what is deep tech and what does it mean for your business?

Digital transformation never really ends. As soon as you adapt to one wave of technology, another starts rolling in. A successful business must always look ahead and be ready for what’s coming next.

At the far horizon of innovation, you’ll find what’s known as “deep tech.” Deep tech may not affect your business today or even tomorrow — but one day, it could change everything. 

what is deep tech? 

Deep tech is any form of highly experimental technology with the potential for huge impacts. The term is often applied to fields like artificial intelligence, blockchain, medical research and material sciences.

According to MIT, most deep tech projects have the following characteristics:

1. long and uncertain R&D cycles

These projects typically involve extensive research and development periods, with outcomes that are not immediately known. For example, the development of quantum computing technology which requires years of research before achieving practical applications.

2. geared toward ambitious outcomes

Deep tech projects aim for breakthroughs that can fundamentally change industries or create new ones. An example is CRISPR technology in genetics, which has the potential to revolutionize medicine.

3. often associated with a bigger innovation system

These projects are usually part of larger ecosystems like university labs or research centers.

4. driven by a sense of mission

Deep tech is often motivated by the desire to solve significant societal challenges. For instance, renewable energy technologies focus on addressing climate change.

5. working toward an “option space”

This refers to creating foundational technologies that enable other companies to develop more specific applications. The development of blockchain is an example, laying the groundwork for diverse applications, from cryptocurrencies to supply chain solutions.

Deep tech doesn’t affect day-to-day business — until it does. Digital transformation is often a response to what’s happening in deep tech.

what are some examples of deep tech?

The internet is an excellent example of how deep tech can change everything. Digital communication began in the 1950s as an experimental project. That changed with the World Wide Web in the late 1980s, and suddenly, businesses had to keep up. 

A current example is artificial intelligence, which meets all of MIT’s criteria:

1. AI companies have invested over 20 years in R&D.
2. AI is working toward the ambitious goal of human-level intelligence.
3. Most AI research has been funded by tech giants such as Google.
4. Researchers want to revolutionize data technology. 
5. AI is a platform that supports focused solutions such as ChatGPT.

Until very recently, AI was a deep tech with no significant impact on day-to-day business. Now, we’re seeing AI become a key part of everyday software like Google Search and Microsoft Office. The challenge for businesses now is to keep up and make the most of these new AI-powered tools. 

5 ways to stay ahead of deep tech

A smart approach to digital transformation will help your business stay on top of deep tech trends.

1. stay informed

Regularly update your knowledge on the latest trends. For example, following thought leaders on platforms like LinkedIn or joining tech-focused webinars can provide insights into emerging technologies.

2. stay flexible

Ensure your business processes are adaptable and not overly reliant on any single technology. Adopting cloud-first solutions can provide the flexibility to scale and adapt to new technologies more rapidly.

3. stay focused

Align technology adoption with your core mission and values. Each digital initiative should be evaluated on how it enhances customer experience or drives business value. For example, before integrating a new AI tool, consider how it will improve customer service or streamline operations.

4. build the right team

Assemble a team of technology professionals who are not only skilled but also agile and innovative. Encourage a culture of continuous learning and exploration beyond the IT department. For example, establish cross-functional teams that include tech-savvy individuals from various departments to foster innovation.

5. upskill your people

Invest in training and development programs to build your team's competency in handling upcoming technologies. This could involve offering specialized training in areas like data analytics or AI, or providing resources for self-paced learning in emerging tech fields.

deep tech and digital enablement

A report by Everest Group, supported by Randstad Digital, entitled "Digital Enablement in an Era of Value Realization,” underscores the significance of adopting a new IT talent model for scaling digitization initiatives. Aligning with strategic partners like Randstad Digital can significantly bolster your capability to adapt and thrive in an era where deep tech innovations rapidly transition from experimental projects to business essentials. Get in touch to learn more about how Randstad Digital helps businesses exploit digital opportunities.