Matti Hautsalo, Nordic Science Investments: The Playbook to Scale Science in Europe

Описание: Welcome back to another EUVC Podcast, where we explore the lessons, frameworks, and insights shaping Europe’s venture ecosystem.

Today, Andreas Munk Holm sits down with Matti Hautsalo, Founding Partner at Nordic Science Investments (NSI), a €60M early-stage fund dedicated to university spin-outs across the Nordics and Europe. With a team spanning tech transfer, research, founding, VC, and investment banking, NSI backs science-powered companies at pre-seed and seed, then helps recruit commercial leaders, navigate TTOs, and transfer IP cleanly so these companies can raise from broader deep-tech syndicates.

🎧 Here’s what’s covered
03:23 Why spin-outs now? - Conventional wisdom flipped: great companies can start with researchers — provided you build the tech + commercial duo early.

05:14 The “Dynamic Duo” model - Founder-scientist stays CSO/CTO; bring in an external CEO/CBO early. Titles are flexible, execution isn’t.

06:50 Why a dedicated spin-out fund? - Traditional VCs pass when boxes aren’t ticked (team/IP). NSI bridges the Death Valley with first private capital.

12:56 Reality check - Hard negotiations happen — but good deals get done; the constraint is resourcing, not intent.

14:42 How VCs should navigate universities - It’s a people & trust business; adapt to each campus, don’t try to rewrite policy from the outside.

17:25 Team building - Two paths: (1) interim CEO from within; (2) recruit CEO fast — and set expectations from day one.

20:51 Attracting CEOs - Offer meaningful equity and a credible follow-on plan; industry operators will take risk if the tech is real.

21:27 Incentives & cap table - Set a ~20% option pool early; avoid dead equity for non-operating senior academics; educate on vesting.

23:27 Terms that fail - Over-allocating to passive contributors; unclear vesting; under-sizing option pools for key hires.

26:39 Beyond silos = alpha - Why the best spin-outs are multidisciplinary — and why most investors miss them.

28:10 Case: Perfect Technologies - Physics × food science; ultrasound-structured oils mimicking butter at ~0% saturated fats; small Series A just closed with food-tech co-investors.

32:51 Tranching & milestones—Pre-seed is small and milestone-based (one tech + one commercial); Nordics soft funding extends runway.

35:37 Ticket sizes - ~€100k pre-seed, ~€500k seed (case-by-case); “From seed onwards we act like any other VC.”

44:58 Why specialization wins - Networks to validate state-of-the-art, patience with TTOs, and willingness to roll up sleeves on team building.