From Scientist to Founder (2): Become Part of an Ecosystem, Seek Feedback and Mentorship (a Lot)
Thoughts on Deep Tech #10
Based on interviews with deep tech founders, VCs, accelerators, corporate programs and board members from across the US and Europe, we have distilled key lessons and important steps for those making the career transition from building a deep tech lab at the frontier of science to becoming a deep tech entrepreneur building a venture at the frontier of the economy. In my first post of this series I covered the topic “(1) Master the Problem Space and Reverse Engineer”.
Here is number two.
(2) Become Part of an Ecosystem, Seek Feedback and Mentorship (a Lot)
Given the complexity of the technologies and the risks of the commercialization process, access to a supportive innovation ecosystem and underlying social network is crucial for deep tech founders–they cannot win alone. A well-integrated ecosystem includes other startups, universities, corporations, venture capitalists, and government bodies[1].
This involvement helps uncover market opportunities that are not immediately apparent and provides access to valuable insights, feedback, and mentorship. Also, in deep tech, securing funding goes beyond traditional venture capital. Thus, being part of an ecosystem provides access to diverse funding sources, from government grants and corporate partnerships to specialized deep tech investors and high-net-worth individuals. A Principal from a leading Impact VC summarizes:
“Don’t do it alone! Become part of an embedded ecosystem, from customer partners to financing partners, right to intellectual capital partners. Create as big of an ecosystem of support as you can and leverage the power of existing incubators or accelerators and their programs”.
More diverse than the networks usually built by academic scientists, deep tech founders must Seek peer-to-peer advice from experienced startups, mentors who have navigated the deep tech journey, as well as industry experts can help entrepreneurs avoid common pitfalls and make informed decisions about commercializing and scaling deep technology (which is very distinct from building it in a lab). While virtual interactions and networks have proven effective, being physically based in a deep tech cluster like Cambridge’s Kendall Square or the Greater Munich area can be crucial. In these environments, you inevitably bump into someone helpful to your idea. This leads to chance connections and unexpected market opportunities. An expert leading a lab space for early-stage biotech founders in Kendall Square mentions:
“I love this serendipity; it is like this pressure cooker where density increases the likelihood of collisions. When I walk down Main Street in Kendall Square, I guarantee I meet five people that - maybe I had not thought of, seeking them out for advice, but I know them. And now I can have this quick interaction with them that may help me solve a problem I’m facing with my startup”.
Especially in the early stages, it can be beneficial to join structured programs often hosted in these deep tech clusters. Depending on the maturity of the idea, programs such as the University of Toronto’s Creative Destruction Lab, Germany’s Federal Agency for Disruptive Innovation SPRIN-D’s Challenge program, or The Engine’s Blueprint program provide founders with further opportunities to connect with various mentors and regularly exchange, challenge, and further shape their venture ideas[2].
Lastly, it is crucial to establish a knowledgeable and carefully selected advisory board, ideally composed of persons with complementary skills, early in the startup’s development[3]. Such a board will be another source of valuable input and continuous feedback as the venture matures.
[1] Guzman, J., Murray, F., Stern, S., & Williams, H. (2024). Accelerating innovation ecosystems: The promise and challenges of regional innovation engines. Entrepreneurship and Innovation Policy and the Economy, 3(1), 9-75.; Budden, P. & Murray, F. (2022). Strategically Engaging with Innovation Ecosystems. MIT Sloan Management Review. https://sloanreview.mit.edu/article/strategically-engaging-with-innovation-ecosystems/; Frølund, L., Murray, F., & Riedel, M. (2018). Developing successful strategic partnerships with universities. MIT Sloan Management Review, 59(2), 71-79
[2] Blueprint. https://engine.xyz/blueprint; Creative Destruction Lab. https://creativedestructionlab.com/; SPRIN-D Challenges. https://www.sprind.org/en/challenges/
[3] Vellguth, M. F., Howard, T. J., Lomberg, C., & Murray, F. (2024). Oversight Through Insight: How Venture Boards Overcome Knowledge Disparity. In Academy of Management Proceedings (Vol. 2024, No. 1, p. 16442). Valhalla, NY 10595: Academy of Management.