As reported by Tech Crunch,
Deep tech startups develop cutting-edge innovations with the power to truly revolutionize society. The founding team members at these companies often come from deeply technical backgrounds, which powers rapid product progress but can create bottlenecks on the go-to-market side.
In this post, I outline the answers to four key questions around marketing at early-stage deep tech companies that are post-revenue:
- What marketing teams at deep tech companies do.
- When to hire the marketing team.
- Whether the marketing team needs industry experience.
- How to source and evaluate talent for the marketing team.
From this post, deep tech startups can formulate their marketing hiring strategy and attract and cultivate top talent to drive their go-to-market plan. Without business execution, even the most groundbreaking innovations do not achieve their intended impact.
What do marketing teams at deep tech companies do?
To set the context, I share below the typical projects of deep tech marketing teams, which look different from marketing in other industries given the greater product focus and complexity, regulatory oversight and longer time to market.
Marketers leverage the strength of the IP to establish collaborations with large companies, such as pharma companies and institutions, such as the government, universities or hospitals. To this end, marketers develop creative ways to gather lists of, and information on, key contacts at these potential partners. They also build sales collateral, such as demo videos, pitch decks and one-pagers, to more effectively reach and build long-term relationships with these prospects.
More broadly, marketers also develop the go-to-market strategy beyond partnerships. To this end, marketers conduct in-depth market research on business models, monetization strategies and reimbursement channels.
Marketers create original content to establish the company as a thought leader, build the company’s brand credibility through social media and apply for awards and honors to validate the potential of the company’s solution.
Marketers work with finance and product teams to formulate projections as the company moves into the clinical phase.
When should deep tech companies hire marketers?
The CEO and other members of the founding team take on marketing work in the formation stage to better understand and empathize with the needs, capabilities and opportunities in the department before bringing someone on full time.
Once the product shows signs of repeatable revenue, a marketing lead is needed. Specifically, this is ahead of a large Series A round, after a small Series A round or when a commercial partner has expressed interest in larger, long-term contracts. Instead of the typical chief marketing officer or chief revenue officer title, deep tech startups call this person a chief commercial officer or chief partnerships officer.
For additional support in the formation stage, companies bring on MBA interns and work with their investors. Prior to the Series A, platform teams at deep tech venture-capital funds are hands-on in helping with marketing through actually doing marketing projects for their portfolio companies, ideating on long-term marketing strategy with the founders through regular feedback sessions and connecting founders with vetted marketing contractors or agencies.
For companies that require FDA approval, commercial advisors, consultants and board members fully take on the partnership strategy work (which represents the bulk of the marketing needs) prior to the Series A round. Similarly, external consultants, such as marketing agencies, can take over major projects like launch strategy. External consultants can then join the team should their performance be strong.
For drug-development companies, the marketing leader is most crucial when the company enters the clinical phase and prepares for trials, regardless of funding stage.
Do marketing hires need industry experience?
Of course, it is ideal to hire someone with experience selling into the space and someone who is comfortable with the complex supply chains and long sales cycles. However, if the choice is between someone with functional expertise but no industry expertise and someone with industry experience but limited or no functional expertise, it is better to hire the former candidate and leverage the rest of the team for domain expertise. Deep tech is a niche area, so the other team members can support the marketer in developing industry expertise.