Michał Nejbauer, CEO and Co-Founder of Fluence Technology, shares a remarkably honest and refreshing perspective on what it means to build a young photonics company in today’s uncertain world . In his editorial, he offers surprisingly direct answers to challenging entrepreneurial questions such as “How much capital do you need?” and “When is the best time to raise money?”; combining realism and optimism about photonics’ long-term future.
Building a photonics company is a remarkable adventure. It is also a journey that rarely follows a straight path.
A technological breakthrough may be the spark that inspires an entrepreneur to start a company, but technological advantage alone is never enough. In today’s world, innovation travels quickly. What seems unique today may become commonplace tomorrow. A scientific invention is only the beginning; its true value emerges when it is transformed into a sustainable business model that generates revenue, creates value for customers, and ultimately produces cash flow.
Business knowledge, best practices, management frameworks, and strategic advice are now accessible to anyone, anywhere. Information spreads globally at unprecedented speed. As a result, companies compete not only with local players but with ambitious teams from every corner of the world.
At the same time, uncertainty has become the new normal. Global conflicts, pandemics, trade disputes, economic cycles, and sudden technological disruptions make long-term forecasting increasingly difficult. Even the most carefully crafted business plans must constantly adapt to changing realities.
So how can a young photonics company survive – and eventually thrive – in such an environment?
I have always preferred the idea of building a cockroach company rather than chasing the dream of becoming a unicorn.
A unicorn is a startup valued at more than one billion dollars. Investors admire them because they promise explosive growth and massive returns. A cockroach company, on the other hand, focuses on resilience. Like the insect that is famously expected to survive almost anything, a cockroach company prioritizes endurance, disciplined spending, strong unit economics, and the ability to weather difficult times.
Regardless of which path you choose, capital remains essential. Investors naturally prefer attractive unicorn stories to humble cockroach narratives. Yet history reminds us that unicorns are rare, sometimes fragile, and often dependent on favorable market conditions. Photonics companies, perhaps more than most, must learn how to survive uncertainty and remain ready for the moment when their technology becomes indispensable.
Fortunately, such moments arrive regularly in our industry. We witness mini-revolutions in photonics quite often. Light continues to penetrate new applications and industries, becoming an increasingly important part of modern life.
Based on my own experience, I would offer a few brief pieces of advice to young entrepreneurs:
What is the best type of investor?
The one who wants to grow with you. Look for investors who are patient, understand deep technology, and do not constantly focus on exit horizons and return multiples.
How much capital do you need?
At least twice as much as you currently think.
When is the best time to raise money?
When you do not need it.
Should you focus on grants?
In my opinion, only to a limited extent. Grants can be extremely valuable at the beginning, especially for high-risk technology development. However, companies that become overly dependent on grants risk losing their commercial focus. Building a business exclusively around grant-funded projects is like teaching a surgeon using only cadavers. The surgeon may learn techniques, but true mastery comes from operating on living patients. Likewise, businesses learn by serving real customers. Customer-driven product development remains the most reliable path to creating products that the market genuinely needs.
This year, Fluence Technology celebrates its 10th anniversary.
I still remember people asking why the world needed yet another femtosecond laser company. Ignoring those voices turned out to be one of the best decisions of my life. Equally important was our commitment to continuously improving the product based on real customer feedback.
Today, I feel that the time for femtosecond technology has truly arrived. Long-standing trends toward miniaturization and higher precision have gained new momentum, accelerated by the AI revolution and the growing demand for advanced manufacturing and photonic technologies.
My wish for every young entrepreneur is simple: stay alive long enough to reach the moment when the world becomes ready for what you have been building. In other words, survive long enough for your time to come.
And perhaps, one day, witness the transformation of a cockroach into a unicorn.
Dr Michał Nejbauer, 04.06.2026
CEO and Co-Founder at Fluence Technology
