# #049 - RERUN - Elements of building a successful tech business, with (proven) serial entrepreneur Milton Chang of Incubic Venture Fund, USA

- Show: [The Hardware Entrepreneur](https://hardwarepodcasts.com/podcast/the-hardware-entrepreneur)
- Published: 2018-02-28
- Length: 39m
- Page: https://hardwarepodcasts.com/podcast/the-hardware-entrepreneur/2018-02-28-049-rerun-elements-of-building-a-successful-tech-business-with-proven-serial-ent
- Listen: https://traffic.libsyn.com/secure/thehardwareentrepreneur/049_-_RERUN_-_Elements_of_building_a_successful_tech_business_with_proven_serial_entrepreneur_Milton_Chang_of_Incubic_Venture_Fund_USA.mp3

## Summary

Serial entrepreneur and Incubic Venture Fund managing partner Milton Chang explains why founders should start niche businesses modestly and bootstrap rather than chasing hot fields with rapid growth. He contrasts his bootstrapping of Newport and New Focus with the capital-intensive nature of scaling, arguing that early acquisition is often a better financial return than a difficult IPO. Chang emphasizes that success requires deep industry expertise, capital efficiency, and a 'self-actualizing' organizational culture that synchronizes employee needs with company goals. He also discusses how photonics serves as an enabler for healthcare and other industries, and offers advice on avoiding common pitfalls for academic founders.

## Chapters

- [0:00](https://hardwarepodcasts.com/podcast/the-hardware-entrepreneur/2018-02-28-049-rerun-elements-of-building-a-successful-tech-business-with-proven-serial-ent#t=0) Introduction: Milton Chang and Incubic Venture Fund
- [6:06](https://hardwarepodcasts.com/podcast/the-hardware-entrepreneur/2018-02-28-049-rerun-elements-of-building-a-successful-tech-business-with-proven-serial-ent#t=366) Bootstrapping Newport and New Focus vs. Hot Fields
- [11:27](https://hardwarepodcasts.com/podcast/the-hardware-entrepreneur/2018-02-28-049-rerun-elements-of-building-a-successful-tech-business-with-proven-serial-ent#t=687) Critical Ingredients for Starting Companies: Market Understanding
- [13:55](https://hardwarepodcasts.com/podcast/the-hardware-entrepreneur/2018-02-28-049-rerun-elements-of-building-a-successful-tech-business-with-proven-serial-ent#t=835) Missing Ingredients for Academic Founders: Business Acumen
- [18:53](https://hardwarepodcasts.com/podcast/the-hardware-entrepreneur/2018-02-28-049-rerun-elements-of-building-a-successful-tech-business-with-proven-serial-ent#t=1133) Self-Actualization and Building Trust in Organizations
- [21:22](https://hardwarepodcasts.com/podcast/the-hardware-entrepreneur/2018-02-28-049-rerun-elements-of-building-a-successful-tech-business-with-proven-serial-ent#t=1282) Good vs. Bad Business Ideas and Capital Efficiency
- [22:29](https://hardwarepodcasts.com/podcast/the-hardware-entrepreneur/2018-02-28-049-rerun-elements-of-building-a-successful-tech-business-with-proven-serial-ent#t=1349) Funding Sources: Angel Investors, VC, and Early Acquisition
- [27:16](https://hardwarepodcasts.com/podcast/the-hardware-entrepreneur/2018-02-28-049-rerun-elements-of-building-a-successful-tech-business-with-proven-serial-ent#t=1636) Photonics as an Enabler for Healthcare and Other Industries
- [32:46](https://hardwarepodcasts.com/podcast/the-hardware-entrepreneur/2018-02-28-049-rerun-elements-of-building-a-successful-tech-business-with-proven-serial-ent#t=1966) Authorfest: Time Travel, Books, and Cultural Differences

## Topics

- [Starting a product company](https://hardwarepodcasts.com/topic/starting-a-company)
- [Fundraising & investors](https://hardwarepodcasts.com/topic/fundraising)
- [Leadership, teams & culture](https://hardwarepodcasts.com/topic/leadership-and-culture)
- [Validation & product-market fit](https://hardwarepodcasts.com/topic/validation-and-product-market-fit)
- [Growth, exits & acquisitions](https://hardwarepodcasts.com/topic/growth-exits-and-acquisitions)

## Most relevant to

early-stage companies

## Mentioned

- Incubic Venture Fund (company)
- Newport (company)
- New Focus (company)
- Toward Entrepreneurship (other)
- Caltech (other)
- JDSU (company)
- Aurrion (company)
- MBio Diagnostics (company)
- YesVideo (company)
- Protein Fluidics (company)
- Juniper Networks (company)

## Related episodes from other shows

- [Competing with Tech Giants: Approaches and Challenges with Morgan Teachworth of Cisco](https://hardwarepodcasts.com/podcast/over-the-air/2023-03-02-competing-with-tech-giants-approaches-and-challenges-with-morgan-teachworth-of-c) (Over the Air)
- [An Interview with Ben Einstein](https://hardwarepodcasts.com/podcast/the-amp-hour/2018-08-06-an-interview-with-ben-einstein) (The Amp Hour)
- [S6E23 Mihir Shah | Buying & Growing a High Performing Machine Shop](https://hardwarepodcasts.com/podcast/being-an-engineer/2025-06-06-s6e23-mihir-shah-buying-growing-a-high-performing-machine-shop) (Being an Engineer)
- [197: Go From Hardware Startup to Scale Up](https://hardwarepodcasts.com/podcast/product-startup/2023-10-12-197-go-from-hardware-startup-to-scale-up) (Product Startup)
- [Advice Line with Perry Chen of Kickstarter](https://hardwarepodcasts.com/podcast/how-i-built-this/2025-06-12-advice-line-with-perry-chen-of-kickstarter) (How I Built This)

## Citing this page

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