A Business Development Guide For Deep Tech

Jaehee Sweeney is CBDO at BEI, creator of next-generation battery technology. She has a background in chemistry and materials science.

As a business development professional specializing in technical industries, I’ve observed a consistent challenge: Brilliant innovations often struggle to find their place in the market. The gap between technical excellence and commercial success is particularly wide in deep tech, where complex technologies must be translated into clear value propositions for diverse stakeholders.

Finding Your Market Entry Point

One of the most critical decisions in commercializing technical innovations is choosing the right market entry point. I’ve seen many companies stumble by targeting the most obvious application rather than the most viable one. For instance, when working with advanced materials companies, I’ve found that starting with niche applications often proves more successful than immediately pursuing mass markets.

In the battery industry, I’ve seen this principle in action. While many companies rush to target electric vehicles, starting with specialized applications like high-performance drones can provide quicker market validation and revenue. These niche markets often have more urgent needs and a higher tolerance for new technologies, making them ideal early adopters.

The key is identifying where your technical advantage creates the most immediate value. This might mean temporarily setting aside the most ambitious applications in favor of those that can generate revenue and validation more quickly.

Building Technical Market Credibility

In deep tech, credibility is currency. Technical buyers are naturally skeptical of new solutions, regardless of how impressive the underlying innovation might be. Here’s my three-phase approach to building market credibility:

• Start with validation partnerships that can verify your technology’s performance.

• Build relationships with industry institutions and government agencies.

• Secure strategic commercial partnerships that can showcase real-world applications.

The 2018 trade tensions between Japan and Korea demonstrated how market dynamics can create unexpected opportunities. When supply chains were disrupted, many manufacturers became more open to new partnerships and technologies. This taught me the importance of maintaining market awareness beyond just technical developments—geopolitical and economic shifts can also create crucial windows for business development.

Scaling Beyond Initial Success

The path from initial market entry to scaled operations is particularly challenging in technical industries. I’ve seen success by focusing on three key elements:

• Building a repeatable sales process that doesn’t rely on founder involvement.

• Developing clear metrics for customer success and ROI.

• Creating scalable support systems for technical products.

The goal is to move from custom solutions to standardized offerings without losing the technical advantage that differentiates your product.

Creating Effective Technical Sales Narratives

When working with advanced battery technologies, I’ve found success in tailoring the message: For drone manufacturers, we focus on the performance-to-weight ratio. For procurement teams, we emphasize supply chain reliability. For C-suite executives, we highlight long-term strategic advantages.

I’ve developed a framework for technical sales narratives:

• For technical stakeholders: Focus on performance metrics and integration requirements.

• For business stakeholders: Emphasize business impact and total cost of ownership.

• For end users: Highlight practical benefits and ease of adoption.

Managing Market Evolution

In deep tech, markets rarely remain static. I’ve learned to help companies position themselves for long-term success by:

• Maintaining flexibility in product development to adapt to emerging market needs.

• Building partnerships that provide market intelligence and early warning of shifts.

• Developing business models that can evolve with technology changes.

Looking Forward

The most successful technical companies I’ve worked with share a common trait: They view business development as a strategic function rather than just a sales channel. This perspective becomes crucial when navigating evolving technologies and markets.

Take the energy storage sector as an example. While current business development efforts focus largely on lithium-ion batteries, the industry is already preparing for the next wave of technologies. By 2030, we expect to see hydrogen technology emerging as a complementary solution, particularly for industrial applications. This evolution requires business development strategies that adapt to and capitalize on technological shifts.

This forward-looking approach means:

• Building partnerships that span current and future technologies.

• Developing flexible commercial models that can evolve with the market.

• Creating value propositions that address both immediate needs and long-term strategic goals.

The key is maintaining technological flexibility while building lasting market relationships. In energy storage, this might mean working with partners who are interested in both current battery technology and future hydrogen solutions. The business development challenge isn’t just selling today’s technology; it’s building relationships and infrastructures that can grow with emerging solutions.

Success in technical business development requires more than just understanding the technology or knowing how to sell. It demands the ability to bridge these worlds, creating pathways for complex innovations to reach and succeed in their target markets while keeping an eye on the horizon for the next wave of innovation.

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