30 Years of Give First: Celebrating Hutchison's Legacy in the Triangle Startup Ecosystem

Speaker A: Ultimately, it takes a special group to work with innovators and entrepreneurs. Uh, you have to have the heart. And so I would say the biggest thing from the Hutchison team is that you all have folks that care. They have the heart. They're willing to meet with our early stage founders as they're trying to figure out life and figure out their new science and technology. It's a lot.

Speaker B: All right, we are ready for another exciting episode of the Founder Shares podcast. Tonight we are recording live at the Hutchinson 30th anniversary party. We're here at the Angus Barn, out at their beautiful pavilion. Going to be a wonderful night with partners and old colleagues sharing stories about where we've been for the last 30 years and where we're going. Come on inside, check it out. Well, Andrea Cook, thanks for coming along.

Speaker C: Thanks for having me.

Speaker B: So what brings you out tonight to the Hutch 30th anniversary party?

Speaker C: Well, I wouldn't miss this party. Um, it's actually really meaningful for me to be here tonight. Um, I was part of the Hutchison story years 10 through 12, so I previously worked at the firm, um, in marketing. So I m actually planned the 10th anniversary party.

Speaker B: There you go. Okay.

Speaker C: Um, to kind of be here tonight, I'm like, wow, has it been that long?

Speaker B: So how are we doing so far?

Speaker C: So far so good.

Speaker D: Yes.

Speaker C: A lot more. Probably a lot more folks that you've impacted in the community since then.

Speaker B: So what has the firm just generally meant to you? I mean, it sounds like you were part of the firm and now you've seen it grow kind of after you left.

Speaker C: From the inside and outside perspective. Just, um, Hutchinson's really been a pillar in the community. Um, you know, I'm at NC Idea and we're all about the ecosystem and um, we really like look to individuals and organizations that, you know, ecosystem building is a long, long game. And so, um, Hutchinson has really been foundational in that we've been around for 30 years. Really kind of been the start of the ecosystem, I think here, um, locally. But then, you know, has, have grown that outside and across the state and even beyond.

Speaker B: So, um, now is there any one way or like story that you could share that about how Hutchison's been involved with NC Idea and kind of.

Speaker C: Oh yeah, I mean, well, actually Fred was a, uh, founding board member of NC idea. So we're 20 years old as of last year, so you've got 10 on us. But, um, Fred was part, uh, of the founding board of NC Idea. And then over the years, um, various Attorneys and partners in your firm have been there to support our founders. Um, both. We've kind of made introductions both to you all, and you all have made introductions to us, to entrepreneurs.

Speaker E: So it's.

Speaker C: Our stories have been weaved together throughout the years in terms of just supporting founders, advocating for them. Hutchinson's been such a huge champion of the entrepreneurial ecosystem here. And so, yeah, like I said, our paths cross all the time.

Speaker B: They really do. And it's just really kind of exciting to see not only how Hutchinson's grown, but how NCIB has grown and how together, we're kind of continuing to serve the ecosystem.

Speaker C: Exactly, exactly. So, and hopefully we'll continue to do it for many years to come. But, yeah, it's been a privilege to work alongside, you know, folks that really do, um, see it as important work.

Speaker B: Well, that was going to be my next question for you. If we're here 30 years from now and we're talking about how the last 30 years have been, like, what would you hope Hutchinson has done? What's that? Involvement with ncid?

Speaker C: I hope we just continue to do what we're doing and just, um, impact even more folks. I think that, um, having each other to work alongside each other and partnering one another, um, really does kind of make the founders and entrepreneurs stronger here in the area.

Speaker B: Well, that's fantastic. Well, Andrea, thanks so much for coming out and sharing the night with us. I appreciate you coming on.

Speaker C: Happy 30th anniversary.

Speaker F: Thank you so much. Thank you.

Speaker G: So I'm Pablo Casalimas. I'm the co founder and managing partner at 161 Ventures, and excited to be here in Raleigh with the Hutch Law team.

Speaker B: I'm so excited that you're here.

Speaker G: Congrats on 30 years.

Speaker B: Thank you so much. So tell me a little bit about what brings you out to the Hutch 30th anniversary party.

Speaker G: Yeah, absolutely. So we started in, in Gainesville at University of Florida, you know, hosting events for founders. And Hutch Long was actually one of our first supporters. And, uh, now, you know, in the past year, we've done 75 events in 13 cities, had over 10,000 founders attend. But can never forget the people that supported us from day one. So I haven't been to rally in a long time and excited to be out here.

Speaker B: Well, I appreciate it, man. It just means a lot that you came all the way up from Gainesville here to celebrate with us tonight, so.

Speaker G: Absolutely.

Speaker B: When you think about Hutchinson, I guess, what is it that comes to your mind? Or, like, what is it about the fir.

Speaker H: Yeah.

Speaker G: What I think about is an entrepreneurial law firm that likes to support founders from day one and has a similar DNA to the founders.

Speaker B: I think that's what I would say.

Speaker I: Yeah.

Speaker B: Well, tell us a little bit, kind of. Because I know we've worked together a lot. We've kind of had an opportunity to be at your events, which are always amazing. Thank you. So tell me a little bit more about kind of that interaction and how a firm like Hutchinson can support 161 Ventures and then. And how we can work together.

Speaker G: Absolutely. Yeah. So I think, um, you know, it starts from the beginning, right? So like, the first program that we ever hosted at University of Florida was the startup launch competition. And out of that program, we actually, you know, years later ended up getting a company called nolify that we invested in Pre Y Combinator, and they're crushing it now. So, you know, to have a group like Hutchinson be able to support us, sponsor, and then, you know, give legal advice and mentorship.

Speaker B: Mhm.

Speaker G: To some of these startups that are just starting out, I think is really critical, especially because a lot of these founders are navigating their first fundraise and, you know, seeing a document in a term sheet for the first time and don't really know the first thing about it, so.

Speaker B: Well, I mean, that's the thing. You got to find that partner who's like, been through it before. Right. Who's like seen this rep over and

Speaker D: over and over again.

Speaker G: Right, exactly. Yeah. You guys are veterans in the industry and you guys really align with the entrepreneurs. You know, having these packages that are very reasonable and like, being able to work with the founders as they continue

Speaker B: to grow and scale. Yeah, well, I appreciate that, man. I'm, um, I'm just envisioning us here 30 years from now as we come back to the 60th anniversary. That's maybe the 20th. All right, we'll get the nice round 50th anniversary. What do you hope for both HUTCHINSON and for 161 at the 50th anniversary?

Speaker G: Yeah, I think in 20 years I could see 161 being one of the premier pre seed venture capital firms in the country, maybe the world. And, uh, I see Hutch Law as being one of the top partners to early stage founders that are building across

Speaker B: the world as well. Yeah, well, I look forward to that. I look forward to seeing your growth and I look forward to come along the way as we do it.

Speaker G: Absolutely, yeah. And you know, I think a good way to wrap this up Is, uh, when we were students at UF and we first started hosting events, we would always end with this quote that we still say to this day, which is, if you want to go far, go to. If you want to go fast, go alone. If you want to go far, go together. So excited to keep building with you

Speaker B: guys, and I love it. I look forward to going together.

Speaker G: Absolutely.

Speaker B: Thank you so much. Thanks for having me.

Speaker J: Hey, I'm Carl Rectanis. I was the founder of Learn Platform, which exited in 2022, and I'm now the CEO of Really Great reading.

Speaker B: Well, it's a pleasure for me to be back with Carl Roktanis.

Speaker J: Carl, good to see you.

Speaker B: Trevor, not only is it fun to always talk to you, but you were also the pleasure of being the very first guest ever on the foundershares podcast.

Speaker J: That's right. I was.

Speaker K: It is.

Speaker B: So here we are.

Speaker J: What a fun time. And in fact, I've had, uh, people tell me how, you know, when we were either recruiting people or, um, I've done interviews, they said, oh, I watched a podcast or, you know, saw a little bit about your story, and they would bring up things that came up on.

Speaker B: That's amazing.

Speaker G: I love that.

Speaker B: It, like, it's out there.

Speaker J: So thanks for your help.

Speaker K: Yeah.

Speaker B: Well, tell me a little bit about how you first came to start working with Hutchinson.

Speaker J: You know, um, actually, I, um, moved back to North Carolina in 07.

Speaker H: Okay.

Speaker J: Um, I had been, uh, I went to Chapel Hill. I left for a decade. I moved to Japan, Australia, dc, California, lived through the DOT bomb stuff, um, and was coming back. And when I landed, um, I sat down with an old family friend named Fred Hutchison, um, and said, you know, I'm back from California. I'm thinking about what, um, I want to do next. And, uh, we're thinking about starting something or. But I'd like to know what's going on. And he immediately, right there at the coffee at the time, it was a BlackBerry pulled out and said, call these people, Call this person, call these people. Ced, you know, uh, Kaplan, dj, Cam, Beer. And I was immediately reconnected. And, um, that sort of give first mentality was so viable that the second, um, that we founded Learn Platform, which was originally called Learn Trials, um, we said, we're going to use lawyers, and we knew exactly who to call.

Speaker B: Well, that's fantastic. I mean, and I love that, that give first, because that really has been the ethos of Fred. And I think everybody who has come to work at Hutchinson, that's just integrated down into it.

Speaker J: It's so clear, you know, leadership matters. And all of us, whether we're entrepreneurs or service providers or investors, you know, you can tell a lot about leadership by the way the rest of the organization works. And so I knew that, like, you know, working with Justin, working with Anna, working with you, um, and others across the team. I've always seen that every time I've engaged with a team, it's had that ethos, um, that makes it, you know, founder friendly, um, and focused on getting stuff done.

Speaker B: Well, I mean, maybe share about that a little bit, because I know you had a successful exit. Is there a way that that firm helped you out with that? Is there, like, a story you can share with that?

Speaker J: That, you know, what I love, and I don't know if it needs to be on camera or not, uh, but, you know, there are always all sorts of challenges as an entrepreneur, as you're growing at high scale. And, you know, there's stuff you predict. You know, going through a sales process is guaranteed to be pain and suffering. Like, you're gonna have that. So you want to have people in the foxhole with you who you trust and you care about and, you know, feel like they have their back and every step along the way. But there's also going to be things like personnel issues or, um, you know, crazy lawsuits that you don't see coming that, you know, you're not always going to know how to handle. Um, but what I deeply appreciated is the ability to, you know, have a frank conversation and say, hey, you know, with all the context that Hutchison has, you know, how challenging or how worried about this should I be, you know, having real talk to say, hey, okay, I get what's the letter of the law? But also, like, what are we really trying? What's the calculus here? And I've always gotten straight answers, you know, usually in under six or 15 minutes, which has been great, too.

Speaker B: That's very helpful.

Speaker J: Yeah.

Speaker I: Yeah.

Speaker B: So what's next for you? I mean, what are you up to these days?

Speaker J: You know, I have, uh, I've recently taken on a new mission, uh, to change the trajectory of literacy in the U.S. no small task. Yeah. Well, you know, two thirds of our kids cannot read at grade level right now.

Speaker F: Right.

Speaker J: Um, but, um, that's not because of learning science. We know exactly how to teach kids how to read at scale. But I do think there's a market failure. And so taking some of the experience that I brought from learn, um, and applying that into the education sphere with a PE back Company that is ready to grow. And, uh, we're doing a little bit of an update, transforming the team. We raised some money and, uh, it's time to go solve some problems.

Speaker B: I love it. Well, I look forward to seeing what happens with that. I got one more question for you.

Speaker J: Yeah.

Speaker B: You know, for the next 30 years, what's one aspect of Hutch that if we're standing here 30 years from now that you'd be like, I hope that hasn't been lost. What is it that we gotta maintain for the next, for the future?

Speaker J: Oh, the humanity. Just the empathy of understanding what, you know, the folks you work with are going through. I've always felt that I could, you know, again, have that. You know, in Japan, they call it honey, the, like the, uh, you know, there's what you do at work and how you're supposed to talk and how to be respectful. But HONE is, um, is real talk.

Speaker H: It's your.

Speaker J: It's how your heart feels. And so I've always felt that Hutchison has had hone.

Speaker B: I love it.

Speaker K: Yeah.

Speaker B: Hopefully we continue to have that.

Speaker J: Thank you.

Speaker B: Thanks so much.

Speaker J: Good to see you, Trevor.

Speaker E: All right, so, Jay, thanks so much for taking some time to talk with us.

Speaker L: Thanks for having me.

Speaker E: Would you mind maybe just starting out, tell us a little about you and Cedi.

Speaker L: Yeah. I'm Jay Bigelow. I'm, um, the head of founder engagement at CED. CED is the center for entrepreneurial development. We're a 40 plus year old nonprofit supported by the business community to grow our entrepreneurial ecosystem in the Triangle.

Speaker J: Awesome.

Speaker E: And so you've been around Hutch a long time, right?

Speaker L: I have been around the Triangle for more than 30 years and known, uh, Fred and Hutch Law for probably half that time at least.

Speaker E: What's it been like? What do you think about Hutchinson and sort of this ecosystem? What do you think about how we sort of. How do we play a role in it?

Speaker L: It's a huge role. Um, you know, Fred helped start cd. Fred, obviously founder, Hutch Law. But beyond just building a law firm, he helped build a community. Hutch Law is involved with every aspect of our community. Support ced, First Flight, Venture center, the Biotech Center, Grepe, you name it, Hutch is there supporting it. I think that's what makes the firm so good, is that people are out in the community doing things for the community, not just practicing law.

Speaker E: Yeah. And I know our relationship with ced, it's kind of taken a lot of shapes. Right. One of the things we're really excited about is to be a part of the Strength and Numbers group. Can you tell us a little bit about what our role is and how that came to be?

Speaker L: With that, Strength and Numbers was very much of an organic concept. Uh, there was a post on LinkedIn about finding female founders in the area. Kelly Rao put out a request and said, hey, anybody wants to show up at, uh, uh, the Rose Bar? And we sort of had an organic beginning to it, and I think it just started to take off from there, and we needed to make it a bit more formal. We need to add some speakers and some educational components. And you and Hutch Law stepped up and said, we want to be a part of that. So pretty much from the beginning of Strength and Numbers, Hutch Law has been there to support not only the members of there, but the work that goes on inside that, ah, community. That was pretty bad.

Speaker E: You know, with Strength and Numbers, what I would say is that it's been really good for us to be able to take a look at a need, to be able to see, hey, there's something going on with female founders and female investors, and to be able to

Speaker A: work with you guys to figure out

Speaker E: ways to start tackling some of that issue locally. It's been really impactful for us and for, obviously, me personally as well. So thanks for letting us be a part of it.

Speaker L: No, that's great. I mean, that CED is built by the community, and we need community partners to help us do what we do, not just financially, but engagement with their time. Right. We can't do what we do without people who know or experts in their area contributing their expertise. So we appreciate your help and support with that.

Speaker F: Awesome.

Speaker E: Thanks, Jay.

Speaker K: I'm Adam Stage. I'm the founder and CEO at Trio Labs. We do microscale metal 3D printing. We, uh, specifically focus on making components for the medical device industry. So primarily endovascular robotics, other minimally invasive devices.

Speaker B: Okay, now tell me how you first started to work with Hutchison.

Speaker K: So I started back in, uh, 2015, uh, when we founded the company.

Speaker J: Okay.

Speaker K: And basically, you know, we knew Fred was a legend in this space. Uh, started working with him early, and he actually became one of our first investors.

Speaker B: Oh, wow.

Speaker M: Okay.

Speaker K: So it was a really, you know, great experience onboarding with the law firm in general, but also just a great vote of confidence to have him work with us in that way.

Speaker B: Yeah. Well, that's great. So has there been, ah, an experience that you've had working with Hutch that kind of stands out in Your mind like, uh, a problem that the firm has helped you solve or an issue that was rough for the company that we helped you work through.

Speaker K: Hard to think of a specific case. But I think more generally what I'd say is there's always been for one, high degree of responsiveness. You know, I, for better or worse, you, uh, know, Ashley's been our primary attorney. I have sent text messages at 2am they can actually get a pretty quick response sometimes.

Speaker B: Yep.

Speaker K: Not always healthy for either party, but you know, it's always good to be able to do things quickly.

Speaker N: Right.

Speaker B: Uh, because you don't want to be sending a text to your lawyer at 2:00am either.

Speaker K: Exactly, exactly. But you know, it's, it's startup hours, so you do what you got to do. And that's always been a nice thing. I think in general, just the balance of making sure that every interaction is geared for, you know, the outcomes for the company. It's not just here's the most fastidious legal detail to get a thing done. It's always how do you structure this to make it a win for Trio, for anybody? We might be negotiating with all of that. It's the macro outcomes that I think that the lawyers we worked with here have been really good at targeting.

Speaker B: Yeah. So I mean like, what has been some of the pathways that the firm and the company have grown together? Cause you said you were there from the founding.

Speaker I: Yeah.

Speaker K: So I mean, obviously started with just sort of generic corporate systems with setup and all of that. But we've gone all the way through every kind of, you know, contract, NDA, employee issues. Um, we've talked through strategic partnerships with uh, potential companies that we've gone out and pitched. So there's been a lot of things around fundraising and really everything as the company's matured. I mean, we started when it was me essentially. Right. And it was just me and a team of part time folks. And now we got 50 people on the team and we're doing manufacturing at scale and doing all kinds of other growth initiatives. And so they've been really helpful with all of that.

Speaker B: That's amazing. So what do you see as next for the company? What are you looking forward to?

Speaker K: Scale. I mean, our biggest thing right now is scale. So we've gone, you know, it was five years of R and D, plus several years of, you know, commercializing technology. And the last three years have been really the initial ramp. And our next, you know, five years are really focused on taking everything we've done and multiplying it 100x1000x, which of course brings complexity, which is, you know, why we like working with Ashley and Hutch Law.

Speaker B: That's fantastic. So I do like to ask this question like, so, uh, if we're here 20 years from now at the 50th anniversary event, what is it that you would hope to see that Hutchison has maintained kind of throughout that period?

Speaker K: Well, I'm trying to think of how many other companies all built and sold in that 20 year period.

Speaker B: No, that's it.

Speaker K: I mean, I think, you know, obviously firms grow, they get bigger. I think the key thing, and this is true for, you know, any company as well, is maintaining the sort of scrappy, agile way of working.

Speaker H: Right.

Speaker K: You know, I think certainly Hudson was known for working with startups. I think Yudes works with at least 10, 10,000, give or take at this point.

Speaker B: I believe that's absolutely true.

Speaker K: Plus or minus.

Speaker O: Yeah.

Speaker K: Ah, yeah. So I think certainly during scaling, maintaining the culture and the way of working that supports that kind of company support. Yeah, that'd be the most important thing.

Speaker B: I love that. Well, and hopefully we'll look back at this, we'll remember and we can continue to grow together as a firm and together with your company.

Speaker F: Absolutely.

Speaker B: Adam, thanks so much.

Speaker K: Thank you.

Speaker B: I appreciate it. I'm Doug Hensel.

Speaker N: I'm a partner at One Better Ventures.

Speaker G: All right, Doug.

Speaker B: Well, I just, I appreciate it so much for you coming out tonight and helping us celebrate our 30th anniversary. And I'm just curious, how did you first come to it to work with Hutchison?

Speaker N: So I have three phases with Hutch. So I came down in 2005 at CFO Effort Spees and Fred gave me a call, uh, and immediately within the first month of me arriving and um, we had a nice lunch and whatever we were, our firm or our company was uh, with Wyrick at the time. So there wasn't, you know, really an opportunity. But it was just, it started with Fred and checking in on me on a regular basis and it was just, uh, it was so nice because he really wasn't expecting anything from me. He was introducing me to different people. He was checking in on different issues I had, I would take, tell him different stuff that was going on and he was always like, oh, you should talk to so and so. You should talk to so and so. And that continued for my entire time while I was at, at Bert's and, and we had a great time. And then about 2010, 2011, um, our kids, um, and Justin, uh, Kinserski's kids are good friends. Uh, we're on the same team. And I got to know Justin very well. Justin and I have become very close friends over the years. Um, and so at that time I was, I was leaving bur I was seeing, going out, doing some entrepreneurial type of stuff. I did a large seed investment in a, in a startup, Gridbridge and with Chad Eckert. And uh, he was our company council at the time. And we sort of did that whole thing from idea stage all the way through selling to a strategic.

Speaker P: Um.

Speaker N: So I was on that side, I was on the sort of, I was acting CFO of the company at the time, doing that all the way through that transaction. So I was able to see sort of being on the uh, founder side of the business and all the stuff that we went through and a couple transactions. Uh, and then a couple of years later I started a firm with um, four other partners and we started one better venture. So now, now we're on the uh, venture side of the business, raising capital, um, and doing other advisory work as well. And so I went through the whole fundraising side and at that time the relationship really expanded to beyond Justin, to Anna and Josh and a bunch of other people because we're doing it all through SPVs. And so each one, each deal was a separate fundraising, uh, investment into that. So I feel like through that hole has been a 21 year sort of relationship that I feel that I've had with Hudson.

Speaker B: I mean I love that because it shows not only like the growth of the firm, but it's also like the different generations of the firm and how

Speaker N: we've grown and how we've expanded and so have you and the whole team and I, and I, and I love the firm and it's just like. And from Fred all the way, you know, through Justin, through, through the full team has the same really personality and it's that community and, and sort of building that community up that was really important to me.

Speaker B: And uh, now if you were going to recommend somebody to like to use our services, they're like, hey, you should work with Hutch. What is it about Hutchinson that you would say, hey, this is the reason you should come work with them?

Speaker N: Well, again, it is that community and inroads in the community. But it's really the clear sage bites that you get. I mean I can tell you the number of times that I've come in with an issue and Justin able to just the clear thought of it and to. What I thought was my issue really was, uh, Reframed in a different way through his eyes. And uh, like, oh, yeah, you're right. I was really sort of focusing on something that was maybe tangential to it, but he took a much bigger and wiser approach to it. And so I think that just having that, having that partnership with him in that side and the full team sort of, I think. Or does that type of, uh, work and credibility to that.

Speaker B: Well, I appreciate that and I appreciate you coming out to help us celebrate tonight and you know, hopefully in 20 years. We're here celebrating the 50th anniversary.

Speaker N: It's a great opportunity.

Speaker B: Doug, thanks so much.

Speaker H: I appreciate it.

Speaker F: My name is Tim McLaughlin. I'm the managing partner at Co Founders Capital.

Speaker B: Sam, thank you so much for coming on our special 30th anniversary founder shares.

Speaker F: Thanks for having me.

Speaker B: So, you know, I know you've been a friend of the firm for a long time. So tell me, kind of like how you first started working with Hutchinson. What was your first connection?

Speaker F: You know, So I still remember when I started working at Coventers capital Back in 2015, the first couple deals I did on the investment side, company council was hush. So I got to deal with them at like a little bit of adversarial relationship. But it was great and it was great for me to learn. It was great for me to learn a job, great partners to be with. And then our first couple exits on the other side also were represented by hud. So we had a great experience on that side and then we were on the same side of the table. So I still remember first deals I did, first exits we ever had. We were working together, so we had a great experience.

Speaker B: Is there any kind of m memory that stands out to you, kind of what it is about Hutchinson that kind of stood out in those experiences?

Speaker F: Well, fast, responsive.

Speaker B: I mean, quick.

Speaker F: Like some of these deals are happening so quickly and, uh, you just gotta be able to get to somebody right away and you gotta get feedback right away. And I always remember that was never an issue. And so there's always somebody I could personally reach out to, I could recommend founders to, and they would get responses from really quickly. And so I always remember that that was, uh, really great.

Speaker B: I'd be interested in your perspective. How have you seen kind of the firm grow? Because for a long time everybody knows Fred. Yeah, Fred has been known by everybody who's here. How have you seen the firm kind of grow to not just be a Fred Hutchinson firm, but to be like, we've got Fred, we've got Justin, we've got.

Speaker F: Yeah. Well, now I know the people in the firm. Like, I remember first being introduced to the firm. Firm, and I was like, oh, there's Fred. Like, I gotta go up. If I want to get in this ecosystem, I gotta know Fred. Right. And now I have friends across. Right. Like, obviously, I know Josh and Justin and Anna and you.

Speaker L: Yeah.

Speaker F: So we've all become friends, like, through the ecosystem and call on any one of them if we need something. So that's been great. I've also seen from some of our smaller deals that it was like, oh, we're lucky to have these people even take on this opportunity to some of our biggest deals we've ever done. Been there along your side. So I've seen kind of both sides of the spectrum through the last decade, so it's been great.

Speaker B: I appreciate that. And I'm curious as to your thought is, like, what is it 30 years from now if we're back at another event like this? What is that you hope that Hutch hasn't lost kind of in that time,

Speaker F: kind of a local feel?

Speaker B: I mean, like.

Speaker F: Like this ecosystem. When you look around the room, I know 75% of the people that are in this room right now know them by the first name. They don't even need to wear a name tag.

Speaker H: Right.

Speaker F: And so I kind of like that Hutch is part of the community, brings everybody together. It even also too North Carolina. So all the other. Other law firms that we work with all the time, the other vendors that we work with all the time, everyone's kind of supporting the ecosystem.

Speaker N: Right.

Speaker F: And I hope that part never changes, because I think that that's really special about, uh, where we are in this ecosystem.

Speaker B: No, I agree with that completely. And, you know, here's hoping that the next 30 years, we just continue to grow together and do it again.

Speaker F: Hopefully, I'll still be employed in 30 years and making some good investments.

Speaker B: Likewise. Tim, thanks so much.

Speaker F: Yeah, you got it. Appreciate it.

Speaker I: Jim Roberts. I'm the founder of the Network for Entrepreneurs in Wilmington and the Whale Angel Network.

Speaker B: Jim, thanks so much for coming out. Tell us what brought you to the Hutch 30th anniversary party.

Speaker I: Well, I think I'm the number one fan of the Fred Hutchinson Fan club. So I've known Fred for a very long time. He supported my work going back all the way to Asheville, like, 2003. So, uh, he sponsored a lot of my stuff over the years. And, um, I can't. I can only hope to have half the impact that he's had on our state.

Speaker B: I mean, any of us, right. We could just only hope to be half the man that Fred is.

Speaker I: But, well, not just in business, but in life as a, uh, very positive person in our community and really a great spokesperson for the power of entrepreneurship. Yeah.

Speaker B: How did you first meet Fred?

Speaker I: I've been at every networking event for entrepreneurs in the last 26 years in the great state of North Carolina. So, uh, uh, if he's there, you're in the right place. So I'm sure it was a CED event where he was given credit for being one of the founders of ced. And CED has really been the model for everything that I've done for the last 25 years, from Charlotte to Asheville to the Triangle and now in Wilmington. So I have, uh, a lot of respect for Fred and the firm.

Speaker B: Well, I appreciate that. And, you know, you talk about community building and how important that is to have the ecosystem in place, kind of. What role does, like a law firm like Hutcheson play in kind of establishing that ecosystem and supporting it?

Speaker I: Well, to be honest, I was talking about your firm yesterday. I was at an event on First Flight Venture center, and there was a VC panel on life sciences, and I kind of raised my hand and said, you guys are underestimating the importance of having your lawyer involved in the financial ecosystem in the community. The lawyers have to know the venture capitalists and the investors, and no one does that better than your firm. So I jokingly tell the story that Fred must have a holiday party. And one by one, the VCs line up to shake his hand and say, hey, you guys had five exits in your portfolio last year. Which five should I be investing in in this year? So, um, that's really the important part of what I try to tell other communities is how to get there their law firms to, uh, be sponsors and champions of the entrepreneurs in the fundraising process.

Speaker B: Well, I mean, tell me what you hope for, for your involvement in your ecosystem in the next 20, 30 years, and how can Hutch come along and support that?

Speaker I: Well, you guys already a big sponsor. We have a quarterly event called our Deep Dive, and that's deep with five E's. So it's Deep Dive, Deep One. And, uh, you guys sponsor that. So, uh, really what's exciting right now is the, um, kind of the flywheel effect we have in our community. From the Great Live Oak bank has spun out three or four companies. And now that those companies have had exits, the employees of those companies and the executives are becoming entrepreneurs themselves. And really with the blessing of the leaders of the bank who are becoming angel investors in those companies. That's a source of deal flow and capital that we've never had before. And as we mature as an ecosystem, we're attracting new investors to the community. So, um, some, um, long time North Carolina venture funds are finally taking a look at our deal flow, including Mr. McLaughlin that you had on. And, uh, it's really exciting and it's added some optimism in our community that had really never been there before.

Speaker B: Well, it's all about that momentum, isn't it as well? You start to get it grow, there's

Speaker I: a little more pep in your step. Everyone's a little nicer in the coffee line. And, um, we're just so grateful for your support and really your validation that you are such an important part of our ecosystem that your sponsorship is validating our work.

Speaker B: Well, I appreciate that. I can't wait to see how Wilmington continues to grow.

Speaker I: And trust me, you'll hear all about it.

Speaker B: Well, Jim, thanks so much.

Speaker E: All right.

Speaker I: Pleasure meeting you. Thank you for the opportunity.

Speaker B: Thank you so much.

Speaker A: Okay.

Speaker E: David.

Speaker H: Yes.

Speaker E: Thanks for coming over. Maybe to start, would you tell me a little bit about Good Growth and your role with the fund?

Speaker H: Yes. Hi, I'm David Mendez. I'm managing partner at Good Growth Capital. We are an early stage deep tech investor based between Charleston and Boston. And we invest in life sciences, green tech and data science.

Speaker E: Awesome. I'm so glad to get to talk to you today because we had a long relationship now.

Speaker H: Yes.

Speaker E: Would you maybe talk a little bit about how we work with you guys and maybe give us a kudos or two?

Speaker A: Absolutely.

Speaker H: Uh, so, you know, when we do these early stage investments, typically we're the first institutional investor involved. So the first step is cleaning the companies up because a lot of the companies, because they're very early stage with not so experienced entrepreneurs, um, some things are messy. And one of the things I really, really appreciate about Hutchinson is that you all not only are focused on the transaction at hand, but also looking at the cap table, the legal documents of the company to make sure that they, ah, are venture ready. And that is such value to those companies and to us because when we go very early, we want to make sure we set the stage for a series A and later stages.

Speaker O: Yeah.

Speaker E: And that's, that's uh, my perception sort of on the legal side. Right. Is that you guys come in, are being great partners, these companies, but also sort of valuing what they really need to do to make them ready for the next round, playing with the earlier stage companies. Like, is that fun or tricky or a little both?

Speaker H: It's fun and tricky, but, you know, when we. When we set off and formed good growth capital, we were all very. We're all operators and we're all technologists, and we really wanted to get into the early stage because that's when you can do that, do the really deep, heavy lift, helping them with technology commercialization, helping them with. With go to market and getting ready for scale. And that's. That's just our backgrounds, and that's our expertise. So that's why we choose the early stage. And we love it. Um, it's a lot of work, but, uh, it's really what keeps us up every day.

Speaker O: Yeah.

Speaker E: Well, I just want to say thank you. We so enjoy working with you guys. And like I was telling you earlier, but to put it on the record, if I were running a company, I'd want to have your investment.

Speaker H: Well, if. If I were running a company, I

Speaker N: would go to Hutchinson.

Speaker H: Um, I would just like to say that, you know, Hutchinson. Without Hutchinson, I don't think. I don't think North Carolina venture capital

Speaker P: would be the same.

Speaker E: Thanks, David.

Speaker B: I really appreciate you.

Speaker E: Thank you.

Speaker H: Thank you.

Speaker D: All right, I'm, uh, Scott Bryan. I'm a partner at Hutchison, and I'm here today with good, uh, friend Malcolm Bennett from Medicom Technologies. Malcolm, want to tell us what you do at Medicom?

Speaker O: Yeah. Malcolm Benitz. I serve as president, and I own our relationship with the federal government, whether it's with our agency partners like the dod, va, ihs, as well as all of our, uh, Hill efforts, like regulations, legal, ip, uh, as well as working with our close vendor partners.

Speaker D: Okay, so you cover a lot of ground, and you've been at the company since the beginning, right?

Speaker O: That's correct. Yes.

Speaker D: Okay. One of the founders, so that's awesome. And, uh, tell us, if you don't mind a little bit, about, uh, sort of how you guys started working with Hutch and, uh, some of your experience with that.

Speaker O: Yeah, yeah. So, you know, when we first started the company here in Raleigh, North Carolina, uh, we got connected to Fred, Uh, and I remember distinctly meeting Fred at your old office location, which he introduced me to you and Trevor and the team. And, you know, ever since then, really, you know, I'd say that we've been working very closely with each other.

Speaker D: Yeah, I think that's right. We've, uh, we've been fortunate to work with you guys on a lot of different types of Stuff. I mean, we kind of do everything that we do, right? There's, there's commercial contract work, a lot of it. There's lots, uh, of corporate work and financing, fundraising. There's, you know, hr, employment. So we've been, you know, it's been great to work with a lot of your team, you know, particularly, obviously, the leadership with you and Michael and Brian and others. But I think that's been one of

Speaker K: the fun things for us is, you

Speaker D: know, some clients we just touch in one department or one area or one discrete project. With you guys, uh, it feels very much like being a part of the Metacom team. That's been a lot of fun for us.

Speaker O: Yeah, no, I would definitely second that. I mean, you know, you ask anybody in our team, you know, outside of Michael, Brian, myself, they all know the team at Hutchinson because of how closely we operate. I'm sure it made a bit of, uh, a pain when you see an email come through with that domain from Metacom. But, you know, we, we absolutely appreciate all of the support that you guys give us. Uh, even if it's, you know, you know, just guidance on certain situations internally, externally, it. There have been a multitude of ups and downs, and you guys have been there every step of the way, and we couldn't, you know, appreciate anymore.

Speaker D: Well, that's awesome to hear. That's what we. That's what we're trying to do, is just be your partner and sort of a team member there for the good and the bad, the ups and downs, like you said. Say, uh, it's been our privilege to work with you guys and, you know, we definitely look forward to continuing the. The rest of the journey with you and hopefully drive this thing to a great exit one day.

Speaker O: But thanks for doing this with anybody else.

Speaker D: We're glad to hear that.

Speaker L: Awesome.

Speaker D: Thanks, buddy.

Speaker Q: Carl Lepan, Director of UF Innovate.

Speaker B: Carl, I.

Speaker G: We were talking about it before, but

Speaker B: I really appreciate you taking the time to come out and help us celebrate 30 years tonight. Um, but I'm interested. Like, how did you first start working with Hutch?

Speaker Q: Yeah, it existed before I came to us, but we look for ecosystem partners that have a heart for the entrepreneur. And you all have been supporting us since 2010, so, you know, when we find people that, that just care so much about our founders, it's easy to lean in and support those kinds of ecosystem builders.

Speaker B: Well, I mean, tell me a little bit more about that. Like, if you were recommending Hutchinson, somebody else, what is it that about Hutchinson that you would say this is why you should work with them.

Speaker Q: Yeah, it was said earlier in the, in the remarks. You know, we're looking for trusted advisors. We're looking for people that are founder first and we're looking for people that um, understand and can help navigate what's around the corner before the entrepreneur even has awareness. Because you know over half of our founders are first time founders so they don't have the experience and the insight and in the depth of um, uh, mistakes that have been made and they really look and rely on trusted partners to help them navigate.

Speaker B: Well that really is the key. I mean we've been through it, we've seen other companies kind of hurdle, go over those same hurdles. So it's easy for us I think to sometimes forget this might be your first time through, this is the first time you've seen this, but we can

Speaker H: help you through it.

Speaker B: Yeah.

Speaker Q: Or you know, when we look at our portfolio, over half of our entrepreneurs are first time founders. Uh, over half of our entrepreneurs, maybe our second generation entrepreneurs, meaning they have a direct family member that uh, was entrepreneurial or who had started a company. But many of them come out of technical disciplines and they really lack the um, uh, expertise to navigate especially the complexities of the capital markets.

Speaker B: Well, tell me a little bit, what do you see coming out of uf? What do you see kind of for the future, for what you're trying to

Speaker G: build there and how is it that

Speaker B: Hutchinson can support that?

Speaker Q: Yeah, so we are not um, uh, dependent on any particular sector. So we do not make sector bets. Anything that is an IP backed company that has proprietary advantages is a key area of focus for us. Um, we do not um, make any kind of sector bets. So we are not 100% concentrated uh, in any particular industry sector. Uh, we are stage specific. So we work with first and second stage companies across the life sciences, biotech, biosciences, AI software, um, and what we're looking for is more and more of our companies, especially in light of what's happened uh with the federal government. They need more uh, access to the capital markets earlier. Um, they need more insight into regulatory process and there's a lot of governance issues I think in early stage companies, uh, that often maybe put the entrepreneur founders sideways with some of their early funding sources. So we're looking for trusted advisors that can really kind of navigate and help create a win win both for the company and for the investors.

Speaker B: Now I'm curious like if we're here 20 years from M now at the Hutch 50th anniversary. Uh, what is it that you hope to still see going on at Hutchinson? To know that we kind of continued on that legacy?

Speaker Q: Yeah, it's a great question. I think there's a couple of things. One is you have to recruit people that have a heart for the entrepreneur because as I've often said, I'm in the scratch and dent business. So you have to be willing to deal with damaged individuals who have been beaten up by either customers, potential customers, investors, um, uh, all the early stage resources that they choose. So they need partners that can come alongside them. Um, the most important thing our entrepreneurs need is good advice, options, scenarios, things that, uh, give them alternatives but don't lock them into any one answer. Uh, and they need flexibility on the payment terms. They need flexibility on the type of support that may require more than one partner, uh, to come alongside the company. Uh, and they need somebody that has their back, somebody that really, um, looks out for their best interest and can help them see bad results that might come, um, from early decisioning. And that's something you guys have excelled at for the last 30 years.

Speaker B: Well, I appreciate that and like what you say, I hope definitely to see you in the firm going forward. You've always been such a great partner to the firm.

Speaker L: Thank you.

Speaker B: I just appreciate all that you do and wait to continue to work with you.

Speaker Q: Yeah, well, congratulations on 30. It's a testament to, uh, your ability to provide a sticky product that helps entrepreneurs when they most need it. As I've navigated the ecosystem last couple of days, you all come up as one of the best things in, uh, the ecosystem. And when I, uh, um, uh, asked ChatGPT not to call you a lawyer, but what would they call you? They said you're an ecosystem architect. Oh, wow.

Speaker I: I love that.

Speaker Q: And I think that's a great way to reframe what legal counsel in the future looks like for early stage companies.

Speaker B: I think that's great. Hopefully we will be continuing to be that architect. Awesome.

Speaker Q: Thank you.

Speaker D: All right, thank.

Speaker H: Appreciate it. All right,

Speaker D: Krista, you want to tell us, uh, about your role at First Flight.

Speaker A: Absolutely. So I have the honor and privilege of leading First Flight Venture Center. Uh, so it's an innovation hub and we are, um, helping um, innovators from the earliest stages in what we call high science, deep tech and ultimately high impact startup companies get from idea to commercialization and beyond and even to go global.

Speaker B: Awesome.

Speaker D: Um, tell me a little bit about how you kind of characterize or think about high science and deep tech and what those encompass.

Speaker A: So Typically, you know, I can, I can name off a bunch of industries that we're serving. So life sciences, of course, is a big part of, uh, the companies that we serve. Very important to North Carolina. That includes, of course, ag tech, ag bio. We also do a lot in the defense space. Uh, we also do a lot in the, you know, the blue tech, clean tech, climate tech, you know, all the techs.

Speaker D: Right.

Speaker A: Um, what makes it unique. There's typically, uh, a scientific underpinning in one of the sciences or, and, or it's usually a long Runway to success. So that's kind of the deep tech could be software, hardware, but it's solving a big problem for humanity. There's a lot of, uh, time, effort, energy, typically a lot of investment that has to happen in order to get to market.

Speaker L: Okay.

Speaker D: Okay, that's super helpful.

Speaker L: Thank you.

Speaker D: Yeah.

Speaker K: So we are obviously at Hutchinson, very

Speaker D: familiar with First Flight, um, have been really proud to be partners from, uh, probably very early, if not day one. Right. So I'd love to hear kind of your experience and how we've been able to partner together and, uh, maybe the way that the Hutch team has been helpful and ways we can continue helping and supporting.

Speaker A: Absolutely. So the ways that, um, Hutchinson has been helpful are really, uh, innumerable. I could spend all day talking about the different ways that we've, um, had support, um, just the care. Um, ultimately, it takes a special group to work with innovators and entrepreneurs. Uh, you have to have the heart. And so I would say the biggest thing from the Hutchison team is that you all have folks that care. They have the heart. They're willing to, um, meet with our early stage founders as they're trying to figure out life and figure out their

Speaker C: new science and technology.

Speaker A: It's a lot. There's a lot of highs and lows. And so, um, we're so grateful, of course, for that, uh, the commitment. Right. To seeing them to success from very, very early stage. Um, but, uh, as far as, like, how, um, Hutchison has, uh, supported First Flight, definitely, uh, financially. So we're a 501C3. So every dollar we try to maximize by, you know, infinite. We try to stretch it as long as possible. And so, um, that has been so meaningful for us for so, so many years just to support to different programs. But also, um, you all show up, you show up at events, you show up for the community. Most importantly, show up for the entrepreneurs that we're serving. And then personally, I'm so grateful to you for serving on our board. So that is meaningful. Your, your wisdom, insight. Um, support of the work is critical and Fred has been with a longtime board member. Um, in fact, so I've been at First Light for some six years. I think I even interviewed with Brad probably. So, yeah, part of that, right? He's just an integral part of the innovation.

Speaker K: Absolutely.

Speaker D: No, that's awesome. That's all so great to hear and I appreciate you talking about sort of our, um, engagement with you and the passion angle. We, you know, there's lots of organizations we work with and support in RTP and beyond. Um, but we really try to focus on supporting organizations that have, share that same commitment and passion to that innovation community. And particularly, uh, for my own interest and many of my partners, the sort of hard problems in life sciences and deep tech, as you mentioned, are things we care a lot about. Uh, and there aren't as many organizations or quite enough out there supporting those entrepreneurs. And so you guys do an incredible job of that. And so we're always incredibly happy to try to help you and do what we can. We love your events. And I'll be at 1 tomorrow.

Speaker A: Thank you.

Speaker D: Uh, another great event. Uh, looking forward to that and looking forward to continuing to support, uh, all the great work that you do at First Flight. So thank you for having this chat with us today. We really appreciate it and again, thanks for all that First Flight does for entrepreneurs, uh, in this community.

Speaker A: We have a great community. We are so grateful.

Speaker D: Yeah, we are as well.

Speaker B: All right, well, thanks, Krista.

Speaker A: Thank you.

Speaker N: Great to talk to you.

Speaker Q: You too.

Speaker P: Jason Captain Plain, general partner and co founder, Bull City Venture Partners.

Speaker B: Now Jason, you've been a friend of the firm for many years and I'm just curious, kind of like what was it that first kind of connected you to Hutchinson?

Speaker P: Uh, I think going to some of like the local events here. That's how we met, um, we, when we first started out our own firm, uh, 26 years ago. Okay.

Speaker B: Uh, so four years from now I'm expecting.

Speaker I: I know, right?

Speaker D: Something like this.

Speaker P: So that was kind of our first interaction at some of the events and then it was kind of a very natural evolution from there.

Speaker B: Yeah. So what is it I think about kind of after having had that first meeting or kind of connected with the firm, what would encourage you to like, work?

Speaker P: Uh, well, I think it's the, for us it's getting like national level support, but in a local, from local people here on the ground. And I think the response rate from the attorney, all the attorneys, uh, has

Speaker N: been absolutely through the Roof.

Speaker P: And it's much different than other firms that we're used to dealing with. So that, that fast engagement. And then not only that, but it's different than just getting. For us, it's different than getting, like, just legal advice.

Speaker F: Right.

Speaker P: You know, dealing with people like Justin along the way. And Fred, it's also getting the business advice as well.

Speaker G: Right.

Speaker P: And, uh, then that's been the important beast. Uh, so that's. That's what's really driven the relationship.

Speaker B: Well, I mean, and I think that maybe you touched on some of it, but, like, if you were recommending to somebody else or a portfolio company, hey, this might be who you want to work with. What are some of the features about the firm that you'd be like, this might be a good fit for you?

Speaker P: Yeah. I think it's the same thing I mentioned as, like, um, the business relationship. I think it's been really helpful. I also think there's a selfless participation, uh, with us. And I look at service providers. I don't even look at you guys as a service provider. I look at you guys as more as a partner.

Speaker F: Yeah.

Speaker P: And that's the kind of relationship we need as a firm. So it's someone that can move quickly, totally fair in rates. I've had a lot of beer conversations with Justin along the way, who has not been in charge, but it's also been like. But it's been more than that. And I think it's someone that is also fair to the entrepreneur on the other side.

Speaker H: Right.

Speaker P: Um, as well. So we need balance and not. We're not trying to, like, be greedy in our deals, but someone that can have a little bit of balance and the deal as well.

Speaker B: Well, I mean, it's interesting to say that Both said he's been around for at least about 26 years. Seems like the companies have kind of grown up together in some respects. So what do you see kind of as Bull City continues to grow? How can Hutch continue to support Bull

Speaker P: City and company keep doing the same rinse and repeat. There's nothing. There's nothing different. I think it's like we want that level of support. That's why we continue to work with you guys, and that's why we recommend you guys. Not only when we're, uh, we're going to bump sometimes, because sometimes you'll be representing the. The company.

Speaker E: Right.

Speaker P: Uh, and it's really like, oh, shoot, we need to get a. Go get another council. That happens a lot. But we were introduced. We're always introduce you guys. To like, m other local companies here or other people in our network. And I know you guys do the same for us.

Speaker B: Yeah. So what's next for the fun? Continue to invest. Okay.

Speaker P: We're investing in a fund for right now, which is a 53 million. 53 million dollar vehicle. We just hired two other people earlier this year.

Speaker B: They're growing.

Speaker P: So we doubled the size of our own team. Doubled. Uh, and so that's been great. Give me a little extra pep in my step.

Speaker B: Good.

Speaker P: Uh, and we, uh, moved offices as well to accommodate that. But, yeah, we need to find more. More great companies to invest in. About 60% of the capital has gone on the ground here in North Carolina over the last 26 years. So we want to keep. Keep finding more great companies. I love that you guys have been a big part of that referral sorts.

Speaker B: Well, look forward to continuing to do that.

Speaker P: Yeah, man.

Speaker B: And I'm gonna say, like, if we're here 20 years from now, the 50th celebration, what is it?

Speaker P: Hopefully, I'll be alive,

Speaker B: both of us. But if we're here, what is it that you hope to still see from Hutchinson? What do you hope that we haven't lost along the way?

Speaker P: I think it's just like the, um, genuine caring support, that partnership thing that I talked about before. Not treating us as, like, just a client, but really providing us as, like, treating us as that partner is really important to me.

Speaker I: Yeah.

Speaker P: Along the way.

Speaker B: I'd love to hear it. Jason, thanks so much for joining us. Yeah, of course.

Speaker J: Always.

Speaker M: Thanks for listening to this episode of the Founder Shares Podcast. If you're a founder or business owner and need legal advice, be sure to check out our team@hutchlaw.com that's hutchlaw.com we have the capacity to help you out with just about any legal need your company may be facing. We're passionate about the innovation economy and ready to help you on your entrepreneurial journey. Hi, I'm Trevor Schmidt, and thanks for listening to the Founder Shares Podcast.