Off Balance #47

👋🏾 Hi friends!

I’ve been out in Italy melting in the intense heat and humidity that has every space feel like an oven.

But whilst I’ve been here, I’ve been paying attention to what’s been happening in the UK and, whilst I shouldn’t have to say this, what’s going on is reprihensible. Whichever side of the political spectrum and whatever the reasons, hatred, violence and destruction are simply not the solution - especially in 2024 Britain.

Here’s what I wrote on LinkedIn

With further protests planned for London and elsewhere, I hope that if you and your families are in any of these areas, whatever your creed or colour, that you keep safe and let’s hope this devestation to communities across the UK comes to an end - and quickly.

I’m well underway writing about all the things I’ve learned from the last couple of decades as founder, CFO and CEO, so sign up for early access to Off Balance - The Book and feel free to share with anyone else you think might enjoy it 😄.

Now let’s get down to business…

In this weeks Off Balance:

🎙️ Fred Hoch, co-founder of TechNexus Venture Collective on Nothing Ventured
🚫 What not to do when you’re hiring in startup finance

𝗠𝗮𝗸𝗶𝗻𝗴 𝗰𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝘃𝗲𝗻𝘁𝘂𝗿𝗶𝗻𝗴 𝗹𝗲𝘀𝘀 𝗰𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲

On our most recent episode of Nothing Ventured, I talked to Fred Hoch, co-founder and general partner at TechNexus Venture Collaborative, a Chicago-based venture collaborative that bridges the gap between startups and Fortune 100/500 corporations.

Fred's career has taken him across the globe and back and with over 30 years of experience, he's been at the forefront of the tech industry, from the early days of the internet to the rise of SaaS.

At TechNexus, Fred has orchestrated 270 investments for major corporations, with an impressive 85% survival rate. As well as his work at TechNexus, he currently sits on the boards of numerous startups and the UIC School of Engineering, ChicagoNEXT, and SmartBet Charities.

Top Takeaways:

➡️ 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝗕𝗲𝘆𝗼𝗻𝗱 𝘁𝗵𝗲 𝗖𝗵𝗲𝗰𝗸: Fred emphasised the importance of corporations viewing startups as strategic investments rather than just financial ones. By building relationships and collaboration with startups, corporations can drive innovation and future growth in products and services.

➡️ 𝗘𝗺𝗯𝗿𝗮𝗰𝗶𝗻𝗴 𝗘𝘅𝘁𝗲𝗿𝗻𝗮𝗹 𝗥&𝗗: Fred highlighted the need for corporations to engage in external venturing to stay ahead in the rapidly changing market. By partnering with startups and investing in a diverse range of ventures, corporations can tap into new technologies and ideas that can drive their future success.

➡️ 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀 𝗢𝘃𝗲𝗿 𝗧𝗵𝗿𝗲𝗮𝘁𝘀: Fred shared a compelling example of how a recreational boatmaker shifted their perspective on electrification from a threat to an opportunity. By investing in innovative electric motors, the company transformed its product portfolio and embraced the future of boating technology.

They also talked about:

🏘️ Building communities and driving the evolution of Software as a Service.
🎭 Moving from the theatre of corporate innovation to investing beyond the cheque.
💸 Breaking out of the corporation to bring in entrepreneurial spirit.
🧮 Corporations that focus too much on ROI of corporate venturing are missing a trick.
🧾 How CFOs are the wrong people to champion innovation within a corporation.
🤑 VC has been broken for 40 years, is it heading back on track?
🔮 Ventures are opportunities, not threats for large corporations.
🤗 How to get corporations to understand the technology, see the future and embrace the technology.
？Can you actually be contrarian in todays world?

Listen on YouTube, Spotify, Apple or wherever you get your podcasts!

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(If you are trying to connect with me on LinkedIn, maybe read this post I wrote and make sure to start your request with “Off Balance” and, importantly, tell me why you’d like to connect 💪🏾)

Now let’s get into it.