Meet Sofie and Keaton, Bridgewest Ventures interns, doing due diligence on deep tech innovations
Sofie Mulligan
Keaton Mackenzie
Every year the Bridgewest Ventures internship programme recruits students keen to get hands-on experience behind the scenes of New Zealand’s entrepreneurial ecosystem.
This year, we’re joined by Sofie Mulligan and Keaton Mackenzie, both completing degrees at the University of Auckland. They’re supporting our investment team, exploring new technologies, and investigating opportunities to translate science out of the lab and into global markets.
We sat down with Sofie and Keaton to find out what attracts them to the startup scene, why they chose Bridgewest, and what they’ve learned on the frontlines of deep tech.
Stepping into uncharted territory
Sofie majors in structural engineering and accounting. A paper on entrepreneurship and innovation opened her eyes to the world of startups. Then her friend Liz Chan interned at Bridgewest and suggested she apply.
When Sofie researched Bridgewest’s portfolio, at first, she didn’t understand what most of the startups do. She says, “Some might be scared by that, but I found it inspirational to discover these life-changing innovations that I couldn't wrap my head around. I thought how exciting it would be to be involved with those founders and really challenge myself.”
“The main thing that motivates me is being challenged and exposed to new things. In the startup community I’m always coming across things I’ve never heard of before. I love that I get to broaden my knowledge and head into uncharted territory every day.”
Getting hands on with every aspect of a business
Keaton studies mechanical engineering and commerce. A talk by Bridgewest at the Mechanical Engineering Students Association sparked his interest in startup ventures.
“Startups grow so quickly you get exposed to everything across the business. I’d done engineering internships in big established companies where roles tend to be quite specialised, so the diversity of work in the startup space appealed.”
Keaton’s first step was an internship at Mint Innovation, a New Zealand startup extracting gold from electronic waste. There, he researched new regions for potential expansion. When Bridgewest advertised for interns, he applied, saying, “Bridgewest offered me the chance to experience the investment side of the startup space. I enjoy the technical aspects of deep-tech, as well as the research and strategy behind commercialisation, and I appreciate knowing the work I’m doing has a positive impact.”
Understanding the detail that goes into due diligence
When an investment opportunity presents itself, Bridgewest’s research machine swings into gear. Our evaluation process is detailed and thorough, and our interns play an important role. Sofie says, “The bulk of my work is research. I really enjoy the variety. One day I’ll be researching cows, the next, some niche biotech.”
“The VC industry is a bit of a black box from the outside. I knew investors did due diligence, but I wasn’t prepared for the amount of thorough research that goes on. We evaluate every opportunity in depth, from so many angles. It’s been really cool to see how Bridgewest gets to a point where they’re confident to make a decision.”
Keaton adds, “We’re tasked with researching companies looking for investment, reviewing their commercial landscape and whether there’s a market opportunity. We meet regularly to review new companies and report progress on current projects. Those meetings are so valuable for Sofie and me because we get to see what's going on across the entire team.”
Learning how to cut to the chase with research
Sofie is particularly keen to develop her project appraisal skills. She says, “I want to be able to analyse a commercial opportunity and form an informed, unbiased opinion as to whether it’s worth looking into further, within a few hours of research. I’ve learned how to structure my research to hit the key points that will enable us to decide whether something is a solid investment opportunity in a short space of time.”
“With so many projects, we could spend weeks on research, but we don’t often have that time. I find that hard, because I’m an enthusiast, so I always want to know more. When I schedule research, I leave myself what I call runaway time to explore side themes. So, I deliver my findings on the key points, then I’ll add in any extra things I discovered, and often those tangents end up being really valuable.”
The surprising scale of New Zealand’s deep tech innovation scene
Keaton is surprised by how many deep tech startups there are. He says, “If you’d asked me how big New Zealand’s deep tech scene is before I worked at Bridgewest, I’d have thought there’s not that many organisations out there. But every week we see new projects, as well as new research being spun out of universities. We’ve a great innovation scene.”
“The impacts from deep tech are so important but they take a long time to materialise. A lot of projects might not make revenue for years. Organisations like Bridgewest that understand the timeframes involved in taking this tech to market are so critical.”
Deep tech can be a hard sell to investors. Keaton says, “By giving deep tech research and startups a leg up, they give founders a far greater chance of realising their future impact. Bridgewest also consider positive impact alongside commercial viability, which is really commendable.”
Deep tech is changing the world
It’s really important to us that Sofie and Keaton both feel at home in their time at Bridgewest. Sofie says, “I've interned in multinationals, this is my first time working in a smaller business and it feels like family. Bridgewest has put so many opportunities my way. The team give really helpful feedback, and they're great at telling you when you've done a good job.” Keaton agrees, saying, “Bridgewest really trusts us as interns and lets us take initiative. I’ve worked across so many industries and seen the entire investment process from start to end.”
Deep tech has an important role to play in New Zealand’s future, Keaton explains, “New Zealand is small and geographically removed from global markets. We can’t compete on the size of our workforce, economies of scale, or market proximity. But ideas and technology with global applications represent a great market for us to make our mark.”
Big picture, Sofie believes deep tech is changing the world. “It’s such an exciting industry to work in because there are so many new ideas, and any minute you could come across the new, next big thing. It makes me excited to know there are so many talented people doing fantastic work out there. I’ve no doubt our deep tech innovators are going to expand all our horizons and have a big impact on New Zealand’s future.”
Are you interested in an internship at Bridgewest?
If you’ve a passion for deep tech innovation and an entrepreneurial spirit, we’d love to hear from you. The next round of our intern programme will open in November 2024. Follow us on LinkedIn to stay informed.