Simon School of Business is helping MBA students prepare for VCIC (Venture Capital Investment Competition)—the world’s largest venture capital competition.
With over 120 university and graduate school teams competing, VCIC offers a one-of-a-kind experience where students step into the role of venture capitalists, evaluating real startups and making investment decisions. In turn, startups like Circle Optics gain immersion in the fundraising process, receiving real-time feedback on valuation, go-to-market strategy, and investment readiness.
Brad Banikowski, Investment Manager at CenterState CEO, shared: “I’d like to thank Ian Gauger and Jennifer Sertl from Circle Optics for their time and effort in helping the team from Simon practice for the VCIC competition. Support from real companies like Circle Optics (and shoutout to Manny from Flyhound) helps students take what they learn from reading and the classroom and apply it in a practical context. As a 2015 VCIC participant, I know firsthand—both personally and from students’ feedback—just how valuable that experience is.”
The Art of the Pitch: How Circle Optics Frames Its Story for Investors
During his session, Circle Optics COO Ian Gauger gave students a behind-the-scenes look at the startup investment process, breaking down the critical elements of an effective pitch.
Circle Optics specializes in wide-field-of-view imaging systems, developing distortion-free, real-time panoramic cameras. Unlike traditional fisheye lenses (which warp images) or multi-camera stitching solutions (which introduce alignment errors), Circle Optics delivers seamless, high-fidelity, real-time 360° imaging.
Gauger emphasized a key principle that resonates with venture capitalists:
“In any camera system, you can only optimize for two out of three features: real-time imaging, high fidelity, or a wide field of view. Our technology is the only one that achieves all three at once.”
This unique value proposition is a major selling point when presenting to investors, particularly in high-growth markets such as defense, aerospace, and autonomous systems.
Understanding Investment Traction: How Circle Optics Has Raised Over $12.5M
One of the key takeaways for the students was how Circle Optics structured its funding rounds—an essential concept for anyone stepping into a VC role. Ian provided insights into the company’s fundraising history, including:
✅ $2.5M from investors (accelerators, angel investors, and micro VCs)
✅ $10M in U.S. government contracts (NASA, NSF, U.S. Air Force)
He also explained how valuations evolved—a crucial point for students evaluating startups in VCIC.
🟢 Early rounds: Pre-Seed funding at a $5M post-money valuation
🟢 Crowdfunding & micro-VC rounds: Jumping to a $20M pre-money valuation
For students, this was a hands-on lesson in startup financing, demonstrating how market traction, technology validation, and secured contracts contribute to valuation growth.
Evaluating Go-to-Market Strategy: A Key VCIC Skill
As part of the VCIC experience, students must analyze a startup’s go-to-market strategy and determine whether its customer acquisition model is scalable.
Ian explained how Circle Optics has traditionally focused on government contracts (B2G), but is now looking to expand into commercial markets (B2B and B2C).
💡 Immediate Market Entry: Unmanned aerial systems (UAS) for beyond-visual-line-of-sight (BVLOS) flight approvals
💡 Future Market Expansion: Autonomous vehicles, aerial taxis, and industrial inspection
For MBA students acting as VCs in the competition, understanding market expansion is a critical factor when deciding whether to invest in a startup.
The Power of Intellectual Property in Competitive Advantage
Students at VCIC don’t just look at financials—they also assess a startup’s defensibility and intellectual property (IP) strategy.
Gauger emphasized that Circle Optics holds 16+ pending or awarded patents, covering:
🔹 Method Patents – Protecting the core technique of eliminating parallax distortion
🔹 Device Patents – Covering the specific hardware implementations
Because of these patents, competitors cannot achieve the same distortion-free panoramic imaging without infringing on Circle Optics’ IP. This is a major competitive advantage, making the company more attractive to investors.
Lessons for Future Venture Capitalists and Founders
Ian wrapped up the session with a Q&A session, allowing students to think like venture capitalists and ask questions about:
📌 Valuation Methodology – How are valuations determined in deep tech?
📌 Exit Strategy – Is the goal an acquisition, IPO, or licensing model?
📌 Runway & Profitability – How long can the company operate without new funding?
For students preparing for VCIC, this session was a masterclass in startup evaluation, investment decision-making, and strategic growth planning.
Gauger’s session at Simon Business School provided a unique intersection between venture capital and deep tech entrepreneurship. By breaking down how to pitch, fundraise, and scale a startup, he gave MBA students an invaluable insider’s perspective—one that will serve them well as they step into VC roles at the world’s largest venture capital competition.
📢 Want to learn more about Circle Optics? Visit www.circleoptics.com to explore our groundbreaking work in wide-field-of-view imaging.
