Beyond
Venture Capital
How European Science Ventures Have Grown Without the Startup Script
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An institutional report on venture architecture in science-based innovation.
Most failures in deep tech originate upstream, in how institutions structure funding, programs, incentives, and timing around scientific uncertainty.
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Beyond Venture Capital
examines this problem from an institutional perspective by showing, through concrete cases, where default VC logic breaks — and where alternative architectures have worked.
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What this report contains
‣ 50+ institutional case studies from 35+ years of science-based companies that scaled without following the startup/VC script
‣ A step-by-step structural analysis of how capital, evidence, industrialization, and governance interacted over time
‣ A clear explanation of why certain funding choices preserved optionality and others collapsed it
‣ A taxonomy of non-VC and hybrid venture architectures, including their trade-offs and limits
Who this is for
Institutions that:
‣ design or operate innovation programs
‣ allocate capital under high technological uncertainty
‣ govern venture studios, funds, or portfolios
‣ shape policy, funding logic, or ecosystem design
What this report is not
‣ Not a startup guide
‣ Not a playbook or template
‣ Not a recommendation of
“best practices”
‣ Not a critique of venture capital as such
The report does not evaluate founders or teams. It evaluates institutional configurations and decision sequences.
→ If you are responsible for decisions that affect multiple ventures over time, this report applies to you.
It is a diagnostic lens on institutional decision-making.
Institutional access (one-time)
Includes:
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Downloadable PDF
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Internal circulation within one organization
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Use in strategy, program design, and internal analysis
Usage terms
This report is intended for institutional use.
Internal circulation within one organization is permitted.
External redistribution is not.
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This report does not help institutions move faster.
It helps them avoid structurally irreversible mistakes.