An unrelenting pursuit of deep tech

AS we see market needs diverge from supply chain capability, we can wonder what natural forces create the longer-term underlying growth that is less influenced by capital distortions and misallocation of capital. The term ‘deep tech’ has emerged to describe these longer-term, more robust advancements of mankind that can power economies for decades. Examples of deep tech are solid-state transistors, lasers, and wireless communications. True deep tech is the result of decades of science and technology progress that arrives at previously hidden high-growth markets and flourishes at the right time.

A “previously hidden market” refers to the inability to foresee the exact market application 10 years or more into the future. Certainly, no one can predict what lies ahead, and when it comes to deep tech, throwing darts into the far future would be a risky investment. Over the 10 years or more of research, we must receive feedback from the research results while we steer in the direction of the immersive environment that demonstrates potential for commercialisation. Our current research and development (R&D) institutions are set up largely to explore science in the context of incremental refinement. Adding phrases to funding researchers in these institutions such as “use-inspired” does not help, as the R&D processes are still the same. How can we get back to creating lasting innovations from deep tech?

Singapore’s evolution into a deep tech powerhouse

To prepare for the future challenges facing us, over the last quarter century, I have been exploring the evolution of long-term deep tech investment in Asia, particularly in Singapore. This exploration has been bottom-up, beginning with traditional R&D funding as a professor/research scientist in the Massachusetts Institute of Technology’s (MIT) original collaboration with Singapore, the Singapore-MIT Alliance. Since 2019, I have been leading SMART, MIT’s Research Enterprise in Singapore, where we nurture research, innovation, and enterprise for impactful deep tech in the Singapore ecosystem. From my SMART and other experience, few places outside the United States can have fundamental processes work over decades to create deep tech. Singapore is one of the emerging hot spots for deep tech, with KPMG ranking it top in the world among leading technology innovation hubs in 2021, and with continued investment and a forward-thinking mindset, the country could become a strategic model for other countries to implement.