Why Smart Founders Can't Handle Complexity - Matthias Winter (Constructor Capital)

Innovation and Private Capital x aulium · Apr 30, 2026 · 1h 6m

Deep tech ventures require years of patient capital, yet most of them reach Series B without any revenue at all. Matthias Winter explains why traditional metrics like monthly recurring revenue and churn rates simply don't apply when you're building quantum computers or photonic processors — and why that's exactly the point.

This conversation unpacks how Constructor Capital conducts due diligence when the technology is still in university labs and the market won't exist for another five years. Winter walks through the real bottlenecks: 90% of potential investments fail because the underlying…