Be self-aware and honest: Main Sequence’s Jun Qu on why it’s important for startups to know where they need help

Jun Qu is a senior associate at Main Sequence, where he helps Australian scientists and entrepreneurs who want to change the world with their deep tech solutions. With a background in energy, he’s worked in Melbourne, Sydney and San Francisco on tech incubators and investment groups. He currently serves as a mentor at Cicada Innovations, CSIRO ON, and INCUBATE and is passionate about coaching and the tech, science and startup communities.

Later this month, Jun Qu joins SmartCompany as a guest at our Melbourne instalment of the Pitch. Here, he filled us in on the latest in deep tech, his work with scientists and entrepreneurs, and how he helps them bring their ideas to life.

What’s exciting you in the deep tech space right now?

“There are so many cool things happening in deep tech right now (such as in generative AI, quantum and decarbonisation), but there are two areas I am particularly excited about: the first is in robotics and automation, which is a big area I am focused on at Main Sequence. With labour shortages persisting since the pandemic, and an even stronger push for on-shoring manufacturing capabilities and building more resilient supply chains, there is a big opportunity for robotics and automation to have a significant impact across a variety of different sectors and at a global scale.

“The second area I am just as excited about is the development of the space ecosystem. With a tenfold increase in satellites in orbit expected by 2030, what we’re seeing is the development of a new emerging market with all sorts of exciting possibilities. With new data, imagery and services becoming available that can only be possible from space, we have an exciting opportunity to drastically enrich the way we live our lives here on Earth.”

What challenges are entrepreneurs facing when developing and launching their tech solutions?

“As early-stage investors, one of the biggest challenges we often see teams grapple with is finding the right product market fit. In most cases, founders will usually have a fairly strong hypothesis around the overarching problem they are trying to solve and a number of attractive sectors for their initial go-to-market. However, it can take a lot of repetition for teams to really find their scalable, winning formula (i.e. really nail the right size of customer they should be going for, work out how these customers like to buy, and build the right kind of support functions around these customers to help them scale and succeed).

“When you have limited runway, the clock is always ticking so you don’t necessarily have the chance to A/B test everything. This is where surrounding yourself with a strong team and group of advisors is crucial, so you have plenty of support during what is probably the most critical phase of the company’s development.”

What is your approach to helping them create, build and scale their tech companies that will help change the world?

“Honestly, my approach is to do whatever it takes to help the team succeed. I’ll always try to be a coach, cheerleader and advisor first and foremost, but beyond that, I’ll try to help tactically wherever necessary — sometimes that means leaning in a lot, other times it means getting out of their way. It’s very case-by-case and each team will have quite different needs. To give some examples, sometimes I’ll be helping to make sector-specific customer or hiring introductions, while other times I’ll be providing fundraising support, helping build financial models, and/or making introductions to later-stage investors for subsequent rounds of funding.”

What traits do the more successful entrepreneurs you work with have in common?

“First, they deeply understand the problem they are solving and are laser-focused on creating the best possible solution for their customers. In addition, they have such strong convictions about the problem they are solving that they are persistent, dogged and won’t take no for an answer.

“At the same time, they also have a high level of self-awareness and are honest about their own capabilities, knowing exactly which gaps they need to fill and where they need help. They are fantastic storytellers and are able to articulate the problem, their mission and their solution in a highly compelling way.

“As a result, they’re able to build and rally incredible teams around them to help them succeed.”

Jun Qu joins Christie Jenkins, Jodie Imam and Steve Maarbani as a guest judge at SmartCompany‘s the Pitch, in Melbourne in February. Want them to see your great idea? Enter now!