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Sequencing the Chicken and the Egg

What happens when the market for your technology disappears before you finish developing it? Adrian Pugsley faced exactly this challenge when solar water heating was overtaken by photovoltaics, leaving his PhD research without a clear application. In this episode, Adrian shares how he pivoted thermal diode technology into switchable insulation, a solution to the growing crisis of overheating in modern buildings. He discusses the reality of spinning out from Ulster University, navigating IP negotiations, and the catch-22 of raising investment for deep tech: investors want trials on real buildings, but trials need investment. An honest conversation about the funding gap that deep tech founders face, and what keeps a founder going when the runway is running out.