From Lab to Launch: Scientists 'Cook Up' the Next Big Startup The world of deep tech investment is undergoing a seismic shift. While the pace of technological advancement is accelerating, there's been a noticeable slowdown in the funding and growth of these breakthrough ventures.

For Dr. Ben Miles, founder of Empirical Ventures, a London based specialist venture capital (VC) and veture builder, the key to unlocking the next wave of deep tech innovation lies in bridging the gap between scientists and investors. With his extensive experience in both science and VC, Dr. Miles offers a unique perspective on the challenges facing this sector and the strategies needed to overcome them.

In a recent interview with Entrepreneur UK, he shares his thoughts on the current state of deep tech investment, the evolving role of scientists in entrepreneurship, and how programmes like Spin Up Science are shaping the future of innovation. Let's dive in.....

The disconnect between scientists and investors
When it comes to deep tech investment, there's often a communication gap between scientists and investors. As Dr. Miles puts it, "Without preparation, scientists and investors often enter conversations speaking different languages." This disconnect, he explains, leads many scientists to underestimate their ability to build successful ventures. "They assume business success is beyond their understanding and execution."

In his view, the key to bridging this gap lies in showing scientists that the very mindset they use in their research - questioning data, refining models, and systematically proving theories - is exactly what's needed to build groundbreaking companies. "The scientific mindset," he says, "is exactly what's needed to build breakthrough companies."

Dr. Miles stresses the importance of connecting scientists with those who have successfully made the leap from research to entrepreneurship. "Programmes that connect scientists with those who have successfully made this transition are critical to unlocking this potential." These connections are not just beneficial for individual scientists, but for the deep tech ecosystem as a whole, fostering a culture of collaboration that accelerates the commercialisation of scientific discoveries.

The unique advantage of scientist-entrepreneurs
While traditional entrepreneurs often rely on intuition or market trends, scientists bring something unique to the table. "The best entrepreneurs see what others miss, and scientists, by training, are uniquely positioned to do just that," Dr. Miles explains. Scientists are accustomed to operating at the frontier of human knowledge, identifying gaps in understanding and uncovering ways to bridge them.

This skill set, Dr. Miles argues, makes scientists particularly adept at spotting opportunities that others might overlook. "They build conviction through deep evidence—understanding not just that something works, but why it works, and how it can be scaled." Unlike conventional startup founders who might focus on the market potential of a product, scientists are trained to interrogate reality at a fundamental level. This gives them an exceptional ability to turn deep scientific insights into world-changing innovations.

The need for scientist-led deep tech investment
The world of deep tech investment requires a deep understanding of scientific principles, and according to Dr. Miles, the current crop of early-career investors may not be sufficiently equipped to navigate this complex landscape. "Deep tech investing isn't about surface-level familiarity with scientific concepts; it's about building conviction by truly understanding the underlying evidence," he says.

Dr. Miles is skeptical of the effectiveness of training programs for investors that provide only a basic understanding of science. "Investors who rely on training programs or AI-generated reports risk mistaking complexity for progress." To make successful investment decisions, he argues, investors must go beyond trend-following and develop a deep, hands-on understanding of the technologies they're funding.

This insight is critical, as he points out, "The viability of scientific advancement over commercial timeframes can only really be assessed by entrepreneurially and operationally experienced science investors." Without such expertise, deep tech investments can become speculative, jeopardizing investor confidence in the sector. As Dr. Miles puts it, "Tourist deep tech investors risk making misjudged choices which could jeopardise general investor confidence in deep tech."

The shift in talent: From PhDs to founders
One of the most significant shifts in the deep tech sector is the increasing number of PhD holders who are choosing to become founders rather than pursuing traditional academic careers. Dr. Miles sees this trend as essential for the growth of deep tech. "The role of the scientist is evolving - from discovery to execution - with the rise of the Venture Scientist."

For too long, he explains, the commercialization of scientific breakthroughs has been left to seasoned business professionals, which can be a high-cost model that's difficult to scale. Now, with more PhDs becoming founders, there's a shift towards empowering scientists to lead their own ventures. "Now, with more Ph.D.s becoming founders, we're seeing a shift to empowering scientific leaders - this is essential for the deep tech sector and society as a whole." Dr. Miles highlights the importance of this shift, noting that many of the world's most pressing challenges will only be solved by those who can "interrogate the evidence behind them and build solutions to solve them - not just in venture but also in policy and government." While scientific expertise alone isn't enough to tackle these challenges, the combination of technical understanding and commercial know-how is what will drive real-world impact.

He predicts that the future of deep tech will be shaped by these "Venture Scientists," who approach problems with the same rigor they apply to research, "interrogating data, refining models, and building conviction through evidence." At the same time, they must master the strategic execution needed to bring their innovations to market and scale effectively.

The role of evidence in investment decisions
At Empirical Ventures, Dr. Miles and his team are committed to investing based on evidence rather than hype or industry consensus. "We don't invest based on hype or industry consensus - we invest based on evidence," he explains. This approach is rooted in the team's scientific training and operational experience.

"We seek out technologies that demonstrate not just theoretical promise but clear, evidenced mechanisms for impact," he says. This focus on evidence sets Empirical Ventures apart from other firms that may be swayed by popular trends or surface-level metrics. "The key indicators we look for are deep scientific insights that others have overlooked, paired with founders who are best in their field with the intellectual clarity to see where the data leads and the conviction to pursue it relentlessly."

For Dr. Miles, this commitment to evidence-based decision-making is what sets the most successful deep tech ventures apart from the rest. By prioritizing rigor and intellectual clarity, Empirical Ventures ensures that their investments are not just based on the latest buzz, but on technologies with real, long-term potential.

The power of scientist-entrepreneurs and programmes Like Spin Up Science
Dr. Miles is a strong advocate for programs that empower scientists to become entrepreneurs, such as Spin Up Science. These initiatives are designed to help researchers develop the commercial and strategic skills necessary to bring their discoveries to market. "The future economy will be defined by those who can turn scientific discovery into real-world transformation," he says.

Scientists trained in business can use their scientific inquiry skills to uncover hidden potential and find conviction through first-principles thinking. This ability to interrogate data and refine models is crucial in identifying and scaling deep tech innovations. As Dr. Miles explains, "We don't just teach entrepreneurship - we demonstrate that scientists, equipped with the right tools and mindset, are the best-positioned individuals to build the breakthrough companies of tomorrow."

Programmes like Spin Up Science are crucial in fostering a culture of scientific entrepreneurship. "If we strengthen the connections between academia and the startup and investment ecosystem we are going to prevent amazing IP languishing in journals and instead create businesses that are key drivers of economic growth," he concludes.

The future of deep tech depends on bridging the gap between scientists and investors, empowering scientist-entrepreneurs, and creating ecosystems that support innovation. Dr. Ben Miles' insights highlight the importance of evidence-based investing, the unique advantages of scientists as entrepreneurs, and the critical role of programs like Spin Up Science in shaping the next generation of leaders in the sector.

As the deep tech landscape continues to evolve, those who can bridge the divide between science and business will be the ones to drive the breakthroughs that change the world. By focusing on evidence, supporting scientist-entrepreneurs, and creating more connections between academia and industry, we can unlock the full potential of deep tech and tackle the most pressing challenges of our time.