Munich Startup: What has your career path been like so far?
nnnnVanessa Theel, co-founder Summ AI: I completed 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 at consulting firms and financial service companies, particularly in the areas of modeling and programming. Right after my master’s degree, we founded Summ AI.
nnnnMunich Startup: What motivated you to start a company?
nnnnVanessa Theel: After my technical studies, the three of us – Flora, Nico, and I – really wanted to apply our knowledge from AI research and practical projects to solve a socially relevant problem. My co-founder Flora was already familiar with the topic of easy language from her family: her aunt needs information in easy language due to a cognitive disability in order to manage her everyday life. She also already knew that very few texts in easy language were available because the manual effort required to create them was simply too high. This gave us the idea to develop a tool that, following the model of “Google Translate,” translates texts into easy language at the click of a button – but not into a foreign language, rather according to the official rules for this accessible language style.
nnnnDecision-making freedom and creative freedom
nnnnMunich Startup: What would you have liked to know before your first startup?
nnnnVanessa Theel: I would have liked to know that being self-employed really means “self and constantly.” A lot of decision-making freedom and creative freedom – but also a lot of work! I also would have wished to know how accounting works in detail before founding. However, what I hadn’t expected was how much joy it brings to be your own boss and to take things into your own hands.
nnnnMunich Startup: How has your company been financed so far?
nnnnVanessa Theel: For the first year and a half, the three of us bootstrapped the company, building it from our own financial means, grants, and initial revenue. The support from incubators like EXIST or the UnternehmerTUM programs and especially Werk1 was very helpful, as they supported our mission and vision. Since October 2023, we have external investors on board, including institutional investors such as Venture Stars as our lead investor, as well as various business angels.
nnnnMunich Startup: When and where do you get your best ideas?
nnnnVanessa Theel: I’m 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.
nnnnMunich Startup: What are your three favorite work tools?
nnnnVanessa Theel: My favorite work tools include Hubspot, MS Office, and of course our own tool.
nnnnMarket knowledge and self-confidence
nnnnMunich Startup: Your top tip on pitching?
nnnnVanessa Theel: My top tip on pitching is to practice your pitch extensively and intensively – there’s no way around it, in my opinion. At the same time, everyone should trust that they know their own company and their own market best and convey this confidence in their pitch.
nnnnMunich Startup: Does it seem like a good time to start a company right now? Why?
nnnnVanessa Theel: Yes! I think now is a good time to start a company, especially in the govtech sector. This sector is becoming increasingly important in the industry, and B2G models are becoming increasingly attractive VC cases, also because of the economic climate, which is making enterprise sales increasingly difficult, for example.
nnnnVanessa Theel: next startup in crypto?
nnnnMunich Startup: What technology or industry would you bet on for your next startup?
nnnnVanessa Theel: Even if Flora and Nicholas might not immediately agree, I find the crypto or Web3 sector very exciting. Before founding Summ
nnnnAI, I completed a traineeship at the European Central Bank (ECB) in the crypto sector and found it extremely fascinating.
nnnnMunich Startup: What could be improved at the startup location Munich from your perspective?
nnnnVanessa Theel: I think Munich is a great startup location. There are many talented people in the area, institutions like UnternehmerTUM or WERK1 support young founders, and there are numerous experienced founders in the city. However, Munich does have one drawback: the extremely high rents, which are a burden for founders since the money could be better invested in the company.
nnnnMunich Startup: Which founder would you like to meet in person one day? And what would you ask them?
nnnnVanessa Theel: There are many inspiring founders I keep meeting at events. One founder I would like to meet in person is Zarah Bruhn from Social-Bee. I would like to ask her how she addresses critics who are skeptical about the topic of inclusion and what was the decisive lever that enabled Social-Bee’s growth .
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