Deep tech is no longer the primary purview of deep pockets—or of the scientific community. A number of trends have brought us to a point of major change in how deep tech research is pursued and how new technologies are brought to market. Innovation is a much more fragmented and diverse endeavor than ever before—geographically, functionally, and industrially. Some suggest that we are at the beginning of a new cycle that could carry R&D for the next two to three generations or that we may be shifting from the end of one cycle, a “deployment” phase—which has been mostly about building applications that are based on existing information and communications technologies—to the beginning of an “installation” phase in which new technology infrastructures are constructed. Clearly, a new deep tech ecosystem is taking shape, with big ramifications for all players, most notably companies, investors, and startups.