When we started Quantum Base in 2013, there was a clear vision: to use quantum physics to solve some of the world’s biggest problems. In this case, to address the £2.8-trillion global counterfeiting crisis across pharmaceuticals, government security, aerospace and luxury goods. Twelve years later, our quantum authentication technology protects over 500 million products worldwide, and we’ve listed on the London Stock Exchange, raising £4.8 million in our April 2025 IPO.
The journey from academic discovery to commercial impact taught us that building a deep-tech company requires fundamentally different strategies from typical start-ups. Here are six lessons for fellow academics who want to transform their research from the lab into a world-changing venture.
1. Start with an unshakeable mission and not just cool technology
Frame your innovation as essential infrastructure for solving global problems.
We didn’t start Quantum Base with: “We’ve invented quantum authentication tags.” We started with the premise that: “Counterfeiting is killing people and destroying economies. Here’s how we fix it.” This mission-driven approach proved crucial when facing the inevitable setbacks of deep-tech development.
- Build workforce capability through smarter university-industry partnerships
- Spotlight guide: How academia can work well with industry
- What does the UK’s spin-out ecosystem need to thrive nationwide?
Advice: Write a one-page problem statement that quantifies the global challenge that your technology addresses. Include specific metrics: economic losses, lives at risk, or compromised industrial supply chains. This becomes your north star for every strategic decision and your most powerful investor pitch tool.
2. Negotiate university IP as if your future depended on it (it does)
University intellectual property (IP) arrangements can make or break your venture. Working closely with our university’s Research and Enterprise Services team, we established an agreement for transferring IP to Quantum Base. This approach, supported by knowledge exchange expertise, gave the university a reasonable equity, while providing investors with the clean IP ownership they demand .
Advice: Avoid universities taking more than 25 per cent equity; investors consistently view higher stakes as deal-killers, especially in deep tech where the initial risks and capital requirements are so high. Remember, a smaller slice of a successful company beats 100 per cent of nothing.
3. Master the UK’s hidden funding ecosystem
Layer non-dilutive government funding with tax-advantaged private investment before approaching traditional venture capital firms.
While the specific schemes are unique to the UK, the principle is universal: seek out government-backed programmes designed to de-risk early-stage investment before approaching VCs. The UK offers extraordinary support for deep tech that most academics never fully exploit. We leveraged early-stage translation funding, such as an EPSRC Impact Acceleration Account funding, a Royal Society research fellowship and structured our raises to maximise SEIS and EIS tax relief for investors (government schemes that give UK taxpayers significant tax breaks for investing in early-stage companies). This approach allowed us to reach significant milestones while retaining founder control and avoiding premature venture capital.
Advice: Apply for EPSRC IAA funding before seeking private investment. Structure early rounds to qualify for SEIS (50 per cent tax relief for investors up to £200,000) and later rounds for EIS (30 per cent relief up to £2 million for knowledge-intensive companies).
4. Partner with people who understand money
Build bridges between academic excellence and commercial expertise from day one.
Academics excel at proving concepts and publishing papers. But raising millions from sceptical investors requires entirely different skills. We were fortunate to build a genuinely multidisciplinary team that combined technical innovation with commercial acumen and university knowledge exchange expertise. This wasn’t about finding people to “handle the business side”; it was about creating seamless collaboration between academic research and market-ready commercial strategy.
Advice: Build partnerships within your own university first. Identify colleagues in business schools, enterprise teams or research commercialisation offices who can complement your technical expertise. Look for people with direct fundraising experience, commercial strategy backgrounds or deep knowledge exchange expertise. These internal collaborations often prove more valuable than external hires because they understand both academic culture and commercial realities.
5. Vet investors like they’re vetting you
Patient capital is worth more than fast money. Choose investors who understand deep tech timelines.
Not all investment is created equal. We learned to identify investors who understood that quantum technology development takes longer than app development but offers transformative returns. We avoided investors focused on quick exits.
Advice: Ask potential investors about their longest-held investments and their expected exit timelines. Request references from founders they’ve backed. Avoid investors who push for immediate revenue milestones that are inappropriate for your technology readiness level.
6. Consider going public
AIM listing provides credibility and capital access that transforms how customers and partners perceive your venture.
Going public seemed daunting, but our listing became one of our most strategic decisions. Beyond raising £4.8 million, the IPO provided instant credibility with global partners and enhanced our brand recognition. For companies with proven technology and recurring revenue, AIM offers an accessible path without the stringent requirements of main markets.
Advice: Start preparing for potential public markets: clean financial records, robust governance structures, and build relationships with AIM-focused advisers. The enhanced credibility often accelerates business development and partnerships more than the capital alone.
The bottom line
Building a tech company that changes the world is a fundamentally different game from launching a typical start-up. Success comes from balancing ambitious vision with patient execution, leveraging UK advantages, and building the right partnerships from day one.
Crucially, it also depends on the ability to translate: to articulate the scientific vision into the language of commercial value, and to explain market demands in a way that guides the research. With Quantum Base we’ve proved that university research can create substantial commercial and societal impact when academics, commercial experts, and knowledge exchange professionals work together strategically and speak a common language.
Rob Young is the founder and chief scientist of Quantum Base, Alan Gilchrist is head of the department of marketing at Lancaster University Management School, and Mark Rushforth is associate director of enterprise and innovation; all at Lancaster University.
Quantum Base Q-ID anti-counterfeiting technology has been shortlisted in the Knowledge Exchange/Transfer Initiative of the Year category in the THE Awards 2025. The full list of nominees can be found here. The winners will be announced at a ceremony on 13 November.
If you would like advice and insight from academics and university staff delivered directly to your inbox each week, sign up for the Campus newsletter.
comment