
Hosted by Startup Wisconsin, Jacob Miller · EN
Not every good business needs venture capital. Laura Strong of Valency Fund breaks down funding alternatives for Wisconsin startups in tech, manufacturing, and agribusiness.Key Topics→ Alternative financing: revenue-based financing, redeemable equity, structured exits→ Why not every good business fits the venture capital model→ The math behind VC fund expectations (10x returns in 3-5 years)→ Wisconsin's extended exit timelines and what it means for founders→ How to match your capital type to your business model→ Madison startup ecosystem dynamicsSegments00:00 Intro02:12 Laura's journey from chemistry PhD to fund manager04:45 Moving from biotech to health tech career06:16 Why scientists rarely get into entrepreneurship07:43 Why her investors would back her again after failure09:21 The moment she realized Wisconsin needed different funding11:03 2017 research on Wisconsin exits12:17 How venture fund math actually works13:49 Valency Fund's multiple financing models explained15:42 Advice for founders without revenue yet18:31 Best fit companies for Valency19:55 Most misunderstood aspect of raising funding20:23 "Success is sale of the company. Hard stop."22:03 Do exited founders become angel investors?23:49 Ad break24:50 Challenges Wisconsin founders face raising capital27:52 The "not enough ideas vs not enough capital" debate31:06 Wisconsin's lead investor problem33:38 What founders should consider before taking capital35:09 Wisconsin's 15-year investment lifecycle35:59 What else could change the funding landscape37:22 Madison's startup ecosystem strengths39:11 Individuals as the real ecosystem catalysts40:39 Opportunities in manufacturing and agribusiness43:39 Teaching at UW Madison's biotechnology program44:36 Entrepreneurship lessons: "Nobody will pay you to solve that"47:42 Future of innovation at UW Madison48:43 UW Madison's new entrepreneurship initiative50:18 What's next for Valency Fund51:27 How to connect with ValencyResources & Links MentionedValency FundUW Madison Master's in Biotechnology ProgramForward FestivalConnect with Laura StrongLaura Strong on LinkedIn Podcast SponsorValency FundFlexible funding solutions designed for sustainable growth of Wisconsin companies.Learn more at https://www.valencyfund.com/🔻 Connect With Us 🔻Subscribe to the Startup Wisconsin Newsletterhttps://www.startupwi.org/Upcoming Tech and Startup Events in Wisconsin (400+ every year)https://www.startupwi.org/eventsFollow us on LinkedInhttps://www.linkedin.com/company/startup-wisconsin/Connect with Jacob Miller:https://www.linkedin.com/in/kineticbearInterested in being a guest? Reach out!jacob@startupwi.orgStartup Wisconsin's mission is to connect, educate, inspire, and grow tech startup communities across the state, not just during events, but year-round. This podcast is part of that vision, creating deeper connections and sharing the knowledge that helps Wisconsin's startup ecosystem thrive.This podcast is made by your friends at Headway.https://www.headway.io
Shantanu Singh didn't follow a straight path to becoming a founder. Cell biology researcher → prosecutor → AI startup co-founder. But every "dot" he dropped along the way prepared him for this moment. When ChatGPT launched, it felt like discovering fire.In this episode of the Startup Wisconsin Podcast, Shantanu breaks down what makes Obviate.ai different from typical AI wrappers, why most AI products are automated rather than truly autonomous, and how Milwaukee's small but mighty AI founder community creates disproportionate impact.Episode TopicsThe founding story of Obviate.aiHow autonomous AI agents differ from traditional Gen AIPatent-pending legal reasoning technologyThe "Guided Autonomy™" approach to contract managementChallenges of building AI for the legal industryEnterprise security and data privacy in legal techThe future of AI in contract negotiationLessons for founders building specialized AI toolsSegments00:00 Introduction01:33 Meet Shantanu Singh & Obviate AI02:45 From Cell Biology to Law to AI Founder05:24 "Discovering Fire" - The ChatGPT Moment08:03 The "Dropping Dots" Philosophy12:34 How Obviate Works - Beyond AI Wrappers18:41 Automated vs. Autonomous AI Explained24:38 Building Trust & Going to Market29:35 Co-Founder Dynamics & "Move Fast and Break Things"36:35 Wisconsin's Ecosystem Growing Pains46:04 Margin of Safety vs. Margin of Error49:58 Milwaukee's AI Founder Community55:20 The 3-Day Prototype Challenge01:03:06 What's Next for Obviate AIConnect with ShantanuShantanu on LinkedInAbout Obviate.aiObviate.ai WebsiteContract negotiation platform powered by autonomous AI agentsProvides detailed contract review, risk analysis, and precise redliningInspiration MentionedVoyager Paper - Minecraft + Nvidia research on autonomous AI agents Podcast SponsorValency FundFlexible funding solutions designed for sustainable growth of Wisconsin companies.Learn more at https://www.valencyfund.com/🔻 Connect With Us 🔻Subscribe to the Startup Wisconsin Newsletterhttps://www.startupwi.org/Upcoming Tech and Startup Events in Wisconsin (400+ every year)https://www.startupwi.org/eventsFollow us on LinkedInhttps://www.linkedin.com/company/startup-wisconsin/Connect with Jacob Miller:https://www.linkedin.com/in/kineticbearInterested in being a guest? Reach out!jacob@startupwi.orgStartup Wisconsin's mission is to connect, educate, inspire, and grow tech startup communities across the state, not just during events, but year-round. This podcast is part of that vision, creating deeper connections and sharing the knowledge that helps Wisconsin's startup ecosystem thrive.This podcast is made by your friends at Headway.https://www.headway.io
Key Topics Covered→ The housing crisis facing healthcare travelers and medical students→ Midterm rental market opportunities and challenges→ Balancing medical residency with startup entrepreneurship→ Building partnerships with Madison real estate companies→ Creating startup communities within healthcare systems→ Property vetting and quality control processes→ The unique advantages healthcare professionals have as entrepreneursSegments00:00 - Introduction and launch day excitement02:20 - Why Christina never expected to be a founder03:17 - Residency housing story05:11 - Why hospitals don't solve housing for travelers07:37 - How Reliable Residence works vs Airbnb/Zillow11:49 - Balancing medical residency with startup building12:53 - Sponsor break (Headway.io)14:24 - Walking into Terrence Wall's office unannounced16:22 - Madison startup ecosystem support and mentors18:34 - Building healthcare entrepreneurship community21:12 - What's next for Reliable Residence22:18 - Advice for healthcare professionals considering startups24:33 - Finding technical co-founders and resourcesResources MentionedReliable ResidenceChristina Henderson on LinkedInMerlin MentorsBioForwardAbout ChristinaChristina Henderson, D.O., is an anesthesiology resident at UW Health who earned her medical degree from Rocky Vista University College of Osteopathic Medicine in Parker, Colorado. Born and raised in Broomfield, CO, she has always embraced the outdoors and brings that same energy and focus to patient care & entrepreneurship. Outside the hospital, she’s an avid biker, skier, hiker, and angler. Podcast SponsorValency FundFlexible funding solutions designed for sustainable growth of Wisconsin companies.Learn more at https://www.valencyfund.com/🔻 Connect With Us 🔻Subscribe to the Startup Wisconsin Newsletterhttps://www.startupwi.org/Upcoming Tech and Startup Events in Wisconsin (400+ every year)https://www.startupwi.org/eventsFollow us on LinkedInhttps://www.linkedin.com/company/startup-wisconsin/Connect with Jacob Miller:https://www.linkedin.com/in/kineticbearInterested in being a guest? Reach out!jacob@startupwi.orgStartup Wisconsin's mission is to connect, educate, inspire, and grow tech startup communities across the state, not just during events, but year-round. This podcast is part of that vision, creating deeper connections and sharing the knowledge that helps Wisconsin's startup ecosystem thrive.This podcast is made by your friends at Headway.https://www.headway.io
SmartCert tackles the complex world of manufacturing documentation - every bolt that goes into an airplane needs a complete "birth certificate" proving its origins, manufacturing process, and compliance standards. For decades, this critical process has been manual and paper-based, creating bottlenecks and errors throughout supply chains from small manufacturers to Boeing and Airbus.🔻 Key Topics Covered→ Digitizing decades-old manufacturing documentation processes→ Building a network of 3,000+ companies across supply chains→ The strategic decision to relocate from Phoenix to Wisconsin→ Change management when transforming traditional industries→ AI integration in document processing and compliance checking→ TitletownTech partnership and Green Bay's manufacturing ecosystem→ Scaling from individual companies to enterprise supply chain solutions🔻 Segments00:00 - Introduction00:22 - SmartCert's Mission: From Paper Chaos to Digital Efficiency02:56 - Multi-Departmental Workflows and Implementation Challenges07:30 - Origin Story: Living the Problem in Sales10:00 - Building the Right Team and Finding Talent12:52 - Phoenix to Green Bay: The Reverse Migration Story15:54 - Work-Life Balance and Midwest Advantages19:49 - Titletown Tech Partnership and Ecosystem Support24:23 - Manufacturing Proximity and Customer Relationships28:23 - AI Implementation and Industry Education33:16 - Customer Success Stories and Paper Savings36:45 - The Future: Enterprise Adoption and Supply Chain Transformation38:00 - Advice for Founders Considering Smaller Tech Hubs🔻 About Lonni KiefferAs Co-Founder and COO of Aramid Technologies, Lonni is focused on transforming traceability, documentation, and collaboration for every company across critical supply chains. She leads operations and the customer experience, ensuring that SmartCert — the company’s flagship platform — delivers measurable value and solves real-world challenges. With expertise spanning data analytics, onboarding, support, and strategic growth, Lonni is committed to building seamless, scalable solutions that help businesses thrive in a complex and competitive landscape.🔻 Connect with Lonni on LinkedInhttps://www.linkedin.com/in/lonni-kieffer/🔻 About SmartCertSmartCert is a SaaS platform that digitizes and automates supply chain documentation for manufacturing industries. The company creates networks that eliminate bottlenecks, reduce errors, and automate critical compliance processes for aerospace, electronics, and manufacturing companies.https://smartcert.tech/🔻 Resources MentionedTitletown Techhttps://titletowntech.com/Microsoft Co-Innovation Labhttps://news.microsoft.com/2023/11/15/microsoft-announces-new-co-innovation-lab-in-milwaukee/Wisconsin Economic Summithttps://www.wedc.org/programs-and-resources/business-development/wisconsin-economic-summit/ Podcast SponsorValency FundFlexible funding solutions designed for sustainable growth of Wisconsin companies.Learn more at https://www.valencyfund.com/🔻 Connect With Us 🔻Subscribe to the Startup Wisconsin Newsletterhttps://www.startupwi.org/Upcoming Tech and Startup Events in Wisconsin (400+ every year)https://www.startupwi.org/eventsFollow us on LinkedInhttps://www.linkedin.com/company/startup-wisconsin/Connect with Jacob Miller:https://www.linkedin.com/in/kineticbearInterested in being a guest? Reach out!jacob@startupwi.orgStartup Wisconsin's mission is to connect, educate, inspire, and grow tech startup communities across the state, not just during events, but year-round. This podcast is part of that vision, creating deeper connections and sharing the knowledge that helps Wisconsin's startup ecosystem thrive.This podcast is made by your friends at Headway.https://www.headway.io
Nick Myers recently sold his Madison-based AI startup RedFox AI to recovery.com, where he now serves as Director of AI Innovation. In this episode, Nick shares the complete journey from founding his healthcare AI company to successfully exiting after five years.RedFox AI tackled one of the most critical challenges in artificial intelligence: preventing hallucinations when AI systems guide patients through medical processes. Nick's personal experience as a childhood leukemia survivor drove his mission to make healthcare more accessible through conversational AI that could walk people through home lab tests and medical devices.Key Topics Covered→ Building AI systems that don't hallucinate in healthcare settings→ The technical architecture of constrained RAG systems→ Navigating accessibility challenges for elderly and first-time tech users→ How proximity and relationships drive startup success in Wisconsin→ The acquisition process and knowing when to "get out of your own way"→ AI's potential impact on the labor market and policy implications→ Resources for Wisconsin startup founders and mentorship programsSegments00:00 - Introduction00:27 - The RedFox AI Story: Making Healthcare Accessible02:25 - Technical Deep Dive: Preventing AI Hallucinations06:08 - Building for Accessibility: Elderly Users and Language Barriers09:02 - The Exit Strategy: Building to Be Acquired12:28 - How Proximity Led to Acquisition at StartingBlock19:12 - Wisconsin Startup Ecosystem and Networking Advice28:28 - Mentorship Resources and Programs in Wisconsin32:26 - Life After Exit: Director of AI Innovation Role39:14 - The Future of Work: AI's Impact on JobsAbout Nick Myers:Nick Myers is the Director of AI Innovation at recovery.com and former cofounder/CEO of RedFox AI. He's been working in conversational AI since 2016 and has spoken globally about AI technology and policy. Nick is also an advocate for AI regulation and has worked with lawmakers on Wisconsin startup funding initiatives.Connect with Nick on LinkedInhttps://www.linkedin.com/in/nick-myers-0794/About Recovery.com:Recovery.com (formerly Rehab Path) is a behavioral health platform that connects patients with treatment resources. The company helps hundreds of thousands of people find addiction and mental health treatment options.https://recovery.com/Resources MentionedStartingBlock Madison: https://www.startingblockmadison.org/Merlin Mentors Program: https://merlinmentors.org/Wisconsin Technology Council: https://wisconsintechnologycouncil.com/UW Small Business Development Clinic: https://business.wisconsin.edu/initiatives/small-business-clinics/Law and Entrepreneurship Clinic: https://law.wisc.edu/uwle/ 🔻 Connect With Us 🔻 Subscribe to the Startup Wisconsin Newsletterhttps://www.startupwi.org/ Upcoming Tech and Startup Events in Wisconsin (400+ every year)https://www.startupwi.org/events Follow us on LinkedInhttps://www.linkedin.com/company/startup-wisconsin/ Connect with Jacob Miller:https://www.linkedin.com/in/kineticbear Interested in being a guest? Reach out!jacob@startupwi.org Startup Wisconsin's mission is to connect, educate, inspire, and grow tech startup communities across the state, not just during events, but year-round. This podcast is part of that vision, creating deeper connections and sharing the knowledge that helps Wisconsin's startup ecosystem thrive. This podcast is made by your friends at Headway.https://www.headway.io