Commercialising hardware deep tech is a challenging journey that requires collaboration among multiple key players, each contributing unique skills and resources. Successful commercialisation of these technologies, often stemming from research, isn't just about having a groundbreaking technology; it also involves a coordinated effort across various stakeholders to bring the invention from the lab to the market. Here are six vital players for successful research commercialisation in the hardware deep tech sector.
The Researcher Within Deep Tech Commercialisation
The ingenuity behind a deep tech start-up
At the heart of any deep tech venture is the Researcher or Inventor. These are the individuals behind the core science, and their expertise is crucial in steering research and development (R&D) efforts forward. Their expertise of the technology ensures that the scientific principles remain intact whilst the invention is adapted for commercial purposes. Researchers provide invaluable insights during the development phase and play a pivotal role in problem-solving and innovation. Having the inventors involved ensures a deeper understanding of the technological solution, at the same time as establishing credibility for the technology overall.
The Investor Within Deep Tech Commercialisation
The fuel for a deep tech start-up
Despite soft financing options, like public grants, being widely available for promising deep tech startups, the role of the Investor (such as angel investors and venture capitalists) is indispensable. Investors not only provide the necessary capital to develop and launch new hardware products but also bring strategic value, often guiding startups through their growth stages. They can offer mentorship, introduce networks, and sometimes help shape the business strategy. A successful commercialisation journey often starts with funding from angel investors and/or university investment arms, and later progresses with larger rounds from venture capitalists. The trust and credibility that comes with experienced investors often attracts further investments and create a positive feedback loop for growth.
The Customer Within Deep Tech Commercialisation
The advocate of a deep tech start-up
Any deep tech innovation needs an envisioned Customer that can help validate its market need. Early adopters are essential as they help steer the solution towards a real need, by providing early feedback and testing scenarios. Ultimately, they serve as Advocates for the technology and are often the first to provide testimonials and word-of-mouth promotion, which are invaluable for convincing potential investors and other stakeholders of the technology's viability. Furthermore, securing letters of intent and/or off-take agreements, can significantly enhance the credibility of a deep tech venture and is sometimes an investor’s requirement before they invest. This ongoing market validation is crucial, as it demonstrates a tangible demand for the product, thus de-risking the investment- and business case.
The Supplier Within Deep Tech Commercialisation
The stability for a deep tech start-up
Just as important as the Customer is the Supplier. A robust supply chain is critical for any hardware venture, especially in deep tech, where manufacturing often involves sophisticated processes, and tailored or brand-new materials and components. Building a reliable supply chain strategy and establishing strong relationships with suppliers can significantly impact the product's feasibility and scalability. Delivery agreements and strategic partnerships with suppliers are just as important as securing sales commitments from customers – it proves that the product is not only innovative but also manufacturable at scale. Moreover, the ability to demonstrate a clear path to production, including sourcing raw materials and scaling up manufacturing, adds a layer of security for investors, reducing perceived risks.
The Entrepreneur Within Deep Tech Commercialisation
The spark behind a deep tech start-up
Not every researcher is inclined to become a full-time entrepreneur or CEO, and that's perfectly fine. Enter the Tech-Savvy Entrepreneur—an individual passionate about the invention and capable of translating it into a viable business. This entrepreneur can bridge the gap between the scientific and business worlds. Often, these entrepreneurs have a technical background themselves, allowing them to understand the core invention while possessing the business acumen required to navigate the commercialisation landscape. Having an entrepreneur driving the venture allows researchers to focus on what they're great at—research and innovation—at the same time as ensuring the business aspects are handled by someone who is equally invested in the technology's success.
The Advisory Board Within Deep Tech Commercialisation
The backbone of a deep tech start-up
Finally, having a well-established Advisory Board can provide vital guidance and credibility to a deep tech venture. An advisory board comprised of individuals with a mix of technical expertise, industry experience, and business knowledge, can offer strategic insights and mentorship, helping the venture navigate complex challenges. Advisors who have successfully commercialised similar technologies can provide a wealth of knowledge, reduce time to market, and improve strategic decision-making. Their involvement not only adds a layer of expertise but also builds trust with potential investors, partners, and customers. An effective and competent advisory board signals to the market and investors that the venture is serious, well-connected, and backed by knowledgeable stakeholders.
Successful commercialisation of hardware deep tech requires the coordinated efforts of these six key players. By leveraging the unique strengths, importance, and expertise of each, the deep tech venture can effectively navigate the path from discovery to market, ensuring that groundbreaking technologies reach their full potential. Of course, these are not the only important actors. For example, a talented team with the right mix of competences is equally crucial. However, having control over these six key players will give your deep tech venture the right prerequisites for success.