This really smart guy from my university in Norway started his company in an interesting way. After collaborating with Copenhagen Suborbitals, he identified rocket propellant pumps as a component where there was a growing need for a new product. He then went back to university and studied the possible subjects in fluid dynamics, and did projects with scaled-down testing using the available water lab. They've since built a team and crowd-funded, and now provide several products for the space industry. It seems to be a good example of a methodical and iterative approach to building a space company without large investment.