UP046：MITO Material Solutions // 用于更坚韧复合材料的化学添加剂

Haley Keith 0:00

We had a technology that was developed back in 2014 that had done some testing in the years to come. So 2016 they’re continuing to test but it hadn’t scaled. And what we basically knew was that it improved toughness up to 100% in the lab, and you only needed to add about a .1% concentration. And just those two sentences combined, made people in the aerospace industry raise their eyebrows. Many people in RV industry, the automotive industry get excited.

2014年我们研发了一项技术，并且在接下来的几年里进行了一些测试。截至2016年，测试仍在进行中，但还没有规模量产。实验室数据显示，只需要0.1%的添加量，韧性提高了100%。仅仅这两句话，就让航空航天行业的人惊讶了起来，房车、汽车行业的从业人员也感到兴奋。

Jay Clouse 0:27

The startup investment landscape is changing. and world class companies are being built outside of Silicon Valley. We find them, talk with them and discuss the upside of investing in them.

Welcome to upside.

创业企业投资格局正在发生变化，世界一流的公司正在硅谷以外建立。我们找到他们，和他们交谈，并讨论投资他们的利弊。

欢迎来到upside。

Eric Hornung 0:53

Hello, hello. Hello. Welcome to the upside podcast. The first podcast finding upside outside of Silicon Valley. I’m Eric Hornung, and I’m accompanied by my co host, Mr. Smart or funny Twitter himself Jay Clouse Jay How’s it going Man?

你好，你好。你好。欢迎来到upside播客。硅谷以外第一finding upside播客。我是埃里克·霍农，由我的联合主持人Jay Clouse（Mr. Smart or funny Twitter himself）陪同。怎么样，伙计？

Jay Clouse 1:10

Would you say that I’m pretending to be smart or pretending to be funny on Twitter?

你是说我在推特上假装聪明还是假装搞笑？

Eric Hornung 1:14

I don’t know, man. I’ve looked through some of your past tweets. And some of them are just trying so hard to be funny. And then some of your more recent tweets are trying so hard to be smart.

我不知道，伙计。我浏览了你过去的一些推文。其中一部分只是尝试着努力地搞笑，更多地部分在努力尝试显得聪明。

Jay Clouse 1:24

I don’t think any of them are trying hard enough.

我认为他们中的任何一个都不够努力。

Eric Hornung 1:27

This isn’t trying hard enough. I don’t know what it is.

这还不够努力。我不知道它是什么。

Jay Clouse 1:33

I do think it’s I think it’s funny. I mean, your feeds probably different because you only follow like two people on Twitter. I follow a lot of people on Twitter, and

我确实觉得很有趣。我的意思是，你的提要可能不同，因为你在推特上只关注两个人。我在推特上关注很多人，并且

Eric Hornung 1:42

how many again, I think it’s 880,000, is that right?

再多多少，我想是88万，对吗？

Jay Clouse 1:44

about 1500. And when I look through my feed, it’s either people trying to sound smart, or trying to sound funny. And I don’t know which side of the fence I fall on.

大约1500。当我浏览我的提要时，要么是人们试图听起来聪明，要么试图听起来有趣。我不知道我落在篱笆的哪一边。

Eric Hornung 1:54

Is that a joke? Or is that a metaphor? I don’t know. If you’re trying to be smart or, funny there.

那是开玩笑吗？还是这是一个比喻？我不知道。如果你想变得聪明或有趣。

Jay Clouse 1:58

I’m not.

我不是。

Eric Hornung 2:00

So you have 19 You follow? 1900 People don’t say I follow 1500 people and make it sound like oh, it’s just a small little handful.

所以你有19个，你关注吗？1900 人们不说我关注了1500人，让它听起来像哦，这只是一小把。

Jay Clouse 2:07

Yeah, but I mean, Twitter has an algorithm now they serve me what I actually care about

是的，但我的意思是，Twitter现在有一个算法，它们为我提供我真正关心的东西

Eric Hornung 2:11

the difference between what you said you follow and what you actually follow is more followers than I follow total.

你说你关注的内容和你实际关注的内容之间的区别是，关注者比我关注的总关注的要多。

Jay Clouse 2:17

Think of all of the tweets you’re missing out on.

想想你错过的所有推文。

Eric Hornung 2:20

I don’t I have lists and I have discovery. I use both of those very well.

我没有，我有清单，我有发现。我把这两个都用得很好。

Jay Clouse 2:24

Alright, well, just another opportunity for Eric to brag about how much better at Twitter he is than me.

好吧，好吧，这只是Eric的另一个机会，让他吹嘘他在推特上比我好得多。

Eric Hornung 2:29

That’s how I set this up on purpose. Yep.

这就是我故意设置这个的方式。是的。

Jay Clouse 2:31

Oh, my.

哦，天哪。

Eric Hornung 2:32

Well, you know, my favorite tweet from you is, let’s just keep on going down this rabbit hole.

嗯，你知道，你最喜欢的推文是，让我们继续沿着这个兔子洞走下去。

Jay Clouse 2:36

I can’t wait.

我等不及了。

Eric Hornung 2:37

There was a tweet about Steven Lynch. That from like 2012 I think he said Steven Lynch just said I looked like I had a tail.

有一条关于史蒂文·林奇的推文。从2012年开始，我想他说Steven Lynch只是说我看起来像一条尾巴。

Jay Clouse 2:48

How do you remember that? Is that something you actually remember? I remember it vividly.

你怎么记得的？那是你真正记得的东西吗？我清楚地记得它。

Eric Hornung 2:53

Yeah, a tail. You thinks you have a tail.

是的，一条尾巴。你以为你有一条尾巴。

Jay Clouse 2:55

So Stephen Lynch, Phil listeners is a comedian who does music. He plays a lot of songs on guitar that are all funny. When I was in college, I went to a Steven Lynch show because I thought he was really funny. And I went alone because either nobody wanted to go or I don’t have friends, I’ll let you decide. And I sat pretty close to the front. Because when you’re going to something alone, there’s a pretty good chance that you’ll find a single chair and just about any row that you go to. And he had a song about dating, and about how all of the people he dated were like, horribly ugly in some way or another. He just made up like these characters that all had weird defects. And at the end, I accidentally heckled and said woohoo standards. And one of the characters he talked about was a woman who had a hairy butt hole. And he made a joke like, oh, that guy sounds like he probably has a hairy butt hole too or tail or something along those lines. Anyway, I remember it pretty vividly because I felt like an asshole.

所以Stephen Lynch，Phil的听众是一个做音乐的喜剧演员。他用吉他弹了很多有趣的歌曲。当我上大学时，我去看了史蒂文·林奇的节目，因为我觉得他真的很有趣。我一个人去是因为要么没有人想去，要么我没有朋友，我会让你决定。我坐在离前面很近的地方。因为当你一个人去某事时，你很有可能找到一把椅子，几乎找到你去的任何一排。他唱了一首关于约会的歌，关于他约会的所有人是如何在某种程度上非常丑陋的。他只是像这些都有奇怪缺陷的角色一样编造。最后，我不小心质问道，说了呜呼标准。他谈论的一个角色是一个屁股毛茸茸的女人。他开玩笑说，哦，那家伙听起来可能也有一个毛茸茸的屁股洞或尾巴之类的东西。无论如何，我记忆犹新，因为我觉得自己像个混蛋。

Eric Hornung 3:55
You know, my my favorite part about this tweet is this was like peak Jay trying to be a comedian on Twitter. And this tweet, got one singular retweet and no likes.

你知道，关于这条推文，我最喜欢的部分是，这就像Jay试图在推特上成为喜剧演员一样。这条推文有一个单条转发，但没有点赞。

Jay Clouse 4:08
I do believe if you click on it, there was a reply from somebody. I don’t remember there was a reply from somebody who I did not know who found that on Twitter and said I was at that show. Or I just found somebody else who tweeted about the incident independent of me.

我确实相信，如果你点击它，就会有人回复。我不记得有人回复了，我不知道他在推特上发现了那个，并说我在那个节目。或者我刚刚找到了另一个人，他在推特上发布了关于这件事，独立于我。

Eric Hornung 4:23
Yeah, no, no one engaged with this tweet. I’m looking at it right now. I pulled it up. But you know who’s about to engage with that upside FM, we’re retweeting it right now?

是的，不，没有人参与这条推文。我现在正在看它。我把它拉了起来。但你知道谁会参与那个好的调频，我们现在正在转发吗？

Jay Clouse 4:31
No. Guys, please follow me on Twitter.

不。伙计们，请在推特上关注我。

Eric Hornung 4:36
He needs it.

他需要它。

Jay Clouse 4:38
Okay, well, let’s get out of that out there. I see the notification retweeted by upside FM fantastic.

好吧，好吧，我们摆脱它。我看到上行FM转发的通知太棒了。

Eric Hornung 4:45

Let’s get out of the Twitter hole. And let’s hop over to some materials.

让我们摆脱推特漏洞。让我们跳到一些材料上。

Jay Clouse 4:52

Yeah, let’s get to some other material, not my comedic material. Today we’re talking to Haley Keith, the co founder and CEO of MITO material solutions. MITO material solutions has developed a nano additive named the Mito t series. The T series is mixed in with an epoxy or resin, which then toughens composite parts by 100% while decreasing the chances of mechanical failure by 80%. back into our hard sciences here, Eric. Haley was introduced to us a few months ago, actually by Tony Vova of Mobius.

是的，让我们看看其他材料，而不是我的喜剧材料。今天，我们与MITO material solutions的联合创始人兼首席执行官Haley Keith交谈。MITO material solutions开发了一种名为Mito t系列的纳米添加剂。T系列产品与环氧树脂或树脂混合，可以将复合材料部件增韧100%，同时将机械性能影响变化降低到80%。回到我们的硬科学中，Eric。Haley是几个月前Mobius的Tony Vova介绍给我们的。

Eric Hornung 5:26

Yeah, man, I this podcast on average just makes me feel so dumb.

是的，伙计，我这个播客平均只会让我感觉很蠢。

Jay Clouse 5:32

Yeah, I feel I feel that from you.

是的，我觉得我从你那里感受到了。

Eric Hornung 5:36

You don’t feel dumb. You don’t feel dumb that we have all these smart people coming on and just being so much smarter than us.

你不觉得哑巴。我们让所有这些聪明人出现，只是比我们聪明得多，你并不感到愚蠢。

Jay Clouse 5:41

No, Being feeling dumb requires a level of self awareness that I refuse to have.

不，感到哑巴需要我拒绝的自我意识水平。

Eric Hornung 5:47
Are you complimenting me?

你在赞美我吗？

Jay Clouse 5:51

MITO materials was founded in 2015. It’s based in Stillwater, Oklahoma. To date, Mito materials has received 440 thousand dollars in investment from angels in Oklahoma, Texas and impact assets. They were awarded almost $400,000 in grant funding from NASA, the National Science Foundation venture well Oklahoma State University and they’ve won about $71,000 worth of business plan competitions. I love seeing non dilutive fundraising and it seems to happen more in the hard sciences type companies that we talked to.

MITO materials成立于2015年，位于俄克拉荷马州的Stillwater。到目前为止，Mito materials已经从德克萨斯州、俄克拉荷马州和ImpactAssets那里获得了44万美元的天使投资。从美国宇航局、国家科学基金会风险投资公司、俄克拉荷马州立大学获得了近40万美元的赠款，还赢得了价值总额约7.1万美元的多个创业大赛奖金。我喜欢看到非稀释性的筹款活动，这似乎发生在我们交谈过的硬科学类型的公司。

Eric Hornung 6:26

Yeah, absolutely. I think that’s definitely a trend we’re picking up.

是的，绝对的。我认为这绝对是我们正在流行的趋势。

Jay Clouse 6:31

Alright guys. Well, as we go through this interview, we’d love to hear your thoughts. You can tweet at us @upside FM or email us Hello@upside.fm. I’ll get into the interview right after this.

好的，伙计们。好吧，在我们进行这次采访时，我们很想听听你的想法。您可以在推特上发推文@upside FM或发送电子邮件至hello@upside.fm。之后我会立即采访。

Eric Hornung 6:39

Or if you want to go interact with Jay Clouse and his comedic past. I recommend using the Twitter Advanced Search to search back for Jay Clouse between 2010 and 2013. You’re going to find some real gold.

或者如果你想和Jay Clouse和他的喜剧互动，我建议使用Twitter高级搜索来搜索2010年至2013年期间的Jay Clouse，你会找到你想要的。

Jay Clouse 6:54

I’m gonna dig on you, Buddy Guy.

我会深挖你的，伙计。

Eric Hornung 6:56

I’ll see what I think up.

我会看看我的想法。

Jay Clouse 6:57

It could be good.

这可能很好。

But before we do that, let’s bring in Rob McDonald, a partner at Taft Stettinius and Hollister to teach us about private placement and fundraising. Taft Stettinius and Hollister is a law firm known for assisting entrepreneurs across the Heartland. And as a reminder, the following remarks by Taft attorneys are for informational purposes only and are not legal advice. This information is not intended to create and receipt of it does not constitute an attorney client relationship. No person or organization should act upon this information without first seeking professional counsel. Rob, it’s great to see you Thanks for coming in. How are things in Cincinnati

但在这样做之前，让我们请Taft Stettinius and Hollister的合伙人Rob McDonald来教我们私人安置和筹款。Taft Stettinius and Hollister是一家以帮助整个心脏地带企业家而闻名的律师事务所。谨此提醒，Taft律师的以下言论仅供参考，不作为法律咨询。此信息无意创建，接收信息不构成律师客户关系。未经事先寻求专业律师，任何人或组织都不得根据这些信息采取行动。Rob，很高兴见到你，谢谢你的到来。辛辛那提怎么样

Rob McDonald 7:34

things are great Jay we got baseball season right around the corner. Very excited.

事情很好，Jay，棒球赛季马上就要到了。非常兴奋。

Eric Hornung 7:38
I live in Cincinnati, but I am a huge Indians fan. And whenever I go up to Cleveland, I always meet with some founder friends, we go to a ball game. And one of the questions I always get from them is what should an early stage founder consider when selling equity to investors?

我住在辛辛那提，但我是印度人的超级粉丝。每当我去克利夫兰时，我总是会遇到一些创始人的朋友，我们去看球赛。我经常从他们那里得到的一个问题是，早期创始人在向投资者出售股票时应该考虑什么？

Rob McDonald 7:54
It seems a lot of early stage founders don’t fully understand what it means to sell equity in a business. Obviously, there’s the quid pro quo of trading cash, presumably for equity, or some other instrument. This is a relatively simple transaction understand, but that’s hardly the end of the transaction. The founders will be committing to a lot more potentially, namely, founders will be committing to generate a return for the investors. This can become a very involved and complex relationship over time. founders will have a new obligations like holding board meetings, managing financials, creating investor reports, etc. It’s important for the founders due diligence on the investors the same way the investors due diligence on the company

似乎许多早期创始人并不完全理解出售企业股权意味着什么。显然，还有交易现金（大概是为了股票或其他工具）的交换条件。这是一个相对简单的交易理解，但这还不是交易的结束。创始人将致力于更大的潜力，即创始人将致力于为投资者创造回报。随着时间的推移，这可能会成为一种非常复杂的关系。创始人将承担新的义务，如举行董事会会议、管理财务、创建投资者报告等。这对创始人对投资者的尽职调查很重要，就像投资者对公司的尽职调查一样

Jay Clouse 8:33
completely agree. If people want to learn more about Taft or yourself, where should they go?

完全同意。如果人们想了解更多关于塔夫脱或你自己的信息，他们应该去哪里？

Rob McDonald 8:37
The best place to go is www. Taft law. com, or my Twitter at @rwm

最好的去处是www.Taft law.com，或我的推特@rwm

Jay Clouse 8:51

Haley Welcome to the show.

Haley，欢迎来到现场。

Haley Keith 8:52

Thank you so much. Thanks for having me. an

非常感谢。谢谢你邀请我。一个

Eric Hornung 8:54

We like to start with a background of the founder. Can you tell us about the history of haley, oo, that’s alliteration?

我们喜欢从创始人的背景开始。你能告诉我们haley的历史吗，哦，那是头韵？

Haley Keith 9:03

Yeah, actually, Haley has a history degree. So that’s one thing that we can say. So the history of Haley started in Indiana. So pretty close to where you guys are, I actually grew up in Elkhart where 97% of our V’s are manufactured, which is relevant to my story. So I grew up there graduated high school and was super eager to get out of Indiana, like any other state sounded better. So I went to Arkansas, which is normally doesn’t sound better, but it was. So I went to john Brown University there to study originally Communications it turned into a history degree pretty early on in my freshman year. And so I did history with a minor in business, because I knew that I wanted to get my MBA at some point, and really enjoyed my time there. I actually, during that time worked for a couple RV dealerships back home during the summer, one of those like general rv, and I did a bunch of internships there. taking a look at all of their different dealerships and kind of seeing how they could improve there operations. So I’ve been always looking at a large objective scale, and I had a large history with RV service. So my dad had of the service shop back in the day, I loved that part of the job actually was offered a job there after college and decided to turn it down to because I felt that there was something more for me in Arkansas, and that more for me in Arkansas turned into my husband, who I met on Tinder, not gonna lie. So I met him there. And he was studying at Oklahoma State University to be an engineer. And I had been working in silum springs for a while and decided ultimately, it was time to move down to Stillwater, Oklahoma, where I currently am. After moving to Stillwater, I started a job we’re going through, he was going through college or just trying to make things work. And I decided that I wanted to get an MBA, and I was working at the college already. So I started that program. And the very first class that I took was called the creative, innovative entrepreneurship scholarship. Because I was looking for money. So it was like a $2,000 scholarship class. And you basically we get an MBA in a semester, they give you a technology that they’ve patented at the university. And you’re supposed to work with STEM students from all different disciplines and try to make something of this technology. And that’s kind of where my MITO was born. And so I’ve started that in 2015. I finished my MBA in 2017. My husband finishes engineering degree in mechanical engineering. And we’ve been working and founding and doing MITO ever since. That’s kind of who I am, where I’m from,

好的，Haley恰好拥有历史学位，有一件事情我们可以聊一聊。事情发生在印第安纳州，离你们这很近，我是在Elkhart长大的，97%的房车都是那生产的，而这与我的故事有关。我在那里长大，高中毕业了之后超级渴望离开印第安纳州，好像任何其他州听起来都更好。最后我去了阿肯色州，一般来说并不是更好，确实如此。我去了那里的约翰布朗大学，最初学习传播学，在大一的时候，它就变成了历史学位。因此，我在辅修商业时一起读了历史，因为我知道我想在某个时候获得MBA，并且真的很享受在那里的时光。事实上，在那段时间里，我在夏天为老家的几家房车经销商工作，其中一家general rv，我在那里做了很多实习，看看他们所有的不同的经销商，看看他们如何改善那里的运营。因此，我一直关注着眼于一个巨大的目标规模，我在房车服务方面有着悠久的历史。所以我爸爸以前有服务店，我喜欢那部分工作，大学毕业后在那里实际上得到了一份工作，但是决定拒绝了，不撒谎的说是因为我觉得我还有更多的东西在阿肯色州，那就是我的丈夫，我们在Tinder上认识，我在那里遇到了他。他当时正在俄克拉荷马州立大学学习成为一名工程师。我在silum springs工作了一段时间，最终决定是时候搬到俄克拉荷马州Stillwater了，我现在就在那里。搬到Stillwater后，我开始了一份我们正在经历的工作，他正在上大学，或者只是想让事情发挥作用。我决定要攻读工商管理硕士学位，我已经在学院工作了。所以我启动了那个程序。我上的第一堂课就叫创意、创新创业奖学金。因为我在找钱。所以这就像一个2000美元的奖学金班。你基本上，我们在一个学期内获得工商管理硕士学位，他们给你一项他们在大学获得专利的技术。你应该与来自所有不同学科的STEM学生合作，并尝试利用这项技术。这就是我的MITO诞生的地方。所以我在2015年开始这样做。我在2017年完成了MBA。我丈夫完成了机械工程学的工程学位。从那以后，我们一直在工作、创建和做MITO。这就是我的故事。

Eric Hornung 11:29

what’s your favorite kind of history? Or did you specialize?

你最喜欢的历史是什么？还是你专攻？

Haley Keith 11:33

this college was too small to specialize in really anything but I love ancient ancient Greek, ancient Rome, that kind of stuff.

这所大学太小了，什么都做不了，但我喜欢古希腊、古罗马之类的东西。

Eric Hornung 11:38

I just went to Greece last summer. And it’s like amazing being on top of a city that’s like 4000 years old. And you can see the ruins from that long ago.

我去年夏天刚去希腊。身處一个有4000年历史的城市，这真是太棒了。你可以看到很久以前的废墟。

Haley Keith 11:48

Yeah, I went back in 2008. I was like a freshman in high school. And I just fell in love with Italy and Greece. And my husband and I went to London and Ireland for our honeymoon. And so it was really cool.

是的，我2008年回去了。我就像高中一年级的学生。我刚刚爱上了意大利和希腊。我和丈夫去了伦敦和爱尔兰度蜜月。所以这真的很酷。

Jay Clouse 11:59

You said you and your husband were both at Oklahoma State University. How do you feel about their acronym OSU vs. Ohio State’s acronym, the OSU

你说你和你丈夫都在俄克拉荷马州立大学。你觉得他们的首字母缩略词OSU vs.俄亥俄州立大学的首字母缩略词OSU

Haley Keith 12:09

as I grew up around the Buckeyes, so to me that that was originally the OSU policy of guys have better colors, this town is like riddled with so much orange. It’s, it’s like Halloween all the time. So you know, give it four days. But then we also went out and won a business plan competition out in Oregon. And that was really confusing, too. so

当我在Buckeyes周围长大时，对我来说，这原本是OSU的政策，男人的颜色更好，这个小镇就像充满了这么多橙色。就像万圣节一样。所以你知道，给它四天。但后来我们也出去在俄勒冈州赢得了一场商业计划比赛。那也真的很令人困惑。所以

Jay Clouse 12:30
I’m interested to hear more about this creative, innovative entrepreneurship scholarship. Is that what it was called? how did how did that become something you were even aware of? And what was your thought process in pursuing it?

我很想了解更多关于这个创造性、创新创业奖学金的信息。这就是它的名字吗？你是怎么意识到的？你追求它的想法是什么？

Haley Keith 12:42
Yeah, so at the time, I was working at the college as like an administrative assistant, and they give you some money to go back to school, right, I kept pushing. But I was also like, helping put Kevin through school. And so I needed some scholarships. And there’s not much when you go to grad school, and I was working full time. So I knew I was going part time, so I didn’t even get any full time assistance. So this was one of the only scholarships offered to a part time MBA, who could get it? So I applied for and if I think if I’m going on, like the school’s website or something, and there was only like 13 MBAs that got in, and ironically, my team, so they presented all these technologies, and I basically was presented as something that could like enhance toughness. And I was like, in fiber or in composite. And I was like, well, like fiberglass is a composite and fiberglass makes RV’s and I know RVs laminate and they’re like, I’ve put all of those things together and was like, I could probably do some interviews like that, I could probably get some customer discovery interviews in that industry. And my team had like two MBAs, no, three MBAs and one stem person, like the least group of them all, but actually the one probably the only one that’s still surviving.

是的，所以当时，我像行政助理一样在学院工作，他们给你一些钱回学校，对，我一直在推动。但我也喜欢，帮助Kevin完成学业。所以我需要一些奖学金。你上研究生院的时候不多了，我全职工作。所以我知道我要兼职，所以我甚至没有得到任何全职帮助。所以这是为兼职MBA提供的唯一奖学金之一，谁能拿到它？因此，我申请了，如果我认为如果我继续下去，比如学校的网站之类的，只有13个MBA进入，具有讽刺意味的是，我的团队，所以他们介绍了所有这些技术，我基本上被描述为可以增强韧性的东西。我就像在纤维或复合材料方面。我当时想，嗯，就像玻璃纤维是一种复合材料，玻璃纤维制造房车，我知道房车是层压的，他们就像，我已经把所有这些东西放在一起了，就像，我可能会做一些这样的采访，我可能会在那个行业获得一些客户发现采访。我的团队有两个MBA，不，三个MBA和一个干部，就像他们中最少的一组一样，但实际上可能是唯一一个仍然幸存下来的人。

Jay Clouse 13:47
How did you learn the concept of customer discovery interviews with with a background in history, and then being an admin? Where did that process even come to you?

您是如何学习具有历史背景的客户发现性面试的概念，然后成为管理员的？你从哪里来的这个过程？

Haley Keith 13:57
So I worked. I’ve been working in small businesses and working kind of alongside my mom, who was a VP of customer service in RV manufacturers most of my life. So the idea of business and interviewing and listening to customers was not something that was very new to me, then in the class, creative, innovative, innovative entrepreneurship, we just call it CIE for short. And CIE, they teach you that kind of I core lean Launchpad, lean Launchpad method. So we walked through that. And that was kind of my first introduction to the method. But it was something that I always kind of had been doing,

所以我工作了。我一直在小企业工作，和我妈妈一起工作，我妈妈一生大部分时间都是房车制造商的客户服务副总裁。因此，商业、面试和倾听客户的想法对我来说并不新鲜，然后在课堂上，创造性、创新、创新的创业精神，我们简称为CIE。CIE，他们教你那种核心精益启动台，精益启动台方法。所以我们走过了那个。这是我第一次介绍这种方法。但我一直都在做这件事，

Jay Clouse 14:29
how much time did they focus on that type of teaching before they presented you with different technologies to choose from,

在向您介绍不同的技术供您选择之前，他们花了多少时间专注于这种类型的教学，

Haley Keith 14:35
we’re just presented with technologies first. So the technologies were like the first day, and then basically, the second day was okay, you got to get 50 interviews over the course of the semester, you should probably break them down. Here’s the method we’re going to use. And that was the second class. then it was just kind of like walking through every section of the business plan. So start with your industry, break it down, go to market, how would you sell it and your interview should be in your interview should be informing all of the data that you’re putting into this plan. So talk to people that would give you that kind of information?

我们首先介绍了技术。所以技术就像第一天一样，然后基本上第二天还可以，整个学期你必须得到50次面试，你可能应该把它们分解。以下是我们将要使用的方法。那是第二节课。然后就像浏览了业务计划的每个部分。因此，从你的行业开始，分解它，进入市场，你将如何销售它，你的面试应该在你的面试中，应该告知你投入该计划的所有数据。所以和会给你那种信息的人谈谈？

Eric Hornung 15:06
On that day one? Was it like, Hey, here’s an ala carte menu, or was it like, okay, you sat in this seat? So you’re getting this technology,

在那天？是像，嘿，这里有点菜菜单，还是像，好吧，你坐在这个座位上？所以你得到了这项技术，

Haley Keith 15:13
it was an ala carte, they presented 13 different technologies, it was from the technology development center. So basically, the guys that had helped patent everything, they came in and kind of gave you a very short, I think, one slide synopsis of what it was in very technical terms. And then the MBAs chose first, and then the stem people could go wherever, because you needed one MBA per team.

这是一种点菜，他们介绍了13种不同的技术，来自技术开发中心。所以基本上，那些帮助申请了所有东西专利的人进来了，我想给了你一个非常简短的幻灯片，以非常技术性的术语来说是什么。然后MBAs首先选择，然后干细胞人可以去任何地方，因为每个团队需要一个MBA。

Jay Clouse 15:33
What was the expectations of that program? For the members of that program? Was this first a learning process? Or were you almost expected when you came in to commercialize this as an entrepreneur? After you took it on?

该计划的期望是什么？对于该计划的成员？这是第一个学习过程吗？还是你作为企业家进来将这个商业化时几乎是意料之中的？在你接受它之后？

Haley Keith 15:47
Totally a learning process, Most of the companies, you know, like still don’t exist, it was just could this technology have a commercial application, and you’re kind of helping TDC Technology Development Center, whittle that out in a business, this platform so they could look at it, but most of it was not expected to start a company or go audience, we could participate in business plan competitions, once you had the plan written, which is kind of the next logical step. And we did that. But it’s it’s really rare to do that. I think there’s only like three or four other companies that have done it at OSU.

完全是一个学习过程，大多数公司，你知道，好像仍然不存在一样，只是这项技术可以有一个商业应用，而你正在帮助TDC技术开发中心，在业务中将其简化，这个平台，以便他们可以查看它，但大多数公司不会被期望成立或去受众，一旦你写好计划，我们可以参加业务计划竞赛，这有点合乎逻辑的下一步。我们做到了。但这样做真的很罕见。我认为只有三四家其他公司在OSU这样做过。

Eric Hornung 16:16
How did you feel about moving from Arkansas to Oklahoma?

你觉得从阿肯色州搬到俄克拉荷马州怎么样？

Haley Keith 16:19
No, I wasn’t very excited. Stillwater is like the third largest town. We don’t have a mall, there’s no target. So I was kind of like, Well, I mean, you kind of want to OU but it’s fine. I really love it now. And we’ve been here for four years, and we’ve gotten really entrenched in the community. And it’s been really fun. But we’re also really, really eager to move back up north. So there’s our customers that are up there. And so Kevin, and I really talked about moving back up north towards Michigan, not Indiana, but Michigan.

不，我不是很兴奋。静水就像第三大城镇。我们没有购物中心，没有目标。所以我有点像，嗯，我是说，你有点想OU，但没关系。我现在真的很喜欢它。我们在这里已经四年了，我们在社区中根深蒂固。非常有趣。但我们也非常非常渴望向北移动。所以我们的客户在上面。所以Kevin，我真的谈到了向北向密歇根州走，不是印第安纳州，而是密歇根州。

Eric Hornung 16:49
How about Ohio? there’s a there’s a couple of great cities there.

俄亥俄州怎么样？那里有几个很棒的城市。

Haley Keith 16:52
How do I thought about it? No, actually told him yesterday was like Columbus is really big into startups. Maybe we should look there. So maybe.

我是怎么想的？不，实际上昨天告诉他就像哥伦布对初创企业非常着眼。也许我们应该看看那里。所以也许吧。

Jay Clouse 17:00
So you said not a lot of teams continue out of that program and start businesses? Is that a lack of interest in starting businesses on the students front? Or is it a complicated process in licensing that technology from the university,

所以你说没有很多团队继续退出该计划并创业？这是对在学生方面创业缺乏兴趣吗？还是从大学许可该技术是一个复杂的过程，

Haley Keith 17:15
it’s a complicated process to license and a lot of the technologies, some of them, I think they kind of restructured the program. But back when I did it, some of the students were working on the technologies were a part of the class. So they had a personal interest. And those ones would tend to go further. But a lot of them too, are just kind of beginning stages, or maybe later stage. So I think one technology, I talked to like phi IE alumnus, and he had done it like five years ago, and it was the same technology done the same way. And this is different team did it, there was just not a lot of potential there. And so they kept re interviewing kept doing things, and there just wasn’t as much potential. So that’s one subset. The other subset is like mine. It was in the patented process, but it hadn’t really scaled. So if you couldn’t scale it, you didn’t really have anything, but you had a market and you could run with that market. And then there were the people who were working on the technology that needed to get an MBA, but often when you get a really passionate science person who wants to be an entrepreneur and an MBA, there’s a lot of clashing. And so sometimes that didn’t formulate as well, as expected.

许可过程很复杂，许多技术，其中一些，我认为它们在一定程度上重组了程序。但当我这样做时，一些学生正在研究技术，他们是课堂的一部分。所以他们有个人利益。那些往往会走得更远。但其中许多也只是开始阶段，或者稍后阶段。所以我认为有一项技术，我像phi IE校友一样交谈过，他就像五年前一样这样做的，也是同样的技术。这是不同的团队做的，只是那里没有太大的潜力。因此，他们不断接受面试，不断做事，只是没有那么大的潜力。所以这是一个子集。另一个子集就像我的。它正在申请专利，但还没有真正扩大规模。因此，如果你不能扩大规模，你真的什么都没有，但你有一个市场，你可以和那个市场一起运行。然后是从事获得MBA所需技术的人，但通常当你找到一个真正充满激情的科学人才想要成为企业家和工商管理硕士学位时，会有很多冲突。因此，有时这并不像预期的那样制定。

Jay Clouse 18:18
How closely did you have to work with the technologists who is bringing that product to market.

你必须与将该产品推向市场的技术人员密切合作。

Haley Keith 18:24
So our additive was developed at the material science lab in Tulsa, with the oversight and professor named Rhongy body and Nathan. And we work really closely with him. Because he’s amazing. I mean, so he’s a genius. But he is really passionate about student entrepreneurship, too. So we have a really great technical professor, founder. He works with students, students in his lab that we kind of help fund to enhance their knowledge of our product to get it further down the line. So Rhongy is not doing a lot of the development work. A lot of the students are that we sponsor at the university,

因此，我们的添加剂是在塔尔萨的材料科学实验室开发的，监督和教授名为Rhongy body和Nathan。我们和他密切合作。因为他很棒。我的意思是，所以他是个天才。但他也非常热衷于学生创业。因此，我们有一个非常伟大的技术教授，创始人。他和他的实验室里的学生一起工作，我们帮助资助他们提高对我们产品的了解，使其更深入。所以Rhongy没有做很多开发工作。我们大学赞助了很多学生，

Eric Hornung 18:57
are those for you said three MBA in one STEM person, are all four people still working on the company?

那些是为你说一个STEM的人有三个MBA，四个人还在公司工作吗？

Haley Keith 19:03
No, none of them continued after the class. So after the class, it was me. And I looked at my husband or my fiance at the time. And I said, Hey, do you want to do like a business plan competition with me, because you’re an engineer, you’re actually the only engineer that we had. And he had seen me work day in day out on this project. So he had the business plan. We went into the Oklahoma Governor’s Cup, which was just a statewide competition, and participated together got him out of his comfort zone he never really presented before. And, you know, he became really passionate about the project. It kind of melded both of our things together, like he was really passionate about aerospace. So super passionate about RV’s, and together, we ended up winning that competition first place.

不，他们都没有在下课后继续。所以下课后，是我。我当时看着我的丈夫或未婚夫。我说，嘿，你想和我一起做商业计划比赛吗，因为你是一名工程师，你实际上是我们唯一的工程师。他看到我日复一日地为这个项目工作。所以他有商业计划。我们参加了俄克拉荷马州州长杯，这只是一场全州范围的比赛，一起参加了比赛，让他走出了他以前从未真正展示过的舒适区。而且，你知道，他对这个项目变得非常热情。这把我们这两样东西融合在一起，就像他真的对航空航天充满热情一样。如此热衷于房车，我们一起赢得了比赛的第一名。

Eric Hornung 19:44
Have you ever taken an RV road trip across the country?

你曾经在全国进行过房车公路旅行吗？

Haley Keith 19:47
Not across the country, but we’ve done a lot across Michigan

不是在全国，但我们在密歇根州做了很多工作

Eric Hornung 19:51
I feel like RV road trip across the country is like so many people in America’s goal one day? Yeah. Never been in an RV until this last week.

我觉得有一天，房车越野车越野旅行就像美国目标上的很多人一样？是的。直到上周才上过房车。

Haley Keith 20:01
Really?

真的吗？

Eric Hornung 20:02
Yeah. I actually really enjoyed the experience, though.

是的。不过，我真的很喜欢这次经历。

Haley Keith 20:04
Yeah, it’s super fun. My husband’s really into camping. And I don’t really do camping. So he calls what I do glam thing. Like, once you camp in an RV, you don’t really want to go back the other way. So yeah, we grew up around them. And I really want to take a trip up the East Coast, like during the fall.

是的，超级有趣。我丈夫真的很喜欢露营。而且我真的不做露营。所以他称我做的事情很迷人。比如，一旦你在房车里露营，你真的不想回到另一边。所以是的，我们在他们身边长大。我真的很想去东海岸旅行，就像秋天一样。

Jay Clouse 20:22
Can you explain to me the process? Haley, as you go out of this, what did deciding to continue on and build a company out of this class look like? How did that work?

你能给我解释一下这个过程吗？Haley，当你走出困境时，决定继续在这个班上建立一个公司是什么样子的？那是怎么工作的？

Haley Keith 20:31
A lot of, you know, looking back, and it’s kind of a crazy story. But it was mostly just a lot of doors opening at the right time, I would have probably been fine. After the class, we won the first business plan competition to kind of table it. And almost for a year we kind of did, it was just this thing that we were still working on. And we were getting grants for these, we were really, we were really passionate about bringing the technology out to market, but we didn’t really know what that looked like. So I have a history degree and an MBA. So I can’t work on a material science technology, I’m just not qualified. My husband was getting an engineering degree, but also not a material science. So not very qualified to work on it either. So ultimately, it came down to we kept finding a market and really validating the market and really seeing that it was a big need. And so that kept driving us forward eventually to hire a chemist and a material scientist for us to develop the technology along with what the market was telling us. And so I think as we continued the grant, receiving grants and receiving business plan, competition awards, really helped further the drive that we had to continue going because it was just something that stuff people were so interested in and people really saw a need for. And so that all kind of came to a head in 2017, we got 2016 we got a grant from venture well, which is an amazing place that we work with and love them so much. So we did their stage two program and really kept seeing that there was this really big need. But we also needed a technical founder that we could trust. So in the midst of that we’re like, Well, how do we fund a technical founder, there’s not really enough to raise money for. And so on the way on the drive back from Indiana to Oklahoma after Christmas break in 2016 or 2017. I applied to every business plan competition, I could find, we got into several. And then we won second place at all the ones we have participated at, which turned into a lot of money. So at that point, we, we talked to Rhongy and said, Rhongy, we need to find a mini you. And how do we do that. And he came back to me a week later and said, I have BishMa and now Bishma our VP of r&d. And this was amazing. And he scaled the product super quick and has done amazing things in the lab. So after that, it was just kind of like well, now we have the team. Let’s go and we did.

很多，你知道的，回首往事，这有点疯狂。但主要是在正确的时间打开很多门，我可能会没事的。下课后，我们赢得了第一次商业计划比赛。差不多有一年了，我们还在努力的就是这件事。我们为这些获得赠款，我们真的，我们真的热衷于将这项技术推向市场，但我们真的不知道那是什么样子。所以我有历史学位和工商管理硕士学位。所以我不能从事材料科学技术工作，我只是不合格。我丈夫正在获得工程学位，但也不是材料科学学位。所以也不太有资格处理它。因此，归根结底，我们一直在寻找市场，真正验证市场，并真正看到这是一个巨大的需求。因此，这不断推动我们最终聘请一名化学家和一名材料科学家为我们开发该技术以及市场告诉我们的信息。因此，我认为，当我们继续提供赠款、接受赠款和接受商业计划、竞争奖时，确实有助于推进我们必须继续前进的动力，因为这只是人们非常感兴趣的东西，人们真的看到了需要的东西。因此，2017年，我们获得了2016年，我们从风险投资公司那里获得了一笔赠款，这是一个我们合作和他们非常爱他们的神奇地方。因此，我们做了他们的第二阶段节目，并一直看到有如此巨大的需求。但我们还需要一个我们可以信任的技术创始人。因此，在这一点上，我们就像，好吧，我们如何为技术创始人提供资金，实际上没有足够的资金来筹集资金。2016年或2017年圣诞节假期后，在开车从印第安纳州返回俄克拉荷马州的路上也是如此。我申请了每个商业计划比赛，我发现，我们进入了几个。然后，我们在参加的所有比赛中都获得了第二名，这变成了一大笔钱。所以在这一点上，我们，我们和Rhongy谈过，说，Rhongy，我们需要找一个迷你你。我们该怎么做。一周后，他回到我身边，说，我有BishMa，现在有我们的研发副总裁Bishma。这太棒了。他超快地扩展了产品，并在实验室里做了令人惊叹的事情。所以在那之后，情况有点好，现在我们有了团队。我们走吧，我们做到了。

Eric Hornung 22:46
How does that look from a cash versus equity? When you’re hiring someone that early? Who’s that important to the team without discussing their salary? Straight up on the back?

从现金与股权来看，这看起来怎么样？你那么早雇佣某人的时候？谁在不讨论他们的工资的情况下对团队如此重要？直靠在后面？

Haley Keith 22:55
No no no. At the time, it was like nothing, right? Like we had some of the business plan competition money we won was equity. So we couldn’t really get it until we raised. So we had some cash in the bank that allowed us to what we did is we kind of worked with him through the university. So we helped sponsor research that he was conducted to do at the university, which means the university is paying him. So that took a lot of like the admin stuff away from us in 2017, which was good as far as payroll and all that we just kind of went to him and said, Look, you’re going to be a really key part of this company. So equity is definitely on the table. And we negotiated from there. And I don’t really think he understood what he was really getting into at the time. So we were really fair, because we knew that like we were we were overly fair, I think because we understood that

不不不。当时，这就像什么都没有，对吗？就像我们有一些商业计划竞争一样，我们赢的钱是股权。因此，在我们抚养之前，我们无法真正得到它。因此，我们在银行里有一些现金，这让我们能够通过大学与他一起工作。因此，我们帮助赞助了他在大学进行的研究，这意味着大学正在向他支付报酬。因此，这让我们在2017年夺走了很多像管理员的东西，这就工资单和我们只是去找他说的一切而言，听着，你将成为这家公司真正关键的一部分。所以股票绝对摆在桌面上。我们从那里进行了谈判。我真的不认为他理解他当时真正陷入了什么。所以我们真的很公平，因为我们知道我们太公平了，我想因为我们理解这一点

Jay Clouse 23:39
you’ve mentioned a couple times that it was kind of in limbo or almost on the shelf, and you just kept finding this market. So it sounded like product market fit was almost finding you what were the indicators that you guys were receiving to show? Okay, there’s a market over here.

你几次提到它有点悬而未決或几乎搁置，而你只是一直在寻找这个市场。所以听起来产品市场契合度几乎是在找到你们，你们收到的指标是什么？好的，这边有一个市场。

Haley Keith 23:53
Yeah, everybody we talked to was really excited and really interested. And we barely had a lot of information, we had technology that was developed back in 2014, that had done some testing in the years to come. So 2016, they’re continuing to test but it hadn’t scaled. And what we basically knew was that it improved toughness up to 100% in the lab, and you only needed to add about a .1% concentration. And just those two sentences combined, made people in the aerospace industry raise their eyebrows, made people in the RV industry, the automotive industry get excited, because the lamination and and toughness leads to less durability in composite materials and the shift, I think we came in at a really important time where the shift for composite materials was growing at an exponential rate, because metals were moving away. And so they wanted these composite materials to be just as durable and just as reasonably affordable as metals and to try to figure that all of that out with science is very complicated. And so we talked to them about delivery methods and how best it could be delivered. And, and as we kept talking to people, it just kept informing the business model that we have all we ended up creating.

是的，我们交谈的每个人都非常兴奋和感兴趣。我们几乎没有很多信息，我们有早在2014年开发的技术，这些技术在未来几年里进行了一些测试。因此，2016年，他们继续测试，但还没有扩大规模。我们基本上知道的是，它在实验室里提高了高达100%的韧性，而你只需要增加大约0.1%的浓度。仅仅这两句话的结合，就让航空航天行业的人扬了眉毛，让房车行业的人感到兴奋，因为层压和韧性导致复合材料的耐用性和转变，我认为我们来到了一个非常重要的时刻，复合材料的转变正在以指数速度增长，因为金属正在消失。因此，他们希望这些复合材料与金属一样耐用，同样合理实惠，并试图弄清楚科学的所有这些非常复杂。因此，我们与他们讨论了送货方式以及如何最好地送货。而且，当我们不断与人交谈时，它只是不断告知我们最终创造的所有业务模式。

Jay Clouse 25:01
What was fundraising like for you as a first time entrepreneur,

作为一名首次创业者，你筹款是什么样子的，

Haley Keith 25:05
so much fun. I love fundraising. I know it’s probably weird. I love it, it was really cool, really interesting to get to meet all of these amazing angel investors hear their stories, kind of find out how they got into it, and see what makes them passionate about working with entrepreneurs was really exciting and enticing to me. And because we’ve done so many business plan competitions, the structure of pitching and the structure of like, you know, pitch days or Angel funds wasn’t really different or new, because it’s kind of like a business plan competition. So we just kind of kept going in with that mentality of like, all right, we got 10 minutes. But really, I want to hear your questions. So I’m going to pitch in five, and I want questions for five, too, because I want to give you the information that you know and are aware. So I really enjoy the part of fundraising doesn’t mean I’m very good at it. You know, there’s definitely sometimes a barrier with not having all the technical knowledge and all the technical background or getting into a rabbit hole about your market and your sizing and how you found that because it’s kind of hard to explain. But I really enjoyed the process of it.

太有趣了。我喜欢筹款。我知道这可能很奇怪。我喜欢它，认识所有这些令人惊叹的天使投资者，听到他们的故事，了解他们是如何进入其中的，看看是什么让他们热衷于与企业家合作，这真的很酷，真的很吸引人。因为我们做了这么多商业计划比赛，所以投球的结构和喜欢的推销日或天使基金的结构并不真正不同或新颖，因为它有点像商业计划比赛。所以我们只是继续保持这种心态，好吧，我们有10分钟的时间。但真的，我想听听你的问题。因此，我将投五分，我也想要五个问题，因为我想给你你所知道和知道的信息。因此，我真的很喜欢筹款的部分，但这并不意味着我非常擅长筹款。你知道，有时肯定有一个障碍，因为缺乏所有的技术知识和所有技术背景，或者进入关于你的市场和尺寸以及你如何发现这一点的兔子洞，因为这有点难以解释。但我真的很喜欢这个过程。

Eric Hornung 26:05
How did you strategically think about fundraising and your process to fundraise

你是如何战略性地考虑筹款和筹款过程的

Haley Keith 26:11
our process to fundraise and our strategy really like in the contacts and networks that we made with business plan competitions, and the networks we were creating at OSU and from their alumni system. So when we went into the rice business when competition, it’s kind of a whole nother world for business win competitions, as I’m sure you’re aware of her. So that network and that amount of angel investors that were there, we pulled on and we ended up going to visit several of those groups and do pitches with. And then the remaining and actually our lead investors are all OSU alumni who I was fortunate enough to meet as I worked with the entrepreneurship department at OSU. So after working as an admin, the entrepreneurship department kind of caught wind of what I was doing at Mito, and I was promoted, or I moved over into an entrepreneurship coordinator position where I worked with startups and companies who are trying to get up out of the incubator, so I coordinated events and all those things. And so with that, I got to visit with a lot of the major donors to the university and the entrepreneurship program and create connections there, which eventually led to finding our lead investors.

我们的筹款过程和战略非常喜欢我们通过业务计划竞赛建立的联系和网络，以及我们在OSU和他们的校友系统创建的网络。因此，当我们在竞争时进入大米行业时，商业赢得竞争就像一个全新的世界，我相信你知道她。因此，那个网络和那里的天使投资者数量，我们继续前进，我们最终将访问其中几个团体并进行宣传。然后剩下的，实际上是我们的主要投资者都是OSU校友，当我与OSU的创业部门合作时，我有幸见到了他们。因此，在担任管理员后，创业部门有点了解我在水户做的事情，我得到了晋升，或者我转到创业协调员的职位，在那里我与试图从孵化器中站起来的初创公司和公司合作，所以我协调了活动和所有这些事情。因此，我访问了大学和创业计划的许多主要捐助者，并在那里建立联系，最终找到了我们的主要投资者。

Jay Clouse 27:16
I’m not that familiar with the rice business plan competition. Can you give us a quick rundown of what that’s like?

我对大米商业计划竞争不太熟悉。你能给我们简要介绍一下那是什么样子吗？

Haley Keith 27:20
Yeah, the rice business competition is like American Idol. It’s crazy. So we’d been to several business plan competitions before rice, we participated in the Governor’s Cup, which is only Oklahoma based companies. And then if you win Governor’s Cup, you you got to go to tri state, which was held in Las Vegas, and it was Vegas, there was Nevada, Oklahoma and Arkansas teams all competing against each other. So still a very small pool. We participated after that at Baylor, which was one of actually my favorite competition. And that’s where we met Mobius or girl bio, we were second place they came in first because they were amazing. And that competition took people from all over the US and is a Yeah, like 13 teams who compete against each other. And they had a lot of Baylor based angel investors are kind of in that Texas, Dallas area. Rice, though, brings them in from all over. I mean, you’ve got Houston. So it’s an international kind of hub. And you get people with Angel groups and Angel ties from all over the world. And they accept companies from all over the world. So we have like some students from Denmark, who are just studying us and following us because they were a part of a class at Rice that was supposed to like follow a team and see how they do. So that competition brought in such a wealth of knowledge and a wealth of people. And there’s only like 500 people that come to the competition. And most of them are investors, the other half of them are teams. And I think it starts with 42 teams, there’s just a huge, amazing conglomeration of entrepreneurship, and interest in angel investors. And so the networks that you create there are really huge and the prizes are great, but a lot of the prizes go are straight from angel investors. So like we 90 thousand dollars there. And those two prizes, were angel investments into our company. So we have continued network access to them. And they’re really great.

是的，大米生意比赛就像《美国偶像》。这太疯狂了。因此，在大米之前，我们参加了几次商业计划比赛，我们参加了州长杯，只有俄克拉荷马州的公司。然后，如果你赢得州长杯，你必须去在拉斯维加斯举行的三州，那就是拉斯维加斯，内华达州、俄克拉荷马州和阿肯色州的球队都在相互竞争。所以仍然是一个很小的游泳池。在那之后，我们参加了贝勒，这实际上是我最喜欢的比赛之一。这就是我们遇到Mobius或女孩简历的地方，我们排名第二，他们排名第一，因为他们很棒。那场比赛夺走了来自美国各地的人，是的，就像13支相互竞争的球队一样。他们有很多总部位于贝勒的天使投资者在德克萨斯州、达拉斯地区。然而，大米从各地把它们带了进来。我的意思是，你有休斯顿。所以它是一个国际化枢纽。你有来自世界各地的天使团体和天使关系的人。他们接受来自世界各地的公司。因此，我们有一些来自丹麦的学生，他们只是在研究我们并关注我们，因为他们是赖斯班级的一部分，该班级本应喜欢跟随一个团队，看看他们做得怎么样。因此，竞争带来了如此丰富的知识和丰富的人。只有大约500人来参加比赛。他们大多数是投资者，另一半是团队。我认为它始于42个团队，只是一个巨大的、令人惊叹的创业集团，以及对天使投资者的兴趣。因此，您在那里创建的网络真的很大，奖品也很棒，但许多奖品都是直接来自天使投资者的。所以就像我们在那里9万美元一样。这两个奖项，都是对我们公司的天使投资。因此，我们继续访问他们的网络。它们真的很棒。

Eric Hornung 29:10
What is Mito materials today, in your own words,

用你自己的话来说，今天的Mito材料是什么，

Haley Keith 29:14
I would say mito materials today is a company who started in Oklahoma, but has a far reaching opportunity to impact composites worldwide.

我想说，今天的mito materials是一家始于俄克拉荷马州的公司，但有一个影响全球复合材料的深远机会。

Eric Hornung 29:23
Are you guys in market,

你们在市场上吗，

Haley Keith 29:24
we are in the market, we are doing beta testing with a couple customers. So we’ve been in operation for about a year. So we could say that we started the business in 2016, just sure I filed LLC, but we launched in 2018, with the influx of capital through the National Science Foundation through the SPR phase one grant. So that was $225,000 that came in to fund our r&d. So we use that influx of non dilutive capital to drum up angel investment and the amount of $440,000 in 2018. And so we really been a full fledged company, all of us working out, you know, with salaries and everything for a year. And during that year, we focused heavily on scaling the product, because that was one of the big risk factors was we needed to make sure that it scaled, we needed to make sure that it worked in different applications. And so different resin types and different fiber types. And so we did a lot of testing to enhance and modify and discover what those results would be. And at that point, once we realized that we had something that wasn’t degrading results, that was actually improving results. And I think we only maybe two or three technical people. So we have a lot of business push. So I push it out into the market. And I said, let’s see what the market can do with this. And so we began actually selling product almost immediately after we really successfully scaled, which was in late August.

我们在市场上，我们正在与几个客户进行测试版。所以我们已经运营了大约一年。因此，我们可以说，我们于2016年开始业务，只是确定我提交了有限责任公司，但我们在2018年启动，通过国家科学基金会通过SPR第一阶段赠款涌入了资本。因此，这需要225,000美元来资助我们的研发。因此，我们利用非稀释资本的流入来筹集2018年的天使投资和44万美元。因此，我们真的是一家成熟的公司，你知道，我们所有人都在一年内用工资和一切来锻炼。在那一年，我们非常专注于扩展产品，因为这是最大的风险因素之一，我们需要确保产品规模化，我们需要确保它在不同的应用中工作。因此，不同的树脂类型和不同的纤维类型。因此，我们进行了大量测试来增强和修改，并发现这些结果会是什么。在这一点上，一旦我们意识到我们有一些没有贬低结果的东西，那就是实际上正在改善结果。我认为我们可能只有两三个技术人员。因此，我们有很多业务推动力。所以我把它推向市场。我说，让我们看看市场能用它做什么。因此，在我们真正成功扩展后，即在8月下旬，我们几乎立即开始销售产品。

Jay Clouse 30:46
What does scaling mean in this context?

在这种情况下，缩放意味着什么？

Haley Keith 30:49
Yeah, so we make a nano additive, you can’t see it with your eyes. But when it’s all clumped together, you can so it’s kind of like a it’s a powder. And so scaling, in our case meant in Tulsa, at the lab at OSU, we could only make 10 grams bench top, we procured assets that would allow us to make a kilogram of product. But that scaling process was mostly done on pen and paper. So because we could bench top it at 10 grams, we needed to procure equipment that could mimic the bench shot process, but also combine some of those processes into one machine. So Kevin and Bishma worked heavily together to decide what equipment would work best. We purchased those assets with the use of the investor funding and got them all into the lab, which takes forever, like people always tell you, oh, yeah, budget for this time, and then add three months. So right. So once we got into the lab, at that point scaling looked like, Okay, let’s try 50 grams, like we can make 10 Let’s put in enough product for 50 and see what happens and see what we can do and analyze. And surprisingly enough, Rhongy didn’t believe that this was going to happen. I mean, he he’s been surprised at what mito has done for the past couple of years. But even Rhongy was like, okay, Haley, like chemicals don’t scale that well, like it’s going to take a couple times. Don’t be upset if you fail. And we succeeded the first time. So we tried it again. And we’re like, all right, 50 grams work. Let’s try 75. And it worked again. And so we’ve continued that scaling process, we’re up to about 200 grams,

是的，所以我们做了一个纳米添加剂，你的眼睛看不到它。但当它都聚集在一起时，你可以让它有点像粉末。因此，在我们而言，在塔尔萨，在OSU的实验室，我们只能制造10克的长凳顶部，我们采购了允许我们生产一公斤产品的资产。但这种缩放过程主要是在笔和纸上完成的。因此，由于我们可以在10克的长凳上盖子，我们需要采购可以模拟长凳射击过程的设备，但也需要将其中一些过程组合成一台机器。因此，Kevin和Bishma一起努力决定哪种设备效果最好。我们利用投资者资金购买了这些资产，并将其全部投入实验室，这需要很长时间，就像人们总是告诉你的那样，哦，是的，这次的预算，然后增加三个月。所以对。因此，一旦我们进入实验室，当时的缩放看起来像是，好吧，让我们试试50克，就像我们可以做10克一样。让我们投入足够的50克产品，看看会发生什么，看看我们能做什么和分析。令人惊讶的是，Rhongy不相信会发生这种情况。我的意思是，他对mito过去几年的所作所为感到惊讶。但即使是Rhongy，好吧，Haley，就像化学品的规模没有那么好，好像需要几次。如果你失败了，不要难过。我们第一次成功了。所以我们又试了一次。好的，我们就像50克的工作。让我们试试75。又成功了。因此，我们继续进行缩放过程，我们高达200克左右，

Eric Hornung 32:19
what is like, where do you need to be

是什么样子的，你需要去哪里？

Haley Keith 32:22
so kilogram a day is optimum, but we need the demand for a kilogram day. So I’m not going to put a bunch of chemicals in there to make a kilogram of product and then not have the ability to sell the kilogram. So our equipment can make up to a kilogram a day, we’ve identified some bottlenecks in the process, one of them being like we chose to buy a smaller filter at the beginning to save on asset costs to because we didn’t know if it would work. It did. So now we need to buy a bigger filter at that point a kilogram of day, no problem.

所以每天公斤是最佳的，但我们需要每天一公斤的需求。因此，我不会在里面放一堆化学品来制造一公斤产品，然后就没有能力出售这公斤。因此，我们的设备每天可以达到一公斤，我们在这个过程中发现了一些瓶颈，其中一个是因为我们一开始选择购买一个较小的过滤器，以节省资产成本，因为我们不知道它是否有效。做到了。所以现在我们需要在这个时候买一个更大的过滤器，一公斤天，没问题。

Eric Hornung 32:49
What is a kilogram a day get you? How does this priced, who who’s demanding a kilogram a day? What does that actually do? Like give me some context around what a kilogram a day means?

每天一公斤是什么，给你吗？这怎么定价，谁每天要一公斤？这实际上有什么作用？比如给我一些每天一公斤意味着什么的背景？

Haley Keith 33:00
Yep, so over 2 million tons of resin is used in applications per year. The applications for resin in composite materials include aerospace transportation, so RV’s cars now sporting equipment, you name it, like a lot of things are composite materials. And what’s in those composite materials essentially, is like you have a fiber matrix, so fiberglass, carbon fiber, or Kevlar, and then you have resin to adhere those fabric layers together to create the actual composite. Now most composites are like 70/30, some 70%, resin 30% fiber. So to go back to the number over 2 million tons of resin are used per year, one ton is over 907,000 grams of product, we sell our additive in grams. To do one ton would be a million dollars over a million dollars worth of our product, who demands a ton or a kilogram a day of product. You’re looking at people who are manufacturing these in assembly lines are on a day to day basis. So what we do, and resins kind of an awkward thing because I think I mentioned to you guys earlier, our markets are kind of like what I look at as a Venn diagram. So there’s 113 billion dollar composite materials market that’s growing exponentially over the next couple years. 7% cater. so the same thing with the resin market, the resin markets a $14.2 billion industry and the resin market is being pushed by the composite market to innovate and formulate tougher appoxies more enhanced modifier is to create better composite materials for newer applications. So both industries are growing at a rapid rate and you find Mito right in the center where we identify the problems that the composite manufacturers are facing right delamination and cracking in composite materials is a big thing and affects durability you have to pay warranties on it and it causes heart failure which could in some cases cost you lives. So that’s an issue thermal reasons activity in the use of semiconductors and other electronic applications is a really big thing to increase the glass transition temperature but also even an delamination thermal resistive it plays a part so mito can modify and enhance those resin systems to meet the needs of the composite manufacturers. So we go to the resin manufacturers and we work with them to enhance their formulation with our modifier additive. And then the composite manufacturers glean the benefits of all of that

是的，所以每年有200多万吨树脂用于应用。树脂在复合材料中的应用包括航空航天运输，所以房车的汽车现在使用运动设备，你可以说，就像许多东西都是复合材料一样。这些复合材料本质上是，就像你有一个纤维基质，所以玻璃纤维、碳纤维或凯夫拉，然后你有树脂将这些织物层粘在一起，以创造真正的复合材料。现在大多数复合材料都是70/30，大约70%，树脂30%纤维。因此，回到每年使用超过200万吨树脂的数字，一吨产品超过90.7万克，我们以克为单位出售添加剂。做一吨将超过我们产品价值100万美元的100万美元，他们每天需要一吨或一公斤的产品。您正在查看那些在装配线上制造这些的人每天都在工作。因此，我们的工作，树脂有点尴尬，因为我想我之前向你们提到的，我们的市场有点像我看的Venn图表。因此，未来几年，有1130亿美元的复合材料市场呈指数级增长。7%迎合。因此，树脂市场也是如此，树脂市场拥有142亿美元的行业，树脂市场正在推动复合市场进行创新和制定更坚韧的贴合物，更强的改性是为更新的应用创造更好的复合材料。因此，这两个行业都在快速增长，您发现水藤就在我们识别复合材料制造商面临的问题的中心，复合材料断裂是一件大事，会影响耐用性，您必须为此支付保修，并导致心力衰竭，在某些情况下可能会夺走您的生命。因此，这是一个热原因问题，在半导体和其他电子应用的使用中，活动是提高玻璃过渡温度的一件大事，但即使是分层热电阻，它也发挥着作用，因此mito可以修改和增强这些树脂系统，以满足复合材料制造商的需求。因此，我们去找树脂制造商，与他们合作，用我们的改性添加剂来增强他们的配方。然后复合材料制造商从所有这些中收集到好处

Eric Hornung 35:27
if I was going to just for my own dumb brain, kind of try to clarify that you have like the 70/30 mix you talked about where it’s 70% resin 30% fiber, your additive goes into the 70% resin and then that kind of creates this composite like a stronger tougher composite.

如果我只是为了我自己愚蠢的大脑，试着澄清一下，你就像你说的70/30混合物一样，它是70%的树脂30%的纤维，你的添加剂进入70%的树脂，然后这种复合材料就像更坚固的复合材料一样。

Haley Keith 35:49
Yes.

是的。

Jay Clouse 35:50
And you said there 2 million tons of resin use and applications per year. One one ton requires 907 grams of your product

你说每年有200万吨树脂的使用和应用。一吨需要907克的产品

Haley Keith 35:58
one ton is 907,000 grams, total of resin. our additive goes into a .1% concentration of that resin so you need 90,700 grams of Mito to create one ton which equates to over a million dollars of revenue for Mito,

一吨是907,000克，总共有90.7万克的树脂。我们的添加剂浓度为该树脂的0.1%，因此您需要90,700克水户来创造一吨，相当于水户超过100万美元的收入，

Eric Hornung 36:18
if we multiply that out times 2000 that’s the market for all Mito in a year.

如果我们乘以2000倍，那么一年内所有Mito的市场就是了。

Haley Keith 36:23
Yes, 2 million.

是的，200万。

Jay Clouse 36:25
Can you give me an example of who an ideal customer is in what volume they would be buying Mito materials.

你能给我举个例子，说明他们购买Mito材料的数量是多少的理想客户。

Haley Keith 36:34
Yes, right now we’re looking at mid market formulators. So right now our ideal customer is a resin formulators which means they take resin from resin producers like big players, Dao, who actually was acquired by Olin Tachyon to basically make a base resin out of commodities and they use that base whereas in these mid market formulators use that resin or those products to formulate on top of that and modify it. So we are looking at mid market epoxy formulators who modify their epoxy and create a product with Mito to enhance toughness and thermal positivity and composite materials. And they are selling about 10 kilograms or five kilograms a month or needing of that needing five to 10 kilograms a month of Mito,

是的，现在我们正在研究中端市场形成者。因此，现在我们的理想客户是树脂配方剂，这意味着他们从大公司等树脂生产商Dao那里提取树脂，Dao实际上被Olin Tachyon收购，基本上用商品制造一种碱性树脂，他们使用该碱基，而在这些中端市场配方中，配方剂使用该树脂或这些产品来配制并对其进行修改。因此，我们正在研究中端市场的环氧配方，它们修改了环氧树脂，并使用水户制造产品，以提高韧性、热阳性以及复合材料。他们每月出售约10公斤或5公斤，或者需要每月需要5到10公斤的Mito，

Eric Hornung 37:22
this is a lot more numbers than we usually get, which I like love. So our deal memo is going to be fuego

这比我们通常得到的数字多得多，我喜欢。所以我们的交易备忘录将是fuego

Jay Clouse 37:28
fuego. So these resin formulators, are you in talks with a lot of them right now, are they saying hey, can you give me five to 10 grams of this like tomorrow?

福戈。所以这些树脂配方剂，你现在和他们中的很多人都在谈判吗，他们在说嘿，你能像明天一样给我5到10克吗？

Haley Keith 37:38
Yeah, so that’s what we’re working on. Now we’re selling just as you said about five to 10 grams of product and sample sizes, and we’re working with them to conduct testing. So we added a new revenue stream in 2019. That added some testing that we can do as Mito to enhance and clarify and quicken the process. Because sometimes when you give a guy a sample, they’re not going to touch it for a month. So it Yes, that’s what we’re doing. We’re working with these midsize formulators. We’re talking to them about their applications and their products. And we’re saying, okay, here’s what my toe knows we can do. And this is this is kind of the rub that mito is in right now, which is an interesting and good problem. mito conducted a bunch of tests in our lab, we did it with a bunch of different kinds of a proxy. So there’s vital esters and polyester and standard epoxy resins, we’ve tested it, all of them, a couple variants of all of them. And then we tested with different fibers. So fiberglass and carbon fiber, we’ve seen no degradation in any results. But what we were hoping for was one was going to just knock it out of the park. But because we’ve seen no degradation, we’ve seen improvements in all. So we’ve seen anywhere between 20 and 60% increase in toughness and certain applications, we’ve seen anywhere between a two to 10% increase in thermal receptivity or glass transition temperature, which is tg. And we’ve seen storage modules increases from two to 10%. So in those different applications, you’re getting different numbers, because all of the epoxys and vinyl esters are formulated differently. And then they’ll have different means and things that are added into the resin. That’s where the science got really complicated. So yes, we’re working with formulators. But right now we’re really trying to understand how our additive mechanizes within the resin types. Because once we know that we can understand which products to target more effectively, because there’s just a lot more variation than we were understanding in the market.

是的，这就是我们正在处理的问题。现在，正如您所说，我们正在销售大约5到10克的产品和样品尺寸，我们正在与他们合作进行测试。因此，我们在2019年增加了新的收入来源。这增加了一些测试，我们可以作为Mito进行测试，以增强、澄清和加快流程。因为有时当你给一个男人一个样本时，他们一个月都不会碰它。所以是的，这就是我们正在做的事情。我们正在与这些中型配方机合作。我们正在与他们讨论他们的应用程序和产品。我们正在说，好吧，这是我的脚趾知道我们可以做的事情。这就是水手现在的摩擦力，这是一个有趣而好的问题。水手在我们的实验室里进行了一堆测试，我们用一堆不同类型的代理做了。因此，有重要的酯类、聚酯和标准环氧树脂，我们已经测试了它，它们都是其中的几种变体。然后我们用不同的纤维进行了测试。因此，玻璃纤维和碳纤维，我们没有看到任何结果的降解。但我们所希望的是，一个能把它从公园里打出来。但由于我们没有看到退化，我们看到了所有方面的改进。因此，我们看到韧性和某些应用增加了20%到60%，我们看到热接收率或玻璃过渡温度增加了2到10%，即tg。我们看到存储模块从两个增加到10%。因此，在这些不同的应用中，您得到的数字不同，因为所有环氧树脂和乙烯基酯的配方都不同。然后，他们将有不同的方式和东西添加到树脂中。这就是科学变得真正复杂的地方。所以，是的，我们正在与配方商合作。但现在，我们真的在试图了解我们的添加剂如何在树脂类型中机械化。因为一旦我们知道我们可以更有效地了解哪些产品的目标，因为市场上的变化比我们理解的要大得多。

Eric Hornung 39:22
Are there any challenges with selling to all these people who have different methods of creating their own resins? And are there any like negative effects of adding Mito additive,

向所有这些拥有不同方法创建自己树脂的人销售有什么挑战吗？添加Mito添加剂有什么类似的负面影响吗，

Haley Keith 39:35
it is not logistically complicated. So Mito strategically decided to sell our product as a master batch. So right now we disperse the product within resin systems that they’re sending, or that we’re sending a base resin of that part is easy. And that part is useful to them. Because then they don’t have to deal with nano particulates, it’s a lot easier on the safety data, though our our additive is non toxic and not harmful. As far as formulations go, we have not seen it degrade any qualities. So sometimes in resin formulations, you’re used to seeing an increase in toughness, but a decrease in tg, we’ve seen some like one to 2% decreases in tg. But their norm, they’re used to that they’re actually expecting that what they don’t see typically in the market is an increase in tg and an increase in toughness. And we don’t affect the reality, which is like the viscosity of the resin. That’s pretty unheard of as a solid additive. So our additive is particulate, but it doesn’t affect the reality because we go in at such a low concentration. So you need one gram of our product to produce one kilogram of resin,

这在后勤上并不复杂。因此，Mito战略性地决定以主批量销售我们的产品。因此，现在我们将产品分散在他们发送的树脂系统中，或者我们发送该部件的基础树脂很容易。那部分对他们有用。因为那样他们不必处理纳米颗粒物，所以安全数据要容易得多，尽管我们的添加剂是无毒的，也没有危害的。就配方而言，我们没有看到它贬低任何质量。因此，有时在树脂配方中，您习惯于看到韧性增加，但tg下降，我们看到tg下降了大约1到2%。但他们的常态是，他们习惯了他们实际上期望他们在市场上看不到的tg增加和韧性增加。我们不影响现实，就像树脂的粘度一样。这是一种固体添加剂，这是闻所未闻的。因此，我们的添加剂是颗粒状的，但它不会影响现实，因为我们的浓度很低。所以你需要一克我们的产品来生产一公斤树脂，

Jay Clouse 40:38
TG being like that thermo grade is it heat,

TG就像那个热等级一样，是热的，

Haley Keith 40:41
it is thermo, I call it thermorectivity, I don’t know that that’s entirely too technically correct. However, it’s the glass transition temperature. So think of it like you have a boat. And the boat is made of fiberglass, it’s covered in 70%, resin, epoxy and 30% fiberglass, that boat sits in the water water uses the sun reflects it. And then as the sun is just setting on the boat, your glass transition temperature is increasing. And most residents have a glass transition point where they melt. And so if the sun radiates on the boat, and it causes the glass transition temperature of the resin to rise, so much so that the resin starts to melt, you have an opportunity for bubbling, or delamination which occurs. So it’s really important and really, really effective to increase the tg and increase the toughness.

它是热的，我称之为热整流，我不知道这在技术上太正确了。然而，这是玻璃过渡温度。所以把它想象成你有条船。这艘船由玻璃纤维制成，覆盖着70%的树脂、环氧树脂和30%的玻璃纤维，坐在水中的船使用太阳反射它。然后，当太阳刚刚落山时，你的玻璃过渡温度正在上升。大多数居民都有一个玻璃过渡点，在那里他们融化。因此，如果太阳在船上辐射，导致树脂的玻璃过渡温度上升，以至于树脂开始融化，你就有机会冒泡或分层。因此，增加tg和韧性真的很重要，真的很有效。

Jay Clouse 41:33
I wanted. I want to just get a quick note, you said earlier one ton of resin is $1 million worth of mitos product. Is that correct?

我想。我想快速记下来，你之前说一吨树脂是价值100万美元的mitos产品。是这样吗？

Haley Keith 41:43
at the price point? It is? Yes, right now.

在价格点？是吗？是的，现在。

Jay Clouse 41:45
And what does that break down to? Is that like a gram price point or a kilogram price point?

这分解为什么？那像一个克价格点还是一个公斤的价格点？

Haley Keith 41:49
we’re breaking it down into grams? Yeah, I don’t think that that’s eventually How will sell it once we get to that point, but it will be close enough to a million dollars.

我们要把它分解成克？是的，我不认为最终会这样，一旦我们达到那个程度，它将如何出售，但它将接近100万美元。

Jay Clouse 41:55
What is the sales cycle for one of these companies? Like are these long sales cycles? Are they wanting this product so badly that they would move on it as soon as you can prove that you can produce it and scale it,

其中一家公司的销售周期是什么？就像这些漫长的销售周期一样？他们是否非常想要这个产品，以至于一旦你能证明你可以生产并扩展它，他们就会继续使用它，

Haley Keith 42:06
it’s a bit of both, it is a long sale cycle because they have to formulate they have to add it to their product line. And they have to kind of wiggle out all of the the SDS’s and everything like that to get through the application process. So right now we’re looking at it as about a six to eight month product development time per company, because you get in, you start with some small tests, you see those tests are working, then you see, okay, where can we really apply this? And who really wants it? They go talk to their customers, would you be willing to try this new formulated product? etc, etc, etc. So the one of the bigger mid formulated companies were thinking about a six to eight month process to get a fully recurring large scale order.

两者兼而有之，这是一个漫长的销售周期，因为他们必须制定，必须将其添加到他们的产品线中。他们必须抖动所有SDS之类的东西才能完成申请过程。因此，现在我们把它看作是每家公司大约六到八个月的产品开发时间，因为你进来了，你从一些小测试开始，你看到这些测试正在起作用，然后你看到，好吧，我们真正可以在哪里应用这个？谁真正想要它？他们去和顾客谈谈，你愿意试试这个新的配方产品吗？等等，等等。因此，一家较大的中型公司正在考虑一个六到八个月的过程，以获得一个完全经常性大规模的订单。

Eric Hornung 42:46
What is the fully recurring large scale order contract look like? Is it is there a minimum order quantity? Is it like how are those structured?

完全重复的大规模订单合同是什么样子的？是否有最低订单数量？这些结构是怎样的吗？

Haley Keith 42:55
I don’t know, I’ve never done one. To Be quite honest, I’m open to anything? No, I think I think it would look like not necessarily a minimum quantity but a recurring order. So say the formulater has a customer who’s going to use this in a specific application, which is kind of how it works. Like they get certain projects, they need the specs. So they do these projects. And they’re going to do these run times, they would then order based off of that project scope. And we would accommodate that, that contract,

我不知道，我从来没有做过。老实说，我愿意接受什么？不，我想它看起来不一定是最低数量，而是经常性订单。因此，假设制定者有一个客户将在特定应用程序中使用它，这就是它的工作原理。就像他们得到某些项目一样，他们需要规格。所以他们做这些项目。他们将执行这些运行时间，然后根据该项目范围订购。我们会适应那个，那个合同，

Eric Hornung 43:22
how many total customers are there in the United States.

美国共有多少客户。

Haley Keith 43:26
So there are what we’ve identified is around 70, eproxy formulators in the United States, and the epoxy formulaters have, obviously a large portfolio of products, it doesn’t mean that that’s only 70 products we could ever go into. But there are about 70 that we’re targeting. In addition to that, what we didn’t expect is we got international interest really fast. So we’ve been talking to some companies in Taiwan and Japan, and overseas that are very interested in our product and are interested in testing. And so we’re developing those paths as well.

因此，我们已经确定的是美国大约70种外受精配方师，环氧配方师显然拥有大量的产品组合，但这并不意味着我们只能进入70种产品。但我们的目标是大约70个。除此之外，我们没有想到的是，我们很快就获得了国际兴趣。因此，我们一直在与台湾、日本和海外的一些对我们的产品非常感兴趣并对测试感兴趣的公司交谈。因此，我们也在开发这些道路。

Jay Clouse 43:54
I was reading a press release of one of the most recent grants you got. And it had a line that said expected to grow to 200 to 300 employees in the next five to seven years. What does that projection mean?

我在看你最近获得的赠款之一的新闻稿。它的线路表示，预计在未来五到七年内，员工将增长到200至300人。这个投影是什么意思？

Haley Keith 44:07
It’s interesting. So that’s true. So I was listening, I’m going to flip this question on you. I was listening to your podcast the other day and he talked a lot about whether you’re building a product or a company. I think that’s an excellent question. And I think it’s one Mito has gone back and forth on my friends at grow bio are so passionate about growing a company. And I think their their strategy and their I’m sorry, Mobius their strategy and their things are amazing. And I really respect that as we continue on this path of developing Mito, when we look at what’s going on in the market, and we look at our space, I think we’re more into growing a product portfolio. And so the press release talks about going 200 300 employees. And as I delved into that more and worked with investors more, I looked at an investor and said, You know, I don’t know that I’m going to ask you to infuse capital into a bunch of hard assets into the ground to develop an additive, it’s essentially a manufacturing plant. And I just don’t think I’m gonna do that. I think instead, I’m going to develop a product portfolio that has we have two patents around our current formulation, we can develop more around them and they’re two fully granted patents as of 2017. We can develop more patents around this portfolio and become a premium added buyer into different resin types. For weekend custom Formula One for vinyl Esther and a polyester and an epoxy by using elements of our formulation and develop this product portfolio as a premium additive that could be used as to enhance a larger company’s portfolio that has the manufacturing methods to scale and to grow to the one ton a year or one ton and you know, more than one ton of year but and I think that that’s where Mito is, is probably looking to go.

很有趣。所以这是真的。所以我在听，我要把这个问题抛给你。前几天我在听你的播客，他经常谈论你是在构建产品还是公司。我认为这是一个很棒的问题。我认为Mito在成长生物公司的朋友那里来回走动，他们非常热衷于发展一家公司。我认为他们的策略和我的对不起，Mobius，他们的策略和事情都很棒。当我们继续沿着开发Mito的道路前进时，当我们审视市场正在发生的事情，并展望我们的空间时，我认为我们更喜欢发展产品组合。因此，新闻稿谈到了200300名员工。随着我更多地深入研究并与投资者合作，我看着一个投资者说：“你知道，我不知道我会要求你向地下的一堆硬资产注入资本来开发添加剂，它本质上是一个制造工厂。”我只是觉得我不会那样做。相反，我认为我将开发一个产品组合，该产品组合围绕我们目前的配方拥有两项专利，我们可以围绕它们开发更多专利，截至2017年，它们是两项完全授予的专利。我们可以围绕这个投资组合开发更多专利，并成为不同树脂类型的优质买家。对于周末定制乙烯基Esther、聚酯和环氧树脂的一级方程式，使用我们配方的元素，开发此产品组合作为优质添加剂，可用于增强大型公司的投资组合，该投资组合具有规模和增长到每年一吨或一吨的制造方法，你知道，一年多吨，但我认为水户可能正在寻找。

Jay Clouse 45:46
And so that’s to say you’re thinking you would keep a leaner team and build out that portfolio.

因此，也就是说，您认为您将保持一个更精简的团队，并构建该投资组合。

Haley Keith 45:55
uh huh

嗯嗯

Jay Clouse 45:56
What’s the biggest obstacle for you right now,

现在最大的障碍是什么？

Haley Keith 45:59
the biggest obstacle for Mito is getting funding to get the time to get the customers to get to the recurring sale. We are at this awkward cusp where we worked with investors and we talked to them. And our capital influx is running low. We’ve got a million dollars of grants and projects on the line that come in around June and August, we are super hopeful that we get that one of those is the SPIR phase two that we should hear about in August, which is $750,000 of r&d that we could use to develop the additional formulations to enhance the product portfolio. Those are major milestones that we’re our company’s waiting on. As our capital influx is running low, we’re at this really critical point with customers where they’re beta testing, and we’re waiting for some results. And the results are looking good, but they’re not wholly ready to make some recurring orders. And that makes investors nervous about investing at this critical time. So that’s the biggest obstacle we’re facing right now is we’re in this really awkward waiting game waiting for customers to respond to their testing data. We’re seeking more customers. And we’re waiting for these grants to pour in so that we can do some really intense work on developing the portfolio.

水藤最大的障碍是获得资金，让客户有时间进行定期销售。我们正处于尴尬的顶峰，我们与投资者合作，并与他们交谈。我们的资本流入量正在流低。我们在6月和8月左右有100万美元的赠款和项目上线，我们超级希望我们得到其中之一是我们应该在8月份听到的SPIR第二阶段，即75万美元的研发，我们可以用来开发额外的配方来增强产品组合。这些是我们公司等待的主要里程碑。由于我们的资本流入量不足，我们正处于与客户进行测试测试的这个关键时刻，我们正在等待一些结果。结果看起来不错，但他们还没有完全准备好做出一些经常性订单。这让投资者对在这个关键时刻的投资感到紧张。因此，我们现在面临的最大障碍是，我们正处于一个非常尴尬的等待游戏中等待客户回复他们的测试数据。我们正在寻找更多客户。我们正在等待这些赠款涌入，以便我们能够在开发投资组合方面做一些非常紧张的工作。

Jay Clouse 47:03
Have your existing investors been in Oklahoma,

你现有的投资者去过俄克拉荷马州吗，

Haley Keith 47:06
they are in Oklahoma and Texas. And then we have one out on the coast through impact assets and venture Well,

他们在俄克拉荷马州和德克萨斯州。然后我们通过影响资产和风险投资在海岸上有一个。嗯，

Eric Hornung 47:12
were you picky about which investors you let in knowing that this is a completely different type of business than most angels are used to investing in,

您是否挑剔的是，您是否让哪些投资者知道这是与大多数天使习惯投资完全不同的业务类型，

Haley Keith 47:21
we were not picky. Sometimes I wish we would have been because it’s really hard to explain to them. In times like this, where it’s as much as I need to explain as much as I need to explain it. In a context that works for RV’s and airplanes. We don’t go directly into RV’s and airplanes like we’re back in the supply chain. And explaining that process. And getting them to understand it, when they’re not familiar with the industry and they’re not familiar with chemical and b2b is a lot harder than I think I initially intended. I initially expected given that after we raised our round, we were able to find some really, really wonderful advisors who have knowledge of this space and we communicate with actually are on our board and we communicate with them on a weekly basis. And it is we’re so thankful for them, because then they can actually go back to the investors and say, like, Look, and I had this happen to me recently, like where we had a really great we have such a great advisor who’s got experience in the space bringing small additives to the market and the chemical space. And I had a call with our investor group and the investor group was kind of like yeah but like you’re just kind of on that cusp And, and he ended up going to them and he’s like, no, they really got there in an interesting place. Right? Like they really have something going. This is kind of what it looks like in the market. And this is why and this is the way that this market works. So it’s been really helpful to have those advisors,

我们并不挑剔。有时我希望我们会这样做，因为真的很难向他们解释。在这种时候，我需要解释的和解释的一样多。在适用于房车和飞机的情况下。我们不会像回到供应链一样直接进入房车和飞机。并解释这个过程。当他们不熟悉该行业，也不熟悉化学和b2b时，让他们理解它比我最初想象的要难得多。我最初预计，在我们提高这一轮谈判后，我们能够找到一些非常非常非常棒的顾问，他们了解这个空间，我们与之沟通，实际上在我们的董事会上，我们每周与他们沟通。我们非常感谢他们，因为这样他们实际上可以回到投资者身边，说，比如，听着，我最近遇到了这种情况，就像我们有一个非常棒的地方，我们有这么棒的顾问，他在将小添加剂带到市场和化学空间方面有经验。我和我们的投资者小组打了个电话，投资者小组有点像是的，但就像你只是处于那个顶峰一样，他最终去了他们身边，他说，不，他们真的在一个有趣的地方到达了那里。对吗？好像他们真的有事要做。这就是市场上的样子。这就是这个市场运作的原因。因此，让这些顾问非常有帮助，

Eric Hornung 48:39
How big can this opportunity get

这个机会能得到多大

Haley Keith 48:41
this opportunity could will be a multimillion dollar opportunity. Our projections, look at 50 to $100 million in sales in the next five to seven years, which I think is a really big opportunity. What I believe will happen is we’ll be acquired before we reach those sales efforts because of the manufacturing constraints that will have as a small company, which would then mean a really great opportunity for investors,

这个机会可能是一个数百万美元的机会。我们的预测，看看未来五到七年的销售额将达到5000万到1亿美元，我认为这是一个非常大的机会。我相信，由于小公司的制造限制，我们将在达成这些销售努力之前被收购，这对投资者来说意味着一个非常大的机会，

Eric Hornung 49:06
who are the most active m&a candidates to acquire Mito,

谁是收购水户的最活跃的并购候选人，

Haley Keith 49:11
Solvay, Olin Huntsman, byk, all of those have acquisition, arms, 3m, all those have acquisition arms, all of those companies, we’ve been in conversation with their venture arms already, just because they’ve been looking at the early stage tech that we’re developing. And so a lot of our job is really just de risking it and getting to a point where we’d get customers to buy into it and say, that’s really something, I think all of those companies could glean a lot from adding a premium additive to their portfolio that does this kind of thing. And it’s interesting, too, because when you look at our competitors, as well, those would be almost some of our competing companies. But because of the nature of this space, it’s not very common to see a startup that does just this part of it, most of this stuff is developed in the bigger companies kind of hush hush, and then they push it as a we have a toughening agent, where we have this modifier that does these things. So we’re kind of in this awkward place where we’re, we’re not competing with them, but we have something that they might be really interested in. And so we’re doing a lot of work that way. And that’s part of the struggle too is trying to find companies that want to partner with you when they kind of are doing that same thing. And so that’s some of the things that we’re working with are working through

Solvay，Olin Huntsman， byk，所有这些公司都有收购，武器，300万，所有那些都有收购武器，所有这些公司，我们已经在和他们的风险投资子公司交谈，只是因为他们一直在研究我们正在开发的早期技术。因此，我们的许多工作实际上只是去冒险，并让客户购买它，并说，这真的很了，我认为所有这些公司都可以从在投资组合中添加优质添加剂来做这种事情中收获很多东西。这也很有趣，因为当你看看我们的竞争对手时，这些几乎是我们的一些竞争对手。但由于这个空间的性质，很少看到一家初创公司只做这部分，这些东西大多是在大公司开发的，有点安静，然后他们把它推给我们一个增韧剂，我们有一个修饰剂来做这些事情。因此，我们在这个尴尬的地方，我们没有和他们竞争，但我们有一些他们可能真正感兴趣的东西。因此，我们以这种方式做了很多工作。这也是斗争的一部分，那就是试图找到那些想在做同样的事情时与您合作的公司。这就是我们正在处理的一些事情

Jay Clouse 50:19
SPIR phase two is contingent on getting, like a buying or a customer essentially, right?

SPIR第二阶段本质上取决于获得，就像购买或客户一样，对吗？

Haley Keith 50:26
Yup

是的

Jay Clouse 50:27
And it sounds like you’re doing this beta test is that the path you’re saying? You’re saying like okay, we check this box, we have this beta test over here, that should be a customer that should get us SPIR phase two in August.

听起来你正在做这个测试版测试，这就是你说的路径？你说的，好吧，我们勾选这个框，我们这里有这个测试版测试，那应该是应该在8月份给我们提供SPIR第二阶段的客户。

Haley Keith 50:37
We have multiple beta customers. So it’s not just one, we have about six that are beta testing. And that’s what we submit when she submitted our SPIR phase two application in February. So yeah, we submitted with those beta testers and said we have and we had contracts kind of coming down the pipeline. So we said, you know, we’ve definitely been increasing our sales efforts. We have a pipeline build out, we have investors, we have the technology that works. And we have the patents that were granted. And so not only we felt like it was a pretty strong application for the phase two. And we’re very hopeful and confident, valuable, that will receive that.

我们有多个 Beta 版客户。所以不仅仅是一个，我们大约有六个测试版。这就是她在2月份提交SPIR第二阶段申请时提交的。所以，是的，我们和那些测试员一起提交了，并说我们已经提交了合同，而且我们的合同有点像正在酝酿中。所以我们说，你知道，我们一直在增加我们的销售努力。我们有管道，我们有投资者，我们有有效的技术。我们有被授予的专利。因此，我们不仅觉得这对第二阶段来说是一个相当强大的应用。我们非常有希望、自信、有价值，会得到这一点。

Jay Clouse 51:06
Talk to me about at this point, you know, your husband’s a part of the company, what’s it like working with your spouse on a company like this?

在这一点上跟我说，你知道，你丈夫是公司的一员，在这样的公司和你配偶一起工作是什么感觉？

Haley Keith 51:15
It’s amazing. We love it. We love every minute of it. We are very skilled in different ways. So he’s an engineer by trade. And his mind works that way. So he’s really into the numbers, but he also because I kind of snatched him. So early on, in the CIE program, he got a lot into the business as well. And he did all of the pitch competitions with me. And so we basically live and breathe the company. It was essentially our first child like we just had a baby. But Mito has always been our first baby. And so I remember pitching like super nine months pregnant, and telling investors that exact same thing. This is our first child. Yes, Kevin and I work together. But we really do. We really enjoy it because he is, I think one of the most crucial parts of this company, because he can understand the technical portion communicate with the technical guys. He built the chemical lab like he he figured all that out. And so he works with the the technical people, the technical guys that we have on our team, and then goes and talks to customers and creates those project management scopes that looks and say, okay, you need these tests done, we’re going to get you this much additive da da da da da. And then I can go out for strategic partnerships help with the sales and business development efforts, and really kind of keep the ball rolling on the admin side. And then you’ve got Bushma, who just does tech. And I think together that we’ve separated it out, but we work cohesively as a unit. And it’s working really well. I love working with my husband,

太棒了。我们喜欢它。我们喜欢它的每一分钟。我们在不同方面非常熟练。所以他是一名行业工程师。他的思维是这样工作的。所以他真的很喜欢这些数字，但他也是因为我抓住了他。这么早的时候，在CIE项目中，他也投入了很多业务。他和我一起参加了所有的球场比赛。因此，我们基本上生活和呼吸公司。这基本上是我们的第一个孩子，就像我们刚生了一个孩子一样。但Mito一直是我们的第一个孩子。因此，我记得像怀孕九个月一样推销，并告诉投资者完全一样的事情。这是我们的第一个孩子。是的，Kevin和我一起工作。但我们确实做到了。我们真的很喜欢它，因为他是，我认为是这家公司最重要的部分之一，因为他可以理解与技术人员沟通的技术部分。他像他一样建造了化学实验室。因此，他与我们团队中的技术人员、技术人员合作，然后与客户交谈，创建那些看起来和说，好吧，您需要完成这些测试的项目管理范围，我们将为您提供这么多添加剂。然后我可以出去建立战略伙伴关系，帮助销售和业务发展，并真正保持管理方面的进展。然后是布什马，他只是做科技工作。我认为我们一起把它分开了，但我们作为一个整体有凝聚力地工作。而且它运行得很好。我喜欢和我丈夫一起工作，

Jay Clouse 52:39
what is investor response to a husband and wife team.

投资者对夫妻团队的反应是什么。

Haley Keith 52:42
So we didn’t get very many push much pushback from it, which I thought was good and exciting, that we’re at a time where that wasn’t as much of an issue. But after having a baby, I was really worried that it was going to affect it a lot differently. I think I actually hid my pregnancy from my investors, pretty much until I was having the maybe I was like, I got on a call like quarter four. And I was like, I’m gonna be out for maternity leave, the team’s got it. And they’re all kinda like, you’re pregnant. Yep. Moving forward, but it hasn’t really been that much of an issue. I think in times of extreme cash crunching where you know, the capital is running low, and you’ve got three people on salary, two are husband and wife. That part gets a little hairy because you’re dealing with livelihoods, right? Like there’s no safety net. And that’s a problem. That’s an area where the investors kind of get a little iffy. But other than that, it hasn’t been that that rush.

因此，我们没有从中得到太多的抵制，我认为这很好，也很令人兴奋，因为我们正处于一个不那么大问题的时候。但生完孩子后，我真的很担心它会对它产生很大不同的影响。我想我实际上向投资者隐瞒了我的怀孕，几乎直到我有过可能喜欢的怀孕，我接到了一个像第四季度这样的电话。我说，我要出去休产假了，团队明白了。他们都有点像，你怀孕了。是的。向前迈进，但这并没有真正成为问题。我认为在极端的现金短缺时期，你知道，资本正在耗尽，你有三个人薪水，两个是夫妻。那部分有点毛茸茸的，因为你在处理生计，对吗？好像没有安全网。那是个问题。这是一个投资者有点不确定的领域。但除此之外，没有那么匆忙。

Jay Clouse 53:36
Awesome. Well, haley, this has been really, really great. Thank you so much for coming on the show. If people want to learn more about you or about mito materials after the show, where should they go?

太棒了。嗯，海莉，这真的很棒。非常感谢您来参加演出。如果人们想在演出结束后了解更多关于你或线人线人材料的信息，他们应该去哪里？

Haley Keith 53:45
So you can find more information at www.Mitomaterials.com MITO mito materials. We have a Facebook page and a Twitter that are sometimes pretty active and sometimes not. But we would love for you just to reach out via email. I think that’s the best way. So my email is Haley h al e y @ Mito materials. com. I look forward to hearing from you. Thank you guys so much for having me on. I hope this was useful to you guys. I really enjoyed talking about all this stuff with you and all of our all of our adventures that we’ve gone on

因此，您可以在www.Mitomaterials.com MITO mito材料上找到更多信息。我们有一个Facebook页面和一个Twitter，有时很活跃，有时不活跃。但我们很乐意您通过电子邮件联系。我认为这是最好的方法。所以我的电子邮件是Haley h al e y @ Mito materials.com。我期待着你的回复。非常感谢你们邀请我参加。我希望这对你们有用。我真的很喜欢和你谈论所有这些事情，以及我们所有的冒险经历

Jay Clouse 54:18
All right Eric, we just spoke with Haley Keith, of Mito material solutions. Where do want to start?

好吧，Eric，我们刚刚和Mito材料解决方案的Haley Keith谈过了。想要从哪里开始？

Eric Hornung 54:25
Let’s orient ourselves here. I feel like it’s been a while since we’ve kind of described the listener what a what this is, why are we doing a last section Jay

让我们在这里定位自己。我觉得我们已经有一段时间没有描述听众了，这是什么，我们为什么要做最后一节，Jay

Jay Clouse 54:35
Well, in our final section of each show, which we call our debrief or a deal memo, we are taking a look at this as an investment opportunity. And loosely we’re trying to answer four different questions. One, how committed is this founder to what are the founders chances of success in this business and in life? Three, why has this founder chosen this business? And for what does winning look like in terms of revenue and my return?

好吧，在每个节目的最后一节，我们称之为总结或交易备忘录，我们将此视为投资机会。我们松散地试图回答四个不同的问题。第一，这位创始人对创始人在这项业务和生活中取得成功的机会有多大的承诺？第三，这位创始人为什么选择这家企业？就收入和回报而言，获胜是什么样子的？

Eric Hornung 55:01
Yeah, it’s crazy, because three of those are so founders specific. And we spend about a third of our time talking about the founder, but almost two thirds of every interview talking about the opportunity.

是的，这太疯狂了，因为其中三个太有创始人了。我们大约三分之一的时间谈论创始人，但几乎三分之二的时间谈论机会。

Jay Clouse 55:13
That’s right. So are you saying that you would like to start by talking about Haley as a founder,

没错。所以你是说你想从谈论Haley作为创始人开始吗，

Eric Hornung 55:17
I think we do that I think we dive into Haley as a founder. And I’m going to start with the idea of commitment, because I think you have to bring in Kevin here. When you talk about Haley and Kevin, they are doubling down Jay there’s the risk profile of taking on a new business venture by yourself or joining a co founder who is not related to you, there is a double down risk when you both are so tied to one entity. And its success.

我认为我们这样做了，我认为我们以创始人的身份涉足海莉。我将从承诺的想法开始，因为我认为你必须把凯文带进来。当你谈论Haley和Kevin时，他们把Jay翻了一番，这是自己承担新商业风险或加入与你无关的共同创始人的风险简介，当你们都如此紧密地与一个实体联系在一起时，风险会发生双重下降的风险。它的成功。

Jay Clouse 55:49
That is why I asked her the question because I just genuinely didn’t know, what would the response from investors be of being in a essentially co founding relationship with your significant other, cuz in some ways, I could see it as a positive too right? you know, you’re you’re with the business pretty much all the time, which certainly have its own challenges, from both a business perspective and a relationship perspective. But I could see how it could be seen as a positive.

这就是为什么我问她这个问题，因为我真的不知道，投资者的反应是什么，那就是与你的另一半保持着本质上的共同创始关系，因为在某些方面，我也可以认为这是积极的，对吗？你知道，你几乎一直在与企业合作，从业务和关系角度来看，企业肯定有自己的挑战。但我可以看到它如何被视为积极因素。

Eric Hornung 56:14
From a question of commitment, I think I am on the side that it is absolutely a positive. I mean, it showing you have extreme commitment to making this succeed.

从承诺问题来看，我认为我站在一边，这绝对是积极的。我的意思是，这表明你对成功有极大的承诺。

Jay Clouse 56:23
And aspect of this interview that I really enjoyed talking about and dig into every time we have the opportunity is technology being commercialized out of a university. And I’m not bringing this up in the form of the opportunity just yet. I want to talk first in terms of the founder, still Haley, she came into this program, looking to get an MBA, joined a program that seemed interesting, and is one of what sounds to be very few people to continue with the technology after that program, and building it out. What I think is interesting about programs like that, is that typically, it’s not the creator of the technology, driving it forward. And as an investor, I don’t know how I’m looking at that. It’s great that the man behind the technology is still so involved, that would be a plus in my mind as an investor. But it does seem, in most situations like this, I might have a little bit of a shadow with commitment. But as you brought up, there is other signs here, that commitment is there.

每次有机会，我都非常喜欢谈论和深入探讨这次采访的方面是大学里的技术商业化。我还没有以机会的形式提出这个问题。我想先谈谈创始人，还是Haley，她进入这个项目，希望获得MBA，加入了一个看起来有趣的项目，是那个项目结束后很少有人继续使用这项技术并构建它的人之一。我认为这样的程序很有趣的是，通常，它不是技术的创造者，而是推动它向前发展。作为一名投资者，我不知道我对此的看法。科技背后的人仍然如此投入，这太棒了，作为一名投资者，这将是我心中的优势。但似乎确实，在大多数类似的情况下，我可能会有一点承诺的阴影。但正如你提出的，这里还有其他迹象，这种承诺就在那里。

Eric Hornung 57:23
It’s funny, she came in for her master’s in Business Administration and left administering a business about that.

有趣的是，她来攻读工商管理硕士学位，然后为此离开了管理一家企业。

Jay Clouse 57:30
Wow, wow. It’s a very different background than we see a lot of times, you know, she came in with a little bit of experience in RV’s as she spoke to, but had a background in communications and history, then moved into an administrative role. And now is the CEO of this company, and, quote, loves fundraising. What a wild answer to how’s fundraising going. We’ve never heard anything like, Oh, I love it. I could do that all day. It’s my favorite thing. That’s know insane. I mean, it’s great. But it’s insane. Definitely encouraging. You know, you and I are both working through the release, supposedly working through the venture deals class from Brad Feld and the Kauffman Foundation, and one of Brad Feld frequent quotes, is that in fundraising, do or do not? There is no try. And it seems like someone with an attitude that loves fundraising is has the right mindset for going into a fundraise.

哇，哇。这与我们多次看到的背景大不相同，你知道，她在与RV交谈时有点经验，但有沟通和历史背景，然后转到了行政职位。现在是这家公司的首席执行官，引用他的话，他喜欢筹款。对于筹款情况如何，这是一个多么疯狂的答案啊。我们从未听说过这样的消息，哦，我喜欢它。我可以整天都这样做。这是我最喜欢的东西。这太疯狂了。我的意思是，这很好。但这太疯狂了。绝对鼓舞人心。你知道，你和我都在处理发行，据说是通过布拉德·费尔德和考夫曼基金会的风险交易课程，以及布拉德·费尔德经常引用的一句话，那是在筹款中，做还是不做？没有尝试。似乎一个喜欢筹款态度的人有正确的筹款心态。

Eric Hornung 58:26
Yeah, I have very limited doubts about Haley as a founder from a pure energy, commitment, love of the game aspect, she does have her MBA. So I think that those classes probably prepared her pretty well for business, my biggest shadow is probably centered around the industry. When you have an industry that’s only 70 participants. That’s a small network of people. And that means they do things likely a certain way. And there’s insider information. And then there’s general business practices. So learning that inside information is going to be a steep learning curve. And actually, I think I use steep learning curve wrong. I think it’s actually a shallow learning curve. But people use steep learning curve wrong. Anyway, random aside, it’s going to be hard to kind of climb up that hill quickly.

是的，我对Haley作为一个创始人的怀疑非常有限，从纯粹的精力、承诺、热爱游戏方面来看，她确实拥有MBA。因此，我认为这些课程可能为她的商业准备得很好，我最大的影子可能集中在行业周围。当你的行业只有70名参与者时。这是一个由人组成的小网络。这意味着他们可能以某种方式做事。还有内幕消息。然后是一般的商业惯例。因此，学习内部信息将是一个陡峭的学习曲线。事实上，我认为我错误地使用了陡峭的学习曲线。我认为这实际上是一个肤浅的学习曲线。但人们错误地使用陡峭的学习曲线。无论如何，撇开随机不谈，很难快速爬上那座山。

Jay Clouse 59:19
In an old school industry, very old school, an old school industry that is probably slow to adopt new technologies. But you know, something that Haley told us, she’s not directly competing with a lot of these companies. She’s adding to their business. And so she’s in a unique space of opportunity, also unique challenge, but a unique space of opportunity for working and interfacing with these companies and their materials,

在一个古老的学校行业，非常古老的学校，一个可能采用新技术的旧学校行业。但你知道，正如Haley告诉我们的那样，她没有直接与许多这样的公司竞争。她正在为他们的业务增加。因此，她处于一个独特的机会空间，也是独特的挑战，但也是一个与这些公司及其材料合作和互动的独特机会空间，

Eric Hornung 59:44
I’d push back a little bit on the idea that they be slow to adapt new technologies. I think that this space is constantly iterating on itself. They issue tons of patents, for resins, for additives for all kinds kinds of stuff in the chemical space. You have huge r&d budgets that are constantly churning new technology. I think what the concern is, is an outsider coming in, not the actual evolution itself.

我会稍微反驳一下他们适应新技术的速度很慢的想法。我认为这个空间一直在迭代。他们为化学领域的各种物品颁发了大量专利、树脂和添加剂。你有巨大的研发预算，不断研发新技术。我认为关心的是，一个局外人进来，而不是实际的进化本身。

Jay Clouse 1:00:14
So let’s dig into the opportunity in the model here a little bit, because we did get a lot of numbers, which is super fun for us as a couple of math loving guys from the Midwest.

因此，让我们在这里深入研究一下模型中的机会，因为我们确实得到了很多数字，这对我们几个来自中西部的数学爱好者来说超级有趣。

Eric Hornung 1:00:24
Yeah. Well, you know Jay, in addition to getting his venture deals degree online, is also pursuing math school, I’ve heard,

是的。嗯，你知道Jay，除了在网上获得风险交易学位外，我听说，他还在上数学学校，

Jay Clouse 1:00:33
I would like to get better at math. I will say that, you know, here’s what really grinds my gears. Let’s go back into my freshman year of college real quick.

我想在数学上进步。我会说，你知道，这就是真正磨练我的装备的原因。让我们快点回到大学一年级。

Eric Hornung 1:00:41
Yeah, let’s make this let’s make this deal memo about Jay I’m ready.

是的，让我们做这个，让我们做这个关于Jay的交易备忘录，我已经准备好了。

Jay Clouse 1:00:44
I jumped into a calculus course, which was kind of just prerequisite with the exploration degree that I was doing. I had a professor who only had one arm, and he would take notes on the overhead projector. And it was clear that the arm he still had was not a dominant hand of writing. And the notes that he took, were not the actual math problems. He was he would say a math problem. He would say write this down. And then he would write write this down on the overhead projector, and then he would speak all the numbers and all the things you actually need to know and write down. And I dropped out of that class.

我跳进了微积分课程，这有点像我正在攻读的探索学位的先决条件。我有一个只有一只手臂的教授，他会在头顶投影仪上做笔记。显然，他仍然拥有的手臂不是主要的写作之手。他记的笔记不是实际的数学题。他会说数学题。他会说把这个写下来。然后他会把这个写在架空投影仪上，然后他会说出所有的数字和所有你需要知道和写下来的东西。我退学了那门课。

Eric Hornung 1:01:22
Intro math at most state universities is not where the greatest teachers go. It’s where the best researchers go. So they’re only there because they have to be.

大多数州立大学的数学入门不是最伟大的教师去的地方。这是最好的研究人员去的地方。所以他们在那里只是因为他们必须在那里。

Jay Clouse 1:01:36
Well, I will credit that class with part of the reason that I went into business because that is where I could take business calc two, which was significantly easier.

好吧，我会把那门课归功于我做生意的部分原因，因为那是我可以参加商务计算2的地方，这要容易得多。

Eric Hornung 1:01:44
The good thing about business calc two is that that is significantly harder than the math we have to do here in the deal memo Jay let’s talk about our inputs. What do we learn in this interview?

商业计算二的好处是，这比我们在交易备忘录中必须做的数学要难得多，Jay，让我们谈谈我们的投入。在这次面试中，我们学到了什么？

Jay Clouse 1:01:55
So here’s what we know. We know that there are 2 million tons of revenues and applications per year. We know that materials goes in at either a .1% concentration, which is what I thought I heard in the interview, or a .01 % concentration point 01 percent concentration, which is what is on their website. We know that there are 70 epoxy formulators in the US might have materials focuses on mid market, epoxy formulators. And those mid market epoxy formulators need five to 10 kilograms per month of Mito materials.

我们知道的是这样的。我们知道，每年有200万吨的收入和申请。我们知道，材料要么以0.1%的浓度进入，我想这是我在采访中听到的，要么以0.01%的浓度点11%的浓度进入，这是他们网站上的内容。我们知道，美国有70种环氧配方剂，其材料可能专注于中端市场，环氧配方剂。那些中端市场的环氧配方剂每月需要5到10公斤的水户材料。

Eric Hornung 1:02:29
What we don’t know is a price point that is probably our biggest outstanding item. We were told by Haley that potential sales for the company projected sales for the company are somewhere between 50 and 100 million in the next five to seven years. We don’t know if that’s cumulative, so 10 million a year or, or something that is run rate that they’re expecting in five to seven years. So Jay we have a lot of breadcrumbs here. And I think what we can do is kind of play with this little bit to say, Okay, what is potential market demand in terms of grams? Can we back into some sort of idea of a price point. And let’s try to do that. So first, we know that that 2 million tons per year, number is solid. What that means is depending on if it’s .1%, or .01 percent, that there are either 200 million grams of additives potential in the total addressable market, or 2 billion grams in the total addressable market. The big difference, obviously, but it gives us some semblance of size,

我们不知道的价格点可能是我们最大的杰出商品。Haley告诉我们，该公司未来五到七年的潜在销售额预计在5000万到1亿之间。我们不知道这是累计的，所以每年1000万，还是他们预计在五到七年后的运行率。所以Jay，我们这里有很多面包屑。我认为我们可以做的就是玩弄这个小东西，说，好吧，以克计算的潜在市场需求是什么？我们可以回到某种价格点的想法吗？让我们试着这样做。因此，首先，我们知道每年200万吨，这个数字是可靠的。这意味着，这取决于总可寻址市场中是否有2亿克添加剂潜力，或总可寻址市场有20亿克的添加剂潜力。显然，差异很大，但它给了我们一些尺寸的假象，

Jay Clouse 1:03:37
good alliteration,

良好的头韵，

Eric Hornung 1:03:38
some semblance of size, you like that. So if we’re looking at a particular price point, I am on fire with alliteration, then we can kind of get a broad understanding of what this market is we know from Haley and some research that she sent over at the total additives market is somewhere in the $3.4 billion range, we would expect this specific additive is some subset of that. That doesn’t give us much Jay we tried really hard, we really did, we really put a lot of effort into the numbers that we were given trying to kind of solve this puzzle. Another way we came about it that we didn’t get a great answer for either is taking those 70 customers and their five to 10 kilograms per month estimate and kind of working that out. So 70 times the five to 10 kilograms times 12 months, and you end up with 4.2 million grams to 8.4 million grams. Now, if we take Haley’s 50 to 100 million at face value, and say that that’s a yearly run rate, and these grams are a yearly run rate, we can back ourselves in to a $11 and 90 cents per gram seems high, from my estimation. But again, this is an early company, and prices are going to go down, it’s a commodity, right now, they might have some pricing power. And as they reach economies of scale, in a traditional manufacturing business, that price could shoot down. But that’s kind of what we backed into Jay

一些尺寸的假象，你喜欢那样。因此，如果我们正在研究一个特定的价格点，我因头韵而着火，那么我们可以从Haley那里大致了解这个市场是什么，她向总添加剂市场发送的一些研究在34亿美元范围内，我们预计这种特定添加剂是其中的一些子集。这并没有给我们带来多少Jay，我们非常努力，我们真的做了，我们真的在试图解决这个谜题的数字上付出了很多努力。我们发现的另一种方式是，我们都没有得到一个很好的答案，那就是估计这70名客户和他们每月5到10公斤，并解决这个问题。因此，5到10公斤的70倍乘以12个月，最终你得到420万克到840万克。现在，如果我们按面值计算Haley的5000万到1亿美元，并说这是一个年运行率，而这些克是年运行率，根据我的估计，我们可以将自己恢复到每克11美元和90美分。但话又说回来，这是一家早期的公司，价格会下降，这是一种商品，现在，他们可能有一些定价能力。随着它们达到规模经济，在传统制造业中，价格可能会下降。但这就是我们支持Jay的原因

Jay Clouse 1:05:12
we tried really hard, guys, as soon as we said that, this is going to be easier than college level calculus, we promptly realized that all the breadcrumbs we received in what we thought was an exciting number of numbers, did not give us all the right inputs that we needed to really come to a solid conclusion, and get some solid numbers here, we spent probably 20 minutes realizing that there are two different forms of the word tons. And that was a fundamental misunderstanding.

我们非常努力，伙计们，我们一说，这比大学微积分更容易，我们很快意识到，我们收到的所有我们认为令人兴奋的数字面包屑都没有给我们所有正确输入，而真正得出一个坚实的结论所需的正确输入，并在这里得到了一些可靠的数字，我们大约花了20分钟才意识到吨这个词有两种不同形式。这是一种根本性的误解。

Eric Hornung 1:05:39
What I will say though, is when we get to that $11 and 90 cents, price point, and we plug that back into those 200 million grams per year, you get a total addressable market of $2.4 billion dollars, which fits kind of nicely into that 3.4 billion that we got from Haley, maybe a little larger, maybe a little small, to be honest, I’m not sure. I just feel like as a sense, check. We’re not that far off.

不过，我要说的是，当我们达到11美分和90美分的价格点，然后我们每年将其插入那2亿克时，你总共有一个24亿美元的可寻址市场，这有点适合我们从Haley那里得到的34亿美元，老实说，我不确定。我只是觉得有道理，检查一下。我们离得不远。

Jay Clouse 1:06:08
So Eric, all that said, What are you looking for from vital materials in the next 6-18 months?

所以Eric，上面写着，在接下来的6-18个月里，你从重要材料中寻找什么？

Eric Hornung 1:06:13
I want to hear more about the contract negotiations. I don’t I don’t need to see a signed contract. That’s five to seven years of deliverables and a schedule of how many grams and all that stuff, what I want to see is the economics behind the contract I want to hear about, okay, here’s what it looks like it’s a, it’s going to be a three year contract with a decreasing price point, or it’s going to be this price for one year, and then an option or like, tell me more about how the contract negotiations go, that’s going to tell me a lot about the demand in the market. And it’s going to tell me a lot about how the Mito materials team is progressing through customer discovery.

我想了解更多关于合同谈判的信息。我没有，我不需要看到已签署的合同。这是五到七年的交付成果，以及多少克和所有东西的时间表，我想看到的是我想听到的合同背后的经济学，好吧，这是一份价格点下降的三年合同，或者这将是一年的这个价格，然后是一个期权或类似的东西，告诉我更多关于合同谈判进展如何，这将告诉我很多市场需求。这将告诉我很多关于Mito材料团队在客户发现方面的进展。

Jay Clouse 1:06:57
I’m looking for a couple of things that were said fairly directly to us. The first being how these continued experiments at scale are going from item materials, if they’re trying to get up to this five to 10 kilograms per month for each of these mid market epoxy formulators. And they’re trying to scale to a kilogram per day of production. Right now they’re at about 200 grams. I want to see how that scaling is going. Because it seems like there might be some concern there. And second, I want to hear how things land with the phase two of the SPIR grant that they applied for that $750,000 hanging in the balance, it seems like they have a pretty good lead on that with some customers. And that could really afford some runway to continue that exploration of scaling, as well as working towards some of those contracts that Eric is talking about. So guys, we’d love to hear your thoughts on this episode. Feel free to email us hello@upside.fm let us know what you think. If you know any other hard science companies, we love talking to hard science companies, you can email those to us as well. We’d love an intro. Of course, anytime you can tweet at us @upside, FM, we’d love to hear from you. Otherwise, we’ll talk to you next week.

我在找一些相当直接对我们说的话。第一个是，如果这些持续的大规模实验如何从物品材料中进行，如果他们试图为这些中型市场环氧配方剂每月获得5到10公斤。他们正试图将产量扩大到每天一公斤。目前，它们大约在200克。我想看看缩放怎么样。因为那里似乎有一些担忧。其次，我想听听他们申请的75万美元剩余的SPIR赠款第二阶段的情况如何进行，他们似乎与一些客户有很好的领先优势。这真的可以提供一些跑道，以继续探索规模化，并努力达成埃里克正在谈论的一些合同。所以伙计们，我们很想听听你们对这一集的想法。请随时发送电子邮件至hello@upside.fm，告诉我们您的想法。如果您认识任何其他硬科学公司，我们喜欢与硬科学公司交谈，您也可以通过电子邮件将它们发送给我们。我们很乐意进行介绍。当然，你可以随时向我们发推文@upside，FM，我们很乐意收到你的来信。否则，我们将在下周与您交谈。

Haley Keith & MITO Material Solutions

Haley Keith是MITO Material Solutions的联合创始人兼首席执行官。

MITO Material Solutions开发了一种名为”MITO T系列”的纳米添加剂。T 系列与任何环氧树脂或树脂混合，使复合材料部件增韧 100%，同时将机械故障几率降低 80%。

这允许行业选择他们希望在产品中具有的价值：韧性提高100%，或所需材料减少35%。

MITO Material Solutions成立于2015年，总部位于俄克拉荷马州斯蒂尔沃特。