Dan Gray, Head of Insights of Equidam, joins Shubha Chakravarthy to demystify one of the most misunderstood topics in early-stage fundraising—startup valuation. With over two decades in early-stage ventures, Dan reframes valuation not as a number but as a story that links a founder’s vision, strategy, and financial logic.

Check out Dan's practical guidance for deep tech and non-consensus founders, and the systemic issues in venture capital that create hurdles for deep tech founders, and a smarter, story-driven approach to raising capital.

Highlights include:

Why founders must treat valuation as a story, not a number, and how the story drives belief and funding outcomes
How “SaaS bias” skews investor expectations and hurts deep tech founders raising their first round
The single biggest fundraising mistake deep tech founders make,and how to fix it before it costs you equity
How to define milestones that de-risk your company and drive valuation up round after round
The hidden logic behind dilution, and how to keep ownership while staying fundable
What VCs really mean when they say “we don’t invest in hardware” (and how to turn that into an advantage)
Why valuation models fail for science-based startups,and how to build credible DCF-driven stories investors believe
The investor’s portfolio math: how fund size, timing, and follow-on strategy affect your odds of getting funded
How to spot “consensus capital” versus “non-consensus capital”, and why the difference could decide your future
The truth about VC markups, management fees, and why exits don’t always drive investor behavior
The “economic energy” test: how to articulate the total value your breakthrough can unlock for the world
The one framing shift that turns founders from fund-seekers into informed customers of capital
How to translate a visionary story into a credible financial model investors trust
Why financial literacy, not hype, is the real superpower for deep tech founders