What Research Spinout Founders Wish They Knew Before Starting
Every founder has a “things I wish I knew earlier” list. To provide insights, we asked Daniel, Laura and Liam, CEOs of N-Ink, StemSight and Cellfion, what surprised them most when transitioning from a research-driven company to scaling with VC backing.
From Science to Business: Learning the Hard Way
Daniel Westling, CEO of N-Ink
Daniel highlights one of the biggest challenges in commercialising deep tech:
“The most important lesson in turning research into a scalable business is aligning with industry requirements early on. What works in an academic lab often doesn’t translate to large-scale conditions, making early engagement with corporate partners essential.
We learned this firsthand with our first product, an alcohol-based solution replacing standard carcinogenic halogenated chemicals. It was a breakthrough in our view, but in reality, no company wanted to handle pure alcohol due to fire and explosion risks, preferring to stick with their existing toxic chemicals.
So we had to pivot, redesigning our approach to meet industry demands, which required significant R&D effort to find an alternative. It took time, but in the end, it paid off. When we returned to industrial partners with the new solution, their reaction was a mix of surprise and respect, we had actually solved the issue. That moment built trust, proving our commitment and ability to adapt, which ultimately opened doors for collaboration and growth.“
Laura Koivusalo, CEO of StemSight
Laura (StemSight) adds that the shift from research to entrepreneurship takes time.
“There is a huge learning curve, especially in the beginning. It’s probably quite normal, especially if you’re a first-time founder. Everything takes longer than you’d expect – so plan for that!“
She also points out a common mindset shift researchers must make when approaching investors:
“One thing I’ve heard a couple of times: show investors that your company is more than just a science experiment and that you have a team capable of executing on the plan.”
Building a Business Means Constantly Challenging Assumptions
All founders agree that deep tech startups are built on uncharted territory and success requires regularly reassessing what you think you know.
“As a deep tech company, you are likely doing something that has never been done before,” says Laura. “You try to envision a future that is not yet here. Routinely challenge every assumption you base your business plan on and revisit those assumptions regularly to see if what you think you know still holds up.”
Liam Hardey, CEO of Cellfion
Liam Hardey, CEO and co-founder of Cellfion, reflects on the challenges of scaling a deep tech startup with a next generation membrane, especially after the company’s recent move to an 800 m² production facility in central Stockholm:
“Balancing organisational growth with personal well-being often leads to many weekends and late nights, to balance this, managing expectations on how fast the technology can develop and aligning the organisation around this is crucial to keep balance. Another issue is time to market can be much longer than expected; it can take anywhere between 5–8 years for technologies to reach the market from research, requiring patience from investors, as First-of-a-kind materials often require longer adoption times due to skepticism among customers.”
💡 Key Takeaways
Align Early with Industry Needs: Laboratory successes may not directly translate to industrial applications. Engaging with corporate partners for validation early helps ensure that innovations meet practical requirements.
Anticipate Extended Timelines: Moving from research to market readiness often takes longer than expected. Founders should plan for extended development periods and adjust expectations accordingly.
Demonstrate Execution Capability: Investors seek assurance that a venture is more than just a scientific endeavor. Showcasing a competent team capable of executing business plans is crucial for gaining investor confidence.
The transition from scientist to entrepreneur is full of surprises, but with the right mindset and a willingness to stay adaptable, deep tech founders can turn groundbreaking research into real-world impact.
Thinking about spinning out? read this investor perspective first!
Jenny Engerfelt, Partner at Voima Ventures
Securing funding can be a challenge for deep tech CEO’s. Unlike traditional startups, deep tech companies often require patient capital to develop and commercialise groundbreaking technologies.
Jenny Engerfelt, Partner at Voima Ventures, offers her insights:
When transitioning from research to embark on your journey as an entrepreneur, you need to shift your mindset. The research and technology are the backbone of your startup and most important going forward. But the brilliance of the technology needs to translate into customer value. As Daniel mentioned, it’s essential to get customer feedback and industrial validation early on to make sure you’re focusing on the right things. Deep tech investors want to understand the technology, but we are also very eager to understand what customer problems the technology solves and how to build a scalable business. The bigger and more painful the customer problem is, the better.
After shifting your mindset, you need to build the story. The story is probably already there after years of research, you just need to make sure you package it in a compelling way. Investors want to understand how your innovation can reshape the market or even entire industries. What do you need in order to scale commercially and how will you get there? What investments are required? What regulations do you need to overcome? Why will you succeed? Many big questions need answers, but not at the same time. Break it down in a step-by-step plan and be transparent with the things you don’t know, yet. And be bold, what could you achieve if you’re not limited by resources?
Raising capital for a deep tech startup isn’t just about finding investors, it’s about securing the right kind of funding. Deep tech companies have longer R&D cycles, often higher capital intensity when scaling, and regulatory hurdles that require investors who understand these challenges and are willing to back them for the long haul. The best investors come with much more than money, they open up their networks and support you as a strategic partner on the journey. Many VCs are active and see their investments as partnerships. We’re in this together.
An important part of the funding strategy is alternative funding, such as grants. These might help with validation, and also lower the risk for investors, and sometimes even open doors for industrial collaboration. Organisations like, for example, Vinnova, Sweden’s Innovation Agency, invest approximately SEK 3,5 billion annually in research and early-stage innovation grants. Different European countries offer different types of funding. The university’s tech transfer offices are often a great source to navigate the funding landscape. EIC Accelerator and Horizon Europe offer additional non-dilutive funding, which can be critical in the pre-commercial phase. Grants are highly competitive—less than 10% of EIC Accelerator applicants get funded. That means startups need to start early, align their R&D with industry needs, and demonstrate impact beyond the lab.”
When building a business based on your research, you need a team and network that can support you on the journey. Startups that add commercial expertise early on tend to be more successful in securing funding and shortening time to market. We have seen an increasing interest from commercial talents to join impactful startups, and there are ways to incentivise these. Getting the team right is one of the most important factors and it will help in securing investors. Think about what experience you need to add, and when.”
💡 Takeaway: Start securing non-dilutive funding early (grants, research funding) while actively networking with investors who understand deep tech timelines and commercialisation hurdles. The right funding mix can mean the difference between a breakthrough and a stalled innovation.
Final Thoughts: Set Yourself Up for Success
Transitioning from research to entrepreneurship isn’t always easy, but with the right mindset, support network, the right team and funding strategy, you can transform your research into world-changing innovation..
If you’re a researcher thinking about spinning out, Voima Ventures is always happy to connect with founders working on groundbreaking innovations. Let’s build the next wave of Nordic deep tech success stories.
