#99 - Clara Ricard - Transition - "Hardware can scale as fast as software, China proved it"

#99 - Clara Ricard - Transition - "Hardware can scale as fast as software, China proved it"

Author: Hugo Rauch June 30, 2026 Duration: 40:56

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🌊 Building Deep Tech at Software Speed

What separates the best hardware founders, and why conviction matters more than consensus.

We’re joined by Clara Ricard, investor at Transition, focused on hardware and industrial deep tech, to explore what it really takes to build and back the next generation of climate and frontier technologies.

Hardware startups don’t follow the neat trajectories investors became accustomed to during the SaaS era. Their paths are messier, more capital-intensive, and often require a fundamentally different way of thinking about risk, talent, and execution.

In this conversation, we unpack why the best venture investments often begin with disagreement, how elite engineering cultures create outsized companies, and what founders can learn from organizations like SpaceX, Tesla, and ASML.

In this episode, we covered:

→ Why hardware investing requires a different mindset than SaaS

→ Why great VC partnerships shouldn’t always agree

→ How SpaceX, Tesla, and ASML created cultures that move hardware at extraordinary speed

→ Why operator networks outperform impressive résumés

→ The role of luck—and how investors try to recognize it

→ Why accepting more failures may actually produce better venture returns

→ Whether Europe can compete with China’s manufacturing advantage

✨ Leave a review and share the episode if this conversation challenged the way you think about growth, innovation, and sustainability.



This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Hugo Rauch hosts New Wave, a podcast that lives at the intersection of business ambition and scientific reality. This isn't about distant predictions or abstract science; it's a grounded exploration of the technologies and companies being built right now to address our environmental future. Each episode focuses on the practical journey, dissecting the models, the breakthroughs, and the hard decisions that define the climate tech landscape. You'll hear from founders, researchers, and investors who are actively shaping this space, getting into the specifics of what works, what doesn't, and why. The conversations move beyond hype to examine the tangible mechanics of creating viable solutions, from energy storage and sustainable materials to carbon removal and regenerative agriculture. It’s for anyone who thinks about the climate challenge not just as a crisis, but as a complex and urgent field of innovation. By tuning into this podcast, you gain a clearer understanding of the economic forces and scientific principles driving the next generation of environmental solutions. New Wave connects the dots between the lab, the boardroom, and the impact we need to see in the world, offering a sober yet optimistic look at where substantive progress is truly being made.
Author: Language: English Episodes: 50

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