I Accidentally Learned a Lot About Capital
Marketing Manager Antonette DePalma sheds light on the capital conversations every founder should be having.
As someone who spends most of her time thinking about event strategy, storytelling, and how to make tech feel a little more human, I don’t usually find myself deep in the weeds of venture finance. But at this year’s Innovation unConference, I had the chance to proctor two sessions that pulled me into the fascinating (and occasionally intimidating) world of startup capital.
The topics? Venture Debt and Non-Dilutive Funding. The crowd? Founders, funders, and operators who’ve lived through the term sheets, the grant deadlines, and what I can only assume were some very intense Excel spreadsheets. I was just there to keep time and take notes—but I walked away with a crash course in capital strategy that I think every founder and startup storyteller should hear.
Here’s what I learned…
💰 Venture Debt: Not Just for the Brave, But Definitely for the Bold
This session was sparked by Sam Bogoch, CEO of Axle AI, and quickly turned into a candid, high-context conversation among founders and early-stage capital experts. One of the most insightful voices in the room was Ben Maitland-Lewis, Director of Startup Banking & Founder Success at Silicon Valley Bank, who brought a refreshingly transparent perspective on how venture debt actually works in practice.
💬 “The real challenge isn’t the mechanics—it’s access.”
— Ben Maitland-Lewis, Silicon Valley Bank
Some key takeaways:
Venture debt is best used as a complement to equity, not a substitute. It can help extend runway or add flexibility post-raise—but it’s not a lifeline for companies still finding product-market fit.
Terms vary wildly. One founder shared a cautionary tale about a firm offering a mix of cash and “in-kind marketing support” with a 6x repayment expectation. (Spoiler: he declined.)
Revenue-based financing is gaining traction, especially for companies with predictable cash flow. But founders need to read the fine print—some of these deals can quietly become unsustainable.
The vibe in the room was refreshingly honest—equal parts tactical and philosophical. There was a lot of head-nodding, a few “wait, what?!” moments, and a shared sense that founders need more transparent education around capital options.
🧪 Non-Dilutive Funding: Free Money (With a Side of Bureaucracy)
This session, pitched by the powerhouse Stacy Chin, Co-founder & CSO of Scout, was a masterclass in how to win government grants without losing your mind—or your weekends.
Stacy’s background is the stuff of founder dreams: she’s won SBIR/STTR grants, reviewed them for the NSF, and now runs a platform that uses AI (the helpful kind) to help startups write better, faster, and more fundable applications.
💬 “There’s over $4 billion in federal grant money available. And it’s non-dilutive.”
— Stacy Chin, Scout
Some key takeaways from the session:
The process is long—but worth it. Writing a strong application can take 1–3 months, and hearing back can take another 6. But the payoff? Up to $300K–$2M in non-dilutive capital that doesn’t touch your equity.
AI can help—but it’s not a shortcut. Scout’s platform uses AI to streamline the grant-writing process, but Stacy emphasized that strategy, clarity, and understanding the agency’s goals are still essential.
Tailor your pitch to the agency. NSF wants innovation. NIH wants health impact. DoD wants mission readiness. Knowing your audience is half the battle.
Now is actually a great time to apply. With many founders sitting out due to market uncertainty, competition is lower—and the funding is still there.
Don’t be discouraged by rejection. The average success rate for first-time applicants is around 10%, but resubmissions with reviewer feedback often fare much better.
Stacy’s delivery was equal parts tactical and motivational—reminding everyone in the room that while the process may be bureaucratic, the opportunity is real, and the support is growing.
🧠 Final Thoughts from a Marketer Who Got a Crash Course in Capital
I may not be a founder, but after sitting in on these sessions, I feel like I earned an honorary badge in startup finance. More importantly, I saw how much creativity, resilience, and strategic thinking it takes to build something from scratch—and how many different paths there are to get the funding you need.
And—if you want to be in the room where these conversations happen, I know just the Tech Council to connect with…
These insights came from a session at MTLC’s 2025 Innovation Unconference.