impact. They have to be popular everywhere
Though Cell-based isn’t available en mass right now, it’s a technique available in 5 years where it can grow
Has COVID affected the way you invest?: We will continue to invest. However, a lot of investors are re-evaluating their potential or current investments.
Technically, it doesn’t matter about funding and validation. All that really matters is your product is solving a big problem, you’ll get traction.
Accelerators: There’s a new accelerator almost every day
Shawn Roderick: Tech Crunch guy taught me how to develop an Accelerator
What you really need to do in an accelerator is be much more focused on your current problem. You have to rapidly find a problem, and get it done but it has to be incremental by making progress and covering gaps
Y-Combinator
Tech Crunch
SOSV
People who are creating Accelerators and you don’t know what you’re doing, you’re potentially killing them
Crunch Base has a report that shows the most valuable Accelerators
The Accelerator community generally know each other
For food
ProVeg is a good one
SOSV is a good one
Most Accelerators are 12 week programs but the first 4 weeks you spend looking for problems, the next 4 weeks, you are fixing them, last 4, demo day. We are doing a 5 month model instead of a 3 month model
Christian Cadeo from Singapore
Tom Mastrobuoni
We have over 100 mentors and a list of Investors
Mentor Page (some guests have been on My Food Job Rocks)
I truly believe we can solve the world’s greatest problems as long as we back them
Bigideaventures.com
Page on LinkedIn