In this interview, C-level executive Ines Kljucar explains why learning is an important reason to invest in startups. She advocates for diversification of one‘s investment strategy and sees startups as one important pillar of it.

Ines Kljucar
Chief Commercial Officer, Phoenix Mecano

Ines is leading Phoenix Mecano’s digital transformation, commercial and digital marketing strategy as well as M&A. Phoenix Mecano is a Swiss-listed company with 8000 employees that manufactures enclosures and mechanical components for industrial uses. She is also an advisor for the US-based fund The Equity Alliance, which invests in venture capital funds and startup founders in the U.S. with a focus on people of color and women. Previously, Ines had leadership roles at Körber Pharma, Bosch Security and Safety Systems, and worked as a consultant for Roland Berger. She studied Economics in Berlin and Salamanca and has an Executive MBA from the renowned business school INSEAD in Fontainebleau (France).

You’re a C-level executive in an industrial firm. What brought you to this position?

When I studied finance, I found numbers not to be as intriguing as corporate strategy. In addition I was always fascinated by technology, even as a kid. When I joined the consultancy Roland Berger, I worked in B2C customer-centric areas such as the go-to-market strategy and category management for the retail and consumer goods industry. Then I joined Bosch, where I had the great chance of working on the transition from a component to a solution company, covering all areas from pricing, channel strategy, sales organization, marketing and many more. I really liked the B2B set-up and technology focus and decided to remain in the industrial environment. Luckily, I always had atypical and interesting positions that included many different aspects including, for example, M&A activities or even running a production side.

How did you develop an interest in startups?

I went to the INSEAD business school because of their focus on leadership and entrepreneurship and that was really an eye-opening experience. They organized plenty of startup pitch events and amazing faculty sessions. I was hooked.

Does your interest in startups help you in your daily work or is it more of a pastime?

I work in the manufacturing industry and there are countless useful new things to learn about, for example, various industry 4.0. topics, such as additive manufacturing but also AI-driven industrial use cases, business models and customer acquisition strategies. Startups allow me to stay on top of technological developments that are getting faster and faster. If I wouldn’t read so many due diligence documents, I would never be able to keep up with that many topics. I enjoy this learning journey because I’m curious and want to understand how things work and it keeps me in contact with motivated entrepreneurs with a lot of drive.

How is Verve Ventures different from investing directly in startups?

Every single investment opportunity that is on Verve’s digital platform has already undergone an in-depth analysis by clever people. There is an essential aspect of risk minimization to this. But since the platform provides the documentation necessary as well, I can do my own research and come to a conclusion, which I like a lot. I’m a big fan of how Verve democratizes access to venture capital. You don’t have to put hundreds of thousands into a fund but can build your own portfolio according to your taste.

What are your investment criteria?

As mentioned before, there are a lot of promising industrial technologies to which I lean naturally. Examples include cloud and additive manufacturing. Also, because of my background in customer-centric domains, I invested in a lead-generation software platform. But most importantly I look at scalability, repetitive business models and the founding team. Thus it can happen that I invest in non-industrial areas, e.g. as was the case with mental health startup Sympatient whose founding team really amazed me. I also invested, outside of Verve, in a ski startup Carv which for me is really a passion project. Both are doing great. One topic that I closely follow now for obvious reasons is climate tech.

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You’re also an advisor for a US fund that promotes diversity. What motivated you to get involved?

The fund was established by wealthy and well-known families in the U.S. after the killing of George Floyd in 2021. At its core, it is all about providing access to capital to those who usually get disregarded in fundraising activities. Diversity is an important topic, I see that both minority investors and founders are quite scarce. When I talk to e.g. female friends, I sometimes despair when I hear how reserved they are in regard to investing.

What is the reason for this?

I think the main reason is a lack of knowledge about the basic elements of investing but also a lack of contact with and access to this topic early on. I do understand that it might be a bit of a black box for many with also some misconceptions about risks and the power of diversification. In any case, they should just start somewhere, it can be a small monthly investment into an ETF or something alike. That’s the way I started. I do concede that I’m not very risk-averse, though.

Why not?

Because I like to try out new things. My parents always let me discover novel things and even encouraged me. The same goes for my professional career, where I chose what fascinated me. But I also have a very structured and meticulous side. I put quite some time into structuring my investments along certain risk classes. And I did so before I started to invest in startups 6 years ago. With startups, I stand a chance to achieve a return many times my initial investment. However, I also just invest an amount of money that doesn’t cause me any trouble if I lose it. It provides me with so many other benefits that it is rewarding in any case.

In general: Who should think about investing in startups?

I think you need a fair amount of financial literacy and a portfolio of diversified investments across different asset classes. You should define a budget for startup investments, and diversify those investments as well, something Verve helps you with. Another point that is important to me next to financial considerations is investing in Europe. For me, it’s crucial to promote innovation and entrepreneurship in Europe through my investments. I think this is the only way we can create a competitive advantage and continue to play an important role globally.