Venture capital investments in “hardware” companies such as advanced materials start-ups have typically focused on productization and scale-up as the key value creation activities. Partnering in the form of joint ventures, joint development or distribution agreements have traditionally been the business model of choice. Licensing models are often shunned with the argument being that you leave money on the table and your ability to influence is lost while fate is determined by corporate and market forces beyond your control. Valid points! But these issues can often be mitigated and should be weighed against the advantages of licensing, of course in the context of the market dynamics and industry structure that is faced.