Deep technology is a term that describes a set of cutting-edge, game-changing technologies that are based on scientific advancements, engineering, medicine, physics, and mathematics. Deep technology has made considerable development in biotech, cleantech, energy, computer science, health, aerospace, and agriculture.
Numerous countries are still in the early phases of developing deep technology. The Asia Pacific region, particularly China and Singapore, has made significant investments in DeepTech.
DeepTech and General Tech: How do they differ?
Companies that specialize in deep technology have made significant headway in improving the quality of life for data workers. Like Uber, built on the sharing economy and was established using existing technology, has transformed the industry and attracted millions of customers. DeepTech firms bring cutting-edge technology to market, such as artificial intelligence scanners that can detect counterfeit medications or innovative clean-tech solutions to tackle climate change.
Key Challenges faced by Deep Tech startups
DeepTech commercialization takes cutting-edge technical ideas to market, resulting in societally beneficial goods. Deep technological commercialization, on the other hand, is a tough and time-consuming process. A few of them are listed below:
Scale and Time Challenge
It takes concerted R&D to construct real-world commercial applications and bring them from the lab to the market. Academics took decades to build the underlying technology that enables AI, for example, and the technology is still far from perfect.
Marketing
Marketing challenges include a lack of adequate market intelligence, incorrect use of such information, and inadequate data on international markets.
A lack of complementing corporate infrastructure and human resources may stymie commercialization in the business sector. Finding partners and identifying distribution channels may be tough because this technology is new to the market.
Lack of Capital
One of the most major impediments to commercialization is money, as DeepTech enterprises demand more capital than traditional tech startups.
Furthermore, because deep technology comprises previously unknown mechanics and algorithms, investors are unwilling to finance such early-stage systems due to a lack of information about the new technologies’ future value.
Cultural and Industrial Challenges
Legal and industrial constraints may hamper DeepTech commercialization if the technology pollutes the environment or violates certain industry or cultural regulations.
Biotech companies in Asia, for example, confront various regulatory impediments as a consequence of strict rules, as this technology raises biosafety, food safety, and ethical concerns.
Additionally, due to Asia’s numerous cultures, some people may oppose the usage of animal-derived DNA due to religious beliefs.
When scaling a deep tech startup, there are a few things to keep in mind
Find the Right Investors:
Many VCs (Ventures Capitals) have lately been interested in investing in deep tech, and it appears like everyone wants to jump on the deep tech bandwagon. I advise startups to pick their investors cautiously, especially in the early stages of a startup’s development. The degree of intricacy needed in developing a successful deep tech firm sometimes astounds venture capitalists.
Know your Strengths/Weaknesses:
Founders with PhDs and post-docs sometimes find it difficult to admit their flaws, especially in non-technical areas like marketing, sales, and HR. Founders must be mindful of their blind spots and understand that depth does not equal breadth. Recognize your flaws and seek assistance in areas where you lack experience. Being a founder requires a broader range of abilities than being a world-class specialist in a single area.
Be precise in your communication:
As the founder, it is your responsibility to communicate precisely and clearly. Don’t make the mistake of assuming that the audience would comprehend you or that they are too foolish to recognize how brilliant your product is. More than two-thirds of the entrepreneurs I speak with aren’t very good at it. Even those with a Ph.D. have expertise in one area but not always in the one you’re solving for, and consumers have even less. Founders must be conscious that the ordinary audience is not as informed as the founder because the product frequently includes a complicated technical challenge.
Success in the lab does not always translate to market success:
It’s all too tempting to believe that success in the lab will translate into commercial success. Founders must comprehend market factors and design products appropriately. Failure to grasp the market and relying on laboratory results might be catastrophic to deep tech firms. The fact that the founder is a well-known author may be genuine but has no impact on the market.
The customer is king:
Even if the product you’re creating is tackling a difficult challenge, it still needs to answer a client’s problem and keep them engaged. Deep tech firms are particularly prone to building a highly advanced and better product if they disregard their clients’ needs. It’s crucial to pay attention to and listen to kyc requirements.
The Bottom Line Is:
Founders frequently exaggerate the possible market, which turns out to be considerably smaller in reality. The ability to generate new markets or disrupt established businesses is based on the originality of technology and how they are applied. Deep tech advancements have an influence on all businesses and levels of society.
For more reviews visit: Shuftipro reviews
