What does it take to turn a scientific breakthrough into an enduring business?In this episode of Clearing the BLUR podcast, Rajiv Jayaraman and Deepak Sharma speak with Vishesh Rajaram, Co-founder and Managing Partner at Speciale Invest, about India’s deep tech ecosystem, patient capital, and the journey from research to commercially viable products.Drawing on his experience as an operator and early-stage investor, Vishesh explores the realities behind deep tech entrepreneurship: uncertain timelines, repeated experimentation, capital constraints, and the persistence required to keep building. He explains what investors look for beyond a pitch deck, why customer understanding matters from the beginning, and how knowledge becomes technology, products, and a lasting competitive advantage.In this episode• Managing capital and runway when development takes longer than expected.• Evaluating founders, customer needs, and commercial potential.• Research institutions, policy support, and capital efficiency.• India’s semiconductor and space technology opportunities.• Building defensible technology and domain expertise.• Affordable energy as a foundation for global competitiveness.• Funding the journey from early research to commercialization.• Building institutions and overcoming the fear of failure.Chapters00:00:00 Trailer00:01:47 Introducing Vishesh Rajaram00:04:41 Rapid Fire: R&D, AI Hype, Failure and Founder Grit00:08:48 Building Institutions Beyond the Founder00:10:59 From Manufacturing to Venture Capital00:12:26 Courage, Conviction and Market Uncertainty00:14:04 What Founders and Investors Underestimate00:17:44 Capital Efficiency, Runway and Policy Support00:22:11 How Speciale Invest Evaluates Deep Tech Founders00:25:02 Public Infrastructure Versus Venture-Backed Businesses00:29:32 India’s Semiconductor Opportunity00:35:01 Distinguishing Deep Tech from Incremental Innovation00:38:33 Domain-Specific AI and Competitive Advantage00:39:04 Valuing Generational Infrastructure00:41:21 Connecting Mobility, Energy Storage and Investment Opportunities00:42:58 India’s Deep Tech Ecosystem and Growing Investor Confidence00:45:29 India’s AI Opportunity: Start with Energy00:47:49 AI, Domain Expertise and Drug Discovery00:49:21 Energy Security and Climate Technology00:50:47 Defence Technology and Government Customers00:54:03 Speciale Invest’s Evolution and the Growth Capital Gap00:57:34 When to Pivot and When to Persevere00:58:44 Managing Investment Risk Across Technology Cycles00:59:36 Physical AI, Robotics and Energy01:00:55 Building Generational Companies01:02:27 R&D, Patience and Rethinking Success01:05:03 Brand India and Marketing InnovationAbout Vishesh RajaramVishesh Rajaram is Co-founder and Managing Partner at Speciale Invest, an early-stage venture capital firm backing deep tech and IP-led innovation. The conversation draws on investments across space technology, semiconductors, mobility, energy, and other science- and engineering-led businesses.About Clearing the BLUR podcast'Clearing the BLUR' is a podcast that breaks down complex ideas shaping our world — AI, data, leadership, innovation — into simple, human stories. Hosted by 𝗗𝗲𝗲𝗽𝗮𝗸 𝗦𝗵𝗮𝗿𝗺𝗮 and 𝗥𝗮𝗷𝗶𝘃 𝗝𝗮𝘆𝗮𝗿𝗮𝗺𝗮𝗻, each episode features candid conversations with leaders reimagining the future. 𝗦𝘂𝗯𝘀𝗰𝗿𝗶𝗯𝗲 for more insights on AI, innovation, and leadership.About KNOLSKAPEKNOLSKAPE is the world's largest experiential learning technology company, empowering organizations to become performance-ready through AI-enabled, human-centric, and immersive learning solutions. Its proprietary 4E Learn2Perform Framework—Evaluate, Educate, Experience, Enable—drives measurable outcomes through end-to-end AI-powered experiential learning. Visit us at www.knolskape.com to know more.
