YoLa Fresh: Youssef Mamou shares how to get funded in 2024

Investment Climate Podcast: Fundraising Playbooks From Food Tech CEOs and VCs 

In this podcast series, co-produced by vegconomist, Alex Shandrovsky interviews investors about benchmarks for funding Alt Proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs. 

Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including alternative proteins and cellular agriculture leaders. His focus is on investor relations and post-raise scale for agrifood tech companies. 

Episode 10: YoLa Fresh: Youssef Mamou shares how to get funded in 2024

In this episode, Alex talks to Youssef Mamou, Founder and co-CEO of YoLa Fresh who are focusing on improving the life of smallholder farmers and traditional retailers, reducing the food wastage by building an efficient distribution sourcing network, and technology. Youssef Mamou's discussion reveals a deep understanding of both the challenges and strategies involved in scaling Yola Fresh and illustrating the importance of networking and building relationships with potential investors even before actively fundraising. 

Key Facts YoLa Fresh:

• Goal: To be Africa's largest fresh produce supply chain company that is solving one of the toughest problems in the world with technology.
• Recently raised $7 million in a pre-Series A round

Alex’ Top Findings:

1. Preparation Before Fundraising. Conduct thorough research and ensure your business model is validated before seeking investment. This preparation can significantly enhance your credibility with investors.
2. Initial Interactions. Meeting investors informally, such as during panel discussions, can lead to productive conversations and potential partnerships. This casual engagement often helps in establishing a rapport before formal fundraising efforts begin.
3. Choosing the Right Investors. Finding investors who align with your vision and business model is crucial. Youssef’s experience with VC funds and his ability to discuss the business in detail helped in attracting investors who were a good fit for Yola Fresh.
4. Building Trust and Credibility. Establishing credibility with banks and investors is crucial. Demonstrating that you can manage operations and build trust can lead to better financing opportunities.
5. Learning from Global Peers. Youssef emphasizes the value of learning from other entrepreneurs and startups globally. His visit to India and interactions with founders there provided valuable insights and inspiration for scaling Yola Fresh.
6. Scaling and Investment. Investors are keen on seeing proof that a business can operate effectively and scale. A proven business model with strong unit economics and growth metrics is key to attracting investors. Once you’ve demonstrated consistent growth and profitability, securing funding becomes more feasible. Initially, investors might question whether you can reliably secure both demand and supply. Demonstrating your ability to handle these factors through hands-on experience and successful operations can address this concern.
7. Managing Expectations. Fundraising can be a lengthy process, and managing expectations is key. Youssef’s approach involved being transparent about the business’s progress and addressing any concerns or objections from investors proactively.

MOA Foodtech: Jose Maria Elorza shares how to get funded in 2024

Investment Climate Podcast: Fundraising Playbooks From Food Tech CEOs and VCs 

In this podcast series, co-produced by vegconomist, Alex Shandrovsky interviews investors about benchmarks for funding Alt Proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs. 

Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including alternative proteins and cellular agriculture leaders. His focus is on investor relations and post-raise scale for agrifood tech companies. 

Episode 10: MOA Foodtech: Jose Maria Elorza shares how to get funded in 2024

In this episode, Alex talks to Jose Maria, Co-Founder of MOA Foodtech who upcycle byproducts from the food industry to elaborate high value ingredients and sell back to food producers to elaborate different types of products, helping the society to eat healthier and to move forward into a more sustainable world. Jose Maria provided an insightful discussion on the process of raising funds and the importance of being prepared for due diligence.

Key Facts MOA Foodtech:

• Goal: To establish a new industry of sustainable food that solves growing global food demands without the need for arable land.
• Raised nearly 5 million in equity and over 2 million in grants.
• Last round closed in June 2024.
• ICOS Capital as lead investor

Alex’ Top Findings:

1. Maintain Conversation. MOA fundraising strategy involves maintaining continuous conversations with potential investors, even when not actively seeking funds, which helped them secure their most recent round in June 2024.He emphasized the importance of constantly engaging with potential investors, even if the timing isn’t right. 
2. Well-organized Data Room. Jose Maria emphasized the importance of a well-organized data room for due diligence, which in their case included legal documents, financial audits, projections, patents, and IP strategies. The data room was kept on accessible platforms like Google Drive or OneDrive, which is common among startups.
3. Human Due Diligence. A unique aspect of their due diligence involved psychological profiling of the founders to assess how well they work together. This process included meetings, individual assessments, and a final report that was shared with investors.
4. Copyright Registration. Jose also shared that MOA protected their proprietary algorithm by registering it with the U.S. Copyright Office, allowing them to safeguard their innovation without fully disclosing it publicly, unlike a patent.
5. Importance of Preparedness. In advising other startups, he highlighted the importance of having a clear IP strategy and being able to demonstrate that all aspects of the business, from legal to financial to technological, are being carefully managed. This level of preparedness not only speeds up the due diligence process but also instills confidence in potential investors.

Niqo Robotics: Jaisimha Rao shares how to get funded in 2024

Investment Climate Podcast: Fundraising Playbooks From Food Tech CEOs and VCs 

In this podcast series, co-produced by vegconomist, Alex Shandrovsky interviews investors about benchmarks for funding Alt Proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs. 

Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including alternative proteins and cellular agriculture leaders. His focus is on investor relations and post-raise scale for agrifood tech companies. 

Episode 09: Niqo Robotics: Jaisimha Rao shares how to get funded in 2024

In this episode, Alex talks to Jaisimha Rao, founder and CEO of Niqo Robotics which is a robotics solutions pioneer that is poised to lead a sustainable Agricultural Revolution in India through AI powered agricultural robots. Having recently raised $21 million with the latest $13 million round closed in March 2024, Jaisimha highlights how Niqo Robotics secured funding from venture capitalists and how a million dollar convertible note became a 5 million lead check.

Key Facts Niqo Robotics:

• Goal: To revolutionize crop care spraying in agriculture through their flagship AI powered Spot Spray Technology made possible by a proprietary agriculture camera.
• Recently raised $21 million with the latest $13 million round closed in March 2024.
• Fulcrum Global Ventures and Bidra Innovation Ventures as lead investors.

Alex’ Top Findings:

1. Building Strong Relationships. Utilizing a network to get introductions to key investors is essential. By leveraging connections and attending industry events, Niqo Robotics was able to get in front of the right people who could fund their vision. Spending time building relationships with potential investors, ensuring that they were not only selling the idea but also creating a connection based on trust and mutual goals helped a lot. This relationship-building was crucial in securing the lead investors.
2. Role of Convertible Notes. The use of convertible notes played a crucial role in Niqo Robotics' early fundraising strategy. They provided flexibility, attracted early investors with favorable terms, simplified the legal process, and helped the company reach important milestones without immediate dilution of equity. This approach not only secured initial funding but also positioned Niqo Robotics for successful larger rounds in the future.
3. Proven Traction. Before approaching VCs, Niqo Robotics had already demonstrated traction. They had working prototypes and initial customer feedback, which provided evidence of market demand and the feasibility of their technology highlighting how their robots could revolutionize sustainable farming practices. The unique value proposition and potential for disruption in the agriculture sector were key factors in attracting VC interest.
4. Compelling Pitch. The pitch to VCs was well-prepared, focusing on the market opportunity, technological innovation, and the team’s capability to execute the plan. Emphasize the scalability of the business and the potential for significant returns on investment.
5. Clear Use of Funds. Niqo Robotics clearly outlined how the funds would be used to achieve key milestones. This included expanding the team, scaling production, and accelerating go-to-market strategies. This clear roadmap helped VCs see the potential impact of their investment.

Nutrumami: Frederik Jensen shares how to get funded in 2024

Investment Climate Podcast: Fundraising Playbooks From Food Tech CEOs and VCs 

In this podcast series, co-produced by vegconomist, Alex Shandrovsky interviews investors about benchmarks for funding Alt Proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs. 

Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including alternative proteins and cellular agriculture leaders. His focus is on investor relations and post-raise scale for agrifood tech companies. 

Episode 08: Nutrumami: Frederik Jensen shares how to get funded in 2024

In this episode, Alex talks to Frederik Jensen,  founder and CEO of Nutramami who create multifunctional plant proteins to impact better taste, texture and nutrition through synergistic cross fermentation. Having recently raised €475k, Frederik highlights the importance of adaptability, relationship-building, and strategic pivots in the startup landscape and how their focus on execution and leveraging existing manufacturing infrastructure positions them well for growth in the competitive plant-based ingredient market.

Key Facts Nutrumami:

• Goal: To create multi-functional plant proteins to impact taste, texture, and nutrition.
• Recently raised €475k
• Cost Capital and Planetary Impact Ventures as lead investors

Alex’ Top Findings:

1. Engaging in Continuous Conversations. One of the most beneficial strategies Nutramami employed was having a multitude of conversations. Each interaction with potential investors, partners, or stakeholders provided valuable feedback and insights, allowing them to refine their pitch, strategy, and business model iteratively. It was akin to running multiple tests where each test's outcome informed the next steps, ensuring we continuously evolved and improved.
2. Building Strong Relationships. Another correct move was focusing on building and nurturing relationships. Instead of viewing each meeting as a mere transaction, Nutramami aimed to foster deeper connections. This approach not only facilitated introductions to key players like Cost Capital but also established a network of advocates and supporters who believed in our mission and were willing to help us succeed.
3. Path to Market and Profitability. Avoiding complex regulatory pathways can speed up market entry and reduce costs. Nutramami benefited from not requiring regulatory approval for their plant protein. Utilizing existing manufacturing capabilities with a contract manufacturer, Nutramami aims for a faster path to market and profitability. The focus is on execution and market entry rather than extensive patenting, though they hold some patents.
4. Preparedness and Strategy. Having a robust business plan, prototype, and team were essential for the pre-seed round. Every conversation and meeting is an opportunity to learn and refine the business strategy. Early feedback and testing are critical for progress.
5. Identifying Market Gaps. Nutramami's founders leveraged their deep understanding of product formulation and market needs to identify gaps in the plant-based ingredient market. They focused on creating a new category of ingredients that offer a better starting foundation for product development.

Solvable Syndicate: Steve Simitzis shares how to get funded in 2024

Investment Climate Podcast: Fundraising Playbooks From Food Tech CEOs and VCs 

In this podcast series, co-produced by vegconomist, Alex Shandrovsky interviews investors about benchmarks for funding Alt Proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs. 

Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including alternative proteins and cellular agriculture leaders. His focus is on investor relations and post-raise scale for agrifood tech companies. 

Episode 07: Solvable Syndicate: Steve Simitzis shares how to get funded in 2024

In this episode, Alex talks to Steve Simitzis, Partner of Solvable Syndicate who invest in early stage food tech startups from pre seed to Series A with focus on companies promoting human and planetary health. Steve explains the benefits of syndicates for both founders and angels, shares insights into the current state and future of food tech, and offers advice for founders on effective fundraising and navigating challenges in the startup ecosystem.. 

Key Facts Solvable Syndicate:

• Goal: To invest in early-stage FoodTech and AgTech startups that advance a sustainable, nourishing food system.
• Check Size: $100K to $200K

Alex’ Top Findings:

1. Effective Fundraising Materials. Founders need to have compelling pitch decks and data rooms to attract investors. Providing straightforward advice on the investability of startups, while encouraging alternative paths if traditional VC funding is not viable. Founders need to keep working on their vision, possibly through other revenue channels or partnerships, even if immediate VC funding is not available,
2. Market Positioning. Founders must market their startups effectively to potential investors, emphasizing the potential impact on climate, land use, and water resources, as well as demonstrating strong business fundamentals.
3. Business Viability. Founders must find ways to generate revenue, lean down operations, or explore partnerships to sustain their startups, especially when facing difficulties in raising funds. Determining whether it’s the right time to continue pursuing the startup or pivot to other opportunities is a critical decision that founders must make, often with limited guidance..
4. Syndicate Advantage for Angels. Reduces the burden of due diligence and deal sourcing. Offers access to curated and vetted investment opportunities. Allows for collaborative investment without the need for individual negotiation.
5. Syndicate Advantage for Founders. Simplifies the cap table by aggregating multiple small investments into a single entity. Provides structured, vetted deal flow, increasing chances of securing funding. Helps in managing and coordinating smaller investments effectively, avoiding logistical issues.

Cultivated Biosciences: Tomas Turner shares how to get funded in 2024

Investment Climate Podcast: Fundraising Playbooks From Food Tech CEOs and VCs 

In this podcast series, co-produced by vegconomist, Alex Shandrovsky interviews investors about benchmarks for funding Alt Proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs. 

Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including alternative proteins and cellular agriculture leaders. His focus is on investor relations and post-raise scale for agrifood tech companies. 

Episode 06: Cultivated Biosciences: Tomas Turner shares how to get funded in 2024

In this episode, Alex talks to Tomas, CEO & Co-Founder of Cultivated Biosciences who have raised over $6 million, primarily through equity rounds, with a recent $5 million closed in January. Cultivated Biosciences focused on creating creamy emulsions from yeast-grown fats as a B2B ingredient for dairy-free alternatives. Tomas talks about how the preparation, fundraising process and strategy their team did to achieve the goal. 

Key Facts Cultivated Biosciences:

• Goal: To solve the problem of texture and functionality in dairy free alternatives
• Raised a total of $6M USD
• Navos Ventures and Van der Lely family as lead investors

Alex’ Top Findings:

1. Fundraising Preparation. Assembling a detailed pitch deck and structured data room is crucial. Include all achievements to date. Engage previous round lead investors for advice and preparation. Organize potential investor outreach through warming introductions and detailed data room access.
2. Data Room Strategy. Use a Google Drive organizing the data room. Maintain a three-step access approach: initial slide deck, non-confidential data room, and NDA-protected detailed information. Follow a template that includes sections on technology, team, commercial, financials, and legal aspects.
3. Identifying and Approaching Investors. Target investors with a history in AgriFood tech, especially those focused on seed-stage investments in Europe. Expand outreach to hardware and general seed investors, both regionally and globally. Utilize CRM tools like Notion to track and manage investor interactions and introductions.
4. Challenges and Learning Points. Regulatory process and commercial traction were recurring due diligence questions. Be selective with sample distribution to avoid overburdening the R&D team. Delay sample sharing until later stages of due diligence.
5. Final Reflections. Long-term industrial views from investors are so important. Balance production and R&D efforts during fundraising. Leverage industry connections and data for successful fundraising. Founders need to understand investor cycles and returns expectations.

Sustainable Food Ventures: Mariliis Holm shares how to get funded in 2024

Investment Climate Podcast: Fundraising Playbooks From Food Tech CEOs and VCs 

In this podcast series, co-produced by vegconomist, Alex Shandrovsky interviews investors about benchmarks for funding Alt Proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs. 

Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including alternative proteins and cellular agriculture leaders. His focus is on investor relations and post-raise scale for agrifood tech companies. 

Episode 04: Sustainable Food Ventures: Mariliis Holm shares how to get funded in 2024

In this episode, Alex talks to Mariliis, Co-Founder and Partner of Sustainable Food Ventures who backs early-stage founders building leading food companies that are cell-based, plant-based and fermentation. Mariliis talked about their investment process and how possible it is for investors out there to make a call within two meetings with the right team and market size insights presented by the founders.

Key Facts AgFunder:

• Goal: To support founders developing sustainable food products and scaling profitable companies in the global $12 Trillion food and grocery retail market.
• Invested in 59 companies.
• Deployed $4M

Alex’ Top Findings:

1. Outreach Strategies. One of the things that has been pretty fruitful specifically for Sustainable Food Ventures is applying through the website. The other one is great warm introductions for people who are either from fellow investors or fellow founders. Last but not least, LinkedIn is also a place that just cold reaching out can work really well.
2. Investors Insight. Investors are here to provide not just funding but also guidance, support, and a network of resources to help them succeed. They are looking for a founder with the willingness to learn and adapt, have an understanding of the market and problem being solved, and a clear vision for the future.
3. Going through Due Diligence. Investors out there can make a call within two meetings especially with the right emphasis on team, market potential, and personal intuition about the founder's passion and capability. Sometimes, investors would base it on the founder’s  insights and attitude during the call rather than on pitch decks solely.
4. Importance of Understanding Venture Capital. It is essential for founders to know if their company is venture-backable or if venture capital actually makes sense for them. Founders should understand venture basics, ideally through resources like "Venture Deals" by Brad Feld and Jason Mendelsohn. Recognizing if your venture is suitable for venture capital is so important.
5. Advice for Founders. Always note that passion, perseverance, and a clear understanding of the venture process are critical. Ensure readiness for the complexities and accelerated growth expectations of venture funding. It's not just about the money or the immediate returns. It's about creating something meaningful and lasting, something that can change the world. The road to building a successful company is long and fraught with challenges, but with the right team, vision, and support, anything is possible.

AgFunder: Rob Leclerc shares how to get funded in 2024

Investment Climate Podcast: Fundraising Playbooks From Food Tech CEOs and VCs 

In this podcast series, co-produced by vegconomist, Alex Shandrovsky interviews investors about benchmarks for funding Alt Proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs. 

Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including alternative proteins and cellular agriculture leaders. His focus is on investor relations and post-raise scale for agrifood tech companies. 

Episode 04: AgFunder: Rob Leclerc shares how to get funded in 2024

In this episode, Alex talks to Rob, Founding Partner of AgFunder who have about $200 million assets under management. Rob talks about how investors are looking into companies nowadays and their expectations. He also discussed how the market shifting, sectoral challenges and founders roles affects the fundraising process in this current investment climate.

Key Facts AgFunder:

• Goal: AgFunder invests in early stage food tech and ag tech seed to series A companies.
• $200 million company assets.

Alex’ Top Findings:

1. Market Shifting. There comes a saying nowadays that if you don't have the margins of tech, you're not tech. Tech valuations are not given anymore, not like from 2021. Record high food tech IPOs have crashed and cheap interest-free money has become very expensive.
2. Alternative Protein Situation. Early on in the alternative protein days, there was an assumption that food was going to be technology, which means it was going to have gross margins and technology-like growth rates. The input costs are generally higher and the end products tend to be of premium products. 
3. Cost Challenges. Cost is one of the biggest drivers, but you have taste, texture, convenience, and health. Unfortunately, no company is kind of meeting and beating on all those categories. There's a small handful of companies that are able to compete on cost in certain categories in certain areas but there's still probably some compromise on taste or texture.
4. Distribution Difficulties. You have tons of gatekeepers, whether it's in food service or retail. Distribution now is extremely difficult as people are sort of not willing to try products. 
5. Venture Capital Expectation. They are looking to have 10x return on their investments. It's harder than ever to get the attention of your ideal customer investors. Getting a 10x return from a seed round is very difficult. Companies should take the money and if you cannot build a profitable company with the money that you've got, you are probably not going to make it. When you've raised 25 million, 15 million for series A, and you need another one to two funding rounds before you even think you will get to profitability with your optimistic, distribution and sales goals.
6. Company Strategy. Great companies are drowning in the noise of AI written emails, LinkedIn automation bots, and email sequences. Typically founders have spent hours looking through LinkedIn  connections or share lists of hundreds of names of their investors to ask for interest. The process is time intensive and often really ineffective. Warm outreach allows you to easily map actual warm connections of your investors and team members by seeing beyond just the LinkedIn connection. 
7. Founders/CEOs Role. A product focused CEO and narrative driven CEO would attract capital. Investors want to see incredible execution. They want to see evidence that the CEO can manage every nickel in that company like it was their last, and has a plan of profitability.

Bluu Seafood: Fabian Friede shares how to get funded in 2024

Investment Climate Podcast: Fundraising Playbooks From Food Tech CEOs and VCs 

In this podcast series, co-produced by vegconomist, Alex Shandrovsky interviews investors about benchmarks for funding Alt Proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs. 

Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including alternative proteins and cellular agriculture leaders. His focus is on investor relations and post-raise scale for agrifood tech companies. 

Episode 03: Bluu Seafood: Fabian Friede shares how to get funded in 2024

In this episode, Alex talks to Fabian, co-CEO of Bluu Seafood who joined the startup industry in 2010 and worked with investors on a lot of different digital businesses around the globe. He talks about the expectations in raising a fund both in the investors and companies aspect and how the importance of the two-steps closing have played in their recent fundraising.

Key Facts Bluu Seafood

• Goal: Bluu Seafood is a cultivated seafood company, and the goal is to provide people with healthy seafood products without destroying our planet.
• Raised 20+ Million 
• Investors include Meta Ray Ventures, Leather VC, Sparkfood.

Alex’ Top Findings:

1.  Challenges: Alternative protein as an industry is suffering from investor fatigue due to several different topics; overall slower progress than maybe promised or at least anticipated, high CapEx needs, and poor performance of public markets.
2. Length of Fundraise: Bluu Seafood's recent round took about nine months, significantly longer than anticipated, highlighting the increased difficulty in securing funds and actually had to split it into two closings that are five months apart. Two-step closings become more common now. 
3. Two-step closings: when you have your investment agreement, create already shares that you can then give out to new investors that come on board on the second closing. If you give out a thousand new shares, you might create a capital reserve for another thousand. So you can actually collect the same sum again in the second closing, which is then done to the same condition, same valuation. So basically, you're closing the round to get capital in the bank, but allow for more time to get more investors on board. If the investor doesn't have any bandwidth to deal with you at the moment and you don't want to lose them, you might leave that door open via a second closing.
4. Perspective on Lead Investors: Lead investors play an important role by committing the most capital, conducting due diligence, and giving confidence in smaller investors to join the round. It can definitely streamline the process and attract additional investors. The due diligence is mainly done by the lead investor. So once the lead investor commits so much capital, it is the vote of confidence.
5. Effective Introductions: During the outreach, founders should give a list of potential co-investors and pre-written introduction emails for current investors to facilitate easier warm intros.
6. Interpreting "Too Early" Feedback: When investors say that it is "too early," it may be a polite way of declining without burning bridges. Founders should seek genuine feedback for improvement.
7. Cell-Based Space: Elements concerning cell based space include high CapEx and low margin products. As an investor, the need to evaluate what is the opportunity and what is the track is necessary. Scaling for example, you need to bring down the production cost, experience for the product and how it differs with the traditional product.

Robert Boer-Director at Blue Horizon Corporation

Seed Check Size: $50K-$500K
Preseed-Growth

Main Takeaways From Conversation: 

• VC will answer to Cold Outreach, but do your homework first. It has to be relevant to the Thesis. Don't Ask To Fund A Fish Farm if the VC Thesis is reducing Animal cruelty. 
• Qualify the VC: 9/10 times, the founder asks no questions of the VC. What kind of board role do they want, how will they offer value, do you lead or follow, what is the check size, how far are you in the fund size- Ask questions to qualify if the VC is a fit. 
• Make sure you leave 3-5 minutes at the end of the meeting to agree on the next steps and clarify anything that is unclear. What are their next steps? How long does the process take? Are you interested in moving forward? 
• When should a founder shut it down? Having advisors who give you real feedback is crucial. It is another sign that it does not work with angels or family. If you are impact driven, you can take another model not funded by VC. Redefine how you can get to your ultimate goal. '
• 2024- The Year Of M&A: Look to merge with another company that is congruent with your mission and fills in each other gaps. Position your fundraising with the opportunity of buying another company's assets or IP. 
• Speak to corporate gatekeepers: If your final user is accessed through corporates like distributors or large companies- speak with those companies early to validate your assumptions. 

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