Building Renaissance Fusion to 230 People Without Product-Market Fit

Building Renaissance Fusion to 230 People Without Product-Market Fit

Every startup playbook says the same thing: find product-market fit, then scale. Francesco Volpe built a 230-person company that won’t have customers for another decade.

In a recent episode of Category Visionaries, Francesco Volpe, Founder of Renaissance Fusion, explained how he’s scaling a deep tech company years before traditional product-market fit exists. His approach challenges fundamental assumptions about when and how to build teams in pre-revenue companies.

The Product-Market Fit Paradox

Product-market fit is supposed to be the inflection point. You build a minimal product, test it with early customers, iterate based on feedback, find fit, then scale aggressively. This sequence is gospel in startup circles because it reduces risk—you don’t invest heavily in teams and infrastructure until you know customers want what you’re building.

Renaissance Fusion can’t follow this playbook. Their product won’t exist until 2040. Their first customers won’t materialize until at least 2035. Francesco estimates: “We might reach revenues by 2030. And, you know, probably really scale up in the 2035, 2040 timeframe.”

This creates an uncomfortable reality: Renaissance Fusion must scale to hundreds of people and raise hundreds of millions in capital based entirely on technical milestones, not customer validation. There’s no early customer feedback loop, no revenue traction to validate market demand, no usage metrics to guide product decisions.

Yet the company has grown to over 230 people and raised over €300 million. How does scaling work when all the traditional validation mechanisms are absent?

Redefining What Validation Means

Francesco’s approach starts with recognizing that deep tech companies need different validation metrics than software companies. Customer feedback isn’t the primary signal—technical progress is.

For Renaissance Fusion, validation comes from demonstrating scientific and engineering milestones that prove their approach to fusion can work. Can they achieve the plasma temperatures necessary for fusion? Can they manufacture high-temperature superconducting components at the required specifications? Can they build prototype systems that validate their reactor design?

These technical milestones serve the same purpose that customer acquisition and retention metrics serve in traditional startups: they prove the company is making progress toward its ultimate goal and justify continued investment.

This shift requires investors who understand technical milestones as validation. Francesco emphasizes finding investors “that understand the reason why we’re going to need that much time and money, and to understand the reasons why we have to invest so much upfront before we actually reach revenues.”

The Mission-Driven Hiring Filter

Scaling without product-market fit also requires a fundamentally different approach to hiring. In traditional startups, early customers validate that you’re solving a real problem, which helps attract talent who want to work on something that matters. Renaissance Fusion doesn’t have that luxury.

Instead, Francesco uses mission as the primary hiring filter. “We try to look for people that are definitely idealistic, that are like motivated by the mission. You definitely need to have that when you’re going to be working potentially for more than a decade before you reach the actual final goal,” he explains.

This isn’t just about finding people who care about climate change. Francesco needs people who can stay motivated through potentially a decade or more of work before seeing the ultimate impact of their efforts. That’s a rare trait.

He pairs idealism with a second critical characteristic: frustration tolerance. “You need to have people that are not going to be too frustrated when things are not going to work immediately, which is definitely going to be the case when you’re trying to do hard innovation.”

This creates a highly specific hiring profile. Renaissance Fusion needs idealists who won’t quit when experiments fail, prototypes don’t work, or technical challenges prove harder than anticipated. They need people who measure success in technical progress rather than customer wins or revenue growth.

Building Without Customer Feedback

One of the most challenging aspects of scaling Renaissance Fusion is making product decisions without customer input. In traditional product development, you build something, show it to customers, learn what works and what doesn’t, then iterate. This tight feedback loop guides resource allocation and technical decisions.

Renaissance Fusion can’t talk to customers because their customers don’t exist yet. The utilities and energy companies that will eventually buy fusion power plants aren’t providing product feedback because the product is 15 years away.

This means Renaissance Fusion must make technical and design decisions based on first-principles engineering, competitive landscape analysis, and long-term market predictions rather than near-term customer validation. They’re essentially building a product for a market that will exist in 2040, based on their best understanding of what that market will need.

Francesco’s transparency strategy helps mitigate some of this risk. “We try to be as transparent as possible. We publish a lot. Our scientists are very eager, obviously, to publish stuff. And we try to do that not only in scientific circles, but also in the general media.”

By publishing research and engaging with the scientific community, Renaissance Fusion gets feedback from peers who can evaluate their technical approach even if they can’t evaluate product-market fit in the traditional sense.

The Revenue Gap Challenge

Scaling to 230 people requires significant capital, which creates pressure to generate revenue that validates the business model and reduces dependency on external funding. Francesco is realistic about the constraints.

“It’s really hard to scale revenues in like a fusion company when your core product is going to be selling electricity, probably starting like in 2040 or something,” he acknowledges. The company explored alternative revenue streams like selling components to other fusion companies or offering engineering services, but Francesco notes the limitations: “It’s really hard, especially now that most fusion companies are also facing some difficulties fundraising. It’s difficult also to sell very expensive items to them.”

This means Renaissance Fusion must accept something most startups can’t: sustained dependency on external funding for potentially a decade or more. There’s no path to revenue that significantly changes the capital requirements or validates market demand in the near term.

This reality shapes everything about how Francesco manages the company. Burn rate matters enormously because there’s no revenue to offset costs. Investor relationships are critical because Renaissance Fusion will need multiple additional funding rounds. Technical milestones must be achieved on schedule because they’re the only way to maintain investor confidence.

Managing Culture at Scale

Perhaps the most underappreciated challenge of scaling Renaissance Fusion is maintaining culture and momentum as the team grows. In traditional startups, early customer wins create energy and validate that the team is building something people want. Revenue growth provides tangible evidence of progress.

Renaissance Fusion has technical milestones, but they’re abstract to many team members who aren’t fusion physicists. How do you keep 230 people motivated when the ultimate goal—commercial fusion power—is more than a decade away?

Francesco’s emphasis on mission-driven hiring is part of the answer. When people join specifically because they care about solving climate change through fusion, they have intrinsic motivation that isn’t dependent on near-term wins.

The transparency strategy also helps. By publishing research and engaging publicly with their work, Renaissance Fusion gives team members visibility into how their efforts contribute to the broader mission. Scientists can see their work cited and discussed in the fusion community. Engineers can see prototype systems they built being tested and validated.

When Traditional Playbooks Don’t Apply

Francesco’s experience reveals which startup principles are universal and which are artifacts of specific business models. The universal principles include the importance of capital efficiency, need for clear milestones that demonstrate progress, value of mission-driven culture, and critical role of investor alignment.

The principles that don’t apply to deep tech include the requirement to find product-market fit before scaling, expectation of early revenue validation, reliance on customer feedback to guide product decisions, and assumption that team size should track with revenue.

For founders building long-horizon deep tech companies, Francesco’s approach offers a different framework. Scale based on technical complexity and required capabilities, not revenue or customer count. Use mission as the primary hiring filter when customer validation isn’t possible. Find investors who understand technical milestones as legitimate validation. Accept that sustained external funding is necessary and plan accordingly. Build transparency into your strategy to create feedback loops that compensate for lack of customers.

The Deep Tech Scaling Model

Renaissance Fusion’s path from zero to 230 people represents a fundamentally different scaling model than traditional startups follow. It’s not better or worse—it’s appropriate for a different type of company solving a different type of problem.

As Francesco frames the ultimate goal: “I think climate change is definitely the defining challenge of our generation. And probably, I would say the technology that is going to be able to solve that is going to be fusion.”

For challenges at that scale, waiting for product-market fit before scaling isn’t just impractical—it’s impossible. Francesco’s approach shows how to scale anyway.