The Equation Series
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Part III: Stages and Sectors

Chapter 17

Deep Tech, Climate, and Defense

Deep tech describes companies built on a scientific or engineering breakthrough, usually in hardware, where the main early risk is technical and the path to revenue runs through factories, power plants, rockets, chips, or government procurement. Climate and defense are its largest categories. They raise the hardest question in venture: how to finance companies that need hundreds of millions or billions of dollars before proving their unit economics, using a structure designed for software.

The preview ends here. The full chapter is in the book.

In this chapter

  1. 17.1Why the model struggles, and how to adapt it
  2. 17.2Exceptions and failures