Caroline Chick is a Senior Associate at Activate Capital, a growth-stage venture capital firm investing in the sustainable, resilient transformation of the global economy. As an investor, Caroline is driven by a passion for partnering with companies and founders at the forefront of the large-scale climate and technology-driven shifts that are poised to redefine our core systems and infrastructure over the next decade.
Prior to joining Activate, Caroline worked at Nomura Greentech, an investment bank specializing in M&A and capital raise advisory for public and private companies accelerating the energy transition. Caroline is a proud Ohioan and graduate of The Ohio State University, where she studied finance, history and Spanish. Outside of work, Caroline enjoys making the most of all that San Francisco has to offer – whether that’s spending time at the beach, hiking in Marin, listening to live music, or exploring the Bay Area’s vibrant coffee shop and food scenes.
EVCA: Describe a defining moment in your career and how it shaped where you are today.
Caroline: One of the more defining moments in my career was not a monumental pivot, rather a moment of realization that many young investors can likely relate to. I was in an early diligence meeting with a founder who was significantly more experienced and deeply knowledgeable in a highly technical field. As a new investor, especially one without a science background, it can be easy to feel the need to demonstrate expertise and hold court in the discussion. However, I quickly realized that approaching the conversation from a place of genuine curiosity and asking the founder to teach me led to a far more productive and insightful exchange.
At Activate, our investment philosophy is rooted in first principles thinking and deconstructing complex problems to their fundamental truths – which can often mean asking the simplest questions. This experience taught me that as a young investor, leaning into curiosity and a real desire to learn is one of our most valuable assets. It allows us to uncover insights, build trust, and approach opportunities with fresh perspectives. This lesson continues to shape my approach to diligence and founder relationships, reminding me that investing is as much about continuous learning and asking the right questions as it is about making the “right” decisions.
EVCA: What is an emerging technology trend that will have a significant impact on the world in the next decade.
Caroline: Hard not to say AI here!
One of the technology trends that I’m most excited about is the proliferation of low-cost, high-resolution satellite constellations. The space economy is undergoing a multi-decade growth and transformation super cycle, driven by rapid advancements in technology and collapsing launch costs, thanks in large part to SpaceX. This has unlocked new use cases for space, particularly through a strategic shift to low-Earth orbit (LEO) satellite constellations and the proliferation of distributed space systems. These megatrends are bolstered even further by substantial government spending (projected to reach $50bn annually by 2030) and a similar level of private investment.
This combination of high-resolution, real-time data from space and advanced AI/analytics unlocks new insights for a number of critical applications: Earth observation for climate monitoring, logistics, insurance, security, defense, and next-generation telecommunications. As the ecosystem matures, the applications for space-based data will continue to expand, reshaping global industries and profoundly influencing how societies tackle some of the most pressing challenges of our time. At Activate, we have invested in several companies that are both enabling and benefitting from this generational shift – and we look forward to meeting with new founders across the value chain in the new year!
Jon Healy is an investor at Cathay Innovation, a global venture capital firm with over $2.5 billion in assets under management. He specializes in investments at the intersection of the physical and digital worlds. Before joining Cathay Innovation, he was a consultant at McKinsey & Company, where he advised advanced industrial clients on growth strategy and operational excellence. Earlier in his career, he contributed to venture formation at FedTech, sourcing breakthrough technologies and leading startup studio team formation. He also worked as a Materials Engineer at the Naval Surface Warfare Center - Carderock Division (NSWCCD), focusing on cutting-edge material innovation and industrial base qualification.
Originally from snowy Western New York, Jon holds degrees in Materials Science and Finance from Case Western Reserve University. A lifelong Buffalo sports fan, he is perpetually dreaming about a day where Buffalo sports teams don't disappoint…
EVCA: Describe a defining moment in your career and how it shaped where you are today.
John: Without fully appreciating early-on, I was exposed to the underpinnings of one of the hottest trends sweeping the venture capital community: reindustrialization. Having grown up in a more rural area of Western New York, my dad—and many other friend’s parents—found work in the various manufacturing plants scattered across the southern tier. This was during the early 2000s, a period when offshoring was reaching its peak. The aftermath was ever-present given the consistent downsizings and closures of local facilities.
It wasn’t until my time at NSWCCD, where I was tasked with qualification of critical naval material suppliers, that this challenge hit home regarding a commonly used structural material – HY-80 steel. I can still vividly remember the map of U.S.-based qualified suppliers from the 1990’s my colleague had drawn up, only to flip to the present-day map where only a handful remained. Even more shocking was of those that remained almost half were internationally based. I was floored. Without this material, no submarine nor aircraft carrier would be constructed. How could it be that one of the most powerful nations in history was so lacking in such a foundational material?
It made me realize that prior decades had been defined by operational efficiency at all cost, paired with dubious economic policy, and a capitalistic incentive structure that undervalued innovation. From that moment, I resolved to make it my mission to ensure that engineering ingenuity could thrive—free from being overshadowed by short-sighted business incentives or regulatory forces. That mission ultimately led me to the world of early-stage venture capital.
EVCA: What is an emerging technology trend that will have a significant impact on the world in the next decade?
Jon: Reindustrialization. If not already evident, we have entered a paradigm moment for American ingenuity – innovate or die, and we aren’t just talking about the SaaS world anymore. There are very real tailwinds thrusting the national resiliency theme into the spotlight from clear scaling issues regarding electric demand from the energy transition and ever-more compute consumption to a new political administration that has previously pushed on revitalizing American manufacturing.
It’s not shocking that groups from YC to a16z have included this theme in their last call for startups. Look for the broader defensetech and climatetech worlds to coalesce in the middle here – an area that was once forgotten but will dictate the physical progression of society.
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