Unorthodox Ventures Overview
Unorthodox Ventures is an American-based institutional investor focused on partnering with innovative, driven founders. If you’re seeking to change modern medicine or upend the industrial status quo, we like you already, and we’re ready to help with more than a check. Led by contrarian entrepreneur and Big Ass Fans Founder Carey Smith, we set ourselves apart from traditional VCs by being operators at our core. Our team includes experts in everything from engineering, product development and supply chain to marketing, hiring and sales. We provide far more than money to the companies in which we invest. At every stage, we fill the gaps that constrain so many entrepreneurial ventures, helping them scale, pivot and profit.
Latest News
Directors need to have frank discussions about their chief executive, which can't be done when the subject is in the room.
Medtech Startup Podcast with Steven Levy of Unorthodox Ventures
growth-positive
Big A** Insights for Business Model Innovation
The article discusses the journey of Big Ass Fans, a company that manufactures large industrial fans. The company was founded by Carey Smith, who initially started a company called Sprinkle that sprayed water on the exterior of facilities to cool off the interior. However, this business failed as facility managers were hesitant to let someone water their roofs. Smith then came across an advertisement for large fans being used to cool down dairy farms and realized that these could be used in warehouses. He formed a partnership with the company, and eventually bought the intellectual property and started manufacturing the fans. The company was named Big Ass Fans after a customer referred to the fans as such. Smith sold Big Ass Fans for $500 million in 2017 and started the investment firm Unorthodox Ventures.
CustomersPartnersAcquisition
Growth-Positive
Revisiting the Big Ass Fans Story and What Happened Next
Carey Smith, Founding Contrarian at Unorthodox Ventures, shares insights on how customer service strategy was central to growing the Big Ass Fans business five-fold over a five year period. He emphasizes the importance of product and market research, ensuring that a business is solving a problem rather than creating a solution in search of a problem. He also stresses the importance of a solid business plan built from the ground up and based on achievable goals. Smith encourages leaders to get out from behind their laptops to understand how their employees work and what their customers want and need.
CustomersManagement Changes
growth-positive
Unorthodox Ventures Invests in Israeli Medtech Startup Exero Medical - MEDX Xelerator
Unorthodox Ventures has provided bridge financing towards a series A round for medical device startup Exero Medical. The Israeli company has developed an implantable technology that monitors healing after surgery, reducing life-threatening complications. The technology, xBar, optimizes and personalizes treatment following gastrointestinal operations. The sensor is embedded in a surgical drain, enabling post-op monitoring without changing the surgical or patient workflows. The technology has been granted the U.S. Food and Drug Administration’s Breakthrough Designation. Exero Medical is backed by investments from Unorthodox Ventures, the MEDX Xelerator, Boston Scientific, MEDX Ventures, Intellectual Ventures, and CBG Group.
Investment
Team Members
6
Web & Social Links
| Website | www.unorthodoxventures.com |
Locations
Tel Aviv, Israel
New York, NY, USA
5811 Trade Center Dr, Austin, TX 78744, USA
Photos & Videos
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Unorthodox Ventures Business
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—Tags (5)
healthcareconstructiondigital-healthcarebiotechnologyindustrial-constructionUnorthodox Ventures Financials
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Unorthodox Ventures Lifecycle
Unorthodox Ventures News
39 articlesDirectors need to have frank discussions about their chief executive, which can't be done when the subject is in the room.
Medtech Startup Podcast with Steven Levy of Unorthodox Ventures
growth-positive
Big A** Insights for Business Model Innovation
The article discusses the journey of Big Ass Fans, a company that manufactures large industrial fans. The company was founded by Carey Smith, who initially started a company called Sprinkle that sprayed water on the exterior of facilities to cool off the interior. However, this business failed as facility managers were hesitant to let someone water their roofs. Smith then came across an advertisement for large fans being used to cool down dairy farms and realized that these could be used in warehouses. He formed a partnership with the company, and eventually bought the intellectual property and started manufacturing the fans. The company was named Big Ass Fans after a customer referred to the fans as such. Smith sold Big Ass Fans for $500 million in 2017 and started the investment firm Unorthodox Ventures.
CustomersPartnersAcquisition
Growth-Positive
Revisiting the Big Ass Fans Story and What Happened Next
Carey Smith, Founding Contrarian at Unorthodox Ventures, shares insights on how customer service strategy was central to growing the Big Ass Fans business five-fold over a five year period. He emphasizes the importance of product and market research, ensuring that a business is solving a problem rather than creating a solution in search of a problem. He also stresses the importance of a solid business plan built from the ground up and based on achievable goals. Smith encourages leaders to get out from behind their laptops to understand how their employees work and what their customers want and need.
CustomersManagement Changes
growth-positive
Unorthodox Ventures Invests in Israeli Medtech Startup Exero Medical - MEDX Xelerator
Unorthodox Ventures has provided bridge financing towards a series A round for medical device startup Exero Medical. The Israeli company has developed an implantable technology that monitors healing after surgery, reducing life-threatening complications. The technology, xBar, optimizes and personalizes treatment following gastrointestinal operations. The sensor is embedded in a surgical drain, enabling post-op monitoring without changing the surgical or patient workflows. The technology has been granted the U.S. Food and Drug Administration’s Breakthrough Designation. Exero Medical is backed by investments from Unorthodox Ventures, the MEDX Xelerator, Boston Scientific, MEDX Ventures, Intellectual Ventures, and CBG Group.
Investment
Put Fear in the Right Place
Try Some Reality in Your Pitch Deck
Don't Hang Up on Your Customers
Common Funding Pitfalls That Can Set Your Business Back
What an Economic Crisis Makes Clear: Short-Term Planning Is Necessary; Long-Term Planning Is Vital
How to Know If You're on the Right Track? Question Everything
How Fast-Growth Companies Minimize Their Problems
Video: What the Great Resignation Taught Us About Retaining Talent
Why Stock Options Aren't Actually Beneficial to Employees (and What to Offer Instead)
LIVE AT SXSW | The Fixer: Carey Smith Has All the Answers | Inc.
Failure Isn't Half as Bad as Not Learning From It
growth-positive
Commentary: You don't need as much money as VCs want you to think
The founder of Big Ass Fans, Carey Smith, discusses the benefits of bootstrapping a company. He believes that bootstrapping played a significant role in the success of his company, which he sold for $500 million in 2017. Smith argues that bootstrapping allows entrepreneurs to maintain control over their business and forces them to be creative and adaptable. However, he also acknowledges the risks and challenges associated with bootstrapping, including financial risk and difficulty attracting talent. After selling Big Ass Fans, Smith founded Unorthodox Ventures, an investment company that advises entrepreneurs.
InvestmentAcquired-by
growth-positive
The Great Competition to Give Away Money
The venture capital industry is experiencing a golden era with record levels of funding pouring into startups. Global venture funding surpassed $100 billion every quarter in 2021, reaching a record $160 billion in the most recent period. This has led to a surge in the number of unicorns, privately-owned firms worth $1 billion or more, with over 280 new companies reaching this status in the last two quarters alone. However, this rapid pace of investment and high valuations are causing concern among some venture capitalists and entrepreneurs, who fear the industry is becoming frothy and that money is being misallocated.
Investment
Growth-Positive
Earth's Unicorn Population Is Exploding
In 2021, 264 companies in the United States have reached billion-dollar valuations, with multiple startups turning into unicorns every day. This year, $240 billion has been invested in VC-backed companies, a figure that would have seemed outrageous a few years ago. Between July and September, more than $82 billion was invested in American startups, about as much as venture capitalists spent in all of 2017. Globally, the Q3 total was $160 billion, a new record high for any quarter in history. The average early-stage deal in the US is now $20 million.
Investment
Neutral
An Insider's Perspective On VC Craziness And The Startup Bubble
Carey Smith, founder of Unorthodox Ventures, discusses the current state of venture capital (VC) and startup valuations. He criticizes the VC industry for its money is everything mentality and its tendency to invest in hot startups without a solid business plan. Smith also warns founders about the dangers of high valuations, which can lead to down rounds and less founder equity. Despite this, he acknowledges that the VC industry is built on bubbles and that the money invested in failing startups often ends up benefiting employees and contractors.
Investment
Growth-Positive
I founded a $500 million company and always paid myself last. The astronomical pay gap driven by CEOs like Jeff Bezos is giving capitalism a bad rap.
Carey Smith, founder of Big Ass Fans and Unorthodox Ventures, discusses the growing pay gap between CEOs and employees, criticizing the lavish spending of billionaires like Jeff Bezos and Richard Branson. Smith emphasizes the importance of investing in employees and treating them well, citing his own experience with Big Ass Fans, which he sold for $500 million in 2017. He argues that good capitalism involves treating customers, employees, and suppliers fairly, and that profits should not be the top priority. Smith also criticizes the trend of companies flaunting their Certified B Corporation status, arguing that being a good capitalist does not require a logo.
Management ChangesInvestment
Neutral
This CEO-Turned-Investor, Who Sold His Company For $500 Million, Thinks Founders Should Stop Giving Up So Much Equity. Here's Why.
The article discusses the issue of young founders giving away too much equity in their companies, often to their long-term detriment. The author, a former founder who sold his company and set up an investment firm, advises young founders to be more cautious with their equity and not to rely too heavily on investor money. He emphasizes the importance of a strong business plan and retaining control of the company. The author also shares examples of founders who lost control of their companies due to giving away too much equity.
Investment
How to Avoid Giving Up Too Much Equity, Too Early
Inside the unique strategy of Austin's Unorthodox Ventures - Austin Business Journal
World Changing Ideas Awards 2021: Impact Investing Finalists and Honorable Mentions
growth-positive
6 VCs talk the future of Austin's exploding startup ecosystem
Austins startup ecosystem is witnessing a significant growth due to the relocation of tech companies to the city. Factors such as a laid-back lifestyle, no state tax, a business-friendly environment and lower cost of living have attracted these companies. This has led to a rise in the number of entrepreneurs and investors in the city. The citys startup scene is expected to grow even more in the next five years, with predictions of it becoming the countrys second largest startup ecosystem by 2030. The citys tech community is described as welcoming and collaborative, with a focus on a variety of sectors including B2B software, digital health, fintech, insurtech, education, and more.
CustomersPartnersInvestmentExpand
Carey Smith (Unorthodox) - Scaling Big Ass Fans to $250 million and What It Means to be a Contrarian Investor
Behind Unorthodox Ventures, one of venture capital's most unique firms
Most Entrepreneurs Don't Need More Funding. Here's What They Really Need
Big Ass Fans Founder Carey Smith: Don't Give Up On Your Idea, But Don't Forget to Stop and Look Around
Why Transparency Is the Hallmark of a Great Leader
Why a Recession Is a Perfect Opportunity to Build for the Future
Watch: Carey Smith on Transparency, Humility, and Surviving a Recession
The No. 1 Thing a New Business Needs: Tough Love
Why Carey Smith started Unorthodox Ventures after a $500M exit - Austin Business Journal
Carey Smith Launches Unorthodox Ventures in Austin to Invest in Startups with Great Products - SiliconHills
growth-positive
Giving Back: An Incubator Founder Interview
Serial entrepreneur Carey Smith has launched a new venture, Unorthodox Ventures, an incubator for new business ideas. The incubator will launch businesses chosen by the team, which includes several former employees of Big Ass Fans, a company Smith previously founded and sold for $500 million. Smith plans to bootstrap the new venture, as he did with Big Ass Fans. He believes in selling directly to customers and maintaining a strong connection with them. Smiths long-term vision for Unorthodox Ventures is to shake up markets where the status quo isnt good enough.
CustomersManagement ChangesInvestment
growth-positive
Giving Back: An Incubator Founder Interview
Serial entrepreneur Carey Smith has launched Unorthodox Ventures, an incubator for new business ideas based in Austin, Texas. The incubator will launch businesses chosen by the team, which includes several former employees of Big Ass Fans, a company Smith sold for $500 million in 2017. Smith is bootstrapping the venture, and aims to shake up markets where the status quo isnt good enough. He believes in selling directly to customers, and encourages other entrepreneurs to do the same.
CustomersManagement ChangesInvestment
growth-positive
Want to Build a Million-Dollar Business? Focus on Your People, Not the Money.
Carey Smith, founder of Big Ass Fans, discusses his unique approach to business and entrepreneurship. Smith sold his previous business, Sprinkool, in 1999 and used the proceeds to start Big Ass Fans, which he later sold for $500 million. He attributes his success to a business model he calls The Kitchen, a pre-R&D team that explores a variety of ideas. Smith has now formed another company from The Kitchen, where individuals on his team run out unique business ideas. He also emphasizes the importance of stock appreciation rights, transparency, and avoiding middlemen in business.
Management ChangesExpand
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Unorthodox Ventures Internal
Recent Updates
Scott Sloan
· scott@unorthodoxventures.com · Manual · 2023-12-04 07:56:44.000000
Scott Sloan
· scott@unorthodoxventures.com · Manual · 2024-06-30 21:50:27.000000
Ortal Wein
· ortalw@sncentral.org · Manual · 2022-09-20 12:59:18.000000
Ortal Wein
· ortalw@sncentral.org · Manual · 2023-03-28 15:08:44.000000
Scott Sloan
· scott@unorthodoxventures.com · Manual · 2023-12-04 07:56:45.000000
Ortal Wein
· ortalw@sncentral.org · Manual · 2023-03-28 15:10:01.000000
Scott Sloan
· scott@unorthodoxventures.com · Manual · 2023-12-04 07:56:27.000000
Scott Sloan
· scott@unorthodoxventures.com · Manual · 2023-12-04 07:56:27.000000
Ortal Wein
· ortalw@sncentral.org · Manual · 2023-01-11 15:08:35.000000
Scott Sloan
· scott@unorthodoxventures.com · Manual · 2023-03-24 06:21:23.000000
Jenny Sotnik-Talisman
· jenny.sotnik@sncentral.org · Manual · 2023-03-13 14:28:47.000000
Scott Sloan
· scott@unorthodoxventures.com · Manual · 2023-12-04 07:56:17.000000
Ortal Wein
· ortalw@sncentral.org · Manual · 2024-07-01 14:27:34.000000
Scott Sloan
· scott@unorthodoxventures.com · Manual · 2023-12-04 07:56:29.000000
Scott Sloan
· scott@unorthodoxventures.com · Manual · 2023-12-04 07:56:18.000000
Ortal Wein
· ortalw@sncentral.org · Manual · 2022-09-20 13:02:01.000000
Scott Sloan
· scott@unorthodoxventures.com · Manual · 2024-06-30 21:50:27.000000
Ayelet Levi Shinebox
· yayhosh@gmail.com · Manual · 2023-06-22 10:40:17.000000
Scott Sloan
· scott@unorthodoxventures.com · Manual · 2023-12-04 07:56:45.000000
Ortal Wein
· ortalw@sncentral.org · Manual · 2022-09-20 12:42:55.000000
Ayelet Levi Shinebox
· ayeletlevis@sncentral.org · Manual · 2024-08-11 08:27:29.000000
Ortal Wein
· ortalw@sncentral.org · Manual · 2022-09-20 12:57:42.000000
Ortal Wein
· ortalw@sncentral.org · Manual · 2023-03-28 15:11:53.000000
Scott Sloan
· scott@unorthodoxventures.com · Manual · 2023-12-04 07:56:15.000000
Scott Sloan
· scott@unorthodoxventures.com · Manual · 2023-12-04 07:56:41.000000
Scott Sloan
· scott@unorthodoxventures.com · Manual · 2023-12-04 07:56:22.000000
Ortal Wein
· ortalw@sncentral.org · Manual · 2024-07-01 14:27:35.000000
Scott Sloan
· scott@unorthodoxventures.com · Manual · 2023-03-24 06:20:35.000000
Scott Sloan
· scott@unorthodoxventures.com · Manual · 2022-10-21 00:57:39.000000
Scott Sloan
· scott@unorthodoxventures.com · Manual · 2023-12-04 07:56:18.000000
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Admin Info
| Confidence | 57/100 |
| Missing | funding stage, product stage, sector, number of employees, business model, tag line, funding rounds, markets |
| BI Verification | Ortal Wein |
| Crunchbase | unorthodox-ventures |
| Phone | +1 (512) 956-7740 |
| Creator | David Banks |
| Creator email | david@unorthodoxventures.com |
| Last updater | Ayelet Levi Shinebox |
| Updater email | ayeletlevis@sncentral.org |
| Last update | 2024-08-11T00:00:00.000Z |
| Created | 2019-08-01T00:00:00.000Z |