Deep-Tech Needs More Than Capital

Deep-tech is having a well-deserved moment, and I love it.

Some of the most rewarding parts of my career have been working in product and engineering-led businesses solving genuinely difficult problems.

Recently, one pattern I've noticed from speaking to founders and VCs is that many deep-tech ventures reach institutional funding with exceptional technical capability but relatively immature commercial operating capability.

That's completely understandable. Building breakthrough technology and building a scalable business require different capabilities.

After a Series A or Series B raise, the challenge often shifts from proving the technology to allocating capital effectively, making hard product decisions, building teams, going to market, establishing governance and creating an execution rhythm that scales.

VCs add tremendous value, but no investment team can be an expert in every operational challenge across every portfolio company. That's why I think there is growing value in experienced operators who can step in when needed to help founders turn investment into measurable progress.

Getting deep-tech to market isn't just about raising capital. It's about building the operating system that allows great technology to become a great business.

With AI, software and increasingly sophisticated hardware converging faster than ever, the opportunity is enormous, but so is the execution challenge.

I'm optimistic. We have more opportunity than ever to build globally significant companies from great ideas and technology.

For founders and investors: after a company raises its first significant round, what becomes the biggest constraint in your experience: technology, hiring, commercialisation or execution?