Why you should instil purpose in your startup early on

In a recent poll we ran among our newest cohort, we asked aspiring founders what their purpose was, the reason why they had decided to join the Conception X programme in the first place.

The responses were enlightening:

18% said “I’m just curious to learn more”

46% said “I’m trying to have an impact with my research”

33% said “I’m trying to help solve a specific user need”

3% said “I’m looking to make money”

Overall, 79% of the cohort said they had joined Conception X for a sense of higher purpose, while 3% perhaps very honestly said they were looking to make money.

But the two positions aren’t completely disconnected. “If you make meaning, you will probably make money, but if you set out to make money you probably won’t make meaning and you won’t make money,” Silicon Valley entrepreneur Guy Kawasaki famously said.

Our cohort 4 joined us at one of the most challenging times to be an entrepreneur. Yet, the journey ahead was never easy in the first place. The process of venture building is difficult without a deep sense of purpose to carry founders through the inevitable tough times. Purpose is the reason why I get excited about deep tech; it has the power to help solve some of the myriad of challenges facing humankind.

This year, 70 deep tech teams from 24 universities across the UK have joined our fully remote programme. Universities represented include UCL, Oxford, Cambridge, Edinburgh, Glasgow and Bristol, with teams focusing on AI, biomedical, quantum computing, renewable energy, photonics, neuroscience, fintech, blockchain and AR/VR.

Many are developing solutions to some of the biggest problems of our time. We have teams focusing on climate change and how to capture the energy created when microbes break down soil’s organic matter, feeding the world’s population by looking at how wireless sensor networks that monitor solar energy and soil moisture can help irrigate farms, enhancing mobility systems by designing silicon chips to support AI-powered self-driving technology, improving our health by creating novel therapies for cancer treatment, and more.

Having a strong sense of purpose and learning how to instil it early on not only within their organisation but externally with partners, customers and investors will set them on the right track to create meaningful impact.

In her recent book Mission Economy: A Moonshot Guide to Changing Capitalism, Mariana Mazzuccato writes about how a “notion of purpose is the key to a mission-oriented approach” to solving big problems.

This was echoed by Daniel Hulme, CEO of artificial intelligence and data science company Satalia, who told our aspiring deep tech founders: “Think about your company’s purpose and have it run through the veins of your organisation.”

So to anyone starting a deep tech venture, or any venture for that matter, make sure you have a sense of purpose as the driving force of your business. Keep it in the back of your mind and regularly reflect on it, alongside the words of wisdom from well-meaning advisors and feedback from the market and investors, which will all contribute to steering your startup in new directions. This way, no matter your trajectory, you’ll find yourself on a journey that excites you, motivates you and truly allows you to make a difference.

This article was written by Richard Anson, Academic Lead at Conception X.