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QAI Ventures simply celebrated its first anniversary as a $50 million, early-stage enterprise fund and startup accelerator. Anca Albu is the chief advertising and marketing officer at QAI Ventures and works with entrepreneurs to assist them craft compelling tales about their work. She helped construct the most important and most energetic angel investor community in Switzerland, so she is aware of what it takes to construct a neighborhood of funders, mentors and supporters round a brand new business. On this episode, she explains classes discovered after one 12 months, the significance of storytelling for quantum leaders, and what’s subsequent for her staff.
Transcript
Veronica Combs: Hiya, and welcome to The Quantum Spin by HKA. I’m Veronica Combs. I’m a author and an editor right here on the company. I get to speak on daily basis with actually sensible folks engaged on actually fascinating topics, every little thing within the quantum business, from {hardware} to software program. On our podcast, we focus in on quantum communication.
And by that, I don’t imply making networks protected from hacking or entangling photons over lengthy distance, however speaking concerning the know-how. How do you clarify these sophisticated ideas to individuals who don’t have a background in science and engineering, however need to perceive all the identical.
Veronica Combs: At the moment I’m very completely happy to be speaking with Anca Albu, who’s the chief advertising and marketing officer at QAI Ventures. I do know you’re nearly to have fun your first-year anniversary of the fund and the accelerator Anca. Thanks for becoming a member of us. So inform us what you do there.
Anca Albu: What I do for QAI Ventures is sort of thrilling and likewise very dynamic as I work very carefully with Alexandra, our CEO and co-founder, and Thomas, our COO. And I assist form QAI’s imaginative and prescient and the methods from the bottom up, principally from the start. And now I’m in control of all of the points of promoting, communications, in addition to operating completely different tasks.
Since we’re a really small, however skilled staff, all of us work shut collectively and help one another every time we want. We have now our essential roles, however then we additionally work on the general success of QAI Ventures.
Veronica Combs: That’s kind of the nice factor, unhealthy factor of one thing model new, proper? You need to be prepared to do one thing completely completely different given the day and the wants. So inform us what that’s been like during the last 12 months.
Anca Albu: It’s been fairly a experience. And being with QAI Ventures from the start, it was full of challenges. We additionally needed to innovate so much as a result of this hasn’t been executed earlier than, really, wherever on this planet to have a VC fund and Accelerator targeted on quantum applied sciences. It was a relentless drive to push the boundaries and do issues in a brand new approach. So we’ve constructed a tradition of collaboration and ahead considering. We have now a really robust, versatile and enjoyable staff. And this allowed us to form QAI’s imaginative and prescient of supporting quantum entrepreneurs all through their journey from the lab, from academia. And our plan is to help all of them the way in which to IPO or exit, whichever course they need to go in. And, as you stated, we’re fairly younger as an organization. On February 16 we’ll have a one-year anniversary and, to this point, we’ve got raised the 50 million, early-stage to Collection A VC fund along with Redstone. And we’ve got run the inaugural accelerator batch final 12 months, and that was a really useful and filled with learnings expertise.
And we are actually within the startups for our second accelerator batch that can kick off on April eighth. And for all of the viewers, in case you make it to Switzerland, to Basel, then you need to be a part of our kickoff as a result of we do superior events on the rooftop of the constructing. It’s fairly enjoyable! Additionally, we would have some information about closing our second fund that’s targeted extra on development stage startups. and opening a three way partnership someplace in North America. So we’re nonetheless increasing our actions fairly quickly. We’re additionally doubling the staff by the top of April. And so, in a approach, we nonetheless really feel prefer it’s the start. And it’s fairly thrilling.
Veronica Combs: Properly, I’m undecided how a lot journey price range I’ve this 12 months, however I’d like to be there to listen to all of the pitches and there’s a lot vitality and optimism at these occasions, connecting the traders and the folks with the good concepts. I used to be your preliminary class and you’ve got an actual vary of. entrepreneurial adventures. Are you able to inform us about one in all them and their journey to this point?
Anca Albu: Sure, we had 5 tasks to start with. 4 of them graduated the five-month program that we’ve got and they’re fairly various. Some folks would disagree with me as a result of it’s been round for fairly a while, however really constructing entrepreneurship, entrepreneurial ventures with quantum, is sort of new. So we’ve got a worldwide focus. We have a look at the startups everywhere in the world, besides China. And we choose what we predict are those which have probably the most probabilities of success.
Moonlight AI was our wildcard as a result of they’re doing AI for most cancers detection. It wasn’t essentially quantum, however throughout their participation in our program, they labored with our accomplice, Quantum Basel. And with the Quantum Basel scientists, and so they labored on a challenge of doubtless incorporating quantum into what they do.
Accelerating the event of their AI and operating quantum computer systems, it’s like a lift, proper? That was a really fascinating challenge. It’s nonetheless operating, however to this point it has been fairly profitable. Different tasks have been Anacore from Germany, and so they have this world platform for supporting quantum and connecting quantum from numerous areas. They’ve a platform, it’s known as Planck. And, Kipu Quantum, which they’re fairly recognized, they pitched additionally within the U.S. on the Quantum World Congress. And they’re doing fairly nicely, they’re additionally from completely different international locations, the founding staff. They do error correction. On a software program stage. I’m not a quantum physicist, I’m not a scientist, however I perceive what they’re attempting to attain with their know-how. And I believe that is probably the most useful factor that us as a staff can do is to get skilled and we are able to study. Like I’ve learn a lot about quantum up to now 12 months and I adore it. I completely adore it.
Veronica Combs: Proper. Your work historical past is so fascinating as a result of I do know you’ve labored in know-how a very long time and constructed different communities round startups and founders and traders.
However such as you stated, quantum is a bit completely different. How do you discover explaining it? To traders or people who find themselves , however like us don’t have levels in physics or PhDs or years of analysis work.
Anca Albu: It’s not at all times that straightforward. And I observed now being for fairly some time going to varied occasions everywhere in the world, from the US to European ones.
The primary response of the vast majority of folks that aren’t conscious of the place quantum applied sciences is, they push again, proper? It’s on the market. We don’t know something about it. And I’ve really been in Cannes final week and there was an occasion there that the target market was non-public, market traders, and there was no point out of quantum.
There was solely one other quantum investor there from France, Quantonation. However I attempted to gauge the place the market is at and the way they consider doubtlessly beginning to spend money on quantum. The reactions are fairly fascinating as a result of the very first thing like, I do know nothing about quantum.
However you need to study, proper? We will help, we are able to make connections. They get curious, however the truth that they don’t actually know what it’s, to me, it’s an indication that it’ll take fairly a very long time to make a bigger viewers from most people conscious of the potential of quantum applied sciences. How I clarify it, in fact, I attempt to be the least scientific as attainable and actually simply clarify the distinction between bits and qubits. And the potential that comes with this distinction. And I believe that regarding quantum computing is the best factor for almost all of individuals as a result of everyone is utilizing a laptop computer or a pc.
Then in case you go into photons and get carried away and begin speaking about chilly atoms and all this, then I lose them for positive. Actually maintain it easy, maintain it targeted on one thing that they’ll relate to. After which it sparks their curiosity a bit bit. I believe it’s additionally necessary to stipulate to them the potential use instances. I believe use instances are an excellent approach of constructing them perceive what is feasible with quantum or what we hope is feasible with quantum.
Veronica Combs: I’m curious concerning the flip facet as nicely. I’ve written about startup corporations for a very long time. And it’s so nice to speak to somebody who’s so passionate and so they know a lot and so they’re able to get on the market, however they’ve their very own communication challenges. You understand, you may’t go too far into the weeds. Trigger such as you stated, you’ll lose folks.
What recommendation do you end up giving startups who’re attempting to elucidate their know-how to potential traders?
Anca Albu:I believe crucial recommendation and crucial studying for them is that they should study storytelling as quickly as they determine the best way to do storytelling and relate to one thing that’s acquainted to the traders or the viewers, as a result of they won’t at all times pitch to traders. They can even go to occasions or most people. They’ll discover a option to inform the story of what their know-how is able to and what issues they’re doubtlessly fixing. And that can make it a lot simpler to speak what they’re doing.
And I observed, in fact, numerous the founders of those quantum corporations are clearly scientists, proper? Lots of them come from academia and there’s a divide between how they suppose and what they know and the way they impart – and the remainder of the world. And I really like the way in which that they suppose and the way they impart. However I additionally see that it confuses the remainder of the world.
And one other factor that I observed, I went to Quantum Duty in Quantum Business, a workshop in Karlsruhe, Germany, final 12 months. And there have been, in fact, scientists there and some founders, not that many. And I observed that there’s this tendency of the quantum scientists to push again, like the final inhabitants doesn’t know. And what they’ve seen within the Ants film, it’s ridiculous. And it’s simply not attainable in any respect.They get fairly aggressive that the world doesn’t perceive. However all through my life, I’ve traveled to 54 international locations. I labored in 5 completely different international locations. I labored with numerous completely different cultures and I’m keen about communication.
While you say tree, and I say tree, you could be seeing an oak tree and I could be seeing an apple tree. It’s not the identical definition, even when the phrase is similar. And I believe that there’s this lack of knowledge from either side of how do you make a compromise to just be sure you really perceive what the opposite facet is saying and clarify your facet in layman phrases, within the case of the scientists, in order that the final inhabitants understands.
Yeah, the Ants film clearly is ridiculous when it comes to the quantum. And, there’s additionally one other one, Basis. I don’t know in case you’ve seen it on Apple. They made a collection primarily based on Isaac Asimov’s books, Basis. And I needed to go and test with the Quantum Basel quantum staff.
I’m undecided they acquired the quantum half proper. As a result of within the books, there’s no quantum, however within the film there may be. Are they only taking part in on the hype or did they actually do their analysis and perceive how superposition works ? So there may be some work to be executed, however I additionally suppose that even in these ridiculous examples, it’s nonetheless sparks of curiosity.
And so they get to go “Oh, that is cool. You understand, I need to study extra about it.” And so they really study what it’s. And I believe that’s useful in itself, though you begin with some unrealistic state of affairs, however ultimately, some folks shall be extra uncovered
Veronica Combs: Proper. I believe it’s a must to have a bit little bit of an creativeness, a bit bit of religion within the science and be prepared to have a speculation and check it out. I believe we’re so targeted on immediate gratification and next-day delivery that it’s a must to, such as you stated, pull again a bit bit and take into consideration the large image and what’s attainable.
Anca Albu: I believe efficient communication is admittedly important to convey the transformative potential of quantum know-how to the target market after which studying the best way to inform the story about this and, studying the best way to refine the messaging when wanted, it could possibly actually create extra influence.
Veronica Combs: I used to be studying via the values of QAI Ventures and your manifesto consists of champion the visionary and champion authenticity. I’m curious how you’re employed with startups to place these values into observe.
Anca Albu: That’s essential to us, we all know we champion authenticity by being genuine ourselves and we foster open dialogue and collaboration inside our staff and with our companions and likewise with our startups. We attempt to allow real innovation. And downside fixing. And every time we’ve got an issue as a staff, we at all times voice it out. Typically we get into heated discussions, however we’re not afraid of opening up and simply saying, I don’t know the best way to clear up this downside. And that is actually necessary. Initially, whenever you present vulnerability, then everyone else is far open in direction of displaying it as nicely.
After we speak concerning the values that we’ve got, we actively search the visionary founders, and we actively have a look at the applied sciences within the quantum area and attempt to determine if it’s sport altering.
We work with quantum scientists and we’ve got them evaluation the tasks that apply to be in our accelerator. Every time we do due diligence or every time we consider a startup, we even have quantum physicists that have a look at the technical facet.
Even when it’s a superb staff, if there’s no stable potential for the know-how behind it, then we are going to know. And it was additionally a studying expertise for us. The primary batch, as I stated at first, we discovered so much from it. And now we’re getting the quantum physicist a lot nearer to us. We’re additionally hiring somebody in our staff that may be a quantum physicist. After all, it’s not attainable to have 100% of them be that approach. However at the least we’re on the lookout for that.
Veronica Combs: While you’re working with startups and attempting to get funding, typically it’s a must to have tough conversations. Typically, such as you stated, an thought simply doesn’t have the promise that perhaps the founder hoped it did. Is that one thing that’s a talent in your staff?
Anca Albu: We at all times attempt to give suggestions, proper? After we don’t settle for the startups in accelerator, we encourage the staff to offer them suggestions. And that is one thing that I discovered from expertise, proper? Even the final function that I had earlier than this one, I helped construct the most important and most energetic angel investor community in Switzerland. And we had tons of of pitches a 12 months, like tons of of founders on the lookout for funding.
And I don’t suppose it’s honest to reject them with out telling them why. I believe that founders typically are very open to studying and enhancing, proper? It comes with the entrepreneurial persona. What can I do higher? And what can I study? And in case you don’t present suggestions, then it’s probably not useful.
Veronica Combs: I think about the mentor component of the accelerator is so useful to founders. I imply, you’re sitting there by your self late at evening considering, how am I going to unravel this downside? Do you present mentors to assist reply these questions?
Anca Albu: Sure, we do. It’s not at all times straightforward to seek out the precise mentors and, in fact, the quantum taste of constructing a enterprise is new. So we break up the profiles of the mentors, after which we’ve got the quantum scientists that may work on the technical facet. However then we’ve got these people which have related business expertise.
For instance, within the case of Moonlight, they do life science and pharma. People who perceive the best way to construct a life science startup, for instance. So it takes transferable information or transferable expertise, as they are saying.
So you may take these from life science and combine a few of them into the quantum method of constructing a enterprise. We at all times search for mentors which have a ardour for mentoring. They need to be useful and never demotivating. I had fairly just a few arguments in my previous with unhelpful mentors.
It’s very tough to be an entrepreneur. It takes numerous braveness. After which motivation is an enormous driver in what they do. And if in case you have somebody that has. expertise and inform them, “oh no, that is simply not going to work”, you’re not being useful. It’s good to offer constructive suggestions, that’s what you’re right here for. To not inform them that it’s not going to work. All people is aware of it won’t work. So yeah, we discover these folks with the precise mentality, and so they convey the experience and the steerage.
Additionally, one other necessary facet is the connection to the business. To allow them to make the correct introductions doubtlessly to a company or somebody that the startup can work on to validate their know-how or construct a use case. So we’re constructing a community across the mentors and across the startups. And this defines us extra as a corporation, that being an accelerator and a VC we’re an ecosystem builder.
Veronica Combs: So Anca, you talked about that numerous quantum founders come from academia. How does QAI Ventures work with universities for mentoring and different help to your applications?
Anca Albu: We have now professors from the College of Basel, from ETH in Zurich, from College in Lausanne.. We appeal to this academia to have a look at the know-how and doubtlessly give suggestions on that as nicely. And one other cool factor is that with the College of Baden, now we’ve got an understanding that they’ll have a look at the startups that be a part of our program, and they’re going to choose people who they need to go and work of their laboratory. We are also carefully related to the College of Strasbourg.
Veronica Combs: I believe that behind the scenes deliberate neighborhood constructing is neglected so much, however it’s so necessary. It simply doesn’t occur, In any other case. So, thanks for doing that for the business. It’s essential.
Anca Albu: After all. Yeah, we’re constructing an alumni program. We’re going to have the founders which might be graduating from our accelerator or the founders that get funding from our VC fund, as a result of they’re two various things, proper? So a startup can speed up and obtain 200,000 francs, or they’ll obtain VC cash that comes from the precise fund it will get to.
And so we’re now with QAI Entangled, which is sensible. We attempt to construct this neighborhood of founders which have gone via sure pains, you recognize, trials and tribulations, and that they’ll share their expertise with others. And naturally, we’re going to additionally open this to extra skilled founders from already profitable Quantum corporations, like Strangeworks and Quera.
Veronica Combs: Proper. We speak to numerous completely different folks, right here on the podcast and on the company. Is there a spot within the ecosystem or any assist that we are able to get on the market and say, “Hey, do extra of this or much less of this or volunteer your time?”
Anca Albu: There’s a hole, to start with, in communication. So I believe that what you guys are doing is essential, translating between the 2, is like The scientists are talking German and the enterprise is talking French after which the final viewers is talking Chinese language after which the federal government is, who is aware of what language they’re talking as of late?
However translating between all of those languages is one thing that’s lacking proper now. Bridging the information hole, between most people and quantum specialists, which is essential and is being executed with motion pictures or different artistic issues.
We additionally see numerous potential in increasing the academic initiatives and outreach efforts to make quantum know-how extra accessible to a broader viewers. So I believe that having quantum accessible within the cloud can also be a really helpful technique.
And Quantum Basel has partnerships with IBM and IonQ and D Wave. So we offer this entry to {hardware} to the startups in order that they’ll check their applied sciences. Then sooner or later, there’s room for additional collaboration between quantum startups and established business gamers, to speed up the quantum adoption throughout numerous sections. We’re in Basel, which is a big pharma metropolis. We have now Novartis and Roche headquartered right here, you recognize, so having these companies perceive the necessity for quantum and, even when a few of their applications haven’t moved ahead up to now, it takes a unique method for positive.
Veronica Combs: I do know your work is concentrated on the Accelerator and the VC fund, however QAI Ventures is an element of a bigger imaginative and prescient for a greater future. Inform us about that.
Anca Albu: Our challenge is born out of an even bigger initiative. Initiated by an investor born and raised in Basel, he needed to create one thing that will be helpful sooner or later, 20, 30, 50 years from now to have our grandkids stay a superb life. So in fact, know-how is an enormous one. Sustainability is one other huge one. Range is one other huge one. What they did is that they invested greater than 500 million francs in shopping for this property and now they’re rebuilding every little thing and the constructing the place we’re in now and the place we could have the superior get together on April eighth.
It’s 100% sustainable, and we additionally produce the vitality that we can provide to 3 neighboring villages. So it’s all thought out. We have now the architects, they’ve our sustainability specialists on their staff, that every time they begin constructing, they have a look at every little thing that’s concerned, from cement to the crops on the roof and every little thing.
So we’ve got a small ecosystem right here that we’re attempting to challenge into the world. Like we actually need to construct a sustainable, various, and far more healthy future than what it appears to be like like proper now. Should you learn the information, it’s all doomsday, however we imagine, and we’ve got hope that it is going to be higher.
And we’re really actively attempting to construct that future. So yeah, and we even have IonQ that’s shifting on website and so they’re going to have a quantum laptop within the constructing. We have now the D Wave European HQ that’s shifting, they’re relocating to be right here. So it’s going to be a quantum hub.
Veronica Combs: Properly, thanks for all of your time, Anca. We’ll undoubtedly be watching out for the subsequent class of startups, April 8th. We’ll put up your contact data within the present notes. So anybody who needs to comply with up, can. Thanks a lot.
Anca Albu: Thanks very a lot.
Host Veronica Combs is a quantum tech editor, author and PR skilled. She manages public relations for quantum computing and tech purchasers as an account supervisor with HKA Advertising and marketing Communications, the #1 company in quantum tech PR. You will discover them on X, previously often known as Twitter, @HKA_PR. Veronica joined HKA from TechRepublic, the place she was a senior author. She has coated know-how, healthcare and enterprise technique for greater than 10 years. Should you’d prefer to be on the podcast your self, you may attain her on LinkedIn, Veronica Combs, or you may go to the HKA web site and share your suggestion through the Contact Us web page.
March 6, 2024
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