In the world of venture capital, the traditional approach has been to identify promising technologies and then seek out markets for them. However, this method may be missing the mark by not deeply understanding the problems that need solving. Deep Science Ventures, a UK-based firm, is flipping this model on its head by starting with the problem and working backwards to find the right technological solutions.
The firm’s unique approach is not just a semantic difference but a fundamental shift in how deep tech ventures are created. By focusing on the problem first, Deep Science Ventures aims to build intellectual property in-house and create companies from the ground up, rather than relying on pre-existing technologies.
Problem-First Approach
The problem-first approach is at the core of Deep Science Ventures’ strategy. Instead of starting with a technology and looking for a market, the firm begins by identifying a pressing issue and then explores the suite of technologies that could address it. This method allows for a more targeted and efficient solution development process.
For example, the firm recently tackled the issue of hidden hunger. The team analyzed which aspects of the problem were already being addressed and identified the underlying causes that remained unresolved. This approach led to the launch of Lilliput, a startup focused on minimizing heat stress on crops in tropical regions. By understanding the specific problems and existing solutions, the team was able to develop a more effective approach.
Building Companies from the Ground Up
Deep Science Ventures distinguishes itself by building intellectual property in-house rather than relying on founders to bring pre-existing technologies to the table. This approach allows the firm to break down problems collaboratively and develop solutions from the ground up. Founders are expected to have strong academic backgrounds and the ability to work from first principles, challenging preconceived assumptions.
Will Summers, a senior associate at Deep Science Ventures, emphasizes the importance of this approach. ‘When you’ve spent time in a scientific discipline, you carry a whole load of assumptions about why the world is the way it is,’ he says. ‘There’ll be things you’ll say like, ‘Well, this technology will never break through because it’s too expensive’, or ‘Farmers aren’t willing to adopt this for whatever reason’.’
Choosing the Right Challenges
Much of the firm’s success relies on choosing the right problems to tackle. For a recent project focused on climate adaptation, Deep Science Ventures began by modeling how the world is likely to change as temperatures rise. The team mapped the cascading effects across food systems, health infrastructure, and energy networks to identify where intervention could generate the greatest impact.
Using disability-adjusted life years, a metric that enables comparison between acute and chronic risks, the analysis identified strengthening plant resilience as one of the most significant opportunities. ‘From an impact point of view, it’s pretty unsurprising,’ says Summers. ‘If we can prevent major crop failures, then there is a massive downstream benefit not only in terms of nutrient security, but also livelihoods and the displacement of populations.’
Deep Science Ventures’ approach is a refreshing change in the deep tech investment landscape. By focusing on problems first and building companies from the ground up, the firm is paving the way for more efficient and impactful technological solutions.
