Munich Startup: What has your career path been like so far?
Vanessa Theel, Co-Founder Summ AI: I earned my bachelor's degree in mathematics in Heidelberg and then studied business informatics at the Technical University of Munich (TUM) with my two co-founders. During my studies, I completed various internships in consulting and financial services companies, particularly in the areas of modeling and programming. Immediately after completing my master's degree, we founded Summ AI.
Munich Startup: What motivated you to start the company?
Vanessa Theel: After completing my technical studies, the three of us – Flora, Nico, and I – were determined to apply our knowledge from AI research and practical projects to solving a socially relevant problem. My co-founder Flora was already familiar with the topic of easy-to-read language from her family: Due to a cognitive disability, her aunt needs easy-to-read information to cope with everyday life. She also already knew that there are hardly any easy-to-read texts available, as the manual effort required to create them is simply too high. This is how we came up with the idea of to develop a tool that translates texts into easy-to-read language at the touch of a button, similar to “Google Translate” – not into a foreign language, but according to the official rules for this barrier-free language style.
Freedom of decision and scope for design
Munich Startup: What would you have liked to have known before starting your first business?
Vanessa Theel: I would have liked to know that being self-employed really means "self-reliant and independent." It's a lot of freedom and creative freedom—but also a lot of work! I also wished I had known exactly how accounting works before starting the business. What I didn't expect, however, was how much joy it would bring to be your own boss and to take matters into your own hands.
Munich Startup: How has your company been financed so far?
Vanessa Theel: For the first year and a half, the three of us bootstrapped the company, building it from our own financial resources, grants, and initial sales. Support from incubators such as EXIST and the Programs of the UnternehmerTUM and in particular the Werk1 very helpfulfor supporting our mission and vision. Since October 2023 we have had external investors on board, including institutional investors such as Venture Stars as our lead investor and various business angels.
Munich Startup: When and where do you get the best ideas?
Vanessa Theel: I am most creative with an iced coffee and a book in the sun on the balcony or during brainstorming sessions with my co-founders Flora and Nicholas.
Munich Startup: What are your three favorite work tools?
Vanessa Theel: My favorite work tools include Hubspot, MS Office and of course our own tool.
Market knowledge and self-confidence
Munich Startup: Your top tip on pitching?
Vanessa Theel: My top tip for pitching is to practice your pitch extensively and intensively—there's no getting around it, in my opinion. At the same time, everyone should trust that they know their own company and market best and exude this confidence in their pitch.
Munich Startup: Does this seem like a good time to start a business? Why?
Vanessa Theel: Yes! I think it is a good time to start a business, especially in Govtech sectorThis area is becoming increasingly important in the industry, and B2G models are increasingly becoming attractive VC cases, also due to the economic climate, which is making enterprise sales increasingly difficult, for example.
Vanessa Theel: Next startup in crypto?
Munich Startup: Which technology or industry would you focus on for your next startup?
Vanessa Theel: Even though Flora and Nicholas might not agree with this immediately, I find the area of crypto and Web3 very exciting. Before founding Summ, I
AI did a traineeship at the European Central Bank (ECB) in the field of crypto and found it extremely fascinating.
Munich Startup: In your opinion, what could be improved at the Munich startup location?
Vanessa Theel: I think Munich is a great place to start a business. There are many talented people there, institutions like UnternehmerTUM and WERK1 support young female founders, and there are numerous experienced female founders in the city. However, Munich has one drawback: the extremely high rents, which are a burden for founders, as the money could be better invested in the company.
Munich Startup: Which founder would you like to meet in person? And what would you ask them?
Vanessa Theel: There are many inspiring founders I meet at events. One founder I would love to meet in person is Zarah Bruhn from Social-BeeI would like to ask her how she deals with critics who are skeptical about the topic of inclusion and what was the decisive lever that Growth of Social-Bee made possible.
