Deep Tech Startups: Overcoming the Blindspot in Raising VC Investments
Guest Post
By Mark M.J. Scott
President of Northern Pixels Inc.
In the fast-paced world of deep tech, groundbreaking technology is only the beginning. The next major challenge is commercialization—turning ideas into sustainable business models that attract venture capital. Too often, deep tech founders focus solely on the product, overlooking the critical storytelling and commercial positioning that investors seek.
To uncover what VCs truly look for, we spoke with deep tech investors from Quantonation focused on Quantum startups and RippleCrest a newly launched fund, focused on Transformational AI, Intelligent Automation & Cybersecurity.
They revealed a persistent blind spot: many deep tech startups struggle to craft a compelling business narrative that communicates their technology’s value in a way that resonates with both customers and investors.
The Power of Storytelling: Turning Technology into Vision
For Christophe Jurczak, co-founder and managing partner of Quantonation, the power of storytelling cannot be overstated. “A big story is what makes an idea investable,” he explains. “I tell founders, give me a story – even if it takes 10 years to unfold, but make it big.” Jurczak has a PhD in Quantum Physics, in his career has held government and executive positions in energy and defense.
Jurczak notes that many deep tech startups get stuck in the weeds of their technology, missing the opportunity to articulate why it matters to the world. “Too often, I see founders with incredible science, but their imagination falls short when it comes to explaining the broader impact. They’re telling a small story when they need to paint a compelling vision that captures the imagination.”
He stresses the importance of shaping the narrative regardless of what stage you’re at. “If you’re in the lead, you control the story. This lets you position yourself as a visionary, countering competitors and guiding the conversation rather than being a passive player in the market.”
From Features to Outcomes: Shifting the Focus
Richard St-Pierre, managing partner at RippleCrest, echoes Jurczak’s sentiment, urging founders to move beyond describing their product’s features. “Investors don’t want to hear about the tech’s bells and whistles,” he explains. “We want to know why customers care. What problem are you solving for them?” St-Pierre has 25 years technology and M&A experience, prior to co-founding RippleCrest.
To illustrate, St-Pierre shares a standout example of a startup that nailed this approach: a robotics company using AI to harvest broccoli with remarkable precision. “It’s not just about identifying the right broccoli to pick,” he says. “The AI is also assessing soil health in real-time, optimizing fertilizer use. That’s the kind of impact investors and clients understand—a solution that lowers labor and materials costs and boosts yields. It’s about the outcomes, not just the technology.”
This kind of clarity in the story, St-Pierre adds, is what separates startups that succeed from those that struggle to break through. “The startups we invest in know how to articulate the value they’re delivering, not just the mechanics of their product. They’re focused on what customers gain, and that’s what captures investor attention.”
Advocacy: The Missing Ingredient in Product-Market Fit
Beyond storytelling, the VCs emphasize the critical role of advocacy in proving product-market fit, stated Yvon Roy, managing partner at RippleCrest. “We look at more than sales pipeline—other persuasive evidence that really convinces me is hearing customers and industry experts advocate for the product’s impact.” Roy, prior to co-founding RippleCrest, was a managing director at CDPQ, which has a portfolio of $83B of tech investments.
Roy stresses that early-stage companies often struggle with this. “They’ll describe all the technical features but fail to show how their product improves their customers’ business outcomes. Advocacy—whether through testimonials, case studies, or industry validation—gives us clear signals that the startup can execute commercially.”
A Shift in Mindset: From Technology to Commercialization
For deep tech startups, transitioning from technology development to commercialization is a pivotal moment. Dr. Jurczak believes that many startups fail because they don’t recognize this shift early enough. “At some point, it’s not about proving that your technology works anymore—it’s about proving that it can scale and meet market demand. That’s a completely different challenge.”
Jurczak emphasizes that when startups hit this stage, they need to bring in new, commercially minded talent. “Once a company grows beyond a certain size, it’s time to structure it differently. You need leaders who understand how to turn tech into a product, and more importantly, into a business. If you reach Series A without a commercialization strategy, you’re in trouble.” This is of particular interest to Jurczak as the newly formed €200M fund Quantonation is launching will have a significant focus on supporting scaling and commercialization with B and C funding, for new companies it will start funding at earlier stages. Quantonation has also a project to launch a continuation / late stage fund in the future for mature quantum scale-ups.
Creating Value Beyond Sales: Thought Leadership and Brand Building
While sales traction is the ultimate proof of market fit, both firms agree that deep tech startups can build value in other ways, especially when sales cycles are long. “Publishing compelling stories about your product’s impact can build enormous value,” says St-Pierre. “Whether it’s white papers, case studies, or media exposure, these elements elevate your brand, attract more customers, and create a sense of momentum.”
Jurczak sees thought leadership as a key part of this. “People underestimate the value of positioning themselves as experts, I strongly believe in white papers as medium for achieving this goal. By releasing thought leadership pieces, a startup can position itself in a way that aligns and builds awareness with investors, analysts, and potential partners.”
Roy adds that partnerships with established industry players can also significantly boost a startup’s perceived value. “Strong relationships with influential companies and getting coverage from respected industry analysts, Gartner or IDC for example, help position the startup as a serious contender in the market. These elements can be just as important as sales when it comes to attracting future investors.”
Building Teams That Can Scale Commercially
Beyond the product itself, both Quantonation and RippleCrest agree that a strong team is the backbone of any successful commercialization effort. “It’s never just the product,” says Roy. “The product is critical, but it’s the team behind it that builds long-term value.”
St-Pierre echoes this: “A strong core team will adapt, pivot, and evolve as they learn from the market. They’ll adjust their roadmap, overcome obstacles, and seize opportunities. Fundamentally the proof of a good team is the output of the team–demonstrating they are progressing on commercial objectives.”
As startups scale, they must also scale their leadership and operational talent. St-Pierre notes that many deep tech companies overlook the importance of a commercial organization. “Founders need to understand that at some point, they’re not just building technology—they’re building a company. You need expertise in building sales pipeline to bring in clients, a team that knows the strategies and related performance metrics needed capture and expand client revenue. We always tell startups – experience here matters, don’t let people learn on the job.”
Roy agrees, adding that many startups mistakenly believe that hiring more sales reps is the answer. “It’s not just about increasing headcount. Even the best salespeople need clarity of where to hunt and what tools will have the most impact in each target market. It’s a combined marketing and sales approach that delivers growth.”
Conclusion: The Blind Spot Founders Must Address
Mastering commercialization is often the difference between success and failure. Too many startups focus solely on their technology, missing the opportunity to craft a compelling narrative that resonates with customers and investors alike.
By building a clear, outcome-driven story, gathering advocacy from customers, and bringing in commercially minded talent, deep tech founders can overcome the common blind spots that hinder opportunity. Thought leadership, brand building, and a robust sales pipeline are all critical components of a success strategy that can position a startup well ahead of competitors.
In the end, it’s about more than just the product—it’s about building a business that can scale, adapt, and deliver value in the real world.
About the author:
Mark M.J. Scott is President of Northern Pixels Inc., the world’s only marketing firm owned and operated by experienced deep tech / advanced tech startup leaders, all of whom have successfully commercialized and exited via acquisition. Mark has played a leadership role in multiple startup successes, including a cryptography company acquired by AppDirect, an Optics company acquired by Toyota and a pioneering Enterprise Low Code Application Platform, TrueContext, acquired by Battery Ventures in 2024. Mark was recently hired by the Quebec, Canada Government’s Quantum Innovation Zone, $435M-funded, to devise a commercial strategy to bolster start-up success. Mark can be found on X / Twitter: https://x.com/MarkMJScott