Strategic Pivoting in Deep Tech: An Investigation of <scp>NSF</scp> I‐Corps Teams

ABSTRACT This study examines the role of strategic pivoting in early‐stage deep tech startups participating in the NSF I‐Corps program. Analyzing data from 230 teams, we found that 95% of teams adjusted at least one component of their business model, with 66% making notable changes involving four or more components. The most frequently altered components were value propositions and customer segments, suggesting the importance of achieving product‐market fit. Our findings emphasize the dynamic and iterative nature of business model development in deep tech startups, as well as the important role of strategic adaptability in overcoming the challenges of market exploration and commercialization.