VCIC
Aalto
UNC
D
01 / 15

1. Company Overview & Description

Goal:

Quickly synthesize the core concept.

Tool Suggestion:

Gemini/GPT-40 (for synthesis and summarization).

Creative Prompt Example:

Company Description Synthesis
"Synthesize a concise 2-paragraph company description for Curen, an Aalto University pre-business spinout founded in 2023. Based on the provided PDF and search results, highlight its copper redox flow battery technology, the problem of grid-scale energy storage it addresses, its key differentiators (sustainability, scalability, potential low LCOS using secondary copper), and its current stage (pre-business, seeking funding, developing 5kW prototype)."

Augmentation:

Incorporate Data Visualization:

Prompt Example:

"Transform this 200-word summary about Curen's origin, technology, and market focus into 3 slides with minimal text and clear visuals or icons that represent 'grid-scale battery storage', 'copper chemistry', and 'sustainability' metrics."

Ask AI to Identify Inconsistencies in Publicly Available Data:

Prompt Example:

"Review the public data sources (like Aalto University research pages, LinkedIn profiles, any news articles) to confirm or check for inconsistencies about Curen's founding year, current stage, patent coverage, or claimed cost advantages. Provide a bullet list of any discrepancies or unclear points that require follow-up in due diligence."
02 / 15

2. Investment Thesis

  • Goal: Articulate the core value proposition and potential return pathway.
  • Tool Suggestion: Gemini/GPT-40 (for analysis and structured argument generation).

Creative Prompt Example:

Investment Thesis Draft
"Draft an initial investment thesis for Curen. Frame it considering the growing grid-scale storage market need driven by renewables, Curen's potential cost/sustainability advantages over lithium/vanadium, and its origin from Aalto's electrochemical research led by Prof. Murtomäki. Speculate on a likely exit pathway (e.g., acquisition by utility/energy tech player vs. IPO) and potential timeframe, acknowledging its early (pre-business) stage. Is this likely high-risk/high-reward or lower-risk/modest return?"

Augmentation:

  • Encourage Comparative Positioning:

    Prompt Example:

    "Compare Curen's core investment thesis with QuantumScape's pitch in early 2018. Identify similarities in market need, technology risk, and typical investor concerns, then tailor a refined thesis for Curen that underscores how copper flow is simpler and more scalable than solid-state."

  • Use Scenario Modeling:

    Prompt Example:

    "Propose three different scenarios (Bull, Base, Bear) for Curen's future valuation and market traction. Identify the assumptions underlying each scenario and articulate how the investment thesis shifts in each case."
03 / 15

3. What Needs To Be Believed (WNTBB)

  • Goal: Identify critical assumptions underpinning the investment thesis.
  • Tool Suggestion: Groq (for rapid brainstorming) or Gemini/GPT-40 (for structured analysis).

Creative Prompt Example:

Critical Assumptions Analysis
"Analyze the Curen opportunity (pre-business copper flow battery startup) and brainstorm the top 5-7 critical 'What Needs To Be Believed' factors for investment success. Focus beyond the obvious (e.g., 'technology works'). Consider assumptions about: scaling the tech from prototype to commercial scale, achieving the target LCOS of ~€50/MWh, securing manufacturing partnerships, navigating competition from established players like Sumitomo or Invinity, ability to raise significant future funding rounds, and the team's capability to transition from research to commercial execution."

Augmentation:

  • Prioritize & Weight Assumptions:

    Prompt Example:

    "List the critical assumptions for Curen's success and assign each a confidence level (High, Medium, Low). Then provide a brief rationale for each confidence level and suggest ways to test or validate those assumptions."

  • Use a Risk-Reward Matrix:

    Prompt Example:

    "For each assumption in the WNTBB list, rate its potential impact on returns (Low, Medium, High) and the difficulty of proving or disproving it (Easy, Medium, Hard). Output your findings in a two-by-two matrix to identify quick wins versus high-risk items requiring deeper diligence."
04 / 15

4. Failure Risk

  • Goal: Proactively identify potential pitfalls.
  • Tool Suggestion: Perplexity (for researching common startup failure modes in the sector) + Gemini/GPT-40 (for applying findings to Curen).

Prompt Strategy:

Step 1 (Perplexity):

"What are the most common failure risks for early-stage hardware startups in the grid-scale energy storage sector, particularly those based on novel battery chemistries?"

Step 2 (Gemini/GPT-40):

"Based on the common risks identified for energy storage hardware startups (like funding gaps, scaling manufacturing, technical hurdles, slow customer adoption, competitor responses) and Curen's specific profile (pre-business, novel copper chemistry, university spinout), identify and elaborate on the top 5 most significant failure risks specific to Curen's success."

Augmentation:

  • Integrate Industry Benchmarks:

    Prompt Example:

    "Using data from real-world flow battery deployments (Invinity, ESS Inc., VRB Energy) on time-to-market, R&D costs, manufacturing scale challenges, and typical pilot durations, compare how Curen's timeline and budget plan may be vulnerable to underestimation of risk."

  • Suggest Mitigation Strategies:

    Prompt Example:

    "For each identified failure risk (e.g., scaling the prototype to commercial readiness), propose 2-3 concrete mitigation strategies (like strategic partnerships, phased pilot programs, modular design, staged capital raises)."
05 / 15

5. Leadership/Team

  • Goal: Assess team capabilities beyond technical expertise.
  • Tool Suggestion: Gemini/GPT-40 (for analysis and identifying gaps) + Perplexity (for background research on individuals if names were known).

Creative Prompt Example (Hypothetical Team):

Team Assessment
"Assume Curen's team consists of Prof. Murtomäki (technical lead), a former research assistant (prototype development), and a business development lead with 5 years experience at a utility. Analyze this hypothetical team's strengths and weaknesses for scaling Curen. Identify key expertise gaps (e.g., manufacturing scale-up, project finance, regulatory navigation, large-scale sales) that need to be filled via hiring or advisors. What key questions would you ask the team to assess their execution capability?"

Augmentation:

  • Team Cohesion & Upskilling:

    Prompt Example:

    "Assuming minimal business experience in the founding team beyond academia, propose a roadmap to upskill or supplement the team's commercial capabilities. Suggest typical roles (COO, CFO, Head of BD) and the ideal candidate backgrounds, referencing successful battery startups."

  • Personality & Cultural Fit:

    Prompt Example:

    "If given short bios or public LinkedIn data for the founders, generate a hypothesis about their leadership styles and how that might shape culture, team growth, or investor relations. Note any red flags or mismatches that could become problems as they scale."
06 / 15

6. Technology / IP / Roadmap

  • Goal: Understand technical differentiation and future development.
  • Tool Suggestion: Gemini/GPT-40 (for analysis and synthesis) + Perplexity (for patent/publication exploration).

Prompt Strategy:

Step 1 (Perplexity):

"Analyze the claims and significance of Curen's patents (e.g., US10128519, EP3117476, WO2024184590A1) related to copper redox flow batteries. What specific technical advantages or novel aspects do they appear to protect?"

Step 2 (Gemini/GPT-40):

"Based on Curen's stated goal of creating simpler, sustainable, scalable copper batteries with low LCOS and the identified IP, draft a plausible high-level technology roadmap for the next 3-5 years. Include key milestones like: completing the 5kW/25kWh prototype, validating performance & LCOS targets, developing MW-scale demonstration projects, establishing manufacturing processes, and potential next-gen chemistry improvements."

Augmentation:

  • Technical Feasibility Score:

    Prompt Example:

    "Using any mention of round-trip efficiency, energy density, chemical stability, and cost in publicly available references about copper flow batteries, estimate a feasibility score (1-10 scale) for near-term commercial viability, and identify any immediate R&D red flags."

  • Regulatory / Compliance Angle:

    Prompt Example:

    "Outline potential environmental, shipping, and storage regulations that may apply to copper-based electrolytes in large-scale installations. Evaluate whether these regulations present a barrier or potential advantage compared to lithium-ion battery handling."
07 / 15

7. Customer Need / Go-To-Market (GTM)

  • Goal: Define target customers and market entry strategy.
  • Tool Suggestion: Groq (for brainstorming GTM options) + Gemini/GPT-40 (for developing a structured plan).

Creative Prompt Example:

GTM Strategy Brainstorming
"Brainstorm potential initial target customer segments and GTM strategies for Curen's copper flow battery, considering its strengths (long duration 4-12h, sustainability, potential low cost) and weaknesses (pre-business, unproven at scale). Evaluate options like: partnering with renewable developers, targeting microgrids, working with utilities for grid ancillary services. For the most promising initial segment, outline key GTM steps, potential channel partners, and sales cycle considerations."

Augmentation:

AI-Generated Ideal Customer Profile (ICP):

Prompt Example:

"Generate an 'Ideal Customer Profile' for Curen's early pilot deployments. Include the typical energy storage capacity range (5kW to 5MW), region (e.g., Nordics/EU for regulatory incentives), financial profile (able to invest in pilot projects), and risk tolerance (willing to test novel flow battery chemistry)."

Launch Geography Analysis:

Prompt Example:

"Compare Europe's market incentives for green energy storage with North America's (focusing on states with strong renewables targets like California and New York). Which region offers the best pilot environment for Curen's copper redox flow battery, and why?"
08 / 15

8. Uniqueness / Competition

  • Goal: Assess competitive positioning.
  • Tool Suggestion: Perplexity (for competitor research) + Gemini/GPT-40 (for comparative analysis).

Prompt Strategy:

Step 1 (Perplexity):

"Identify key competitors to Curen in the redox flow battery market (e.g., Invinity, Sumitomo, CellCube) and other relevant long-duration storage technologies (e.g., other flow batteries, compressed air, gravity storage). Summarize their core technology, target duration, market traction, and funding."

Step 2 (Gemini/GPT-40):

"Create a competitive positioning matrix comparing Curen to 3-4 key competitors identified (e.g., Invinity (Vanadium), ESS Inc (Iron Flow), Form Energy (Iron-Air)). Use axes like 'Estimated LCOS' (€/MWh) and 'Sustainability/Material Availability'. Based on Curen's claims (low LCOS ~€50/MWh, uses secondary copper, sustainable), position it and analyze its unique selling proposition and potential vulnerabilities."

Augmentation:

  1. Competitor SWOT Analysis:

    Prompt Example:

    "For each major competitor in flow batteries (Invinity, ESS Inc., Sumitomo, CellCube), create a concise SWOT analysis (Strengths, Weaknesses, Opportunities, Threats). Then synthesize how Curen could position against these established players (e.g., focus on lower cost materials, simpler system design)."

  2. Patent Density Mapping:

    Prompt Example:

    "Compare the patent density and families around copper flow batteries vs. vanadium flow batteries. Is copper-based IP significantly less crowded, offering a freedom-to-operate advantage or more open innovation potential?"
09 / 15

9. Market Size & Opportunity

Goal:

Quantify the addressable market.

Tool Suggestion:

Perplexity (for finding market reports/data) + Gemini/GPT-40 (for TAM/SAM/SOM estimation).

Creative Prompt Example:

Market Size Analysis
"Using recent market data (e.g., global redox flow market at $245M in 2023, growing at 16.1% CAGR; broader long-duration storage needs), estimate the Total Addressable Market (TAM), Serviceable Addressable Market (SAM), and Serviceable Obtainable Market (SOM) for Curen over the next 5-10 years. Clearly state your assumptions for narrowing down the market (e.g., focusing initially on specific durations (4-12h), geographic regions like Europe, or specific applications like renewable integration)."

Augmentation:

  • Longer-Term Macro Trends:

    Prompt Example:

    "Factor in the EU's Fit for 55 package or similar policy efforts. How might new incentives, carbon taxes, or utility-scale energy storage mandates expand the potential TAM for flow batteries by 2030? Include references to any relevant directives or legislation that could drive adoption."

  • Time Segmentation:

    Prompt Example:

    "Segment the market opportunity into near-term (1–2 years: pilot + demonstration projects), mid-term (3–5 years: early commercial adoption), and long-term (5+ years: scale to mainstream). Provide separate TAM/SAM/SOM estimates for each stage, noting key triggers (e.g., technology readiness, policy changes)."
10 / 15

10. Financials / Funding / Projections (Requires assumptions)

  • Goal: Develop plausible financial forecasts and funding needs.
  • Tool Suggestion: Gemini/GPT-40 (for generating projection structures and performing calculations based on assumptions).

Creative Prompt Example:

Financial Projections
"Assume Curen is seeking €2M in seed funding [similar magnitude to VCIC example] to complete its 5kW prototype, hire 3 key engineers/business staff, and secure initial pilot agreements over the next 18 months. Create a plausible high-level 5-year financial projection (Revenue, COGS, OpEx, Funding Needs) based on the following assumptions: Year 1-2 focus on R&D/pilots (minimal revenue), Year 3 first commercial 100kW system sale at €X/kWh, scale to 5MW total sales by Year 5. Model key OpEx drivers (R&D, S&M, G&A). Estimate the required Series A funding amount in Year 2/3 based on the projected cash burn."

Augmentation:

Sensitivity Analysis:

Prompt Example:

"Perform a sensitivity analysis on the projected cost per kWh (CapEx) and round-trip efficiency. Show how a 10% variance in each factor impacts final gross margins and break-even points over 5 years. Assume a base-case cost of €200/kWh and 75% round-trip efficiency."

Detailed Cash Flow Timing:

Prompt Example:

"Project monthly or quarterly cash burn for the next 18 months, factoring in R&D equipment purchases, pilot site construction, and a small marketing budget. Identify when the company hits critical liquidity points where next fundraising is essential."
11 / 15

11. Milestone Generation

  • Goal:Define key steps to de-risk the venture and achieve goals.
  • Tool Suggestion:Gemini/GPT-40 (for structuring milestones).

Creative Prompt Example:

Milestone Planning
"Based on Curen's stage (pre-business, seeking seed funding) and the technical/commercial goals implied (prototype completion, LCOS validation, market entry), generate a list of key milestones for the first 18 months post-seed funding. Categorize them into Technology/Product, Commercial/Sales, Team, and Funding. Ensure milestones are SMART (Specific, Measurable, Achievable, Relevant, Time-bound)." (e.g., "Q2 Post-Funding: Complete assembly of 5kW/25kWh prototype system"; "Q4 Post-Funding: Secure Letter of Intent for first pilot project").

Augmentation:

  • 🏆

    AI-Derived KPIs:

    Prompt Example:

    "Suggest 3–5 Key Performance Indicators (KPIs) for each milestone category (Tech, Commercial, Team, Funding), specifically relevant to a copper flow battery startup (e.g., validated cycle life, stable electrolyte performance over 500 cycles, or pilot system acceptance tests from a recognized energy utility)."
  • 🚩

    Public Demo / Visibility Milestones:

    Prompt Example:

    "Brainstorm ways to increase investor confidence by publicly demonstrating progress, e.g., showcasing the 5kW system at an industry expo, publishing test data in a peer-reviewed journal, or co-marketing with a well-known renewable project developer."
12 / 15

12. Exit Strategy

  • Goal: Identify potential acquirers and exit rationale.
  • Tool Suggestion: Perplexity (for identifying potential acquirers) + Gemini/GPT-40 (for structuring the exit narrative).

Prompt Strategy:

Step 1 (Perplexity)
"Identify potential strategic acquirers for a company like Curen (copper flow batteries for grid storage). Consider categories like major energy utilities, renewable energy developers, existing battery manufacturers (e.g., Sumitomo), and diversified industrial/electrical engineering firms active in energy transition."
Step 2 (Gemini/GPT-40)
"Based on the potential acquirer list and Curen's technology/market focus, outline the most plausible exit scenarios (e.g., acquisition in 5-7 years). For the top 2-3 potential acquirer types, explain the strategic rationale for acquisition (e.g., Utility acquiring low-cost storage tech; Battery major acquiring novel chemistry IP). What key milestones would Curen need to achieve to become an attractive acquisition target?"

Augmentation:

  • Detailed M&A Case Studies:

    Prompt Example:

    "Find 2–3 recent acquisitions of energy storage startups by large utility or industrial conglomerates (e.g., TotalEnergies acquiring Saft, Shell acquiring Sonnen). Summarize the deals, valuation multiples, and synergy rationales. Based on these, propose the most probable exit scenario for Curen."

  • IPO vs. Strategic Acquisition Analysis:

    Prompt Example:

    "Compare the pros and cons of pursuing an IPO (like ESS Inc. SPAC route) versus a strategic acquisition by a big industrial player. Factor in the team's academic origin, the capital intensity of battery manufacturing, and market appetite for hardware IPOs."
13 / 15

13. Deal Terms (Connects to valuation & risk)

Goal:

Understand how terms impact returns and align interests.

Tool Suggestion:

Gemini/GPT-40 (for explaining term implications).

Creative Prompt Example:

Deal Terms Analysis
"Explain the typical purpose and investor implications of key seed-stage term sheet clauses like: 1x non-participating liquidation preference, broad-based weighted average anti-dilution, pro-rata rights, and a standard board structure (e.g., 1 founder, 1 lead investor, 1 independent). How might these terms be adjusted based on Curen's perceived risk profile (early stage, hardware, competitive market) versus its potential upside (large market, differentiated tech)?"

Augmentation:

  • Leverage AI to Negotiate Hypothetical Term Sheets:

    Prompt Example:

    "Assume you're negotiating a seed round for Curen. Provide a sample term sheet from the investor's perspective that includes a €4M post-money valuation, a 1x liquidation preference, and a 10% option pool. Then revise it from the founder's perspective to reflect stronger founder protections and higher pre-money valuation. Highlight where tensions might arise and potential compromises."

  • Highlight Non-Financial Clauses:

    Prompt Example:

    "Explain how a Right of First Refusal (ROFR) and co-sale provisions might be critical in this seed round, given that the main intellectual property is concentrated in one or two founder-researchers. What protective measures can an investor include to ensure continuity if the academic founders leave?"
14 / 15

Additional Advanced Tips (from Augmentations)

These advanced techniques can help students extract deeper insights from AI tools:

Iterative Prompt Refinement

Encourage students to refine prompts after each AI response. For instance, if the initial output is too generic, instruct them to re-prompt with more specific details or ask AI to focus on a single subtopic in detail.

Chain-of-Tools Approach

Example Workflow: Start with Perplexity to gather competitor data → feed that into Gemini/GPT-4o to generate a structured competitive matrix → run a brainstorming session in Groq to explore novel GTM strategies → finalize with GPT-4 for a cohesive, polished final write-up.

Quantitative Data Manipulation

Suggest using AI coding environments (e.g., Code Interpreter in GPT-4, or OpenAI-coupled Jupyter notebooks) for quick financial modeling or scenario analysis.

"Here's an Excel table of raw cost data for copper flow battery components vs. lithium-ion. Please generate 3 cost scenarios (Base, Best, Worst) and produce charts showing how these costs evolve over 5 years."

Cross-Verification & Fact-Checking

Encourage students to have AI re-check references and verify claims against multiple sources.

"Cross-reference these claims about copper flow battery round-trip efficiency with publicly available data from academic journals. Summarize any contradictions or points that need further inquiry."

Address Ethical & Environmental Considerations

Given the sustainability focus of many energy startups, encourage students to evaluate environmental claims critically.

"Given that Curen touts sustainability, ask AI to create an 'Environmental Impact Statement' comparing copper's mining/refining lifecycle footprint vs. typical lithium-ion. Identify any supply chain concerns or responsible sourcing certifications that Curen should consider."

15 / 15

Key Reminders & Wrap-Up

Key Reminders for Students (from Original Document)

"AI drafts initial analyses, generates ideas, processes data, but students must critically evaluate, refine, validate assumptions, and add strategic insight."

Wrapping Up (from Augmentations)

"These augmentations layer deeper analysis, scenario modeling, and thorough due diligence checks onto your already excellent guide. They underscore how students can iteratively engage multiple AI tools to validate assumptions, generate structured outputs, and refine their understanding of both technical and business dimensions of an investment opportunity like Curen. By integrating these prompts, you'll help your students see that creativity and specificity in prompting AI can yield richer insights and more robust investment theses."