For deep tech, the pathway that leads from academia to entrepreneurship can be a fruitful one, but for the founders of these companies, the journey from the lab to developing a successful startup can also pose challenges that require the five C’s to overcome them – commitment, curiosity, communication, collaboration and courage.
One of the best ways to learn how to make this move a successful one is to lean on those who came before. To that end, below you’ll find real, actionable tips we’ve gathered from founders who participated in the Intel Ignite deep tech accelerator program and have already taken the leap from academia to entrepreneurship and are sharing the lessons they’ve learned along the way. While it often requires patience, comfort with risk, a willingness to pivot and having the right team around you, spinning out your research into a deep tech startup can be a high reward move, if you have the right plan in place to help ensure your success.
Using Failure to Become High Achievers
During the five years of Intel Ignite, we have worked with dozens of founders who have come from academia to join our early-stage deep tech accelerator program. Scala Biodesign co-founders Dr. Ravit Netzer and Dr. Adi Goldenzweig were among this group of founders who joined our program after working in academia. Netzer and Goldenzweig took part in our Tel-Aviv cohort in Fall 2022, and one year later, they exited stealth with a $5.5 million seed round.
Goldenzweig and Netzer trace the roots of Scala Biodesign back to a master’s project at the Weizmann Institute of Science in Tel-Aviv. And, it was a challenge – what they actually term a failure – that spurred them to continue their research and eventually, found the company together. Netzer and Goldenzweig say their biochemistry master’s project failed because of unstable proteins used in the project, which crystallized their decision to stay at the Weizmann Institute for the PhD program. During this time, they continued their work focused on predicting the 3D structure and behavior of proteins, in order to understand the physical properties of proteins and how to engineer them better.
This research is now a central aspect of the company’s mission to move protein engineering from the lab to the computer – to improve upon existing and promising vaccines, therapeutic enzymes, therapeutic antibodies, molecular probes, membrane channels, and more.
Commitment, Curiosity and Courage
This commitment, curiosity and drive to solve a problem are necessities for deep tech founders to grow their businesses, particularly for those who come from academia. On any founder’s startup journey, there will undoubtedly be crises and roadblocks along the way that require a pivot.
The startup journey also requires a certain amount of bravery, even from the beginning when founders are moving away from their university and stepping into the unknown. As Lucrezia Cester, Co-founder & CEO of Lighthearted AI and Spring 2024 London alum, says the biggest challenge she faced was “having the courage to leave a full-time job” in academia. While she also says that “entrepreneurship is very different from academia,” she adds that “there is no reason to not give it a try.”
“Giving it a try” doesn’t necessarily mean taking the full leap into founder mode and completely leaving academia behind. There’s also the possibility of taking a trial run. So, what does that look like? Dmitry Khazdan, Co-founder & CTO at Tenyks, also a Spring 2024 London alum, recommends that those transitioning from academia to the startup world “first gain experience by joining a startup as an intern or employee, allowing for a gradual shift without becoming overwhelmed. This approach ensures you understand your desired role and confirms your passion for the field.” Kazhdan also encourages academics to “take the leap — there has never been a better time to enter the startup world!”
The Value of Communication
Communication is important for founders – communication with their teams, investors and customers. However, communicating effectively as the leader of a company can sometimes be a challenge for founders who come from academia. “Being able to communicate effectively is critical in generating customer interest, writing grants and raising money,” said Sheldon J.J. Kwok, CEO & Co-Founder of Lase Innovation and Fall 2022 US cohort alum. Kwok’s advice for academics looking to make the move into entrepreneurship who want to build up their communication skills? “Hone your writing and presentation skills during PhD.”
Dan Lenton, CEO & Founder of Unify and London Fall 2022 alum agrees, “when building a company, you need to constantly talk to your prospective users and your customers to understand what they really need. It’s much more outward looking than academia. This has been the single biggest learning experience for me when making the move.”
The importance of communications in the journey of a startup hasn’t gone unrecognized by the Intel Ignite team, and it’s a driving factor behind the storytelling for startups workshop – which helps founders connect with their audiences – whether they be investors during a pitch, their internal teams in their day-to-day work, or their current and potential customers.
Collaborate with a Trusted Partner
Founders making the move from academia to a startup must also find a trusted partner, as well as network and collaborate.
These needs are also some of the main drivers behind the mentorship aspect of the Intel Ignite program – where founders are able to have close, direct access to experts both from within Intel and from outside the company. It’s also a reason why our managing directors all have been founders themselves. Because they were once in the program participants’ shoes themselves, our managing directors have first-hand knowledge, experience and solutions to share with the members of each cohort. As Cester notes, those looking to make the jump from academia to entrepreneurship should “find people in the space first and get more tailored advice” before starting their own company.
Additionally, finding the right product-market-fit and creating the right go-to-market strategy are also important for those making the transition from the higher education environment to founding their own company. While the founders we have worked with who have come out of academia are some of the most intelligent and well-educated people in the world, often one of the big reasons they choose to participate in the Intel Ignite program is because they simply did not have experience at the head of a company before, and their inclusion in the cohort can help get them over the hump to be off and running.
Need for Continued Support
The transition from academia to entrepreneurship can be a difficult journey, but it is not an impossible one. In fact, the disruptive, deep tech innovations of today that then go on to become the mainstream tech of tomorrow often have their roots in academia. Thus, it is a fruitful pathway, and one that must continue to be nurtured and supported.
