Ep 82 - Valuation is a (Financial) Story, Here’s How to Get it Right, With Dan Gray

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 outcomesHow “SaaS bias” skews investor expectations and hurts deep tech founders raising their first roundThe single biggest fundraising mistake deep tech founders make,and how to fix it before it costs you equityHow to define milestones that de-risk your company and drive valuation up round after roundThe hidden logic behind dilution, and how to keep ownership while staying fundableWhat 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 believeThe investor’s portfolio math: how fund size, timing, and follow-on strategy affect your odds of getting fundedHow to spot “consensus capital” versus “non-consensus capital”, and why the difference could decide your futureThe truth about VC markups, management fees, and why exits don’t always drive investor behaviorThe “economic energy” test: how to articulate the total value your breakthrough can unlock for the worldThe one framing shift that turns founders from fund-seekers into informed customers of capitalHow to translate a visionary story into a credible financial model investors trustWhy financial literacy, not hype, is the real superpower for deep tech founders

Tony Shipley, chair of the nationally-recognized angel group Queen City Angels (QCA), joins Shubha Chakravarthy to demystify the rigorous process of due diligence from an investor's perspective.Drawing from his background as an engineer and a founder of QCA, Tony unpacks the structured, process-oriented framework that has enabled his group to achieve a "remarkably different" and lower failure rate in its investment funds.Check out Tony's thoughtful, time tested views on: Why rigorous due diligence is the single biggest driver of investor successThe key attributes every investor evaluates before writing a checkHow founders can turn diligence into a powerful discovery and learning processThe real reason uncoachable founders rarely get fundedHow to make “greed overcome fear” when pitching investorsWhat every deep tech and life sciences founder must prove before investors say yesThe two make-or-break deliverables that define fundable milestonesWhat investors really look for in your market sizing (and why your TAM might be irrelevant)The hidden art of building investor confidence through your sales strategyHow to build a moat that actually matters—across SaaS, life sciences, and advanced materialsWhy founders underestimate the due-diligence deep dive into team dynamicsCommon red flags on your cap table that kill deals before they startThe investor’s inside view on SAFE agreements—and why most angels won’t touch themThe one preparation habit that makes founders 10x more likely to get fundedand much more!

In this episode of Invisible Ink, molecular biologist and biotech entrepreneur Daisy Robinton, founder of Oviva Therapeutics, joins Shubha Chakravarthy to share her journey from academia to leading a women’s health startup.Daisy turned a personal encounter with gaps in female physiology knowledge—despite holding a PhD— into her mission to address ovarian function as a key driver of women’s healthspan, all the way to a successful exit in a tough funding and M&A environment.Check out this episode for her thoughtful and pragmatic insights on:How to transition successfully from a scientist to founderHow to tell if your biotech asset is ready for commercializationHow to balance science and business as a scientist-founderThe challenges of fundraising in biotech and how to set yourself up for successThe art of making science-business tradeoffs, and how to do it wellHow to convince skeptical male investors of the market opportunity in women's healthTested tips from the trenches for first time CEO'sWhy storytelling is a game changer, and how to do it well for any audienceThinking ahead: exit and post-exit realitiesTips to leverage your scientific training to translate into any domainand much more! 

In this episode of Invisible Ink, pricing strategist Joanne Smith, formerly an executive at DuPont and now a leading expert in value-based pricing, joins Shubha Chakravarthy to unpack the science and art of pricing for early-stage deep tech startups.Check out Joanne's real-world, battle-tested advice and smart, practical strategies, as well as her sharp insights on:The single biggest pricing pitfall tripping up technical founders, and how to overcome itHow to build courage and confidence in your pricingThe essence of value-based pricingHow to identify true value in a large customer organizationHow to quantify your product's value and ROIHow to identify value when your product has multiple use cases and applicationsThe one type of buyer you should avoid, and how to spot them in the wildSmart ways to handle price pushback from important customersHow to split value between you and your customerPractical and effective tips to overcome price objectionsHow to design effective pilots for risky technologies without sacrificing future pricing upside and much more!

In this episode of Invisible Ink, Dr. Maria Blehker—founder of Serendipity Capital and expert in behavioral science—joins Shubha Chakravarthy for a deep dive into how startups, particularly in deep tech and mental health, can succeed by blending scientific rigor with human insight and strategic funding.Check out this episode to hear her practical tips on how you can leverage research-driven insights from behavioral science to jumpstart progress with your startup as Maria shares her views on:Serendipity Impact VC's thesis and the market opportunity in mental healthThe emerging founder trends driving new healthcare startupsWhy behavioral science is your secret superpower to accelerate your startup's successHow to accelerate customer acceptance of your new product Simple steps to improve your sales success in selling an unproven product to a resistant marketThen one small reframe that can turn prospects from apathetic to enthusiasticHow to find critical flaws in your product without getting your soul crushedSmall but powerful ways to overcome stereotype bias that anyone can useSecrets to building strong investor relationships long before you need themand much more!

In this episode of Invisible Ink, Sharon Tal, co-creator of the Where to Play framework and co-author of the book by the same name, joins Shubha Chakravarthy to walk through how startups—especially in STEM and deep tech—can systematically discover and prioritize their best market opportunities.Sharon draws on over two decades of experience mentoring founders and academic research to explain why many startups fail due to poor market choices, not product issues. She presents the Market Opportunity Navigator as a structured, three-step tool to help founders avoid costly mistakes, identify high-potential opportunities, and maintain strategic agility.Tune in to hear Sharon's thoughtful and research-backed perspectives on:Why choosing the right market can make or break your startup.Big founder blind spots that can derail your startup before you even startA powerful new way to unlock unsuspected new market opportunitiesHow not to get blinded by your founder bias How to evaluate market opportunities, even for products that don't yet existWhy chasing the first customer who knocks might steer you off course — and what to do instead.The myth of "focus from day one" — and why exploration first leads to smarter decisions.How to prioritize markets without giving up your optionsHow to pick the right market when there are no easy answersHow to build agility into your startups - and signal flexibility to investors without losing focus How to be prepared to capitalize on the best opportunities regardless of where you startand much more!

In this episode of Invisible Ink, Eileen Tanghal, Co-founder and Managing Partner at Black Opal Ventures, joins Shubha Chakravarthy for a deep dive into how founders can better understand venture capital beyond just fundraising and what truly drives VC decision-making.Eileen reveals what founders often miss: that VCs are entrepreneurs too, managing their own businesses with investor expectations and partnership dynamics. She outlines how founders should think more like CEOs—understanding venture returns, fund dynamics, and how their startup fits into the investor’s portfolio strategy. Tune in for Eileen's insights on: How VC fundable opportunities are bornHow to get on the same page with a VC instantlyThe three layers of VC decision making most founders don't knowWhat drives the decision: inescapable VC math it pays for you to knowHow VCs really evaluate your financial modelInside tips on what makes your roadmaps credible to a VCHow TAM, SAM SOM play into a VC's funding decisionWhat VC's look for when assessing your milestonesThe real test of whether you have a great team, as a VC sees itHow to demonstrate credibility even if you've never built a startup or raised funding beforeThree top takeaways you can implement tomorrowand much more!

In this episode, Hanna Wu, co-founder and CEO of Amplify, joins Shubha Chakravarthy to share her journey building a customer-centric, digital life insurance platform focused on wealth accumulation.Tune in to listen to the inspiring journey that took Hanna from running her own financial planning firm to founding the company that has been dubbed a future unicorn by TRAC. Check out Hanna's insights on:What it takes to disrupt a legacy industryHow to take the simple but powerful steps to validate your market and demandHow to craft a killer value proposition in a competitive fieldHow to find the right customer segments to break into a tough businessHow to adapt product offers with changing demandThe secret formula to tackle market changes in any industry, and the one capability that you can't do withoutHow to prepare for unexpected changes in the fundraising market, and the surprising impacts you must be prepared to faceWhat it really means to hire an A-team, and how to ensure you're getting the best people on board for the long haulThe one type of investor you really can't do without, and why they matterRoad-tested tips to prepare yourself for the long-haul, especially if you want to have a life outside your startup.and much more!

In this episode, Ingrid Bonde Åkerlind joins Shubha Chakravarthy to unravel the complexities of pricing for early-stage startups, especially in the world of SaaS and “XaaS” business models.Tune in to hear Ingrid's reflections on her unexpected journey into pricing, starting from scratch in a C2C marketplace to making investment decisions with a venture capital firm. Ingrid shares powerful insights about price inertia, customer psychology, and how anchoring and framing play critical roles in both B2B and B2C contexts. Don't miss her practical and actionable insights on:Why pricing is often the orphan function in early-stage startups—and why it shouldn't be.The psychological biases that impact pricing—across both B2C and B2B markets.Why SaaS and XaaS pricing models are harder than they look.Key differences in pricing strategy for early-stage versus mature startups.How to use customer interviews for pricing research—even without hard data.Why pricing isn't just about the number, but about picking the right value metric.Best practices for testing different pricing models with early customers.Practical tips for reviewing and iterating on your pricing regularly.and much more!

In this episode, Elise Strobach, co-founder and CEO of AeroShield, joins Shubha Chakravarthy to share her journey from lab discovery to clean tech startup founder. Drawing on her experience as a mechanical engineering PhD at MIT, Elise discusses how a breakthrough in transparent silica aerogels evolved into a venture-backed company tackling one of the world’s biggest energy inefficiencies—heat loss through windows.Tune in to listen to Elise's thoughtful and actionable takes on:How the path to commercialization happens in the real worldThe big, unsuspected factor that can make your breakthrough marketableKey pivot points that drive commercialization impact in the research phase, and how to capitalize on themHow to do customer interviews the right wayThe surprising secret to making your innovation attractive in the commercial marketWhat big adverse events can teach you, and how to turn them to your advantageA killer strategy to optimize your grant outcomesHow to use grant applications to also build customer traction How to build your execution roadmap when dealing with uncertain funding outcomesA secret to overcome imposter syndromeand much more!