Imperial College London has announced the creation of a pioneering institute for deep tech entrepreneurship.
The aim of the institute is to drive the development of groundbreaking, ambitious technologies with world-changing potential and to help them find a path to market maturity.
“Deep Tech shows promise to help solve all sorts of global challenges – from climate change and food and water insecurity to antimicrobial resistance and the need for continued medical advances.” Professor Hugh Brady President of Imperial College London
Many of the world’s most pressing challenges – from climate change to developing sustainable food and water systems to improving human health and well-being – depend on the successful commercialization of fundamental, curiosity-driven science and technology. These innovations are often collectively referred to as “deep tech” and include the development of technologies such as grid-scale energy storage, clean and renewable energy generation, vaccines and drug discovery, and new computing paradigms.
Developing deep tech products or services is time-consuming and requires lengthy research and technical development before they reach the market. This can deter investors and result in projects with great potential that do not receive early-stage support not being developed.
Through its DT Prime Fund, the Institute intends to secure £50m in philanthropic support over the next 10 years to support the commercialization of fundamental scientific and technological discoveries with the potential for transformative societal impact. The revolutionary approach to incubation will focus on technology de-risking by helping Imperial scientists achieve technical milestones that remove key uncertainties in the eyes of investors.
Dynamic innovation ecosystem
The institute will use Imperial’s dynamic innovation ecosystem as a research tool to develop evidence-based best practices for policymakers and entrepreneurs looking to unleash deep tech from universities worldwide: collecting data on companies from their earliest, pre-commercial stages and systematically examining the impact of interventions to address commercialization challenges.
“Our goal is to enable commercial applications of deep tech at Imperial that would otherwise go unfunded, thereby creating a new high-value deal flow for commercial investors and partners.” Professor Ramana Nanda Imperial College Business School
Professor Hugh Brady, President of Imperial College London, said: “Deep Tech shows promise to help solve every possible global challenge – from climate change and food and water insecurity to antimicrobial resistance and the need for continued medical advances. We urgently need new tools and commercialization models to help these breakthrough advances realize their potential. Our Institute for Deep Tech Entrepreneurship will help bring these deep tech innovations to market faster and help deliver the solutions society needs.”
Professor Ramana Nanda, Professor of Entrepreneurial Finance at Imperial College Business School and Academic Lead at the Institute for Deep Tech Entrepreneurship, said: “Deep Tech Entrepreneurship is a fundamental pillar for tackling society’s global challenges, but deep tech is increasingly becoming part of academia developed , all too often falls short of its potential. Our goal is to enable commercial applications of deep tech at Imperial that would otherwise go unfunded, thereby creating a new high value deal flow for commercial investors and partners. Equally important is our aim to develop resources and evidence-based best practices for the wider community of entrepreneurs, regulators and policymakers to support the development of a vibrant deep tech ecosystem in the UK and beyond.”
The Institute for Deep Tech Entrepreneurship is one of Imperial’s academic strategy projects aimed at creating impact and benefit for society. It will work across the college and the co-directors of each of Imperial’s four faculties as well as the corporate division.
To learn more about the institute, tune in to our livestream for the launch event tonight (21 September): https://www.eventbrite.co.uk/e/institute-for-deep-tech-entrepreneurship-launch – Event Tickets-392458823907