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High-stakes enterprise investment in deep tech solutions is largely driven by the threat of industry competition, with substantial R&D budgets and jobs on the line, according to a new report from Seeqc, a digital quantum computing company. In the survey, 37% of companies said they were investing in deep tech because they were worried about being left behind by competitors.
Deep tech is a classification of technology aimed at providing solutions based on substantial scientific or engineering challenges to previously intractable problems. This category includes solutions such as autonomous vehicles, blockchain/cryptocurrency, quantum computing, advanced AI/machine learning and more.
Above: When evaluating venture-backed companies and startups as deep tech partners, enterprise decision-makers valued the portfolio of patents and IP along with access to testing/research/development facilities above other factors.
The report found that 82% of decision-makers have fears or anxieties about investing and implementing deep tech solutions for their companies. Either real or perceived, FOMO plays a big factor in the decision-making process for enterprises — 67% said they fear their competitors are further along than their company is.
“Large companies are well aware of the competitive advantage deep tech partnerships can bring them in the long term, the challenge is finding technology providers that can develop tailor-made solutions for business problems that matter the most,” said John Levy, CEO and co-founder of Seeqc.
The report also examined how enterprises evaluate deep tech providers when considering investing or partnering with them. When sourcing solutions and potential partnerships, companies are split almost evenly between providers with no clear preference emerging.
- Established corporations – 29%
- Startups and venture-backed companies – 25%
- Internally developed resources – 24%
- Universities or research centers/government-funded initiatives – 21%
When considering startups or venture-backed companies as deep tech providers, companies typically consider a handful of attributes as key. As the chart above shows, a venture-backed company’s portfolio of patents and intellectual property as well as its access to testing facilities were the two most important qualifications companies were looking for.
To complete the report, Seeqc surveyed over 200 decision-makers at large companies in March 2021. The survey was completed online and responses were random, voluntary and anonymous.
Read the full Seeqc report Out of the Lab, Into the Market: Deep Tech’s Enterprise Future.
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