OSEIN Member Spotlight: Don Churchill
Q: Walk us through your journey from your first career role to becoming an early-stage investor. Specifically, what was the pivotal 'lightbulb moment' that convinced you to move from traditional finance into the unique world of venture capital?
A: After graduating with an engineering degree from Ohio State, I accepted a position as an application engineer with a company specializing in the design, sales, and service of industrial controls. My parents always instilled in me the mindset of 'paying yourself first'—prioritizing savings and long-term investing. With this, my wife and I made a conscious effort to capitalize on our company’s 401(k) and Employee Stock Ownership Plan (ESOP) opportunities. My investment history has focused on investing in traditional stocks, mutual funds, and options with a diversified portfolio. I’ve always been interested in the stock market, the power of capitalism, and passionate people; collectively, these interests fueled my entrepreneurial spirit.
Although, I have always been a bit conservative in my investment approach and limited in my creative ability, I’ve been intrigued by what drives those who chase grand ideas – Rockefeller, JP Morgan, Carnegie, Steve Jobs, Elon Musk, etc. This really hit home in the late 90’s during and prior to the dot-com bubble. There were so many new, and more importantly, disruptive companies coming to market. This is also when I first started to hear and understand the venture capitalist’s role with these companies. At that moment, I decided that once I achieved the necessary time and financial freedom, I would find my way into startup investing.
Q: Many investors choose to operate independently. What personally drew you to join an investor network affiliated with Ohio State, and how does engaging with the university ecosystem (students, faculty, research) influence the way you source or evaluate deals?
A: As I began my angel investing journey, I realized I had limited knowledge of early-stage startups — specifically regarding due diligence, deal structuring, term sheets, and company valuation. Recognizing the need for a deeper understanding of the process, I began searching for an organization to join. I found OSEIN through an article in the Ohio State Alumni Magazine. After attending an introductory Webex meeting, I knew it met all my requirements. OSEIN provides a knowledgeable, well-organized director, a seasoned Investment Committee to screen first pass prospective start-ups, a legal team to structure the deals, a group of like-minded individuals to allow for group discussions around companies, frequent educational opportunities focused on venture capital (VC) and angel investing, and an affiliation with The Ohio State University. OSEIN’s affiliation with OSU provides opportunities for alumni across the globe, including engagement with scientists and educators associated with the research and development (R&D) department, investment communities such as Techstars Columbus and other university angel groups, and the Keenan Center for Entrepreneurship.
Q: What is the single most valuable lesson you've learned from an investment that didn't go as planned, and how did that failure ultimately reshape your investment framework?
A: My single most valuable investment lesson happened very early in my career. It resulted in the total loss of my investment—fortunately, only a couple hundred dollars—in a 'can’t-miss' penny stock recommended by a friend. (And yes, we are both able to laugh about it today!) At the time, we invested with absolutely no due diligence or knowledge of the company or its business model; I believe it was a Canadian firm drilling for cobalt. From then on, I knew I needed to do my homework before ever putting my money on the line.
Q: Given your affiliation with Ohio State, what unique advantage do you believe the Ohio ecosystem—whether it's the university, the city, or the talent pool—offers to early-stage companies and investors right now?
A: I think we sit in a pretty desirable place within Ohio and, specifically, Central Ohio. There are numerous strengths to the area, including strong state-supported funding such as Ohio Capital Fund, Ohio Third Frontier, and the State Small Business Credit Initiative. Ohio also offers lower cost for start-ups through more affordable living and talent hiring compared to traditional New York or Silicon Valley locales. Robust local VC firms like Drive Capital, Rev1 Ventures, Techstars, and CincyTech, along with newcomers like OSEIN, provide a range of opportunities for start-ups to promote their company across a vast network. There are strong corporate partners in companies like Nationwide Children’s Hospital, Cardinal Health, Procter & Gamble, Sherwin Williams, and Cleveland Clinic offering potential built-in local customers and distribution channels. Strong reputable universities like The Ohio State University, University of Cincinnati, Miami University, and Case Western Reserve University bring in talent from across the country and graduates tend to stay in the area resulting in an affordable talent pool. The area has great momentum and is positioned as a great incubator for entrepreneurs.
Q: Looking ahead at the next five years, which emerging technology or market trend are you most excited to invest in, and conversely, what is one area you are purposefully avoiding right now?
A: While artificial intelligence (AI) and Software as a Service (SaaS) are currently the focus of market hype, I wouldn't say I am avoiding them entirely. However, applying my 'most valuable lesson,' I know I must do significant homework on any opportunity in those sectors. Personally, standalone software models—where a company sells a proprietary product—are more attractive to me than SaaS models. The coding landscape, especially SaaS, is not only evolving at a breakneck pace but is also becoming extremely competitive. Given my background in product-focused industries—including chemical plants, refineries, data centers, oil and gas, and pharmaceuticals—I prefer to focus on tangible, product-related companies. I am particularly interested in startups within the industrial, biotech, healthcare, robotics, space tech, neurological enhancement, and energy sectors.