Hardware / Deep Tech Pitch
Physical products, long R&D cycles, IP moats
How to pitch hardware, biotech, climate tech, or deep tech. Covers prototyping milestones, manufacturing economics, IP strategy, regulatory paths, and how to address the longer timelines investors worry about.
Cover Slide
Company, tagline, round.
💡 What to Include
- Include patent/IP count if impressive
- Mention key certifications or regulatory status
⚠️ Common Mistakes
- Too much jargon in tagline
📝 Example
NanoCell Energy — Next-gen solid-state batteries for EVs. 3 patents granted | DOE grant recipient | Series A, $15M
The Problem
Technical limitation with massive economic impact.
💡 What to Include
- Frame the problem in business terms, not just technical
- Quantify the cost/limitation of current solutions
- Show why incremental improvements won't work
- Make it accessible to non-technical investors
⚠️ Common Mistakes
- Too technical without business context
- Not quantifying the economic impact
- Describing a problem only PhDs understand
📝 Example
Current lithium-ion batteries limit EV range to ~300 miles. Charging takes 30+ minutes. Battery degradation costs automakers $4,200 per warranty claim. The EV industry loses $23B/year to battery limitations.
The Solution & Technology
What you've built and why it's a breakthrough.
💡 What to Include
- Explain the technology at a 5th-grade level first, then go deeper
- Show the key technical metric that matters (10x improvement)
- Include photos/videos of the actual prototype
- Reference peer-reviewed validation if available
⚠️ Common Mistakes
- No prototype to show
- Explaining the science without the 'so what'
- Claiming breakthroughs without third-party validation
📝 Example
NanoCell's solid-state battery uses a proprietary ceramic electrolyte that is: • 2x energy density (600-mile range) • 10-minute fast charging • Zero degradation over 2,000 cycles • Non-flammable (no thermal runaway risk) [Photo of working prototype powering an EV motor]
Market Size
Show this solves a billion-dollar problem.
💡 What to Include
- Start with the end market (EVs, not batteries)
- Show the supply chain position and value capture
- Reference industry analyst projections
- Show adoption curve timing
⚠️ Common Mistakes
- TAM that's too speculative
- Not showing where you sit in the value chain
📝 Example
Global EV battery market: $95B (2025) → $400B by 2030 (BloombergNEF) Solid-state share: projected 15% by 2030 = $60B NanoCell targets: Premium EV segment (Tesla, BMW, Mercedes) = $18B addressable
Technology Readiness & Milestones
Show where you are on the path to production.
💡 What to Include
- Use TRL (Technology Readiness Level) framework
- Show completed milestones with dates and evidence
- Be honest about remaining risks
- Include third-party testing results
⚠️ Common Mistakes
- Vague milestones with no dates
- Claiming to be further along than you are
- No third-party validation
📝 Example
TRL 6 → TRL 7 (system prototype in relevant environment) ✅ Lab prototype validated (TRL 4) — March 2024 ✅ Component validation in testbed (TRL 5) — Sept 2024 ✅ System prototype tested at Argonne National Lab (TRL 6) — Jan 2025 🔄 Pilot production line (TRL 7) — Target Q3 2025 ⏳ Manufacturing qualification (TRL 8) — Target Q2 2026
IP & Moat
Prove defensibility — especially important for deep tech.
💡 What to Include
- List granted patents (not just filed)
- Explain what the patents cover in plain English
- Show trade secrets and know-how advantages
- Compare IP landscape vs. competitors
⚠️ Common Mistakes
- Only provisional patents
- Patents that don't cover core technology
- No IP strategy at all
📝 Example
IP Portfolio: • 3 granted patents (US, EU, JP) covering ceramic electrolyte composition • 2 pending patents on manufacturing process • 12 trade secrets in production methodology Key moat: Our electrolyte formulation took 7 years of R&D. Competitors are 3-5 years behind on material science.
Business Model & Manufacturing Economics
Show the path to profitable unit economics.
💡 What to Include
- Show cost curve from prototype → pilot → mass production
- Compare your target cost vs. current solutions
- Explain manufacturing partnerships
- Show gross margin at scale
⚠️ Common Mistakes
- No cost reduction roadmap
- Unrealistic margin assumptions
- No manufacturing partner or plan
📝 Example
Current prototype cost: $450/kWh Pilot production (2025): $180/kWh Mass production (2027): $85/kWh (vs. Li-ion at $100/kWh) Business model: Cell supplier to OEMs Target ASP: $120/kWh | Gross margin at scale: 30%+ Manufacturing partner: [Major battery manufacturer] LOI signed
Traction & Partnerships
Prove commercial interest despite early stage.
💡 What to Include
- LOIs, MOUs, pilot agreements > verbal interest
- Name customers/partners if you have permission
- Show grant funding as validation
- Include any revenue (even small)
⚠️ Common Mistakes
- 'We're in talks with...' without anything signed
- No government grant applications
- No industry partnerships
📝 Example
Commercial traction: • LOI with BMW for pilot testing ($2M, signed) • MOU with Panasonic for co-development • DOE ARPA-E grant: $3.5M (non-dilutive) • 3 OEMs in evaluation stage Revenue: $450K from testing services and consulting
Competitive Landscape
Show the race and why you're winning.
💡 What to Include
- Map competitors on a technical axis (performance vs. readiness)
- Show funding levels of competitors
- Explain your speed advantage
- Address big company efforts (Toyota, Samsung)
⚠️ Common Mistakes
- Ignoring well-funded competitors
- 'We have no competition'
- Not addressing corporate R&D labs
📝 Example
QuantumScape: $800M raised, further on manufacturing but sulfide-based (safety concerns) Solid Power: $600M, Ford/BMW backing, lower energy density Samsung SDI: Massive resources but 2028 timeline NanoCell advantage: Only ceramic approach with TRL 6 validation, 2x density at comparable cost.
Regulatory & Certification Path
Address the regulatory timeline head-on.
💡 What to Include
- Show the specific certifications needed
- Timeline with key approval milestones
- Reference regulatory consultants or prior experience
- Show comparable approval timelines from similar products
⚠️ Common Mistakes
- Ignoring regulatory timeline
- Assuming approvals are automatic
- No regulatory expertise on team or advisory board
📝 Example
Required certifications: • UL 2580 (battery safety) — testing initiated, expected Q4 2025 • UN 38.3 (transport) — passed preliminary • OEM-specific qualification — 12-18 months per OEM Regulatory advisor: [Name], former UL senior engineer
Team
Deep tech needs deep expertise.
💡 What to Include
- PhDs and patents from the team
- Industry experience (not just academic)
- Show the bridge between lab and commercialization
- Include manufacturing/ops expertise
⚠️ Common Mistakes
- All-academic team with no industry experience
- No manufacturing expertise
- Team can't bridge lab to production
📝 Example
Dr. Sarah Kim, CEO — MIT PhD, 15 years in battery R&D, 8 patents Dr. James Lee, CTO — Stanford materials science, ex-Tesla battery team Mike Johnson, VP Manufacturing — 20 years at Panasonic, scaled 3 cell lines Advisory: Prof. [Name] (Stanford), [Industry executive]
The Ask & Use of Funds
Tie the raise to specific technical and commercial milestones.
💡 What to Include
- Map funding to TRL advancement
- Show the next fundraise trigger (Series B at what milestone?)
- Include non-dilutive funding strategy
- Define 18-month milestones clearly
⚠️ Common Mistakes
- Vague use of funds
- No connection between funding and milestones
- Not mentioning the next fundraise
📝 Example
Raising $15M Series A • Pilot production line: $8M (TRL 7 → TRL 8) • OEM qualification testing: $3M • Team expansion (manufacturing eng.): $2.5M • Working capital: $1.5M Milestones for Series B: TRL 8 validated, 2 OEM qualifications complete, $5M in LOIs
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