Deep tech investor, looking for unconventional ideas
The below is based on an interview with Andrew J. Scott in Maddyness
Background and Beginnings:
- Founded 7percent Ventures in 2012 after returning from San Francisco.
- Started due to frustrations in raising money in the UK and Europe compared to experiences in Silicon Valley.
- Co-founder faced similar challenges, leaving the European Space Agency to start a company.
Investment Focus:
- Over 150 investments in frontier technology or "deeptech."
- Two main focus areas: startups with technical challenges and significant market demand, and startups transforming outdated industries.
Founder Criteria:
- Looks for founders with ambition, passion, determination, and a clear plan.
- Emphasizes the importance of self-confidence and coachability in founders.
Current Portfolio Highlights:
- Highlights investments in transformative technologies like electric propulsion for drones (Greenjets) and wastewater testing for illness detection (Untap Health).
Future Outlook:
- Believes technology is the future of everything.
- Stresses the importance of nations leading in key technologies for economic growth, influence, and security.
- Identifies AI, quantum computing, and related technologies as crucial.
7percent Ventures' Uniqueness':
- Willing to invest in unconventional ideas.
- Takes a no-nonsense approach, providing honest feedback.
- Emphasizes being ex-founders, investing early, and aligning interests with founders.
Advice for Founders:
- Be optimistic but honest, bold in vision, and ambitious in problem-solving.
- Never compromise on hiring, seek and retain brilliant talent for long-term success.
About Andrew J Scott:
- Founding Partner at 7percent Ventures.
- Encourages founders to go through the challenges of finding the best talent for building a successful company.
B.O.
