Beyond the tech: Product thinking for deep tech success| Miles Kirby
The Deep Tech Product Podcast
Over the past nine months, we’ve journeyed across the dynamic landscape of deep tech, exploring the art and science of managing groundbreaking products in Quantum Technology, Space Technology, Semiconductors, and AI. Along the way, we’ve gleaned insights from product leaders at the forefront of innovation—those shaping the future of industries and redefining what’s possible.
As we close out this season, our final episode brings a fitting crescendo. Joining us is Miles Kirby, CEO of Deep Tech Labs, the Cambridge-based VC fund, accelerator, and engine powering early-stage deep tech success. Miles shares his unique perspective on what it takes to build, scale, and sustain deep tech ventures in an ever-evolving ecosystem.
Miles brings with him an illustrious career spanning both sides of the Atlantic, transforming groundbreaking ideas into multi-million dollar revenue-generating products. Prior to DeepTech Labs, he served as Managing Director of AV8 Ventures, a €150 million fund focused on early-stage investments in next-generation technologies, including mobility, big data, AI, digital health, and cybersecurity. Miles also led technology investments at Oxford Capital, where his portfolio included companies like UltraSoC (acquired by Siemens) and Latent Logic (acquired by Waymo). His experience at Qualcomm Ventures, a $500 million corporate fund, provided him with invaluable insights into identifying and nurturing promising startups. Miles not only managed substantial investment portfolios but also spearheaded an internal incubator and drove the company's efforts in augmented reality, wireless charging, and machine learning, culminating in 34 patents. His experience extends to building and leading product management teams for mobile phones and display groups at Qualcomm.
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In this conversation, we will explore Miles's vast experience and discuss the details of product management in the world of deep tech. We'll go beyond the basics and talk about the changing roles within deep tech startups and the different product management cultures in the US and Europe. We explore :
Why "Product Management Thinking" Matters: Understand why having a product management mindset from the start is crucial for success in deep tech, even for small teams.
The common misconceptions around the product management function, particularly in the European context, and why it's about more than just project management.
The key differences between product management in software versus deep tech, emphasizing the need to align the technology development roadmap with the product roadmap.
How product management should evolve as a company grows, and the different ways this function can be fulfilled depending on the startup's stage and the founder's background.
The importance of focus for early-stage companies and why pursuing every opportunity can lead to spreading resources too thin.
Whether startups should aim to be acquired or build for growth, and how to position themselves for success in either scenario.
Key Takeaways:
Early-Stage Deep Tech Companies Need Product Thinking, Even Without Dedicated Product Managers: Miles emphasizes the importance of product thinking, even in resource-constrained startups. He argues that companies without a product management mindset are unlikely to succeed. While it might not be feasible to hire a dedicated product manager initially, early-stage teams need to adopt a customer-centric approach and focus on solving real-world problems.
Focus is Critical for Deep Tech Success: Miles cautions against pursuing multiple markets or products in the early stages. He advises startups to identify a single, "must-have" application with a strong market need, a "burning platform" where customers are eager for a solution. This focused approach helps conserve resources, gain traction, and create a compelling story for fundraising.
Product Management Must Be an Independent Function: Miles argues that the product management function should report directly to senior management and have the authority to balance the demands of sales, engineering, and the market. This independence allows product managers to make informed decisions and prioritize effectively, without being unduly influenced by other departments' agendas.
Deep Tech Product Management Requires Navigating Both Technology and Product Roadmaps: Unlike software-focused companies, deep tech companies must manage both product and technology roadmaps, ensuring alignment between the two. Deep tech product managers need to understand the technical development timeline and factor it into product planning and go-to-market strategies.
Building a Company to Be Bought, Not Sold: Miles advises against building a company with the sole aim of being acquired. He suggests that a company should be built to grow and generate revenue, becoming attractive to potential acquirers organically. A strong product roadmap focused on addressing real market needs makes a company more valuable and provides founders with more options, including the choice to walk away from an acquisition offer if it doesn't align with their vision.
Deep Tech Product Managers Must Embrace Iteration and Continuous Learning: Miles emphasizes the iterative nature of deep tech product development, highlighting the need for continuous learning and adaptation. He recommends immersing oneself in the market, understanding customer needs, and remaining flexible as the product and market evolve. Deep tech product managers should be comfortable with ambiguity, constantly testing their hypotheses and adjusting course based on feedback.
Essential Resources:
Miles recommends studying case studies, particularly those published by Harvard Business Review (HBR), to gain practical insights from companies that have successfully navigated the deep tech product journey. He suggests an active learning approach:
Read the first half of the case study and formulate your own hypotheses on how the company should proceed.
Compare your ideas with the actual outcomes described in the latter half of the case study.
This method helps internalize learnings and develop a deeper understanding of the challenges and strategies involved in building successful deep tech businesses.
In Conclusion:
Miles's insights offer invaluable guidance for navigating the world of deep tech product management. His emphasis on market research, iterative development, customer-centricity, and building a solid foundation aligns perfectly with the principles we champion at Deep Tech Syndicate.
Join the Conversation:
Brought to you by: Deep Tech Syndicate — A community of product leaders in deep tech, join us today! :
Ravi's LinkedIn: https://www.linkedin.com/in/sundaramravi/
For inquiries about sponsoring/supporting the podcast, email deeptech.syndicate@gmail.com
Contact Miles:
Website: dtl.vc
Email: hello@dtl.vc
You are also invited to join the DeepTech Labs demo day on Thursday 28 November : https://lu.ma/aa7t8kd9
You'll have a chance to meet a number of fantastic founders raising Seed and Series A rounds in next generation high temperature composite materials, holographic data storage, ultra-sensitive biomarker detection, flexible X-ray detectors and modular bioreactors from our current cohort as well as members of our alumni companies.
Their Demo Day will be held at Jesus College, Cambridge and also livestreamed via Zoom. In-person guests are invited to meet the start-ups, and to a networking drinks with other investors and our community following the pitching session.
For inquiries about sponsoring/supporting the podcast, email deeptech.syndicate@gmail.com
#deeptech #productmanagement #innovation #startups #venturecapital
Timestamps:
(00:00) Teaser
(01:16) Podcast Intro
(01:46) Miles' Intro
(03:14) Deeptech labs mission and activities
(06:10) Why PM thinking is required in early stage companies?
(08:19) Misconceptions about product management
(10:03) Best and worst reporting structure for PMs
(11:35) Software vs Deeptech PM
(13:47) Get stakeholders in front of customers
(16:31) Differences in PM in US vs Europe
(19:25) Product function in early stage vs established products
(20:45) Very early stage start up-how to do product?
(23:48) Example of PM done well & badly in new companies
(26:58) Beware of vanity metrics !
(28:36) Should you build strategy to get acquired?
(31:59) Advice for new PMs
(36:18) Deeptech trend that Miles is following
(38:40) Book/resource recommendation
(41:18) How to reach Miles/DTV
(42:20) Outro and links to join the deep tech product community
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