Succeeding as a deep tech founder also requires telling a compelling story. Founders must not assume that the excellence of their invention alone will guarantee market success.
While deep tech entrepreneurs often love to get lost in the technical aspects of their inventions, the ability to effectively and simply communicate the USP of their novel technology is equally crucial.
Good and continuous storytelling (acknowledging that entrepreneurship is a continuous process) helps deep tech founders bridge the gap between complex technology and the market’s understanding of its potential impact, thereby establishing legitimacy1.
In particular, for those who do not come from a science background, such as customers, generalist investors (although there is an increasing number of deep tech-savvy investors), and other stakeholders, making the technology more accessible and clarifying its potential impact will be beneficial. This, in turn, will help gain financial support and drive growth.
In this regard, the Director of a deep tech venture studio recently told me:
“I think storytelling is the most important after the C suite. The ability to tell the story of the company, tell the story of the startups, connect with the customers around the story, make it something that people understand, and understand the language of the customer, is a crucial role. And many times, not something an engineer or a scientist is good at”.
Thus, although it might be the highest priority, hiring a “Chief Storyteller” or a strong product/marketing person early on can be a crucial strategic move for deep tech startups2.
Garud, R., Schildt, H. A., & Lant, T. K. (2014). Entrepreneurial storytelling, future expectations, and the paradox of legitimacy. Organization science, 25(5), 1479-1492.; Lounsbury, M., & Glynn, M. A. (2001). Cultural entrepreneurship: Stories, legitimacy, and the acquisition of resources. Strategic management journal, 22(6‐7), 545-564.
https://medium.com/elaia/deep-tech-founders-why-you-need-a-cpo-if-you-dont-already-have-one-03195aad3d25
