Comment from the writer: Amish Patel, Founder Conduit Venture Labs
In venture capital, we love to celebrate the solo founder, the visionary CEO, the breakthrough moment. But when it comes to physical tech innovation—the kind that transforms laboratories breakthroughs into products that change lives—the reality is far more complex. Success doesn't come from a single runner. It comes from a relay race with multiple legs, distinct runners (or skaters - in lieu of the upcoming Winter Olympics), and most critically, perfectly executed handoffs.
On a recent podcast episode, I was talking with our Danish colleague Dr. Christopher Lusher at DTU, and we were discussing the “relay” race that is the transition and translation of IP and science from the worlds greatest academic Labs to Market.
At Conduit Venture Labs, we've spent years studying (and decades learning by doing) why some technologies make it from research lab to commercial scale / impact while others die in what we call the "valleys of death." The answer isn't just better science, more capital, or stronger founders. It's about understanding that physical tech innovation is fundamentally a relay race—and building a platform that ensures the baton never gets dropped, the right operators are providing velocity at the right stages, and the journey or “pathway” for the company is strategic and focused on scalability.
Every transformative technology begins here. In university labs, corporate R&D centers, and government-funded research institutions, scientists and researchers are pushing the boundaries of what's possible. They're developing novel sensors, breakthrough materials, AI algorithms that can operate at the edge, robotic systems that can sense and respond to the physical world.
This leg is about pure capability. Can we make something work? Can we demonstrate technical feasibility? Can we prove that the physics, chemistry, or engineering fundamentals hold up?
The challenge: Most researchers aren't thinking about market translation. They're optimizing for publication, proof of concept, and technical elegance. This isn't a criticism—it's their job. But it means the baton needs to be handed off to a different kind of runner.
The handoff moment: When the technology reaches a readiness level where market translation becomes possible—typically TRL 3-5 (Technology Readiness Level). The science works. Now what? What do we do wit it? What businesses can it support? Who needs it? When will it be ready for scale?
The exchange is a critical strategic element of the relay event, used multiple times throughout the race to maintain high speeds
This is where most physical tech innovations fail. The "valley of death" between R&D and market entry is littered with brilliant technologies that never found their commercial pathway.
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The Physical-Tech Paradox: Navigating the Valleys of Death (Despair and Dilution)
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At Conduit Venture Labs, our Venture Studio is purpose-built for this leg of the relay. We partner with research labs, technology creators, and founding teams to answer the hard questions: