Bringing an idea from the lab into the marketplace? It’s a bold leap, but if you’re ready to take it, here’s what you need to know. Growth Studio Co-Founder Paul Finch builds on his nine years commercialising deeptech research into successful ventures to help scientists get into the commercial mindset.
1. Making the Mental Switch: Academic to Entrepreneurial Mindset
Stepping out of academia is about more than just leaving the lab; it’s a whole new way of thinking. “Ideas are everywhere, but it’s all about execution.” That first big move? It’s realising your work has commercial potential, and that means getting a grip on market needs, tackling risk, and adopting a whole new approach to problem-solving, and talking to people outside the lab.
2. Finding Your Market Fit
There’s no point creating something amazing if there’s no market for it. To get from innovation to product, you’ve got to find where your work fits best. Cast a wide net across industries before honing in on where you can have the biggest impact. The takeaway: look for where you can make a genuine difference, and don’t be afraid to pivot until you find the right fit.
3. Getting Your IP in Order
For research born in a university, dealing with IP can be a minefield. One team we worked with got their institution on board by offering equity instead of just IP rights. It worked because both sides had skin in the game. If you’re a researcher looking to commercialise, try to strike a balance that lets you own your work while keeping your university invested in the outcome. Also consider what your university on the cap table means for follow-on investment; will they likely be a help or a hindrance?
4. Assemble Your A-Team: Research Meets Business
Scientists and entrepreneurs often operate on different wavelengths, but bring the right blend together, and you’re unstoppable. Success often comes from allowing science-focused teams to keep doing what they do best while the business-minded folks take care of the commercial side. Remember, you don’t need to turn a professor into a CEO; just let each talent do what they’re great at. Be transparent, understand each other’s motivations, and work from a common goal.
5. Data Quality is Everything
For any tech driven by data, the quality of that data makes or breaks your innovation. Get your data right, and you’re building on rock-solid ground; get it wrong, and your results could collapse.
6. Fail Fast, Fail Better
In startups, you’ll fail plenty. Embrace it. Your road will be paved with setbacks, but every failure teaches you something invaluable. So, treat every misstep as part of the journey, learn from it, and keep moving forward.
7. Collaboration is Key
Success in tech isn’t a one-person show. Working with universities, industry players, or even early-stage customers can open doors, provide critical data, and give you the market validation that money can’t buy. Partnerships can turn good ideas into great ones and help you get where you’re going faster.
Taking the Leap
Bringing scientific discovery to market is a challenging, unpredictable ride, but with the right mindset and strategy, it can be incredibly rewarding. At Growth Studio, we’re passionate about helping founders take that leap, turning bold ideas into impactful, sustainable businesses. So, if you’re ready to get your ideas out there, go for it—one innovative step at a time.
