I often think about the deep technology ventures that I helped launch, especially the ones that began with great expectations and yet ultimately failed.
Thanks for sharing this story, Norman! I'm in a similar situation (Deeptech founder with my own technology), but I never considered licensing to be good enough as a primary source of revenue, also because it tends to come with a certain loss of control over how my tech would be used. But most of all, I want to solve specific problems, and the only way I can do this is by developing products which address those problems, not by handing my tech over to someone else.
Hah, Norman! So true. I remember being at an event for early-stage startups. One gentleman was pitching his technology. One of the panelists asked, “What’s the product?” The technologist answered, “What do you mean? ‘What’s the product?’ We have THEE best technology in existence for cleaning soils!” And the panelist asked again, “What’s the product you’re bringing to market?” The technologist again gave the same answer. It was early on for me as a startup consultant, and it was an excellent lesson for me. You don’t bring a technology to market; you bring a product to market. You sell a product.
Thanks for sharing this story, Norman! I'm in a similar situation (Deeptech founder with my own technology), but I never considered licensing to be good enough as a primary source of revenue, also because it tends to come with a certain loss of control over how my tech would be used. But most of all, I want to solve specific problems, and the only way I can do this is by developing products which address those problems, not by handing my tech over to someone else.
Hah, Norman! So true. I remember being at an event for early-stage startups. One gentleman was pitching his technology. One of the panelists asked, “What’s the product?” The technologist answered, “What do you mean? ‘What’s the product?’ We have THEE best technology in existence for cleaning soils!” And the panelist asked again, “What’s the product you’re bringing to market?” The technologist again gave the same answer. It was early on for me as a startup consultant, and it was an excellent lesson for me. You don’t bring a technology to market; you bring a product to market. You sell a product.
Well said!!!