On this week's episode of the DIB Innovators podcast, David speaks with Matt Shieh, Co-founder and CEO of Canopy Aerospace, to explore his journey to leading an innovative aerospace startup. Matt discusses the critical role of startup accelerators like UChicago's Polsky Center, Starburst, and Techstars in providing networking opportunities, investor introductions, and business model guidance.
He emphasizes the importance of understanding customer problems to develop effective solutions. Matt also shares strategies for balancing fundraising with company growth and highlights the innovative work Canopy Aerospace is doing in advanced manufacturing, offering valuable advice for aspiring entrepreneurs.
Topics discussed:
- How accelerator programs can help expand networks and refine business models.
- The importance of leveraging accelerators to meet investors, partners, and potential customers to build a strong foundation for the startup.
- The need to deeply understand customer issues to ensure the company is solving the right problems.
- Strategies for managing fundraising efforts while ensuring sustainable company growth in a competitive market.
- Using the lean startup approach to test and validate business ideas with minimal resources.
- The unique hurdles faced by startups in the aerospace industry, including regulatory requirements and high capital needs.
- The critical role of building a talented and cohesive team to drive the startup's success and navigate early-stage challenges.
- Developing a robust capital stack to fund the company's operations and growth initiatives effectively.
Guest Quotes:
“I was at a point in my career where I felt like everything I wanted to accomplish in the Air Force I was able to do. And I saw the longer-term path in that career there. And there was still a lot more in the private sector I wanted to accomplish. And part of that was starting a company that could really make an impact across national security and the overall industrial ecosystem.”
“Let me talk about the context of the industrial state we're in that I think a lot of people are familiar with. Now, these days there's a big generational shift happening in the world where the industrial sector needs to catch up, especially in the US. And what we're focused on is disrupting the manufacturing space in terms of transforming very advanced materials with a 3D printing additive manufacturing process as one of our core manufacturing capabilities.”
“Say it takes a hybrid manufacturing approach. Very hard to 3D print a part to spec. You have to do some initial post-3D printing, processing, machining, things like that. But we get pretty close on them and some of our parts are basically market and, I'd say, tolerance ready at that point. But yeah, there's still a lot of qualifications and it's a challenging environment to navigate through.”
“Talk to anyone and everyone you can, right, network, build a an incredible network that you can lean on and because you never know who you talk to can introduce you to another person that will lead to either you know a partnership, an investor or maybe a business partner or you know someone new that will join a team.”
Get in touch with Matt Shieh:
LinkedIn
Website
Email: matt@canopyaerospace.com
Get in touch with your host, David Graff:
LinkedIn
Listen to more episodes:
Apple
Spotify
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