Roughly 90 percent of hard tech startups fail due to funding constraints, longer R&D timelines for developing hardware, and the complexity of manufacturing their products, according to a number of studies.
Generally, these startups require up to 50 percent more investor financing than software ones, according to a Medium article. Typically, they need at least US $30 million, according to a Lucid article. That’s double the funding needed by software companies on average.
To help them connect with investors, IEEE Entrepreneurship in 2024 launched its Hard Tech Venture Summits. The two-day events connect founders with potential investors and other entrepreneurs. Attendees include manufacturers, design engineers, and intellectual property lawyers.
“Even though there are a lot of startup investor conferences, it’s hard to find those focused on hard tech,” says Joanne Wong, who helped initiate the program and is now the chair. She is a general partner at Redds Capital, a California-based venture capital firm that invests in global early-stage IT startups.
The IEEE member is also an entrepreneur. She founded SciosHub in 2020. The company’s software-as-a-service and informatics platform automates the data-management process for biomedical research labs.
“Many investors are focused on AI software—which is good,” she says. “But for hard tech companies, it is still hard to find support.”
The summit also includes a workshop to help founders navigate manufacturing processes and regulatory compliance. The event is open to IEEE members and others.
IEEE is a natural fit for the program, Wong says, because hard tech is synonymous with electrical engineering.
“Some of the domains we’re covering are robotics, semiconductors, and aerospace technology. IEEE has societies for all these fields,” she says. “Because of that, there are many resources within the organizations for startups, whether it be mentors or guides on how to commercialize products.”
There are several venture summits planned for this year. Two are scheduled in collaboration with the IEEE Systems Council: this month in Menlo Park, Calif., and in October in Toronto.
On 10 and 11 June, a third summit is scheduled to take place in Boston at the IEEE Microwave Theory and Technology Society’s International Microwave Symposium.
More events are being planned for next year in Asia, Europe, Latin America, and North America.
Networking and a pitch competition
Each summit includes keynote speakers, followed by networking roundtables. Each table is composed of people from three to five startups, one or two investors, and a service provider.
That arrangement helps founders build relationships, which is the summit organizers’ priority, Wong says. Investors at past events have included i3 Ventures, Monozukuri Ventures, and TSV Capital.
“The connection with the community was fantastic, especially investors and founders in robotics.” —Mark Boysen, founder of Naware
Startups present their pitch, which a number of investors evaluate before ranking the business plan and product. The top 10 startups pitch their business to all the investors.
On the second day, the startup founders participate in a half-day engineering design–to–manufacturing workshop, at which manufacturing engineers teach them how to navigate the process and meet regulations.
In an exhibition area, participants can see demonstrations from the startups and connect with service providers.
The 2025 event’s half-day engineering design–to–manufacturing workshop was led by Liz Taylor, president of DOER Marine. The company manufactures marine equipment.Larissa Abi Nakhle/IEEE
Positive feedback from attendees
In a survey of past summit attendees, startup founders said the event connected them not only with investors but also with other entrepreneurs having similar struggles.
“The connection with the community was fantastic, especially investors and founders in robotics,” said Mark Boysen, who founded Naware. The company, based in Edina, Minn., developed a robot that uses AI to detect and remove weeds from golf courses, parks, and lawns.
“I loved getting the investors’ perspectives and understanding what they’re looking for,” Boysen said.
Jeffrey Cook, who attended a summit in 2024, said he met “a lot of great contacts and saw what the hard tech venture climate is like.”
Attendees of the Hard Tech Venture Summit spend the first day networking and presenting their pitch to investors. IEEE Entrepreneurship
“Those in the community would benefit from coming to the summit,” said Cook, who founded Gigantor Technologies in Melbourne Beach, Fla. It develops hardware systems for AI-powered devices.
More than 90 percent of attendees at the 2025 event in San Francisco said they would highly recommend the summit to others, according to a survey.
Investors and service providers also have found the events successful.
Ji Ke, a partner and the chief technology officer of deep tech VC firm SOSV, attended the 2025 summit.
“I met a lot of young entrepreneurs tackling some big challenges,” he said. “This is one of the best events to meet some very-early-stage companies.”
Making important connections in hard tech
Startup founders who want to attend a summit must apply. Applications for this year’s events are open. Participants must be founders of preseed, seed, or Series A startups.
Preseed founders are seeking small investments to get their businesses off the ground. Those in the seed stage have already secured funding from their first investor. Series A startups have obtained funding and are developing their product.
Applicants are reviewed by a committee of investors to ensure the startups would be a good fit. Those who are approved are matched with investors and service providers based on their specialty.
“The journey for a hard tech startup is very long and arduous,” Wong says. “Founders need to meet as many investors as possible and other people who support hard tech systems so that they’re able to reach out to them for advice or help.”
Those interested in learning more about an upcoming event can send a request to entrepreneurship@ieee.org.
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