An idea born in the lab can change the world \u2013 but only if it makes it out of the lab. Mart Maasik, a TalTech alumnus, partner at Nordic Science Investments and an experienced developer of science-based entrepreneurship, knows just how challenging that journey can be.<\/p>\n","protected":false},"author":8,"featured_media":12184,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[250],"tags":[265,397,399,403],"class_list":["post-12669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-future","tag-innovation","tag-scientific-collaboration","tag-startup"],"acf":{"postbuilder":[{"acf_fc_layout":"text","type":"text","text":"
The greatest challenge facing science-based startups in Estonia isn\u2019t a lack of ideas \u2013 it\u2019s the ability to realise them and to truly understand market needs along the way.<\/p>\r\n
Mart Maasik emphasises that many teams tend to stall at the early stage due to a lack of business development competence. \u201cThe market expects skills that deep-tech teams are only beginning to acquire, but at that stage, a startup simply can't afford mature market insight. And that creates a vicious cycle \u2013 without capital, you can't bring in experienced people, but without them, growth is almost impossible.\u201d<\/p>\r\n\r\n
\r\n\u201cThe market expects skills that deep-tech teams are only beginning to acquire, but at that stage, a startup simply can't afford mature market insight. And that creates a vicious cycle.\u201d<\/p>\r\n<\/blockquote>\r\n
One way out of this loop is through partnerships. Collaboration with more mature companies and a strategically built ownership structure can help startups gain essential skills and experience without immediately taking on high risk. Maasik sees particular value in situations where the first \u201ccustomer\u201d also becomes a co-developer of the idea. While such cooperation might not open the biggest market, it offers something even more valuable \u2013 an understanding of how the market truly works.<\/p>\r\n
That said, such partnerships \u2013 whether with mature businesses or early-stage clients \u2013 can come with limitations and risks. For instance, exclusivity agreements may hinder future scalability, and it becomes essential to clearly define the long-term competitive advantage, intellectual property ownership, and protection strategy.<\/p>","image":null,"align":""},{"acf_fc_layout":"text","type":"text","text":"
The business side must not be neglected<\/h4>\r\n
Too often, scientists begin thinking about the business side far too late. Mart Maasik recommends involving people with business expertise already during the lab phase. \u201cIf you only start thinking about bringing others in when you\u2019re burned out or don\u2019t know which direction to take next, you\u2019re already too late,\u201d he said.<\/p>\r\n\r\n
\r\n\u201cIf you only start thinking about bringing others in when you\u2019re burned out or don\u2019t know which direction to take next, you\u2019re already too late.\u201d<\/p>\r\n<\/blockquote>\r\n
One common dilemma is who should lead a science-based startup \u2013 the scientist or someone else? According to Maasik, the focus shouldn't be on a single person, but on building a strong team. Sometimes the scientist is ready to take on the CEO role at first, but in the long run, their greatest value often lies in developing the core technology.<\/p>\r\n
What matters far more is whether the team can combine complementary strengths. Collaboration requires two things: awareness of your own limitations and a willingness to involve people with other skill sets. This is precisely why a scientist must be open to the idea that growing a company\u2019s value means sharing responsibility \u2013 and future rewards. \u201cIf you try to keep everything to yourself, you may end up with nothing to share at all,\u201d Maasik pointed out.<\/p>","image":null,"align":""},{"acf_fc_layout":"image","image":12190},{"acf_fc_layout":"text","type":"text","text":"
Funding requires maturity<\/h4>\r\n
According to Mart Maasik, it\u2019s natural that not every deep-tech project receives funding \u2013 that doesn\u2019t make the idea bad. More often, the solution may simply not yet be mature enough in the eyes of investors. The team and the market also need to be ready. To put it simply: if any one of the three elements \u2013 the solution, the market, or the team \u2013 is weak, the chances of building a fundable company are slim.<\/p>\r\n
Maasik believes the best chance of success comes from combining grants with private capital. Relying solely on development grants often doesn\u2019t create sufficient commercial motivation, while risk capital alone tends to avoid very early-stage technology development. Both types of funding have their place, and in an ideal scenario, they complement each other.<\/p>\r\n
He also recommends that even teams who could initially manage with grant support alone involve private investors early on \u2013 if not for the funding, then for the mindset. The earlier a team starts grappling with tough questions, the faster their internal maturity grows.<\/p>","image":null,"align":""},{"acf_fc_layout":"text","type":"text","text":"
Estonia\u2019s strengths and weaknesses on the global stage<\/h4>\r\n
Estonia\u2019s position in science-based entrepreneurship is far from weak \u2013 quite the opposite, says Mart Maasik. The country has a high level of scientific potential in several fields and is home to an increasing number of teams with international experience, something investors greatly value.<\/p>\r\n
Among the most promising areas, Maasik highlights materials science and health technologies, both of which are supported by Estonia\u2019s strong IT capabilities. He points to the use of synthetic data in both materials research and healthcare as an example \u2013 a development that can accelerate the journey to market readiness. These fields were once considered too complex and capital-intensive for Estonia, but that perception is shifting.<\/p>\r\n
Globally, Maasik sees three major areas in focus: defence technologies, healthcare, and the environment. To succeed in these, entirely new solutions and genuine innovation are needed.<\/p>\r\n
For Estonia to ride the wave of global solutions, some old ways of thinking must be challenged. In Maasik\u2019s view, Estonia\u2019s research institutions should not be competing with one another, but collaborating \u2013 to attract capital, talent and experience.<\/p>\r\n
The biggest gap, he says, is not in knowledge but in experience \u2013 especially in how to build scalable science-based companies. That expertise often comes from international cooperation rather than purely from domestic success stories. \u201cWe can\u2019t wait for success stories to emerge organically. We need to bring in international talent now, work with them, and learn from them,\u201d Maasik says.<\/p>\r\n\r\n
\r\n\u201cWe can\u2019t wait for success stories to emerge organically. We need to bring in international talent now, work with them, and learn from them.\u201d<\/p>\r\n<\/blockquote>\r\n
It\u2019s a common belief that science-based entrepreneurship takes time \u2013 and that\u2019s true. But that doesn\u2019t mean success has to be decades away. Maasik notes that in Europe today, the average time from founding a deep-tech company to an exit by founders or investors is around seven years \u2013 comparable to regular startups.<\/p>\r\n
Every new company is built on a foundation, and in the case of science-based ventures, that foundation is often laid through research and early-stage technological validation.<\/p>\r\n
In that context, a seven-year commercial success horizon is quite optimistic when starting from scratch. Just as no journey is a smooth upward line, there\u2019s never a perfect moment to launch a business. \u201cBut if we develop a system together \u2013 one that supports team development, provides access to capital, encourages collaboration and allows room for plans to change \u2013 Estonia will start to produce more high-impact successes than ever before.\u201d<\/p>\r\n\r\n
\r\n\u201cIf we develop a system together \u2013 one that supports team development, provides access to capital, encourages collaboration and allows room for plans to change \u2013 Estonia will start to produce more high-impact successes than ever before.\u201d<\/p>\r\n<\/blockquote>","image":null,"align":""}],"related_authors":[{"author":7990,"position":"Trialoog Editor"}]},"yoast_head":"\n
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