Key Learnings from Episode: Scaling DeepTech and Commercialising Innovation with Matthew Simmonds, Co-Founder & Managing Director of Entocycle

In this episode of Beyond the Raise, Matthew Simmonds reflects on his eight-year journey helping build Entocycle, an insect technology company tackling food waste and sustainable protein production. The conversation explores the realities of scaling a deep-tech business, transitioning from startup to scaleup, managing complexity, building the right leadership team and navigating some of the toughest challenges founders face.

Building a Business Without a Blueprint

Entocycle wasn't entering an established market with a proven model. The team was effectively creating a new category, developing automated insect farming technology capable of transforming food waste into sustainable protein.

In the early days, the company was little more than a handful of people, a small amount of grant funding and a big vision. From there, the challenge became designing an entire industrial process from first principles.

Key Takeaways

• Some businesses must create the blueprint before they can scale it.

• Deep-tech ventures often require years of technical development before commercialisation.

• Early-stage success depends on experimentation, learning and iteration.

• Building something entirely new requires a high tolerance for uncertainty.

Startup Thinking and Scaleup Thinking Are Different

One of Matthew's strongest reflections is that founders need to recognise when the business has changed and adjust their leadership style accordingly.

The flat, fast-moving environment that works for a small startup eventually becomes a constraint. As the company grows, structure, communication channels, governance and accountability become essential.

Key Takeaways

• Different stages of growth require different leadership approaches.

• Processes that feel unnecessary in a startup become essential in a scaleup.

• Founders must continually adapt their thinking as the business evolves.

• Knowing which "gear" the business needs to be in is a critical leadership skill.

Series A Changes Everything

For Entocycle, the clearest inflection point came after its Series A raise.

The company suddenly had more capital, more stakeholders, more governance requirements and a larger team to manage. Matthew's role shifted from CTO to Managing Director, requiring him to focus less on technology and more on operations, people and commercialisation.

Key Takeaways

• Series A funding often marks the transition from startup to scaleup.

• Growth creates complexity as well as opportunity.

• Investor management becomes a meaningful part of leadership.

• The skills that get a company to Series A are not always the same skills needed afterwards.

Balancing Technical Ambition with Commercial Reality

A recurring theme throughout the discussion is the tension between engineering excellence and commercial viability.

Entocycle tracked hundreds of variables across biology, automation, robotics and factory operations. At the same time, the business needed to understand what customers wanted, what they could afford and what was commercially realistic.

Rather than allowing technical and commercial teams to operate in silos, the business worked hard to create healthy tension between the two.

Key Takeaways

• Technical and commercial teams must stay closely aligned.

• Customer feedback should shape technical development.

• Innovation only creates value when it solves a commercial problem.

• Healthy tension between departments can drive better decisions.

Scaling Creates Operational Problems Before You Realise It

As Entocycle grew, Matthew found himself increasingly frustrated by inefficiencies and operational bottlenecks.

Processes that were manageable with a handful of people became major obstacles once the business scaled. The company eventually needed dedicated finance, HR and operational functions to prevent leadership from becoming overwhelmed by day-to-day administration.

Key Takeaways

• Operational issues often emerge before founders notice them.

• Growth exposes weaknesses in systems and processes.

• Building infrastructure is essential for sustainable scaling.

• Founders need to spend less time firefighting and more time thinking strategically.

The Best Hire Might Not Be Who You Expect

One of the most impactful hires Entocycle made was a Finance Director who appeared significantly overqualified for the role.

Initially, the team assumed there must be a catch. Instead, they discovered someone motivated by the mission rather than the salary, who brought experience, credibility and access to entirely new investor networks.

The hire fundamentally changed how the business thought about funding, infrastructure and growth.

Key Takeaways

• Great hires often bring more than their job description.

• Mission-driven candidates can be motivated by impact rather than compensation.

• Experience from other industries can transform how a business thinks.

• Sometimes the most valuable candidates don't fit the expected profile.

Hire Slowly, Exit Quickly

Matthew is candid about the emotional impact of hiring mistakes.

While Entocycle invested heavily in technical assessments, references and cultural fit, some hires still didn't work out. His view is that when a mismatch becomes clear, leaders should address it quickly and professionally rather than allowing problems to linger.

Key Takeaways

• Thorough hiring processes reduce risk but don't eliminate it.

• Wrong hires affect teams emotionally as well as commercially.

• Delaying difficult decisions rarely improves outcomes.

• Acting quickly is often kinder for everyone involved.

Strategic Partnerships Can Accelerate Growth

One of the biggest commercial breakthroughs came through partnerships with major global organisations.

Rather than trying to build every capability internally, Entocycle partnered with established industrial businesses that already had infrastructure, expertise and customer relationships.

These partnerships significantly increased credibility and accelerated growth.

Key Takeaways

• Partnerships can help startups scale faster than building everything themselves.

• The right partner brings expertise, customers and credibility.

• Due diligence matters on both sides of the relationship.

• Strategic alliances work best when both parties have clearly defined roles.

Not Every Opportunity Is Worth Pursuing

As Entocycle explored different commercial models, some ideas looked promising but ultimately proved to be distractions.

One example involved attempting to commercialise a standalone machine that was technically impressive but lacked a sufficiently large market. While difficult for the team involved, recognising this early allowed the business to focus resources elsewhere.

Key Takeaways

• Good ideas are not always good businesses.

• Commercial potential matters as much as technical capability.

• Killing projects can be as important as launching them.

• Learning from experiments is part of the innovation process.

The Silicon Valley Bank Crisis: A Lesson in Risk Management

One of the most dramatic moments in the episode is Matthew's account of the Silicon Valley Bank collapse.

Having recently closed a major funding round, Entocycle suddenly found itself questioning whether it would be able to access the cash it needed to operate. What followed was a frantic weekend of emergency planning, investor conversations and contingency measures before the situation was ultimately resolved.

The experience became a defining lesson in treasury management and business resilience.

Key Takeaways

• Cash management becomes increasingly important as companies scale.

• Don't rely on a single bank or account.

• Treasury policies should be implemented before they are needed.

• Risk management is part of leadership, not an administrative exercise.

• Preparing for unlikely events can prevent catastrophic outcomes.

Your Mindset Is Your Most Valuable Asset

When asked what advice he would give a founder twelve months behind him, Matthew's answer wasn't about fundraising, hiring or product strategy.

It was about mindset.

He believes founders must actively protect their mental capacity, avoid burnout and create enough space to think clearly. Great decisions come from a fresh mind, not from exhaustion.

Key Takeaways

• Your mindset influences every decision you make.

• Burnout reduces creativity, judgement and leadership effectiveness.

• Creating headspace is not a luxury; it's a necessity.

• Looking after yourself helps you build a better company.

Looking Ahead

Reflecting on his journey, Matthew emphasises the importance of focus, strategic partnerships and understanding where a business creates unique value. While Entocycle's mission was ambitious, many of its most important lessons apply to founders in any industry: know what you're best at, build the right team around you and avoid trying to do everything yourself.

Final Thought

Building a deep-tech company means constantly evolving alongside the business itself. What begins as a small group solving technical problems eventually becomes a complex organisation that requires structure, leadership and focus. Entocycle's story is a reminder that scaling successfully isn't just about building great technology—it's about building the people, processes and partnerships needed to turn innovation into a sustainable business.