Deep tech is fundamentally rooted in engineering breakthroughs or scientific discoveries, translating theoretical possibilities into real-world applications. Instead of business model innovation, deep tech ventures rely on leveraging novel technologies as enablers of competitive advantage. In contrast to conventional tech, which often focuses on refining existing technologies and incremental improvements, deep tech, often navigating through lengthy and uncertain R&D cycles, seeks to redefine boundaries and reshape the established paradigms.
Three attributes in particular characterize deep tech in a business context. These technologies can have a big impact, take a long time to reach market-ready maturity, and require a significant amount of capital to develop and scale.
Some examples of deep tech are quantum computing, synthetic biology, and advanced biomimetic materials.
While the world faces daunting challenges in meeting the majority of the 2030 Goals, deep tech could offer a potential avenue for acceleration. Deep tech may provide alternative solutions and new perspectives to some of the enduring development challenges. It has the potential to introduce novel infrastructures and technologies, which, if applied effectively, may accelerate the progress towards the 2030 Goals.
The SDG report 2023 reveals that 48% of the SDG targets are off track, with 37% showing no improvement or even falling below the 2015 baseline. Against this backdrop, deep tech may offer innovative solutions for pressing challenges.
Deep tech's impact may be manifold, creating positive spillover effects that extend its reach beyond specific industries. Technology-driven changes can often do more than just solve specific problems; they foster entire ecosystems of opportunity. With this in mind, research highlights that the emergence of high-tech jobs has a multiplier effect, generating new opportunities for those on the lower rungs of the skills ladder. For every 10 new high-tech jobs created, six lower-skilled workers find employment. What's even more remarkable is the gravitational pull of these innovation ecosystems, attracting and nurturing a rich tapestry of talent, especially in STEM.
The strategic essence of deep tech lies in its ability to act as a catalyst that may accelerate the advancement of both existing and other emerging technologies.
Quantum technologies, for instance, may expedite material sciences research, which could lead to innovations in sectors such as energy and healthcare.
Similarly, advanced semiconductor technologies like microelectronics and photonics, could support progress in domains like medical imaging and renewable energy solutions.
Deep tech therefore has the potential to accelerate advancements across diverse technological fields, shaping broader national development.
While deep tech holds great promise, it's not a silver bullet. Establishing a thriving deep tech ecosystem presents many challenges, particularly for countries at the earlier stages of their tech journeys. However, countries can leverage their comparative advantages by focusing on specific niches and collaborating with more established players for collective benefits. Integral to this process are foresight exercises, which allow actors to anticipate and prepare for different eventualities.
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