Building Hard Tech: Lessons on Funding, Teams, and Timelines

UPDATE: On 9/8/2025, ZEI announced "the conclusion of its operations." https://www.linkedin.com/posts/zeroei_zero-emission-industries-zei-announces-activity-7371012829409177601-yQph? ******* Transforming breakthrough research into a sustainable company is never simple — especially in hard tech. In this episode recorded in December 2024, Zero Emission Industries CEO/founder Dr. Joseph Pratt and Chief Strategy Officer John Motlow share what it takes to move hydrogen power systems from the lab to the marketplace. We talk about raising money in tough conditions, why government grants can be both a blessing and a constraint, and how to build teams that thrive under pressure. Along the way, they offer candid lessons on funding, hiring, and navigating timelines that rarely go as planned. RUNTIME 51:52   EPISODE BREAKDOWN (2:11) “ I knew the path on how to solve it and knew that there was demand for it, and took the jump out of the national lab to start the company.” (6:36) “ I didn't jump into this with a big network of investors.” (8:57) How ZEI produced the world’s first commercial fuel cell ferry. (10:56) Why the company’s first hire was a Chief Strategy Officer. (12:53) John Motlow says he wanted to join ZEI “because it was incredibly risky.” (17:06) Crafting ZEI’s GTM strategy for the FCV Vanguard, a hydrogen-powered, high-performance speedboat. (21:55) Is ZEI a transportation company, or a clean tech startup? (24:20) When it comes to deep tech, customer requirements are wayfinders for PMF. (29:47) “Government funding and their insights is sort of half the picture.” (35:30) “ To be clear, we talked to a lot of investors who did not agree with our TAM.” (39:09) Why they overindexed on hiring employees who have a background in motorsports. (42:19) Joe’s advice for building specialized teams in a competitive market. (47:38) “ Don't slot someone in there and then forget about it: Where are their strengths?” (49:27) What’s next for ZEI? LINKS Zero Emission Industries Dr. Joseph Pratt John Moslow FCV Vanguard — Live Demo (YouTube) ZEI Raises $8.75 Million in Series A Funding SUBSCRIBE 📸 Follow Fund/Build/Scale on Instagram: https://www.instagram.com/fundbuildscale/   📥 Get the Fund/Build/Scale newsletter on LinkedIn: https://www.linkedin.com/newsletters/7249143254363856897/   Thanks for listening! – Walter.