Many founders face difficult decisions about where to set up shop in the early stages of their business.
For deep tech founders, the decision is complicated by the fact that they typically need more from their space. Sometimes you need a lab bench, sometimes you need a lot of power, and sometimes you need space for large equipment. It's not as simple as signing up for a desk at your local coworking space.
Until now, deep tech founders have often had to go it alone. When they moved from academic labs to the startup world, there wasn't much help. But there are now a wealth of options, including The Engine Accelerator, SOSV's Hax and IndieBio programs, and the recently announced Regional Innovation Engines by the National Science Foundation.
Founders no longer need to do everything themselves. Rather, the challenge is to determine which startup program is best for you.
Emily Knight, president of The Engine Accelerator, spoke at TechCrunch Early Stage in Boston about how founders should evaluate their options.
The first thing to look for is an organization with “patient resources and patient capital,” she said. Given that deep technologies tend to be de-risked and take longer to bring to market, timelines tend to be longer.
Then, “early startups had to ask the question, if the technology works, and assuming it does, what else do we have to think about?” Knight said. “You need to make a short list of priorities of what you need today.”
That list includes not only funding but also equipment to develop technology and expertise to solve problems and overcome regulatory situations.
Once founders have created a list, they can begin evaluating startup programs. “Which of these accelerators, programs, fellowships, co-working spaces, whatever he is, has the resources that he needs?” Knight said.
In addition to providing space and equipment, The Engine focuses on supporting founders who often travel long distances, Knight said. “We're creating a community for founders and people who are doing something that may feel very lonely, typically for the first time. Maybe they have a lot of colleagues. There will be no one there.”