Date recorded: May 22, 2023
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Hey friends 👋
Advances in science and technology have had a dramatic impact on the way we live. We've come a long way from the analogue days and now live in a largely digital world driven by several breakthroughs over the last 50 years, each feeding off the prior. From the personal computer to the internet to smart phones to web 2.0 to cloud computing to big data to blockchain… the list goes on. Each breakthrough has exponentially increased the rate of change.
We now have everything at our fingertips. We can Google anything, Uber anywhere, DoorDash anytime… you catch my drift. We live in a world where convenience trumps all. We're now in the midst of the next catalyst - Artificial Intelligence (AI). We're in for a rollercoaster.
Reflecting on the unicorns that have changed our daily lives, have you ever taken a step back and thought - how many of these startups are truly innovating? All of them have undoubtedly quenched our insatiable need for convenience, but how many are actually inventing? How many are challenging what's possible? How many are focused on making scientific breakthroughs that will improve mankind in the long-run, but don't have product-market fit in the short-term? Not as many as you think.
That’s what Swati Chaturvedi, Founder & CEO of Propel[x], noticed in 2014. From her work running the MIT Angel Investor group, she knew there were several underserved areas in technology overlooked by investors searching for the next unicorn. Deep Tech was one such category that caught her attention.
Deep tech is defined as companies founded on a scientific discovery or meaningful engineering innovation. They are trying to solve big issues that really impact the trajectory of the world. For example, a new medical device or technique to fight cancer, data analytics to help farmers grow more food, clean energy solution, autonomous vehicles, etc.
Seeing a gap in the market, Swati decided to start Propel[x]. The idea was to bring attention and direct capital to underserved deep tech startups that showed tremendous potential by giving accredited investors access to them. Propel[x] has since evolved to offering a curated, vetted set of investments across early, growth & late stage startups. They still primarily focus on deep tech, but have expanded to startups in other sectors and geographies. In 2022, they further expanded their offering to include hedge funds.
Propel[x] has managed to stand out by giving their customers access to startups led by top-tier VCs that are otherwise inaccessible. They’ve been able to use this to their advantage by bringing their customers highly sought after deals on a platter. Though Propel[x] gives access to startup and hedge fund investments at a minimum investment starting at $5,000, the average customer has invested $74,000 through their platform.
Swati seems to have done it all. She has multiple degrees from the best colleges in the world (Bachelors from the Indian Institute of Technology, M.S. from MIT and UC Berkley, and MBA from Sloan School of Management). She’s worked as a management consultant and an investment professional. She co-founded the MIT Alumni Angel investors group and she now runs Propel[x]. A poster child for any immigrant parent. However, when asked what advice she would give her younger self, she said:
“Be fearless!
One of the biggest things that holds us back is - What are your peers earning? What are your parents thinking? What are your friends thinking? All this really holds you back. If you stop caring about what other people want, if you reflect on what you want, if you pursue it with dedication and excellence, you will become great.
Give up the thoughts on going to this college or getting that fat paycheck because when you reach 40, you realize how futile it all was. However, to do this you have to have infinite belief in yourself. If you aren’t going to listen to anyone else you must have infinite belief in yourself and listen to yourself. Just do what you believe in!”
Here’s what you can expect in today’s episode:
Swati's journey starting Propel[x]
Overview of Propel[x] (vision, types of deals, due diligence process, expansion plans)
Swati's views on a future with AI
Swati's views on portfolio diversification
Challenges growing Propel[x]
Swati's advice to young investors and entrepreneurs
It was a truly informative discussion. I highly recommend checking it out. Enjoy!
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Swati Chaturvedi: Be fearless!