Deep Science Ventures: A Problem-First Approach to University Research Commercialization
For decades, venture capitalists seeking to profit from breakthrough research at elite universities have followed a familiar playbook: team up with the inventor, create a startup around their discovery, and hunt for a market that needs that specific solution. But what if this conventional wisdom is flawed?
Deep Science Ventures, a UK-based firm, is challenging the status quo by reversing the sequence—identifying a pressing problem first and only then searching for the right technology to address it. The company argues that academics, while deeply knowledgeable in their fields, are not typically focused on solving particular real-world issues. As a result, many innovations are developed first, with applications sought afterward.
Will Summers, a senior associate specializing in climate, nature, and food security, contends that most venture capitalists fail to dissect a problem thoroughly enough to form a precise thesis before approaching experts. He believes the academic system is not designed to consider a broad range of technologies for a given challenge. By starting with the problem and working backward, one can determine the most suitable technology.
Summers clarifies that academia is not at fault; it fulfills its role of generating knowledge. However, if the objective is to create companies that solve problems, a more effective approach may exist. He cites UCL research indicating that even prestigious institutions like Cambridge, Imperial, and MIT produce only two or three spinouts per £80 million in research spending. In contrast, Deep Science Ventures claims it could create 200 companies with the same funding, suggesting a route that is at least 100 times more efficient for scaling deep-tech ventures.
Problem-First Approach
The firm’s methodology begins with a specific problem. For instance, in tackling hidden hunger, the team first assessed which aspects were already being addressed and where gaps remained. This led to Lilliput, a startup launched in May 2024, focused on reducing heat stress on tropical crops. The process involved understanding how heat stress manifests, identifying vulnerable crops, quantifying current yield losses, and projecting future impacts. This analysis was then compared with existing solutions to pinpoint what was already covered and what barriers hindered progress.
Summers describes this as honing in on the critical problems that must be solved to achieve the overarching goal of mitigating heat stress. The team concentrates on specific issues and then adopts a magpie-like approach, gathering disparate pieces of knowledge to craft a novel solution. For Lilliput, this revealed that kaolin clay, a common crop coating used to lower leaf temperatures, can inhibit photosynthesis and reduce yields. The team identified an alternative concept that could block certain light wavelengths without leaving a residue.
Building Ventures from Scratch
Deep Science Ventures positions itself as a venture creator rather than a venture capitalist, emphasizing that this distinction is substantive. The firm develops intellectual property internally, rather than relying on founders to bring pre-existing ideas. The process involves collaboratively deconstructing a problem and constructing a solution from the ground up. While founders are expected to have strong academic credentials, the ability to think from first principles and question assumptions is paramount. Summers, a former academic himself, notes that scientists often carry preconceived notions about what is possible, such as dismissing technologies as too costly or farmers as resistant to adoption.
Selecting the Right Problems
The firm’s success hinges on choosing the right challenges. In a recent project with Renaissance Philanthropy on climate adaptation, Deep Science Ventures modeled the likely impacts of rising temperatures, mapping cascading effects on food systems, health infrastructure, and energy networks. Using disability-adjusted life years to compare acute and chronic risks, the analysis identified strengthening plant resilience as a key opportunity. Summers notes that preventing major crop failures would yield substantial downstream benefits, including improved nutrient security, livelihoods, and reduced population displacement.
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