Stanford Seminar - Silicon Valley & The U.S. Government: In-Q-Tel’s Steve Bowsher

02 Apr 2024 (9 months ago)

Steve Jurvetson's Career and Advice

Steve Jurvetson co-founded Netlabs, which had notable venture capitalists on its board, and worked for several startups with varying outcomes.
He advises young venture capitalists to focus on the deals they make and ensure some are successful, rather than dwelling on missed opportunities.
Jurvetson emphasizes the importance of gaining operating experience in a relevant field before pursuing venture capitalism.

InQT, a non-profit organization created by the CIA, bridges the gap between innovation in startups and technical challenges faced by the agency.
It acts as an investor, establishing relationships with startups and providing funding, product influence, and opportunities to pilot products within government agencies.
InQT measures success through pilots, adoptions, and the qualitative impact of engagements.
It has expanded to work with multiple government agencies, invests internationally, and provides insights on geopolitical events and strategies of countries like China.
InQT's value lies in helping government-facing companies secure their first government customer and making them successful for future contracts.
InQT facilitated the entry of companies like Palantir and Anduril into the government market, securing initial contracts with agencies like the CIA, DIA, and NGA.

InAccel supports startups by providing investment and a work program to validate products and acquire initial customers.
It specializes in dual-use companies that can serve both commercial and government customers.
InAccel assists companies in understanding the government market, navigating procurement processes, and building federal sales teams.
Current focus areas include big data analytics, AI, cybersecurity, and hardware such as microelectronics and commercial satellites.

The US intelligence community and State Department are increasingly adopting commercial satellite technology.
Engaging with the commercial tech startup world is crucial to access talent and expertise in areas like autonomy, AI, cybersecurity, and sensor platforms.
Government spending is shifting towards commercial technology, presenting opportunities for students interested in the intersection of government, innovation, and technology.

Entrepreneurs should validate product ideas by talking to potential customers and understanding their needs before building anything.
Students should consider taking classes on lean startup methodologies to learn efficient product development and validation.
Aspiring venture capitalists should develop skills in evaluating teams, technology, and markets, as well as building relationships and networks.
Being the first to acquire customers and establish partnerships is crucial in a new venture.
Building relationships with classmates can be more valuable than academic achievements due to the network effect.
In the business world, having an opinion and making recommendations based on imperfect information is essential, even if it means embracing uncertainty.