Interview with Imche Veiga

The first Deep Tech Journey for 2025 is that of Imche Veiga, who is currently Group Executive for Ecosystems at leading Australian innovation and startup community Stone & Chalk. She has been a driving force in the region’s deep tech startup ecosystem, and I’m excited to be able to share her journey here.

How have you ended up involved in deep tech?

I started my career in the laboratory, researching the biochemistry of neurodegenerative diseases. I loved the science, but academic research felt like isolated work, far removed from those who would benefit from it. My curiosity about how research breakthroughs turn into real-world, tangible impact led me to the world of science- and engineering-based startups. This was where I saw that technology, pointed in a defined direction and put into the little economic vehicle of a startup, could have a great shot at solving real problems.

What I’m most proud of in my career (so far) is my work to build New Zealand’s largest deep tech startup hub from the ground up at Outset Ventures. We started with a few lab spaces in the basement of a disused government building. We built it to 5,000sqm of lab and workshop space, an early-stage VC fund (which is now closing its second fund), and the largest community of science- and engineering-based startups in the country.

I’ve also been lucky enough to work in various parts of the broader deep tech system - from making decisions on public R&D funding, to leading an organisation that teaches scientists about entrepreneurship, to raising and deploying a deep tech investment fund, to writing government policy, and working in the university tech transfer space. This has all given me a uniquely well-rounded perspective on what it takes to develop a technology from the lab to market adoption.

What do you think needs to be considered when investing in deep tech, compared with other types of startups?

There are the key differences that are well-known so I won’t spend much of your readers’ time on them here. I include in this the challenges of longer time horizons, the inherent technical risks to overcome (in addition to the market risks that all startups face), the high capital requirements, and so on.

It’s worth highlighting that, regardless of whether you’re investing in deep tech or any other kind of startup, people are the critical component. It takes an ability to read the winds to time a market, an astute ability to synthesise clarity and actionable direction from a lot of informational noise, and a mix of technical and interpersonal talents to make a company work. The team you’re investing in and the network around that team are important considerations that I don’t always see as front of mind - and that’s true whether you’re investing in a chemical engineering company, a software startup, or a bakery.

It’s also worth considering that private investment in deep tech is only one part of the funding process to get these innovations off the ground. Grant and debt funding have important roles to play and should be considered in capital planning. In the early stages, it’s healthiest for teams to fall in love with the problem they’re trying to solve, not the tech they’re building - I’ve seen companies focused on the latter run into a wall far too often.

Can you give an example (or two) of a deep tech company you’ve been impressed by?

A constant challenge in getting a deep technology company off the ground is the ability to balance the direction in which the technology is developing, and the commercial opportunity the company is servicing. I have seen few companies manage this balance better than Mint Innovation - a New Zealand-founded company now operating in Australia which recycles electronic waste using biotechnological processes.

I’ve been watching Samsara Eco with interest for a while now, who are also working on recycling and extraction technologies. Cauldron Ferm is making extraordinary progress in biomanufacturing, and Loam Bio are doing interesting work in stable soil carbon. I’m currently fascinated with recycling technology startups, and anything to do with industrial and environmental biotechnologies.

What are the main differences between deep tech startups / investing in Australia and New Zealand?

In business and investment, I’ve found that Kiwis dance while Aussies tackle - an approach that serves the Australian startup scene well.

While Australia’s startup world recognises relationships as important, New Zealand’s over-emphasis on relationships sometimes compromises a realistic understanding of what’s necessary to get the job done well. Australians are more practical in this sense, to their benefit. New Zealand teams often seem hesitant to look to the rest of the world in case they find someone else doing the same thing, and reluctant to share what they’re building. While Australians have a more pragmatic approach of looking abroad to see who’s working in the space to refine their niche or market. While it’s true that Australia’s deep tech ecosystem is still somewhat fragmented and misunderstood overall, the competition stoked among the small set of players in New Zealand is detrimental to the ecosystem as a whole.

You have a strong background in biotech. How do you recommend people take the leap into deep tech investing if they don’t have that sort of background?

A technical background isn’t as important as your ability to be empathetic to the fact that these teams are going through one of the hardest things they can subject themselves to. You won’t understand the tech nearly as well as the teams you’re investing in do, and you shouldn’t aim to, but you can be an objective sounding board and help them navigate the inevitable difficult decisions they’ll have to make.

I recommend that people start by exploring the spaces they’re interested in. Do you care about improving healthcare, or supporting the energy transition, or producing food sustainably? There are startups working on solutions to most of our significant human and planetary challenges, some more quietly than others. If you’re dipping your toes into deep tech investing but don’t feel you have the time to do the due diligence necessary, invest in one of the Australian managed funds which are active in the deep tech space. If finding the right company and doing the due diligence personally is part of your interest, make sure you have a network of technical experts you can tap into to sense-check with.

What podcasts/books/people have influenced your perspective on investing in deep tech?

Invention to Innovation by Dr Larry Marshall with Jenna Daroczy is a great primer, especially in the context of the Australian ecosystem. Sally-Ann Williams has a holistic and forward-thinking perspective that I appreciate, and Phil Morle’s writing from the coalface is always pragmatic and grounded. I enjoy listening to the Agtech… So What? podcast by the Tenacious Ventures team, too.