Build What the World Needs, Not Gratuitously

The Sure Shot Entrepreneur

Neil Devani, founder of Necessary Ventures, shares his journey from healthcare and healthcare policy to venture capital, focusing on mission-driven startups tackling societal challenges. He discusses his investment strategy, offering insights into evaluating startups for transformative potential, talent retention, capital efficiency, and impactful storytelling. Neil highlights the importance of customer empathy and avoiding gratuitous technology. He also advocates for quality over speed during venture deals, emphasizing the importance of long-term founder-VC alignment. With a thoughtful approach to impact and innovation, Neil provides actionable advice for navigating the VC landscape.

In this episode, you’ll learn:
[01:49] How Neil’s early frustrations with the U.S. healthcare system inspired a desire to address systemic issues through technology and startups.

[08:43] Creating Necessary Ventures with a mission to invest in companies addressing major societal challenges with innovative solutions.

[11:38] Necessary Ventures investment strategy and philosophy: Mission-driven companies are prioritized for their competitive advantages in talent retention, capital efficiency, and market visibility.

[14:37] The importance of avoiding "gratuitous" uses of technology and focusing on practical, impactful applications.

[19:33] Speed vs. quality in venture capital: Prioritize long-term founder/VC alignment over short-term funding speed.

[23:13] Have deep customer empathy and offer a solution providing transformative value to win over investors.

[28:48] The future of Necessary Ventures: Fostering a unique approach to creating and measuring impact and value-add to startups.

The non-profit organization Neil is passionate about: Upsolve

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About Neil Devani

Neil Devani is the founder and managing partner of Necessary Ventures, where he prioritizes investments in companies tackling complex challenges, particularly in healthcare, financial services, and education. His portfolio also includes startups in emerging technologies such as machine learning and robotics. Beyond investing, Neil serves as an advisor to various companies, nonprofits, and venture funds. He holds a J.D. from Stanford Law School, attended medical school at Drexel University, and earned a B.S. from Pennsylvania State University.

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About Necessary Ventures

Necessary Ventures is a Silicon Valley-based venture capital firm specializing in seed to early-stage investments in AI, healthcare, and machine learning. The firm focuses primarily on companies in North America and Europe, with a particular emphasis on San Francisco, London, and New York. Its portfolio includes companies such as Plural Energy, Unlearn.AI, Readout AI, Magrathea, Rubi Laboratories, and Mooch, among others.

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