How I Raised It - The podcast where we interview startup founders who raised capital. · Foundersuite.com - software for raising capital

Ep. 298 How I Raised It with Noah Helman of Industrial Microbes

·49 min·3 clips

LS9 proved the technology could work, but the economics broke when feedstock rose and oil fell.

Nathan Beckert opens the show by framing it as a look at how real entrepreneurs and VCs raise capital for their businesses. Noah Hellman joins to discuss Industrial Microbes, a startup using fermentation technology to replace chemicals that traditionally come from oil. The conversation starts with early funding and the role of government support. It then moves into the process of raising venture capital from investors who understand science and industrial markets. Hellman explains that agencies often have specific mandates or goals, and that it helps to understand those before applying. He notes that reaching out to program managers can be useful before an application window opens. He also points out that once applications are officially open, direct contact usually stops. The discussion covers agencies such as the Department of Defense, the National Science Foundation, SBIR, DOE, ARPA-E, EPA, and the Army Research Lab. Hellman says Industrial Microbes has received funding from many of them. He emphasizes that grant size matters. He also says technology readiness level matters. The workload is not just the application itself. Administration and back-and-forth with government staff can take real effort. Even so, he describes the people on the government side as smart and supportive. The episode also looks at the downside of long delays. Founders may hear about an opportunity, apply, and wait a long time before funding arrives. Sometimes a second phase opens up later. That makes planning harder. The conversation then shifts to the business case for the technology. Hellman says the goal is to make materials with lower cost and higher performance. He argues that getting there will require new technology and more scaling. The episode closes on a practical note, with a request for support from listeners who care about those kinds of changes. It is a conversation that treats grant strategy and venture fundraising as part of the same path.

As heard by us

A close look at grants, investor fundraising, and the slow path to securing capital.

This episode follows Noah Hellman of Industrial Microbes as he talks through the work of funding a fermentation startup built to replace chemicals that usually come from oil.

Read the full review in PlayNext →

Why you'd press play

Hear how a fermentation startup pieced together government grants before chasing science and industrial VCs.

Read the full recommendation in PlayNext →

Listen to the show on

Apple Podcasts Spotify

Play clips from this episode More from How I Raised It - The podcast where we interview startup founders who raised capital.