Business

How to Choose a Deep Tech Startup Program

Many founders have to make a difficult decision at the start of their journey: where to open their business.

For deep tech founders, the decision is complicated by the fact that they typically need more of their space. Some may require lab benches, others may require large amounts of power, and still others may require space for large equipment. It’s not as easy as signing up for a desk at a nearby co-working space.

In the past, deep tech founders often had to go it alone; There wasn’t much support as they transitioned from their academic labs to the startup world. However, these days there are a plethora of options including The engine acceleratorSOSVs Hax And IndieBio programs and the Regional innovation engines recently announced by the National Science Foundation.

Founders no longer have to do everything themselves. The challenge is to find out which startup program is the best fit.

Emily KnightPresident of The Engine Accelerator, spoke at Early stages from TechCrunch in Boston about how founders should evaluate their options.

The first thing they should look for is an organization that has “patient resources and patient capital,” she said. Given that deep tech typically takes a long time to de-risk and bring to market, timelines tend to be longer.

After that, “early startups had to ask themselves the question: If the technology works, and let’s assume it works, what else do we need to think about?” Knight said. “You need to make a short list of priorities of what you need today.”

This list includes funding but also equipment to develop the technology and expertise to help solve problems and navigate the regulatory landscape.

Once founders have compiled a list, they can begin evaluating startup programs. “Which of these accelerators or programs or grants or co-working spaces — whatever they are — have the resources that you need?,” Knight said.

Knight said The Engine focuses not only on providing space and equipment, but also on supporting founders who are often on a long journey. “We’re creating a community for the founders, for people doing something that might make them feel very lonely, which is usually the first of its kind. They probably don’t have many peers.”

Source link