New Product Development

and Commercialization of
Deep Tech Innovation - An
Illustrative Case Study
In Partial Fulfillment of the Requirements for
Bachelor of Science in Industrial Engineering

Submitted by:
Elpus, Willard P.
Guevarra, John Martin A.
Iral, Kyla Marie P.
Moya, Dominic
Sarmiento, Jenyka Lyah

ENGR. ALTICH PAGATPAT

Subject Course Professor

10 OCTOBER 2023
I. Introduction

New Product Development (NPD) is the process of taking new ideas and creating it
into a new and usable products or services and introducing it into the market (Sujan. 2021).
The main objective of NPD is to find a market spot and fulfill the customer needs and wants.
It involves several stages such as idea generation, screening, concept development, testing,
prototyping, launch, and evaluation (Mohamed,2022). The process requires careful planning,
deeper understanding, management skills and compliance with numbers of regulatory
requirements. NPD is closely related with innovation due to their similarities in their
processes and complexity in terms of creation of new product. Thus, making NPD a notable
component of innovation since it allows new idea generation, product improvement and
modification of n existing products, and the replacement of declining products with new ones
with the use of customers feedback and gaps in the market (Nadia, 2022). It enables firms to
achieve growth, sustainability, and competitive advantage. It creates an unending cycle that
accelerates the pace of innovation. Although it sounds tough and tiring mastery of NPD can
result to in various benefits for companies, such as increased sales, customer loyalty, brand
recognition, market share, profitability, and social impact (Shrivarthini, 2022). This means
that NPD is also an important component for the success, to stay competitive, meet customer
needs, achieve a competitive edge, and improve the overall performance of a firm.
Furthermore, deep tech is the use of technology to create startup companies based on
scientific discoveries or meaningful engineering innovations that involve significant
technological risk and R&D (Gourevitch, 2023). They have the potential to catalyze change,
establish new industries, and disrupt existing ones. It requires extensive research and
development as well as funding to successfully dominate the market with deep tech
innovation.. Perfect utilization of deep tech can result into an innovation that can solve
critical challenges, pave new paths for economic growth, social equity, and environmental
sustainability (Bernardo et. al, 2023). It has the power to impact everyday life of a person,
some examples are the development of technology behind artificial intelligence took decades,
and now AI companies are rapidly developing in many fields.
NPD and deep tech innovation can be seen in the way deep tech companies approach
the development of new products. They both involve the creation of new solutions. Both
involve solving complex problems that require scientific or engineering breakthroughs. Both
follow a stage-gate process that consists of several phases and checkpoints. Both processes
are crucial for technological advancement, economic growth. To distinguish these two, while
NPD focuses on the development and marketing of new products, deep tech innovation
focuses on creating groundbreaking technologies that can lead to the development of such
new products.
Since they do have a lot of similarities, both also face the same challenges such as
high uncertainty, long development cycles, high capital requirements, and regulatory hurdles.
Thus commercializing deep tech innovation and NPD entails several challenges since it
involves advance technological innovation and can directly affect whole society. The
researchers will look deeper to identify if the benefits of commercializing NPD and deep tech
innovation will outweigh the challenges that the innovators will face through the process and
development. It will also view different studies regarding these two topic to look for
recommendation and suggestions to adhere and successfully pass trough these challenges.
Objective of the Study
The “New Product Development and Commercialization of Deep Tech Innovation -
An Illustrative Case Study” is a case study that seeks to provide a detailed description and
understanding about main topic. To fully support this the researcher aims to:
 To gather and analyze different studies and literature to look for challenges and benefits
of New Product Development and Deep Tech Innovation.
 To describe and provide understanding about Commercializing New Product
Development and Deep Tech innovation.
 To identify benefits, challenges, and look for possible recommendations to balance out
risk of implementation or commercialization of New Product Development and Deep
Tech Innovation.
II. Methodology

This chapter consists of an overview of different existing literature and studies related
to the subject that provides foundation, valuable insights and information in order to help
researchers identify the approaches and solutions for new product development and
commercialization of deep-tech innovation. In this chapter, different methodologies from
related studies are being discussed to address the benefits, challenges and other related issues
in the subject.

Commercializing Deep Tech: How to Navigate the Technology-first Approach When Markets
are Unknown
 A study conducted by Raff, S. & Jovanovic M. (2022), Deep tech startups use cutting
edge technologies like biotech, quantum computing, nanotechnology, or artificial intelligence
to try and solve the most difficult and complicated problems of our day. Using the
Technology-first approach, the researcher utilise initial findings from continuing partnership
with BoneXpert, a Danish deep tech business that has been working on an AI system for
seven years to automatically determine a child’s skeletal maturity, which will serve as the
foundation for anabolic hormone therapy. The business is currently a market leader in this
field, providing its software to radiology departments all around the world. The business has
also found another use for its technology in the sports talent search, such as assessing young
players' potential for physical development as the CEO, CTO, and software developers. They
provide insight into BoneXpert’s history and significant turning moments since the
company’s founding in 2004. This enables them to highlight the crucial elements that allowed
BoneXpert to refine its product over an extended period of time, confirm its marketability,
and ultimately turn a profit. Additionally, these demonstrate how the business has used a
purposeful hunt for coincidental uses to uncover the potential of its technology in sports
talent scouting. With this study, it also provide an insights wherein the application of a deep
tech innovation provided the BoneXpert a development in their company.

Designing and Testing a Tool That Connects the Value Proposition of Deep-Tech Ventures to
SDGs.

Although deep-tech startups have a great deal of promise to address significant

societal issues, there are significant failure rates (over 90%), this is according to the study of
Schutselaars, J. et. Al (2023). The purpose of this study was to develop and test a tool that
helps deep-tech businesses convince investors of the sustainability components of their value
proposition far in advance of the first consumers being served, which serves as market
validation. Researchers created a tool that contributes to creating an investor-friendly value
proposition that is clearly tied to the United Nations’ Sustainable Development Goals (SDGs).
The choice of design was science method to create and evaluate this instrument within the
framework of a deep-tech venture builder situated in the Amsterdam, Netherlands. The
study’s final tool expands upon and incorporates a number of current tools with a clear
relationship with the SDGs. Thus, deep-tech entrepreneurs can use this technique to create a
value proposition that has a higher chance of drawing in seed money. In conclusion, deep-
tech startups have the ability to address significant societal issues, but they need a lot of
funding because of their lengthy development periods and money for investments made long
before the first client is served. Furthermore, prospective investors are becoming more and
more expecting a deep-tech venture’s value proposition to have a distinct sustainability
component. Analyzing this study helps the researcher to gain insights in challenges that deep
tech innovation facing when it comes to market. Therefore according to the study a deep tech
innovation challenge includes the period of time and money for investments.

Caught in the Middle: The Bias Against Start-up Innovation with Technical and Commercial
Challenges

Similarly in the study of Arora, A. et.al (2022), life sciences and IT startups seem to
be doing very well. Still, startups in different industries, like as so-called “deep tech”
innovations such as new materials, automation, and eco-innovations appear to be struggling.
Arguing that deep tech innovations, which typically face both technical and commercial
challenges, are particularly disadvantaged in a startup-based innovation system. This study
presents the development of a concise theoretical model that offers an original yet intuitive
explanation for this problem: deep tech startups lack funding relative to their total value
created because, among other reasons, their private capitalization is smaller. Research
indicates that this kind of market for startups is ineffective when technologies, as deep tech
typically does, exhibit both technical and commercial challenges originality. Startups that
work on projects involving these two kinds of difficulties are caught when bargaining with an
incumbent over the purchase price. The initial outlay for they run the risk of delays and
additional costs when they try to solve the technical issues in resolving the business obstacles
reduces the risk of the startup commercializing the technology on its own. This leads to a low
startup acquisition price in comparison to the value of society produced by means of
technology. Challenges shows in this study is more likely in technical and commercial
challenges, thus there is also capitalization or money involvement that has been become an
impact.

How Corporate Giants Can Better Collaborate with Deep-Tech Start-ups. The Case of East
and Southeast Asia

Based on the study of Siota, J. & Prats, J. (2021), their study was conducted to find
out how corporate giants can better innovate with deep-tech start-ups, focusing on the case of
East and Southeast Asia. This report aimed to shed light on innovation governance, cultural
hierarchy, and perceived risk. This analysis used a robust methodology to guarantee the
quality of the findings. East and Southeast Asia that were selected were done so based on the
concentration of corporate venturing activity and the size of their corporations. The study
covers the following regions: Taiwan, Vietnam, Hong Kong, Indonesia, Japan, South Korea,
Singapore, Thailand, and mainland China. The implementation of corporate venturing has
increased by 2.8 times in the investigated companies across the last five years, and during the
same period, their deep-tech start-up collaborations have risen by 4.2 times. Furthermore, in
71% of the cases, business investment portfolios believe a growth in the overall number of
deep-tech startups over the next five years. In addition to the conclusion of prior research,
which was conducted in conjunction with 77 interviews with innovation executives, there are
seven issues listed as the most difficult for businesses working with start-ups in the deep tech
space. These include top-down management, barriers between corporate venturing and
research and development (R&D) teams, regulations, short-term vision, internal alignment of
key performance indicators (K and technology valuation. Regional fragmentation is also a
factor. In their conclusion, Lenovo, Samsung, Alibaba, and Toyota have all arrived to
comprehend the numerous advantages of working together with deep-tech start-ups to
innovate. However, businesses still have difficulty putting these partnerships into reality in
terms of risk perception, cultural hierarchy, and governance.

Identifying necessary conditions to deep-tech entrepreneurship

In the study of Dionisio, E. Et.al., (2033) wherein it seeks to discuss the resources
that an entrepreneurial ecosystem (EE) offers that are essential to deep technology
entrepreneurship. Data on EEs and deep-tech startups from 132 countries were gathered in a
global innovation index and Crunch base data sets. The authors employed a novel technique
called necessary condition analysis (NCA) to analyse the data. It is feasible to determine
whether an EEs resource is an essential requirement for entrepreneurship through the
NCA.Important factors include the business and political environment, general infrastructure,
trade, credit, education, research and development, diversification and market size, and
knowledge absorption potential. The findings demonstrate that the two critical contexts for
deep-tech entrepreneurship to be successful in are the business and political ones.

How Deep Tech Can Help Shape the New Reality

According to Portincas et.al (2020), typically developed by startups (often university

spinoffs), deep technologies are notable for their novelty and potential impact, for the time
and scale needed to develop them, and for the level of financing required to move from
laboratory science to viable commercial product. In those respects, Moderna’s mRNA
technology and Ginkgo’s biology engineering approach fit the bill perfectly, but in some
important ways these companies are more exception than rule. Deep-tech companies rely
on an ecosystem composed of other startups, universities, government agencies, venture
capital investors, foundations, and established corporations to survive and thrive which is
what happened with Moderna and Ginkgo. But this is far from a standard pattern. In the first
place, these are two highly successful unicorn companies, and unicorns are not representative
of startups in any industry. Moreover, the life sciences and biotech ecosystem is by far the
most advanced of any surrounding a deep technology. It has a clear path to
commercialization, well-defined growth trajectories and milestones, significantly more
capital than most, and better-established pathways to liquidity (via IPOs or M&A). In fact,
71% of deal value among deep-tech companies in the US in 2018 was concentrated in life
sciences.

Since deep tech innovation of new product development is connected to the rising of
every business this topic is also connected to our topic. The article that talks about deep tech
can help shape the new reality develops deep technologies that has its potential impact to help
thwe development of the product. The majority of other deep-tech ecosystems are merely
getting started. However, they have a ton of promise, both now and down the road.
According to one estimate, the market for synthetic biology, which is the field that combines
biology and engineering, is expected to increase at an annual pace of 34% from
approximately $6 billion in 2018 to roughly $20 billion in 2022. Although quantum
computing is still in its infancy, BCG has projected that it will be worth over $450 billion to
end users in the next several decades. Other deep technologies include artificial intelligence,
photonics, robotics and drones, new materials, and others, the value of which is estimated to
be rising rapidly. However, for the time being, in order for entrepreneurs in these sectors to
realize their potential, they need the cooperation of all ecosystem members as well as
continued evolution.

The Incumbent’s Deep Tech Strategy Playbook

In the study of The Incumbent’s Deep Tech Strategy Playbook, it is said that deep
tech the innovative use of emerging physical technologies enabled by digital technologies to
solve large-scale problems has the potential to create transformative growth opportunities for
businesses. By tapping into these advanced technologies, leaders are better positioned
to address large-scale problems and reshape entire markets. Consider the impact of synthetic
biology; by 2030, this rapidly advancing field could affect industries that account for as much
as 30% of global gross domestic product. In the pharmaceutical industry, the disruptive
power of deep tech is evident in the development of mRNA vaccines. Through decades of
government-funded research, academic ingenuity, and backing from venture capitalists and
accelerators, mRNA technology gradually emerged as a groundbreaking innovation.
However, it took medical urgency and the strategic involvement and operational support of
established companies such as Pfizer to usher in an mRNA-based vaccine at scale and enable
its commercial success. Partnering in 2018 with BioNTech, a spinoff of Mainz University
that had been founded a decade earlier, Pfizer played a critical role in developing the record-
profit-making COVID-19 vaccine. But the disproportionate coverage of deep-tech successes
masks many failed attempts in commercializing them. For every Pfizer, there are cautionary
tales from other well-known health care giants. Clearly, the tectonic changes caused by deep
tech compel executives across industries to come to grips with the underlying technologies
right away and identify the right engagement models. Striking the right balance is critical:
Investing in deep tech too early can be counterproductive, but delaying too long or choosing
the wrong approach can be detrimental.

Deep technology innovation on the physical and digital technologies are to solve major
problems that leads to better position to address the problems regarding to businesses.
Advancing the technology is one of the reasons why a business has its advantage from one
another. They’ve created a three-step deep-tech playbook to assist leaders at incumbent
organizations in identifying and implementing their deep-tech engagement initiatives.
Companies wishing to interact with the deep-tech ecosystem ask questions, and their
framework gives them a framework. Its foundations include deep-tech client work experience,
CEO conversations, industry dynamics observations, and scholarly study.

Problem-Solving With Deep Tech: Five Fields To Watch Out For In The Next 10 Years

According to Szleter, (2023) deep tech is much more about the market than just
technology. Identifying a customer, business or social impact problem and developing a
solution based on engineering innovations, emerging technologies and scientific
breakthroughs is what "deep tech" is in its true sense. Deep tech startups and companies are
often, but not always, founded by scientists and engineers who deeply understand the
underlying scientific principles and technical challenges of their technology. These
companies work closely with academic and research institutions to develop and
commercialize their technologies and may require longer development cycles and more
specialized expertise than traditional technology startups. Deep tech is a rapidly growing field
with significant potential to drive innovation and create new solutions to some of the world's
most pressing challenges. Previously, I have written about focal points for deep tech
startups and entrepreneurial journeys in deep tech. In this article, I will shed some light on the
five fields worth watching out for in the next 10 years if you want to solve problems with
deep tech.

Deep technology is not just only a technology itself, but also help to solve problems.
In this state, it is connected to our topic because it has a forecast about how deep technologies
innovation can help us in the future. This is a partial list of industries where deep tech
solutions have the potential to significantly impact and lead to positive change. It is crucial to
delve extensively into a sector and not just skim the surface when selecting one to work in.
They have witnessed numerous firms, including startups, fail because they occasionally
choose to take short cuts that have unfavorable outcomes. Deep tech problem solving
necessitates patience on your part as well as from stakeholders and funders.

New product development process and case studies for deep-tech academic research to
commercialization

In the study of Kruachottiku et.al (2023), this research proposes a new product
development (NPD) framework for innovation-driven deep-tech research to
commercialization and tested it with three case studies of different exploitation methods. The
proposed framework, called Augmented Stage-Gate, integrates the next-generation Agile
Stage-Gate development process with lean startup and design thinking approaches. The
framework consists of six stages and five gates and focuses on critical thinking to help
entrepreneurs avoid psychological traps and make the right decisions. Early activities focus
on scouting for potential socioeconomically impactful deep-tech research, developing a
business case, market analysis, and strategy for problem–solution fit, and then, moving to a
build–measure–learn activity with a validated learning feedback loop. Next, suitable
exploitation methods are decided using weight factor analysis, developing intellectual
property (IP) strategy, completing the university technology transfer process, and
participating in fundraising. To pass each gate, the committee board members, consisting of
tech, business, IP and regulatory, and domain experts, will evaluate the passing criteria to
decide Go/No-Go. Applying the framework to the case studies results in successful university
research commercialization. The model, case study, and lessons learned in this paper can be
useful for other deep-tech incubator programs to successfully launch deep-tech research for
commercialization. The case studies’ positive outcomes validate the Augmented Stage-Gate
framework, yet their success is not entirely guaranteed due to external factors like regulatory
constraints, entrepreneur characteristics, timing, and the necessary ecosystem or
infrastructure, particularly in emerging markets. These factors should be taken into account
for future research purposes.

This study found its connection to our topic because it talks about new product
development process and case studies for deep tech academic research to commercialization
to help the market get along with the trends. A new product development (NPD) framework
for innovation-driven deep-tech research to commercialization is proposed in this study, and
it is tested using three case studies with various exploitation strategies. The framework that
has been suggested, dubbed Augmented Stage-Gate, combines design thinking and lean
startup methodologies with the next-generation Agile Stage-Gate development process. The
framework, which focuses on critical thinking to assist entrepreneurs in avoiding
psychological pitfalls and making the best decisions, has six stages and five gates.

Deep Tech and the Great Wave of Innovation

According to the study entitled “Deep Tech and the Great Wave of Innovation”, deep
tech companies are a disparate group. A few, like Moderna, are already household names.
Some, such as SpaceX and Blue Origin, have captured the public imagination. Others deal in
what was once pure science fiction (such as those flying cars). Still others work in fields that
few people can describe—synthetic biology and quantum computing are two—where long-
term solutions to diseases, climate change, and other problems are in active development.
Successful deep tech ventures bring together multiple talents (including scientists, engineers,
and entrepreneurs) to solve a problem. Often they develop brand-new technologies because
no existing technology fully solves the problem at hand. In some instances, though, success
depends on developing new applications for established technologies. For example, Boom
Supersonic is working on a supersonic plane using only technologies with known
certification paths and proven safety records. And Seaborg Technologies is working on
building modular floating nuclear power plants powered by compact molten salt reactors, a
decades-old technology.
 This article is showing that deep technology has a lot to do with a great wave of
innovation that is interconnected with our case study which focuses on new product
development using deep tech innovation. They emphasize solving problems. It is evident that
they concentrate on addressing significant and core problems because 97% of deep tech
initiatives support at least one of the UN's sustainable development objectives. At the
crossroads of technologies, they function. For instance, at least two technologies are used in
96% of deep tech businesses, while multiple advanced technologies are used in 66%.
Technology-related patents are held by almost 70% of deep tech businesses. As opposed to
software, they mostly create tangible goods. The development of a tangible product is
actually the focus of 83% of deep tech businesses. Through the application of data and
computing, they are bringing the power of innovation from bits to bits and atoms,
transforming the virtual world.

III. Results, Analysis, and Conclusion

This chapter presents the results, analysis, and conclusion of the study. This shows the
discussion of the results as well as the statement of analysis of the different Literature
presented in the study. The results will be aligned to the methods presented in the related
Studies and Literature.

Results and Analysis

The methods used in these articles range from literature reviews, case studies, analysis
of industry trends, and in some cases, the development and testing of frameworks or tools. It's
common for articles in business and technology to employ a combination of these methods to
explore complex topics and provide practical insights.

The articles focus on the intersection of New Product Development (NPD), and Deep
Tech Innovation. It emphasizes the role of deep technologies in shaping the Contemporary
World. The ecosystem that supports Deep Tech companies involves Universities,
Government agencies, Capital Investors, and Established Corporations. The article suggests
that Deep Tech Innovation is vital for the development of new products, with a particular
emphasis on its potential impact on various industries.
 In the study of The Incumbent’s Deep Tech Strategy Playbook, the focus relies on the
potential of deep tech for transformative growth opportunities. The article cites examples
such as synthetic biology and mRNA vaccines to illustrate the impactful role of deep tech.
While acknowledging these successes, the study also recognizes challenges associated with
commercializing deep tech and highlights the importance of getting the right balance in
engagement strategies.

In the exploration of Problem-Solving with Deep Tech: Five Fields to Watch Out For In
The Next 10 Years, the case study defines deep tech as a problem-solving tool based on
engineering innovations and scientific breakthroughs. It brings attention to the significance of
fields that are crucial for future deep-tech problem-solving, emphasizing the need for in-
depth exploration into these sectors for effective solution development.

For the article New Product Development process and Case Studies for Deep-tech
Academic Research to commercialization, the study introduces a proposed NPD framework
for innovation-driven deep-tech research to commercialization. It tests this framework with
three case studies using different exploitation methods, highlighting the importance of critical
thinking, early activities, and suitable methods for successful university research and
commercialization.

The Benefits of Commercializing NPD and Deep Tech Innovation case study brings
attention to the rise in corporate and capital investments in deep technology. It discusses the
potential influence of deep tech innovation on product management and provides examples,
such as its integration in the different industry and application in commercialization.

Conclusion

In conclusion, the reviewed articles collectively highlight the crucial interplay

between New Product Development (NPD) and Deep Tech Innovation. They all emphasize
the transformative potential of deep tech and the need for a balance in implementation. Deep
tech emerges as a problem-solving tool in the modern world offering tangible benefits in
different industries, even for personal use. The articles stress the importance of tools, Investor
persuasion, and sustainability in navigating the complexities of New Product Development
and Deep Tech Innovation. Lastly, these insights provide a comprehensive understanding of
the current landscape and opportunities for all the components involved in the study.

Gap Statement
 The study provides valuable insights into the current state of deep-tech innovation and
its connection to New Product Development, there is some notable gap in the exploration of
potential opportunities and considerations. The study does not thoroughly address the
implications of deep technologies, such as Data Privacy concerns, the responsible use of AI
and other automated sites, and the potential societal and economic impacts of emerging
technologies.

In addition, the study could benefit from a more in-depth analysis of the challenges
faced by Deep-Tech startups in different industries. Understanding the unique opportunities
in sectors like artificial intelligence, and Privacy and Security would contribute to a more
comprehensive understanding of the Deep-Tech Innovations.

Lastly, the study could explore into specific studies or examples of Deep-tech startups
that have faced challenges and overcome them successfully. Examining both success stories
and failures in various Deep-tech sectors would provide valuable and reliable insights for
entrepreneurs, policy makers, and Capital investors seeking to cross and support the evolving
landscape of Deep Technology innovation.

Recommendations

The researchers therefore recommend based on the research gap and methodology
used in this study includes implementing collaboration among Universities, Government
Agencies, and Investors to create a strong system that will support Deep Tech companies. It
is vital to adopt strategic engagement strategies for success in Deep Tech Innovation, creating
a balance between risk and progress. Next is to encourage businesses to conduct in-depth
explorations into specific fields identified for future deep-tech problem-solving, like artificial
intelligence and the improvisation of Data Privacy concerns. Finally, urge companies and
investors to strategically invest in and manage Deep Technology initiatives, exploiting the
rise in corporate investments for the best outcomes in all industries.

IV. Acknowledgement

The researchers would also like to acknowledge and give warm gratitude to our
Research Adviser, Mr. Altich Pagatpat who made this study possible. His knowledge and
guidance carried us althrougout the stages of this paper. We would also like to give thanks to
our parents who gave their warmth support in moral and financial aspect that truly helped in
conducting our case study. Lastly, the researchers would like to thank our almighty God, for
letting us through all the difficulties. We have all experienced the guidance every single day,
and we will keep trusting you for out future.

V. References

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Dionisio, E. Et.al., 2023. Identifying necessary conditions to deep-tech entrepreneurship.

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Gourevitch, A. et al, 2023. Deep Tech and the Great Wave of Innovation.
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Mohamed, I., Youssef., Barry, Lynn, Webster. (2022). A multi-criteria decision making
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Sujan (2021). What is New Product Development? Definition and Process.

https://tyonote.com/new_product_development/
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