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MedTech Outlook | Tuesday, June 21, 2022
Whilst innovation is booming, the value of deep tech startups is also rising year on year.
FREMONT, CA: Even though technology innovation is booming, the value of deep tech firms is increasing per annum. As per Dealroom data, European deep tech companies were worth a total of €700 billion the previous year. International programmes targeted at the development of deep-tech firms play a critical role. All of these projects aimed to help deep-tech businesses expand into new markets in Denmark, Spain, Poland, Estonia, and Lithuania, which are all expanding as innovation hubs. Collaboration amongst markets is critical to the program's success. More than 500 small and large events for roughly 375 deep-tech startups have been organised by the Scale-up Champions team. More than 300 investors and 47 organisations from across the world participated in the international initiative, offering advice on how to improve a business strategy, construct a pitch deck, find new partners, and more.
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The Investment Readiness programme, for those willing to e-meet foreign investors and have individual consultations with mentors and experts on how to develop business ideas and pitch decks, was one of the online programmes released. Unsinkable Robotics has been able to form new collaborations in the Estonian and Norwegian business and maritime sectors as a result of Scale-up Champions and similar programmes. Experts anticipated locating technological partners in machine vision in the destination country, to spot marine partners with valuable experience. Denmark is an excellent place to locate deep-tech partners, owing to the Danes' culture and personality, as well as the country's scientific and deep-tech knowledge.
Online Market Discovery Tours was launched in 2022 to aid firms in business scaling efforts. Regional conferences and expos increased their chances of making meaningful connections. Founders were able to find new materials for their product modifications, as well as legal frameworks for locating the company and funding sources they had not explored earlier. The founder of LightMirror, Dimitri Ionesco, took part in many Market Discovery excursions organised by the Scale-up Champions programme. During the epidemic, he relocated to Lithuania to conduct additional research and development and enhance the prototype of panels that illuminate public buildings while also improving their energy efficiency. He was able to participate in the Scale-up Champions Webinars and learn about the programmes offered to deep-tech businesses while he was there. Such programmes for businesses and incubation activities, in his opinion, are a huge boost, especially for first-time founders. Coming to a new nation and participating in startup events, according to Dimitri, is critical for an early-stage startup to make the initial contact. It's an opportunity to meet a lot of individuals in a short amount of time, and each one represents a prospect for synergy, investment, or a new client.
The companies gained a wealth of knowledge about new markets during the on-site Market Discovery Tour, including an overview of the local startup ecosystem, deep-tech sector development goals, local business culture peculiarities, insights into venture capital investments, collaboration opportunities with corporations/universities, and so on–all of which will aid in determining market fit. One of the most valuable aspects of the project, according to Carmen Adán, Scale-up Champions Startup-corporate Collaboration programme organiser, is that it allows firms to scout R&D innovation and collaboration activities with startups. In reality, the initiative attracted 47 well-known worldwide firms, including Volkswagen, Pfizer, and Teltonika.
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