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Are you unlocking deep tech’s potential? A guide for corporates
Deep tech is often described as a “first-of-a-kind” innovation built on cutting-edge research, such as new materials, synthetic biology, fusion energy, and quantum computing. Unlike consumer products or digital offerings, deep tech is typically too complex and costly to prototype quickly or easily. As a result, new models of collaboration among research institutions, firms, and governments are emerging to build ‘innovation ecosystems’ that can support long-term technological breakthroughs. Tomoko Yokoi explains how it’s done.
Identify the sectors most likely to benefit
- Begin by considering fields where you can play outside the traditional “science-heavy” industries – deep-tech innovation has the potential to benefit a wide range of sectors, including financial services, infrastructure, and retail.
Build new types of expertise
- Recruit personnel skilled in navigating the complexities of partnerships with scientific ventures and adept at translating technical roadmaps into language and concepts that resonate with the broader corporation.
Collaborate with academic partners
- A feature of deep tech is its foundation in the development of novel technologies. Forging collaborations with academic partners can provide access to this know-how.
Explore innovative financial strategies
- Many organizations with limited R&D budgets are unaccustomed to working with emerging technologies and face barriers including commercialization risks, high capital-investment needs, and mismatched timelines (see below). They need to explore innovative financial strategies. These include forming strategic partnerships and adopting new financing models to share risks at acceptable levels.
Define key milestones and experiments
- Addressing the challenge of mismatched timelines requires defining clear milestones and running experiments that demonstrate progress to senior leadership. These actions help ensure projects remain on track and inspire confidence in their potential.
Secure buy-in at the top
- Getting strong backing at the highest level is crucial, as showing tangible progress increases the likelihood that a deep-tech initiative will endure beyond the tenure of any individual leader.
Embrace a collaborative mindset
- To exploit deep tech’s capabilities, corporations must embrace a collaborative mindset and work with startups. Such partnerships can bridge the gap between innovations and practical market applications.
Key takeaway
To realize the full potential of deep tech, corporates need to commit to building innovation-friendly ecosystems by fostering long-term partnerships, sharing resources, and integrating scientific expertise into their strategic plans.
All views expressed herein are those of the author and have been specifically developed and published in accordance with the principles of academic freedom. As such, such views are not necessarily held or endorsed by TONOMUS or its affiliates.
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