Avsnitt
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We talk a lot about founder market fit. It's a crucial component of founder selection because of the simple fact that founders who really understand their industries are very unlikely to build something that people don't want. There is no gap between the perceived reality of their market and the actual reality of their market. An awful lot of venture funding is burned bridging that gap. Alongside his co-founder, Glenn, Paul Vacquier has built Beagle Services, a new generation of plumbing company, in direct response to his experience in attempting to roll out IoT units in the market, and it's going rather well. He is a powerful combination of litigator, salesman, and leader, wrapped in a cloak of relentlessness that is required for his market. And his market is rewarding his approach at increasing scale. You'll see why. Please enjoy my conversation with Paul Vacquier.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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Paul recounts his journey from litigation to launching Beagle Services, and discusses the importance of founder-market fit. He also highlights the challenges of innovating in regulated sectors, the strategic scaling of Beagle, and the value of applying lessons from his law career to navigate the complex water industry. Our highly esteemed guest concludes today’s remarkably informative and entertaining conversation by offering crucial advice on resilience as well as market insight for budding entrepreneurs in water technology.
0:00 Start
0:49 Introduction
1:56 Paul’s path to water
3:51 Law profession lessons and advantages
8:34 His experience with Contract Cloud
11:23 His time at Flo
14:25 What led him to Beagle
16:32 Beagle’s work and its importance
21:04 Beagle’s status now and in the future
22:53 Its ‘virtuous circle’ with the market
26:14 Beagle’s contact with underwriters
27:44 Managing Beagle’s level of scaling
31:03 Retaining and ingraining values in the team members
33:26 The sustained position of Beagle's business over time
35:36 The role of data in its business
40:13 Governmental and utility action of water efficiency
43:51 The advantages of Paul’s personal shift over the years
46:10 The importance of maintaining trust
46:49 What frustrates Paul about the funding market
52:03 Paul’s most important advice for future water entrepreneurs
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
Beagle Services, Inc.: https://www.beagleservices.com/
Quotes:
"Every part of my law career taught me something valuable about deep diving into complex problems."
"The real job isn't just starting something; it's about continuously optimizing and adapting."
"In entrepreneurship, your ability to learn and adapt is as crucial as your initial idea."
"We need to bridge the gap between technology potential and practical application in the water sector."
"Being comfortable in uncomfortable situations has shaped how I approach business challenges."
"Innovation in water technology isn't just about conservation but also about infrastructure resilience." -
People do business with people they like, and Matt Johnson is one of the most likable people I have met in the last 10 years. He is a cocktail of curiosity, energy, reflectiveness, enthusiasm, and both left and right brains that come together in a genuinely compelling person. And his company is a reflection of him and his co-founder, Bibi - a phenomenally designed, user centric, cost effective solution for a pervasive problem, not only in water, but in real estate and all real assets as well. LAIIER have already secured leak detection contracts with two of the biggest companies in the world and have a good shot at becoming a new standard in building resilience. Their story is a fascinating study in entrepreneurship, and they're in a very interesting position indeed. Please enjoy my conversation with Matt Johnson.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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Matt shares his entrepreneurial journey from Colorado to London, emphasizing the cultural insights and strategic growth tactics he's adopted. He and Tom discuss LAIIER's innovative solutions for preventing damage in real estate and industrial settings, the challenges of negotiating with large entities, and the significance of understanding customer needs for business success. Their discussion here today takes a deep dive into the complexities of water technology that encapsulates the essence of overcoming adversity with a positive mindset, underscoring the critical role of humor and resilience in the entrepreneurial journey.
0:00 Start
0:49 Introduction
2:15 Matt’s journey to LAIIER
6:47 What LAIIER produces
8:36 Advantages and disadvantages of Matt’s training
11:28 The discovery process
14:47 Working with big name entities
18:15 The importance of sequencing
21:55 Alleviating some of the sales pressure on him
24:43 A fundamental founder sales problem
29:09 Replicating founder level sales quality in a sales organization
33:11 Negotiation lessons and resources
36:51 Cultural differences between Britain and the US
39:56 Reflections on becoming an entrepreneur
42:00 Matt’s single piece of advice for water entrepreneurs
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
LAIIER: https://www.laiier.io/
Quotes:
“So it is really like different strips of tape that you can stick on, around, under pieces of equipment that do very precise measurement of different liquids on the surface, and then report that remotely.
"Culturally, it's now aspirational to be entrepreneurial in the UK."
"It's crucial to be methodical about consistency in communication during customer discovery."
"Great businesses are built through facilitating a connection, often reassembling existing things in a new context."
"The advantage of the founder is industry knowledge, charm, and willingness to take risks, but the advantage of a sales team is negotiation and execution."
“If you can maintain a sense of humor when it gets really tough, you're more likely to maintain the creative energy required to not just survive it, but to thrive in it.” -
Saknas det avsnitt?
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Nicole Neeman Brady is a real standout in the world of water. An entrepreneur, an intrapreneur fund manager, mentor to countless emerging water professionals, she has packed a lot into her time in the sector. She's currently a managing director with Renewable Resources Group, where she oversaw the raising and deployment of the $927 million sustainable Water Impact Fund, the largest of its kind ever. She is also a public servant of considerable standing, having just left the board of the Los Angeles Department of Water and Power, which is the largest municipality in the US with an annual operating budget of $7.5 billion. And she previously served on the Colorado River Board of California. As you will hear, she's a deeply smart, generous, and reflective person with a fascinating career. Please enjoy my conversation with Nicole Neeman Brady.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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Nicole shares details from her transformative journey from early days at high-profile firms like McKinsey and Goldman Sachs to her pivotal role in pioneering distributed water treatment solutions. She discusses the challenges and strategies in water management amid climate change, the complexities of board governance, and the impact of strategic decisions on environmental sustainability. Throughout the episode, Nicole offers insights into water rights investing, the dynamics of the SPAC market, and the crucial role of storytelling in advocating for environmental issues.
Episode Highlights:
0:00 Start
0:49 Introduction
2:00 Nicole’s journey to the water sector
6:35 The Renewable Resources Group (RRG)
9:16 Fundraising around water
11:54 Investing in water rights
14:37 SPAC markets
19:11 Serving on the LADWP board
22:55 Running an effective board
27:09 The role of a board Chair
29:30 Nicole’s perspective on MBAs and YPO
32:49 The future of water as an investable area
35:16 Communicating the water story
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
Nicole Neeman Brady: https://www.linkedin.com/in/neemanbrady/
Quotes:
“I saw the critical need for innovative solutions in water management.”
“It can be a tremendous and clear opportunity to find a way to monetize water, to make investments in the sector while addressing water security challenges and really promoting sustainable and environmental good practices.”
"My water journey…really began with a deep fascination and passion for sustainability and resource management."
"We wanted to focus on distributed water treatment, really under the thesis that much like the energy sector, water too would move from large scale projects to more distributed solutions."
"I think there's been a much more notable recognition of the climate change's impact on water sources and their lack of durability and resiliency."
“We have to embrace storytelling as a strategic priority.”
“If you feel like you're drowning in problems, there's always a solution waiting to be distilled.” -
In 2015, we still used those table speakers for conference calls. Remember those? Kind of looked like a spaceship. I had just started at Imagine H2O, and the first external call I had on my second day was with someone who was very highly regarded by my colleague Ivy Nguyen, who is now a BIV IC member. Hi, Ivy! That someone was Steve Kloos, partner at True North Venture Partners, previously at GE Water and Osmonics. And Ivy was really right.
Over the following eight years, Steve became a friend, mentor, colleague, and through an annual seminar for IH2O companies that he ran, probably the single biggest influence on how I and the team thought about the science of early stage company creation and entrepreneurship. I was so grateful for his support through the formation of BIV Fund I, and it was a wonderful moment when we saw the possibility of working together. Along with Christine joining, BIV has now entered a new phase, and one that sets us up excellently for the long term. We have a three-person partnership of complementary skills and backgrounds, and it's tremendously exciting to have Steve join us. He's an exceptionally smart, kind person with a hell of a resume and is one of the highest integrity individuals I've had the pleasure of working with.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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Steve Kloos’ career in the water field, his expertise in membrane technology, and his significant contributions at Osmonics, GE, and partner at True North Venture Partners is explored. He and Tom discuss the critical roles of mentorship, strategic thinking, and the dynamics of corporate integration and venture capital in fostering innovation. Key themes discussed are the power of water treatment technologies, the importance of understanding value chains, strategies for startup success and sustainability, and the need for continuous learning and adaptability in addressing climate change and advancing water technology.
Episode Highlights:
0:00 Start
0:49 Introduction
2:23 Steve’s journey with water
4:45 Membranes and their importance
5:49 GE’s acquisition of Osmonics
8:04 Steve’s progression within GE
9:59 GE’s vulnerabilities
12:28 Transitioning from focusing on business internally to externally
16:11 GE Ventures
18:05 True North and startup theory
22:35 Coaching startups
27:20 Risk retirement and registers
30:15 Lessons learned as AquaHydrex CEO
31:56 A unique tool in acquiring funding
34:16 Hydrogen and water’s intersection with climate and climate risk
39:27 Current
42:09 What excites him about BIV
46:10 Steve’s advice for prospective water entrepreneurs
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
Current: https://currentwater.org/
“Onion Theory of Risk”: https://www.youtube.com/watch?v=xy9cAANwMe
Quotes:
"The true north of any company lies in understanding its customers and working backwards from there."
"Innovation is not just about having a groundbreaking idea; it’s about making it sustainable and scalable."
"Water is not just a resource; it’s a critical player in our collective response to climate change."
"Being a learner is more than a mindset; it’s the most crucial skill for any entrepreneur." -
It's important to have people you look up to in the industry you choose. And by "look up to," I mean to be consistently, wildly impressed by what they're building, their intellect, their clarity of thought, their track record, and how they comport themselves. Reinhard Hübner is one of those people for me. As the CEO at SKion, he has built an undeniably impressive platform, yielding $700 million in global revenues and with no signs of slowing down. They know exactly how big their opportunity is. And he and his partner, Dirk Brusis, have built an interlinking set of companies, solutions, and technologies to really go after it. Please enjoy my conversation with the excellent Reinhard Hübner.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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Dr. Hübner delves into the strategic layers of the water industry, tracing his ascent from wastewater treatment to leading SKion's global expansion. They explore operational dynamics, the significance of human capital, and the complexities of mergers and acquisitions amid economic flux, emphasizing strategic growth and valuation discipline. Hübner discusses startup challenges, underscores direct customer relationships, and the necessity of a unified, innovative culture within SKion's network. Today’s discourse reveals SKion's strategic direction and ethos, imparting insights on adaptability, collaboration, and leadership vital for navigating the water industry's ever-evolving global challenges.
Episode Highlights:
0:00 Start
0:49 Introduction
1:39 Dr. Hübner’s career to date
3:45 Lessons learned from manufacturing and logistics experience
5:06 His experience in leakage
6:52 Drinking water vs wastewater reflections
8:56 Being headhunted to work in the German water industry
9:45 Learnings from the first deal that didn't work
14:18 Structural shifts that are enabling the faster adoption of new products
17:04 SKion and its relationships with business
23:40 M&A and the current market
27:26 Is water countercyclical?
28:40 Structural comparison of the European and US markets
32:03 The evolution of Dr. Hübner’s job
35:27 His thoughts on earlier stage investing
37:47 FIDO and leak detection fun
39:19 His partnership with Dirk Brusis
42:18 The pros and cons of Dr. Hübner’s public speaking
44:47 His most important piece of advice for aspiring water entrepreneurs
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
SKion Water: https://www.skionwater.com/en/
Quotes:
"There's no such thing as life before water."
"You can't eat services...Somebody has to produce something from something."
"It's a conservative sector, and on the municipal side, they don't take risks."
"We don't want to be the biggest. We want to be the best."
"Forced collaboration is like forced labor...it doesn’t work."
"You need to be patient, which is not always my strength."
"We have been very disciplined in not overpaying."
"Water is full of passionate people. Nice, passionate people."
"I mean, the reality is drinking water is, technologically and asset wise, much simpler than wastewater."
"Don't try to do it alone. Find partners also in the industry." -
Anthea Sargeaunt is the CEO and Co-founder of 2S Water. Multivariate, real-time non-contact sensing is one of the holy grails of water management. Getting it right will allow all stakeholders to understand what is in their water in real time. And if we can get it really right, this knowledge will allow a host of improvements in water management, including reduced chemical and energy use, reduced pollution, reduced fines, improved health outcomes, improving the pace and cadence of experimentation with new technology. The list is very long indeed. Anthea and her team have taken a fascinating pathway from problem selection to massively leveraging their equity through grants. She is an exceptional founder and person and one of the best founder communicators I have met. I loved her insights into the importance of public speaking as you're building a company. Please do enjoy my conversation with the excellent Anthea Sargeaunt.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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Anthea's entrepreneurial journey, spanning from early ventures to the oil and gas sector, showcases her problem-solving prowess and industry acumen. Today, she and Tom explore partnership complexities and grant acquisition, stressing understanding partner expectations and grant funding's role in startup growth. Anthea's insights emphasize genuine connections, adaptable communication, and infrastructure investment for streamlined product development. This dialogue not only underscores innovation's transformative power but also offers guidance for aspiring water entrepreneurs, marking a pivotal moment in industry evolution.
Episode Highlights:
0:00 Start
0:49 Introduction
1:50 Anthea’s career to date
6:10 2S Water’s genesis
8:30 Its product and the problem it solves
10:43 Understanding the problem
14:39 Establishing early customer relationships with large companies
16:50 Pros and cons of this early engagement
18:19 Crossing the Chasm and Anthea’s implementation of it
21:11 Navigating partnerships
27:00 Funding with grants
29:19 Key skills in writing grants
32:48 What surprised Anthea most about the water sector
34:32 What she has learned since joining it
35:19 Anthea’s advice based on these learnings
37:05 Her experience in the Lithium market
39:52 Working with family
42:24 Anthea’s speaking and presenting skills and their value
46:01 Her most important piece of advice for aspiring water entrepreneurs
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
2S Water: https://www.2swater.com/
Quotes:
"I've always been surprised at water treatment operators. They're such a special breed of people. They do it because they love it.”
"In the mining sector, when we look at it, there is no other real path to the market than through the large multinationals."
"If you don't have that kind of insight coming from the other side of the table, it's hard to get it anywhere else."
"Partnerships are completely fundamental... cultivating them is vitally important."
"Writing a grant is much like any other sales process... understand what the grant organization is trying to accomplish."
"The lab isn't the field... get out into the field as fast as you can." -
When I started Burnt Island Ventures, I needed help. I needed help of all kinds. But one of the things I needed most as a first-time fund manager was credibility in the decision-making process. Alongside Ivy Nguyen, David Stanton agreed to become a member of our investment committee, and he put a crucial brick in the BIV credibility wall. In this episode, you will see why. David is deeply experienced in startups, growth companies, and corporates, and he now runs Cleanwater1, hired by Baird Capital after they purchased UGSI in 2022. I have learned so much from David, from management tactics to market assessment, and I know you will too. Please enjoy my conversation with David Stanton.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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David Stanton shares profound insights into the nuanced evolution of the water sector, from the consolidation era of the '90s to the contemporary landscape shaped by digital transformation and rate alignment. Delving into themes such as entrepreneurship, sales dynamics, and M&A strategies within the industry, he uncovers the intricacies of navigating structural dynamics and fostering operational excellence. With an emphasis on the paramount importance of sales in driving business growth and the imperative of building resilient virtual teams, today’s engaging dialogue offers invaluable insights into effective entrepreneurship and team management strategies. Ultimately, through past experiences and future aspirations, the episode illuminates the path towards sustainable success in the ever-evolving water sector landscape.
Episode Highlights:
0:00 Start
0:49 Introduction
1:53 David’s career in water
5:47 How water utilities are allowed to make money
10:57 David’s key learnings in entrepreneurship
14:23 How to do M&A well
19:39 Private equity
23:40 The importance of the nomenclature used within the industry
26:12 Client and customer terminology
29:11 The role of consulting engineers
31:14 Clearwater1’s dual incentive structure
33:28 Changes in the water sector past, present and future
36:41 The industry’s public narrative
41:07 Hiring and managing teams
43:02 David’s one piece of advice for aspiring entrepreneurs
44:18 Christine Boyle’s “Why Deep Pain Leads to Great Products”
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
Cleanwater1: https://cleanwater1.com/
Quotes:
"The industry really has been driven by what I would call the macro trends of the decade or so that were affecting the industry."
"For most businesses, the issue isn't, 'Does my product work and is it good?' It's 'How do I sell it at scale in a market that's so fragmented and disenfranchised?'"
"Our job as the leadership team, to be quite blunt, is to take advantage of the best path through the financial industry to meet the end or means that we’re trying to achieve."
"The number one killer of good ideas is valuation. If you sell your business at a stupid valuation, I mean, it's what killed my startup in 2012."
"Teams are virtual now... You want to solve for this. It's really, really an important skill."
"The revenue doesn't happen without sales, and the business doesn't happen without the revenue. What could be more important?" -
Adam Tank's trajectory, from early leadership roles at GE to his entrepreneurial endeavors, offers a wealth of profound insights into the critical trilogy of water, technology, and entrepreneurship at the heart of this podcast. His experiences navigating the dynamic landscape of the water industry, as shared here today, offer valuable perspectives on the challenges, triumphs, and pivotal decisions that have shaped his extraordinary career. Together, he and Tom explore the importance of understanding customer needs, building trust, and effective communication in driving success in the water sector. They also review the strategic decisions, intellectual architecture, and relentless innovation which have propelled Transcend to its current role as an industry leader guided by the inspiring leadership of Adam and his talented team.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
Episode Highlights:
0:00 Start
0:49 Introduction
1:45 Adam’s work history
6:58 Key stage gates in his career
14:20 Working with utilities and consulting firms
22:49 Transcend and the value it provides
27:47 Adam’s role at Transcend
28:52 His thoughts on marketing
31:29 Speaking the customer’s language
33:52 Company building as a ‘spin-off’
35:18 Starting with the ‘why’
37:52 The power of foster parenting
41:20 Adam’s most important advice for emergent water sector founders
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
Transcend: https://transcendinfra.com/
Water We Talking About?: https://www.wateronline.com/solution/water-we-talking-about
Quotes:
"I stumbled into water... It's just an unbelievably compelling industry for so many reasons."
"What you think may be the thing that's valuable to the customer may not actually be the thing that's most valuable to the customer."
"The presence or absence of water not only impacts how much food you can produce…but it also has a significant impact on the safety of the food."
"The worst thing that can happen for an entrepreneur is to spend a year, two years, three years and all of Burnt Island's money building this thing that no one is willing to pay for."
"We need more people from outside of the sector, no question. But I will say that part of the reason that innovation is a bit slower in this industry is that we have had people come in that are not water experts, that have said, 'I can solve all of your water problems,' but they're coming with a different lens."
"Listen to your customer.” -
John Bertrand is our kind of founder, a wastewater engineer who has operated inside and outside the utility fence - he understands his market upside down. What he saw in his time in the utility world led him to wonder if the messy world of managing the constant stream of incoming data from utility customers - calls, text messages, 311 alerts, voice messages, web forms - could be automated, freeing up the dedicated professionals who traditionally handle this work to focus on more important tasks. And so, teaming up with his co-founder Ryan, they started Daupler, which now serves more than 85 customers - not only water and wastewater utilities, but full municipalities, police and fire dispatch, power companies, and restoration companies. There is a giant opportunity here to build the field operating system for the built environment. And John is consistently impressive, not only in pushing the company to the verge of 5 million in bookings, but the originality and logic of his thought. He really is a diamond. Please enjoy my conversation with John Bertrand.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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John Bertrand, Daupler's Co-founder, takes a deep dive into the intersection of technology, utility management, and entrepreneurship as he shares his company’s transformative journey, offering valuable insights for emerging founders in the water industry along the way. His narrative illuminates Daupler's strategic evolution, focusing on aligning technological innovation with utility needs to revolutionize response management. Today’s episode also explores Daupler's role in enhancing operational efficiency and customer satisfaction, while discussing key aspects of technical and commercial expansion, providing a comprehensive view of the future landscape of utility management.
Episode Highlights:
0:00 Start
0:49 Introduction
2:01 John’s history with the water industry
2:39 Working for the utility vs as a consultant
3:25 Consultants as ‘gatekeepers’ in the water sector
7:14 The problem Daupler solves
10:34 Daupler’s CTO and Co-founder, Ryan Rosenbaum
12:10 What Daupler does
14:36 Learning from an early misstep
16:47 Comparing Daupler with PagerDuty
18:56 Building Daupler customers’ operating systems
21:40 Moving into adjacent sectors
23:59 Creating a critical mass of customers throughout the US
25:58 What John has learned about marketing his product vs sales
27:33 Daupler’s moat
29:23 AI and its role in Daupler
32:04 The critical mass of data within water utilities
34:37 The current and future state of utility management
37:32 Going international
40:15 The one lesson John would pass on to emerging water founders
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
Daupler: https://daupler.com/
Quotes:
"For most municipalities, that has the most pain, being the water or wastewater department.”
"You need to monitor the data, watch your trend, and then take appropriate action.”
"The data will be the real value."
"For most utilities, they are thinking about things in a proactive and preventative way because those are places of comfort where they can have control."
“Don't sell vitamins, sell painkillers. Change their life.” -
People always bang on about disruption, and usually it's meaningless. Some very rare founders should bang on about disruption because they're actually doing it, but don't. I like to think it's humility, but more importantly, it's because they decided to go and solve a real, deeply felt problem in the market, usually in an overlooked sector, and happened upon a deeply powerful pathway of company building. Tyler Henke, CEO of Ziptility, is one of those founders. He and his team noticed that the market, and especially the software market, didn't build, excuse my French, anything useful for the people who make the small communities of America function - the utility operators. They were forced to run these systems according to whatever needed fixing that morning with post-it notes, bits of paper, and if they were lucky, a 1997 Dell PC. Tyler correctly saw the potential for an excellently designed, mobile-first, user-generated operating system that could help these amazing professionals do their jobs easier, better, cheaper, more collaboratively, and reliably. He's an amazing guy, and it's an amazing platform.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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Tom is joined by Tyler Henke, Co-Founder and CEO of Ziptility, and together they explore Ziptility's groundbreaking journey in disrupting the water technology sector, addressing the challenges faced by small water and wastewater utilities across the United States. Tyler shares insights into the vast market potential within the US, highlighting Ziptility's focus on smaller to mid-sized utilities and their approach to trust-based sales, emphasizing genuine relationships and tailored solutions. He also unravels the layers of Ziptility's mission, focusing on such themes as understanding the utilities' world, building better tools for change, and fostering customer engagement and innovation.
Episode Highlights:
0:00 Start
0:49 Introduction
1:59 Tyler’s journey to, and with, Ziptility
4:48 Small water and wastewater systems
7:06 Developing Ziptility
11:41 Customer contact
14:40 Ziptility’s function, benefits, and market
20:37 Acquisition, and lifetime value, of customers
23:15 The stickiness of Ziptility’s customer relationships
25:51 Ziptility’s customer loyalty
29:45 Customer success now and for the future
31:58 Lessons learned about assembling a team
35:27 The future of software and other products for utilities
37:33 Tyler’s lesson for the next generations of water founders
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
Ziptility: https://www.ziptility.com/ -
Persistence is an underrated quality of the best entrepreneurs. VCs never think they underrate it, but they do. The public only ever sees the glory and fireworks when an entrepreneurial story works. But it's the application, the effort, the persistence that lies behind every great outcome that is the primary determinant of that outcome. Matt Swindle, the CEO and co-founder of NLine Energy, has it in spades. Not only did he attain the rank of Colonel in the Marine Corps, a rank he retains in the reserves, he and his team are building a potentially enormous company. Quietly and methodically, NLine Energy has the potential to turn every sizable boiler in the world into a power plant - don't worry, he will explain - while another vertical of the business is the best small hydro remediation assessment and upgrade team in the country, if not the world. It's a super business. The return for the customers is enormous. Their moat is physics. The tailwinds are global and intense, and it's such a pleasure to learn from Matt as he puts one foot in front of the other.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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Matt Swindle, CEO and Co-founder of NLine Energy, joins Tom on the podcast today to share details of his striking entrepreneurial journey and discuss NLine’s evolution into a global powerhouse discreetly transforming boilers into power plants. Their conversation delves deep into such topics as energy recovery, thermal technology, and sustainable growth as it showcases NLine Energy's mission to harness wasted energy. From the Marine Corps to pioneering renewable energy solutions, Matt's journey, as shared here today, serves as a beacon of inspiration that offers a treasure trove of insights into entrepreneurial brilliance and resilience, rendering this episode yet another must-listen edition of The Fundamental Molecule.
Episode Highlights:
0:00 Start
0:49 Introduction
1:56 The arc of Matt’s career thus far
5:13 Differences between Matt’s 1st and 7th startup experiences
6:25 The importance of talent management
8:48 The story behind NLine Energy
11:54 NLine’s early years
17:20 Moving into the thermal business
23:20 The importance of steam
25:57 The boiler room’s impact on business operation
27:54 Demystifying grants and investment tax credits
31:19 The financial side of building NLine
36:09 Managing the sales cycle decision-making process
4o:37 Matt’s thoughts on his ‘moat’ and competitive positioning
43:45 His biggest takeaway lesson
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
NLine Energy: https://www.nlineenergy.com/ -
George Hawkins is one of those people who always elicits a smile from those who know him when he comes up in conversation, even when he's not there. The smile also comes when he is present, but the absence of the smile is telling. He is perhaps one of the most admired figures in the US water market, and possibly even in the global market, and for good reason. His work in turning around DC Water from the least trusted public entity in Washington DC to the most trusted in just eight years is one of the best business transformation case studies in history, and unfortunately, not enough people are aware of it. Since stepping down from DC Water, he has become a founder with Moonshot Missions, supporting under-resourced utilities in undergoing the same kind of transformation that he led at DC Water. He has learned the challenges and difficulties of bringing something new into the world. He is a practical, fun, energetic, insightful, sensible, and demanding leader to his core. It is truly a pleasure to welcome him to The Fundamental Molecule.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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Today, the legendary George Hawkins delves into his exceptional life journey - from the early experiences that ignited his environmental passion to his leadership roles and the founding of his nonprofit. As you will hear, George's illustrious career is a testament to his transformative prowess, highlighted by the truly remarkable turnaround of DC Water. Currently the Founder and CEO of Moonshot Missions, he draws upon his vast experience to impart invaluable advice and wisdom on leadership, trust, the art of relationship-building, and making an impact upon the world.
Episode Highlights:
0:00 Start
0:49 Introduction
2:23 George’s professional journey
8:59 DC Water’s previous reputation
11:37 George’s thoughts on his first day at DC Water
15:20 The moment he knew he would succeed in his mission at DC Water
19:21 Rebranding DC Water
22:33 His Moonshot Missions idea
26:34 George’s lesson from running a large company to a small one
28:16 Building a team from the ground up
31:32 The challenges faced by small utilities
33:45 Moonshot Missions’ marketing
36:37 Having the greatest impact within the water sector
39:55 Entrepreneurship’s impact on George’s skills acquisition in the past, present, and future
45:08 Exceptional communication skills
49:01 Advice to emergent water entrepreneurs
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
Moonshot Missions: https://www.moonshotmissions.org/ -
Repeat entrepreneurs are a special breed. They have essentially proved that they operate through skill and not luck, and Wayne Byrne is one of the most skillful. I met him in 2015 in San Francisco as he was picking up one of many awards for OxyMem as they built towards their acquisition by DuPont, his fourth exit in an illustrious career. He's been able to play both the hardware and software games at a very high level indeed, and has been an invaluable source of advice and support, both for me personally and for the Burton Island. Please enjoy my conversation with Wayne Byrne.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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This week, serial entrepreneur Wayne Byrne joins Tom to share his somewhat unconventional entrepreneurial journey, offering insights into the nexus of water, technology, and entrepreneurship. From early ‘side hustles’ to his pivotal role at OxyMem, Wayne's experiences underscore the significance of transparency, resilience, and embracing challenging moments as catalysts for growth. He discusses the dynamics of European and US water markets, advocates for strategic market entry, introduces Method Capital's role in providing non-dilutive project finance for sustainability innovators, and highlights the pressing need for water sector innovation.
Episode Highlights:
0:00 Start
0:49 Introduction
1:35 Wayne’s entrepreneurial origins
2:51 His early journey into cleantech
4:57 Wayne’s ‘meander’ into the water industry
6:08 His attraction to ‘university spinouts’
10:10 OxyMem and the notion of defensibility
11:51 OxyMem and the MABR
16:00 Wayne’s perspective on partnerships
18:28 Key components in his entrepreneurial successes
21:57 Processing difficult moments in a small organization
23:59 Wayne’s thoughts on the CEO-Board relationship
26:56 His perspective on the learning cycle
29:06 Comparing water market early stage technology in Europe and the US
33:03 Wayne’s approach to new market entry
34:33 His thoughts on the level of future dynamism in the water sector
36:20 Method Capital
39:15 Transferable lessons learned from entrepreneurship and parenthood
40:42 The one entrepreneurship lesson he would pass on to emerging water founders
Links:
Burton Island Ventures
Wayne's LinkedIn Page
Method Capital -
I first met Christine Boyle about a week before I specialized in water at Imagine H20's annual winners announcement, where she was receiving the award for Best Early-stage Water Company in 2015. Fast forward almost eight years, she has been an extraordinary guide and mentor. After selling her company Valor Water Analytics to Xylem in 2018, she remained with the company to head up much of their internal digital innovation efforts. She understands more than most the grind of company building in the space, building a market-leading product, picking your way through the utility sales process, hiring and managing brilliant teams. A veteran of both Y Combinator and Techstars, she also has an invaluable perspective on the standards for company building outside water. She's just excellent. Please enjoy my conversation with Christine Boyle.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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Tom welcomes Christine Boyle, a truly remarkable figure with a unique journey in the water industry. After winning the Best Early Stage Water Company Award in 2015, Christine's company, Valor Water Analytics, caught the attention of Xylem, a global water company. Driven by her dedication to build outstanding companies, save water, and create professional ecosystems to solve complex global dilemmas, Christine has been a Partner at Burnt Island Ventures since May 2023. In this candid conversation, you'll gain insights into Christine's incredible journey, the challenges of building a water-focused venture, the dynamics of water economics, and so much more.
Episode Highlights:
0:00 Start
0:48 Introduction
1:44 Christine’s start in water
3:31 The water problems she’s been trying to solve
7:06 Christine’s experience as a CEO
9:07 Exiting Valor Water Analytics
11:45 Comparing Venture building within and outside the water sector
14:23 Christine’s advice for entrepreneurs regarding rapid growth
16:43 Valor’s deployment process and the nature of the sales of utilities
19:16 What Christine has learned from top-tier training
21:06 Her perspective on the rise in data on water
23:41 The need for better technology and devices
28:09 What Christine has learned going from the start-up world to the corporate world
29:30 The tension between having an impact and creating something commercially viable
31:01 Her perspective on the macro water sector
33:03 The link between water and human health interventions
36:24 Christine’s reflections on China and its water
38:32 Her one lesson learned that she would pass on to future water founders
Links:
Burton Island Ventures
Christine Boyle's LinkedIn Page -
You don't often meet someone that you immediately know you'll remember where and when you met them for a very long time. That happened to me with my guest today, Alex Rappaport, CEO of ZwitterCo, at a conference in 2018. I was minding my own business when a coiled ball of energy introduced himself to me, and it was clear that this was a very talented founder indeed. Alex and his co-founder Chris have made remarkable strides in the last four years, and since we invested in April 2021, the pace of development has been remarkable. Alex represents a lot of good things that we look for in founders, but particularly the importance of entrepreneurial process, the thought process that goes into the systematic retirement of risk, the allocation of investment, the sequence of hiring. As an investor, what you're looking for is someone who makes structurally good decisions under conditions of uncertainty. Now, not all of those are going to pan out, of course, but if you have a good decision-maker at the heart of a company, it's a great position to be in, because at its core, building a company is just an endless sequence of decisions. That's why the person driving the bus matters so much. This episode covers a lot of ground and I think gives good insight as to how he thinks about company building and the development of a complex and highly impactful product. And it's insight that all entrepreneurs can draw on, particularly his observation in the final question about the cadence of learning. So please enjoy my conversation with Alex Rappaport.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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Alex Rappaport, CEO of ZwitterCo, shares his journey from academia to entrepreneurship, emphasizing the importance of data-driven decision-making and adaptability in the business world. He highlights ZwitterCo's groundbreaking technology, addressing membrane fouling issues in water treatment, and the significance of strategic partnerships in the industry. Throughout the conversation, Alex shares valuable insights into the challenges and opportunities faced by entrepreneurs in the water technology sector, offering a unique perspective on building meaningful relationships and scaling solutions.
Episode Highlights:
Water-related challenges are complex, with each water source having unique characteristics, making sales processes challenging.
Alex recommends creating standardized templates and building blocks for various applications
Entrepreneurs should maintain adaptability, focus on specific markets where their technology fits, build a scrappy sales organization, and collaborate with partners who understand new processes.
Entrepreneurs should start with manual processes, learn from patterns, and gradually automate and outsource tasks as the company grows.
Collaborating with channel partners to integrate technology into new solutions is critical for expansion and growth, reducing the need for linear project-based growth.
Fundraising is about building relationships based on trust, chemistry, mutual respect, and shared values, not just transactions.
Despite limited climate tech investment, water-related solutions are essential.
Alex’s advice for the next generation of water technology entrepreneurs
Links:
Burton Island Ventures
ZwitterCo -
This is a podcast about entrepreneurs. Given that, our guest today might be a little unexpected. Mirka Wilderer is the archetypal corporate innovator, having spent her career with some of the biggest names in the space. Until last year, she was CEO of De Nora and led the IPO of the Italian company. Under her tenure, De Nora evolved into a force in the water market globally, especially in the US and increasingly in Southeast Asia. She's a model professional and, as you will hear, deeply insightful on the science, management, team, motivation, and strategy. All company builders can learn from her example.
Please note that at the time of recording, Mirka was still the CEO of De Nora, though she announced her resignation shortly afterwards, and is now the CEO of Bain Capital-backed AqueoUS Vets. Please enjoy my conversation with Mirka Wilderer.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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On today’s episode of The Fundamental Molecule podcast, Mirka Wilderer, former CEO of De Nora Water Technologies, discusses her career evolution through the water industry. Wilderer offers her insights on topics such as innovation, hiring practices, emerging contaminants like PFAS, and the intersection of science and entrepreneurship. You’ll also hear about Wilderer’s passion for supporting the next generation of leaders, especially women, and fostering diversity in the business world.
Episode Highlights
1. Mirka Wilderer's Career and Influence in Water Technology: Mirka discusses her journey from childhood exposure to water treatment through her parents, to her leadership roles at Siemens and De Nora. Her career trajectory illustrates the evolution of water technology and her influence as a female CEO in this male-dominated field.
2. Innovative Leadership and Diverse Teams: Mirka emphasizes the importance of innovation in leadership, drawing on ideas from adjacent fields, and the value of cognitive diversity in teams. Her approach to team building focuses on varied backgrounds and experiences, aiming to foster innovation and adaptability within the organization.
3. Strategic Decision-Making and Company Growth: We delve into Mirka's strategic insights, particularly in decision-making and prioritizing opportunities that align with the company's core strengths. She highlights the significance of saying 'no' to opportunities that don't align with the company’s strategic goals.
4. Global Market Perspectives and Challenges: Mirka offers insights into different global markets, including Southeast Asia and Europe. She discusses the agility of the Asian market and contrasts it with the regulatory challenges in Europe, particularly in water technology and innovation.
5. Advice for Emerging Leaders: Always be authentic and self-driven, build strong relationships, stay true to your strengths, and continuously strive for personal and professional growth.
Links:
Burton Island Ventures
Mirka Wilderer's LinkedIn Page -
It's always so fun seeing great companies being built for the right reasons. Bessie Schwarz, CEO of Floodbase, has been on a mission to help the world's most vulnerable people since her early 20s. Her company is not only the flood monitoring partner of FEMA and the United Nations, she is also building a quiet revolution in the insurance industry, helping to bring parametric flood insurance (long mooted but not feasible until now) to reality. Their announcement last year alongside one of the world’s leading reinsurers of the provision of parametric flood insurance for the rural farmers of Colombia is a world first. Alongside her co-founder Beth, they are building a company with enormous impact and commercial potential. Plus, she's awesome. Please enjoy my conversation with Bessie Schwarz.
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This episode of The Fundamental Molecule podcast features an interview with Bessie Schwarz, co-founder and CEO of Floodbase (formerly known as Cloud to Street). Floodbase provides advanced, near-real time flood monitoring globally by combining satellite imagery and ground data. Bessie discusses how Floodbase got started, their work monitoring floods for governments and the UN, and their move into the insurance industry to provide parametric flood insurance.
Episode Highlights:
- Bessie co-founded Floodbase with the goal of using information technology to help communities equitably adapt to climate change disasters like flooding. After meeting at Yale, Bessie and co-founder Beth Tellman created an algorithm to detect flooding from satellite images.
- Floodbase is the flood monitoring partner for the UN, helping them with disaster response and relocation when floods threaten vulnerable communities. Their flood monitoring methodology was featured on the cover of Nature magazine.
- They are now working with insurance companies to provide parametric flood insurance that pays out when a flood event surpasses a given size measured by a combination of satellite and ground sensor data , expanding coverage to uninsurable areas and risks.
- In the podcast, Bessie points out that financing is one of the biggest challenges for climate adaptation. Insurance can help redirect capital to at-risk places and resilience projects, but the mechanism and data for insurance underwriting and payouts has to be there.
- Bessie and Tom discuss the importance of viewing climate resilience not only through a mitigation lens but also as adaptation. Adaptation is a lot more hopeful than long-term technological fixes.
- Bessie’s advice to founders - Effective storytelling requires using simple language, balancing fear and hope (2 doses fear, 5 hope), and focusing on solutions.
Links:
Burton Island Ventures
Floodbase -
Welcome to The Fundamental Molecule. This show explores the intersection of water, technology and entrepreneurship. Each week, Tom Ferguson, Managing Partner of Burnt Island Ventures, interviews innovators, experts, entrepreneurs and investors in the world of water, to help us understand where this trillion dollar industry is headed. These are the stories of the people building the future of the world’s most valuable and fundamental resource.
Explore all of our episodes and learn more at https://www.burntislandventures.com/the-fundamental-molecule
