From start-up to unicorn: taking action to enable deep techs to grow

In its?Deep Tech Shifts 2026 report,?pi Ventures foresees disruptive innovations bringing about key shifts in global businesses in the next five years. These range from the blockchain and climate tech to energy storage and alternative protein – this last example passing from superfluous to vital.?

By seeking out disruptive innovations, deep tech start-ups aim to unlock the power of emerging technologies and advanced engineering to solve the world’s most pressing problems such as climate change, inequalities and access to healthcare. Their innovations have the power to bring about radical change. As Hello Tomorrow’s global summit is happening this week, I wanted to share some thoughts I had on the growth of deep tech. If radical challenges need to be addressed, how can we support these start-ups and help them become the next unicorns - not in the next decades, but in the next few years? This raises another key question:??how will the relationship evolve between start-ups - originally challengers - and ourselves?

How will the relationship evolve between start-ups - originally challengers - and ourselves?

Deep techs, from strangers to partners: they need us as much as we need them

Cooperation between incumbents and deep tech start-ups was not easy in the past. With the arrival of these new players and competitors, all economic sectors faced disruptive, very innovative and competing solutions. They challenged incumbents in their businesses but also in the recruitment of highly qualified engineers and data scientists. They were so different; they were not the same size, they moved at a different speed and they had a different culture. This competition was particularly true for the world of finance. At BNP Paribas, we had to go through a learning curve on how these players work and what their needs were. We gained knowledge through years of incubation and acceleration. We made some mistakes, for sure, but we succeeded in building a company culture in favour of deep tech start-ups.

It took a while before we started to collaborate, and I think we can now say that we are enthusiastic financial partners! The way we collaborate with deep tech start-ups is very diverse: from investing in them and being their banker to collaborating with them. For example,?BNP Paribas Asset Management is discussing with Kayrros on how satellite data can be best used in investment processes. There are many use cases, including?the identification of methane emissions, which is one of the most harmful greenhouse gases.

Another great example of the type of technology developed by deep tech is the emergence of mixed reality, with augmented and virtual realities; this has been compared with the revolutionary moment of the first computers. These new experiences have impacted all industries, including ours:?last June,?BNP Paribas Real Estate launched WIRED the first real estate data analysis tool in immersive reality, a 100% immersive tool made in collaboration with UNITY 3D, the leading 3D video game and app platform.?Currently, BNP Paribas Cardif is testing gaming technologies through the studio Kevuru - that contributed to creating the popular game Fortnite - to better assess gaps in people’s protection. Because if we want to make insurance more accessible, it is important to have a good understanding of insurance needs and solutions.

As the need for radical transformation and disruptive innovation is more urgent than ever, these innovations are necessary. Deep tech entrepreneurs will play a vital role in the transitions of the future, but they cannot do it alone. If they want to achieve their goals and revolutionize industry in the coming years, they need comprehensive backing and support – which means they need the help of corporates. They need to be nurtured and supported by an entire ecosystem built on collaboration and partnerships spanning the public sector, universities, think tanks, do-tanks, industry, businesses, the scientific community and, importantly, banks and the wider financial sector.?

Scaling up deep tech:?a technology must operate at scale or not at all

In scaling up, we started out with a love for MVPs, trials and sexy demonstrations, but rarely at scale. The health crisis and the increasing demands of citizens, customers and all other stakeholders have required players in the tech sector to take action and scale up. However, deep technology must be able to scale up - or indeed, it is not a deep technology.?

However, deep technology must be able to scale up - or indeed, it is not a deep technology.?

As a bank, we help deep tech entrepreneurs find investors for seed funding and we can mobilise venture capital and private equity as they expand. Through our vehicles such as the?C.Entrepreneurs fund?and Opera Tech Ventures, we invest globally in early stage start-ups in the Insurtech and Fintech fields that are using advanced technologies to provide better protection, financial inclusion and deliver improved and accessible healthcare to millions around the world.?Public investors also play a role: in France, a deep tech plan was launched in 2019. Since then, BPI France investment in start-ups has increased by 58% and?public financing dedicated to targeted deep techs will have risen by 50% by the end of 2021.?

An empowering environment is also key to enable success, and in terms of culture, I think we have reached a certain maturity. We see a clear resolve?in schools, universities?and companies to train ever more?students?and employees in coding and different techniques, and this is allowing two?worlds that?communicated little to now come together.?

Scaling up deep tech for good

I believe there is a strong convergence between deep tech and Tech for good.?Deep tech start-ups are indeed key to solving very formidable challenges such as climate change and access to healthcare. How can I forget the winner of Hello Tomorrow’s 2019 global challenge prize, RxAll? This Nigerian start-up is tackling the global problem of counterfeit drugs using a portable Nano-scanner and a mobile app.?It is truly revolutionary.

At BNP Paribas, we focus on climate change. One of our COP21 commitments was to invest €100m in start-ups working on the energy transition, a task taken up by BNP Paribas Principal Investments. Last May, we went further:?together with the Solar Impulse Foundation, we launched the BNP Paribas Solar Impulse Venture Fund. This initiative aims to invest €150m - €75m of which has been committed by BNP Paribas - in high-potential start-ups working in the domains of?clean energy, sustainable food and agriculture, and the circular economy. Through these funds, that meet a growing clients’ demand, we aim to support Tech for good.?

To conclude, in order to tackle the challenges of the future, we need deep tech’s inventiveness and disruption more than ever, and these creative entrepreneurs need our financial support to enable them to thrive. Good news: they can count on our commitment to make their vision a reality.