January 27, 2023

NORDchinaz

The Business & Finance guru

NH Business: Information technology

NH Business: NH-based $50m venture fund for AI, cyber & critical infrastructure

Host Fred Kocher is joined by Jeremy Hitchcock to discuss the need for collaboration in the age of information technology



WELCOME TO NEW HAMPSHIRE’S BUSINESS. I’M FRED KOGER. HERE’S A QUOTE FROM MY GUEST. THIS CENTURY’S BIGGEST CONFLICT HAS BEEN FOUGHT IN THE ECONOMIC DOMAIN. CYBER ATTACKS. CHIP SHORTAGES AND MISINFORMATION ARE THE NEW GLOBAL WEAPONRY. THERE IS A HEIGHTENED URGENCY TO FUZE, GOVERNMENT AND COMMERCIAL APPLICATIONS. THE PERSON I HAVE QUOTED IS JEREMY HEDGECOCK, WHO IS A CO-FOUNDER OF TWO SUCCESSFUL NEW HAMPSHIRE TECH COMPANIES DYING AND MIM. AND IN THE INTERNET SPACE, A DINER WAS BOUGHT BY ORACLE, BY THE WAY, AND HE’S NOW THE CO-FOUNDER OF A NEW HAMPSHIRE BASED VENTURE FUND, NEW NORTH VENTURES. WELCOME, JEREMY. NICE TO HAVE YOU HERE. BUT I’M GOING TO LOOK AT THIS NEXT GRAPHIC, WHICH DESCRIBES WHAT YOU’RE DOING. NEW NORTH VENTURES EARLY STAGE INVESTMENT FUND, ACCESS TO NATIONAL SECURITY COMMUNITY. THEY HAVE THAT TO ADVANCE INNOVATION IN A.I., WHICH IS ARTIFICIAL INTELLIGENCE, CYBER CRITICAL INFRASTRUCTURE TO SOLVE PROBLEMS IN THE NATIONAL INTEREST. WHICH IS INTERESTING AND LOOKING FOR COMPANIES WORKING IN THIS SPACES. WELCOME. NICE TO HAVE YOU. THANKS FOR HAVING ME. DARTMOUTH-HITCHCOCK BEFORE I ASK YOU SPECIFICS, WHAT HAS LED YOU TO PERSONALLY GET INVOLVED NOT JUST IN A FUND TO INVEST FOR INNOVATION AND SOME RISKS THAT ARE FACING THIS COUNTRY, BUT IN THE NATIONAL INTEREST? I THOUGHT THAT WAS INTERESTING. YEAH, IT’S PRETTY UNIQUE. AND BEING SOMEBODY WHO HAS GROWN UP IN THE INTERNET DAYS, THE INTERNET CAME FROM A COLLABORATION BETWEEN THE COMMERCIAL SECTOR AND THE FEDERAL GOVERNMENT. HOW CAN YOU BUILD A NETWORK THAT’S EXTREMELY RESILIENT AND WE’RE STILL REAPING BENEFITS ON THAT NETWORK 75 YEARS LATER, TRYING TO PUSH MORE INFORMATION TECHNOLOGY. THE SPACE PROGRAM, IN A SIMILAR WAY. AND, YOU KNOW, MY DAD HAPPENED TO WORK AT SANDERS. AND SO I REMEMBER A LOT OF THE TYPES OF THINGS THAT HE WAS WORKING ON AND, YOU KNOW, VERY DILUTED WAY, OBVIOUSLY, BECAUSE OF SECURITY CONSIDERATIONS. BUT JUST THAT NOTION OF GIVING BACK SEEMED LIKE THE NEXT THING I WANTED TO SPEND MY LIFE ON. WHAT SIZE IS THIS FUND OR WHAT SIZE DO YOU WANT IT TO BE TO INVEST? OR $50 MILLION FUND? AND WE INVEST IN COMPANIES THAT ARE EARLY STAGE. SO SMALL TEAM, THEY HAVE SOME INITIAL TRACTION, THEY’RE WORKING ON SOME REALLY COOL PROBLEMS AND HAVE YOU MADE SOME INVESTMENTS ALREADY? WE MADE SEVEN INVESTMENTS IN SOME GREAT COMPANIES IN NEW ENGLAND, BASICALLY SOME IN NEW ENGLAND, SOME THAT ARE D.C. BASED AND SOME THAT ARE ALSO AROUND THE REST OF US. YOU’VE MADE A POINT TO SAY THAT COLLABORATION IS MORE IMPORTANT THAN EVER RIGHT NOW. COLLABORATE FROM BETWEEN THE COMMERCIAL AND THE PUBLIC SECTORS, I ASSUME? YEAH, I THINK THERE’S BEEN A LOT OF DISTRUST THAT’S TAKEN PLACE BETWEEN THE COMMERCIAL AND THE FEDERAL SECTORS, AND YOU CAN SEE THAT IN MAY WITH GOOGLE, WITH PROJECT MAVEN. YOU HAD SOME ENGINEERS WHO DIDN’T REALLY FEEL COMFORTABLE ABOUT THE TYPES OF THINGS THAT THEY WERE WORKING ON. BUT WHEN WE LOOK AT THE PROBLEMS, THAT’S TAKING PLACE TODAY AROUND CYBER FRONT AI OR ON CHIPS, THAT COLLABORATION IS NO MORE IMPORTANT THAN IT IS TODAY. WE HAVE TO WORK TOGETHER AND THAT TRUST HAS TO BE REBUILT TO BRING PEOPLE TOGETHER TO SOLVE THESE SHORTAGES, THESE CYBER ATTACKS. SO IT’S NOT JUST 18 YEAR OLDS WHO ARE DOING CYBER ATTACKS. IT’S FUNDED NATION STATES WHO ARE DOING THE CHIP SHORTAGES. I MEAN, THAT HAS HAD A DEVASTED OWN EFFECT IN THE LAST YEAR, IN PARTICULAR ON BUSINESSES IN THIS COUNTRY. AND A LOT THINGS THAT WE PROBABLY TAKE FOR GRANTED. YEAH, IT’S AMAZING. WE PROBABLY IMPORT MORE CHIPS THAN WE DO OIL. AND SO AS MUCH AS WE TALK ABOUT ENERGY, WHICH IS STILL A VERY, YOU KNOW, SALIENT AND, RELEVANT COMPONENT. CHIPS ARE SOMETHING THAT POWERS ALMOST EVERYTHING THAT WE DO. AND A LOT OF THAT SUPPLY CHAIN HAPPENS OUTSIDE THE UNITED STATES. WE HAVE HAD AN ADVANTAGE MAKING CHIPS AND DESIGNING CHIPS. WE STILL HAVE AN ADVANTAGE IN DESIGNING CHIPS. WE HAVE TO FIGURE OUT HOW TO BRING THAT MANUFACTURING BACK TO BE MORE RESILIENT. MOVE FROM JUST IN TIME, MANUFACTURING TO JUST IN CASE MANUFACTURING. AND THAT’S SOMETHING THAT NEW ENGLAND AND NEW HAMPSHIRE HAS DONE A VERY DISTINGUISHED JOB IN. AND SOME OF THE THINGS THAT WE WANT TO CONTINUE TO PUSH ON ARTIFICIAL INTELLIGENCE. SO NEXT FRONTIER, JUST TALK ABOUT THAT. LOTS OF DATA PEOPLE ARE TRYING TO MAKE OF IT AND TURN IT INTO SOMETHING THAT’S ACTIONABLE AND ONE OF THE THINGS THAT WE ENJOY DOING IS THAT SOME PEOPLE IN THE FEDERAL GOVERNMENT HAVE HAD EXPERT SYSTEMS THAT THEY’VE USED IN A HUMAN PERSPECTIVE, AND THEY’RE APPLYING THEM INTO A MACHINE LEARNING BASED PERSPECTIVE TO SOLVE INTERESTING PROBLEMS. HOW CAN YOU TAKE TIP OF THE SPEAR CAPABILITIES THAT THE FEDERAL GOVERNMENT HAS PIONEERED? TURN INTO COMMERCIAL APPLICATIONS THAT HAVE JUST 510 YEAR ADVANTAGES OVER WHAT’S GOING ON IN THE COMMERCIAL SPACE? YOU PUT TOGETHER AN IMPRESSIVE TEAM, INCLUDING ONE PERSON WHO HAS SOME NATIONALISTIC PURITY BACKGROUND. YEAH, MY PARTNER, BRETT DAVIS, IS A FORMER CENTRAL INTELLIGENCE AGENCY OFFICER, A NAVY EOD DIVER, BUT HE GOT TO WORK ON A LOT OF THESE COMMERCIAL PARTNERSHIPS. WE MET THROUGH SOMEONE AT THE NAVY SEAL FOUNDATION. WE’RE LOOKING AT COMMERCIALIZING THINGS OUT OF A DEFENSE CONTRACTOR. HIT IT OFF AND DECIDED TO GO, GO, GO DO SOMETHING OURSELVES. AFTER WE REALIZED, YOU KNOW, MAYBE WE SHOULD DO SOMETHING ON OUR OWN. WELL, ALL THE BEST TO YOU AND YOUR COLLEAGUES. JEREMY HEDGECOCK, CO-FOUNDER OF NEW NORTH VENTURES, A NEW INVESTMENT TOOL FOR INNOVATION IN THIS COUNTRY. THANK YOU. THANKS, FRED. AND IF YOU THIS PART OF THIS BRIEFING WITH JEREMY, YOU CAN GO TO W NEWS.COM WHERE I’

NH Business: NH-based $50m venture fund for AI, cyber & critical infrastructure

Host Fred Kocher is joined by Jeremy Hitchcock to discuss the need for collaboration in the age of information technology

On the latest installment of NH Business, host Fred Kocher is joined by Jeremy Hitchcock, co-founder of New North Ventures, to discuss the future of information technology and the need for collaboration in combating issues like chip shortages and misinformation.

On the latest installment of NH Business, host Fred Kocher is joined by Jeremy Hitchcock, co-founder of New North Ventures, to discuss the future of information technology and the need for collaboration in combating issues like chip shortages and misinformation.