Explore tells the stories behind the success of entrepreneurs and investors around the world. Hi there👋, I'm Hugo Rauch, a financial analyst at Microsoft and the host of Explore. I've always been fascinated by startups, in 2022 I wrote a 100 pages paper on the startup economy. In 2023, I wanted to learn from experience and I started Explore. I'm made myself the goal of supporting early-stage founders with theoretical and practical learnings. Consider following and giving 5 stars to support the show! ✨ A feedback or an idea, reach out to me on LinkedIn (Hugo Rauch). 🤠explorepodcast.substack.com

Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****Brought to you by:EDF: partnering with New Wave on this mini-series to explore how cleaner energy, industrial innovation, and ambitious startups can rebuild Europe's productive edge. Discover EDF's work with industrial and climate innovators here.****

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Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****Supported by:Leonard: The innovation and foresight platform of the VINCI Group, to tackle some of the biggest challenges facing VINCI's businesses: the digital revolution, the accelerating pace of innovation, and the environmental transition.****

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Brought to you by:Heights: a design agency founded by Gabri Grassi, helping impact-driven tech companies sharpen their brand, attract investors, and scale their reach. Grab your free brand checklist here or reach out to Gabri to elevate your brand.****Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****

Brought to you by:Heights: a design agency founded by Gabri Grassi, helping impact-driven tech companies sharpen their brand, attract investors, and scale their reach. Grab your free brand checklist here or reach out to Gabri to elevate your brand.****Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****

Brought to you by:Heights: a design agency founded by Gabri Grassi, helping impact-driven tech companies sharpen their brand, attract investors, and scale their reach. Grab your free brand checklist here or reach out to Gabri to elevate your brand.****Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****

Brought to you by:Heights: a design agency founded by Gabri Grassi, helping impact-driven tech companies sharpen their brand, attract investors, and scale their reach. Grab your free brand checklist here or reach out to Gabri to elevate your brand.****Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****

Brought to you by Heights:A design agency founded by Gabri Grassi, helping impact-driven tech companies sharpen their brand, attract investors, and scale their reach. Grab your free brand checklist here or reach out to Gabri to elevate your brand.****Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****

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Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****Thanks you, Morning for hosting the podcast this week. Get 20% off your next meeting room (in Paris), just say you're coming from Hugo at New Wave.****

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Thanks you, Morning for hosting the podcast this week. Get 20% off your next meeting room (in Paris), just say you're coming from Hugo at New Wave.****Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****

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Thank you to this week's sponsor:Accelerating Impact - a non-profit advancing impact finance by mobilizing capital and running free accelerator programs for emerging fund managers. Join for expert coaching, training, financial support, and a strong community. Apply here.***

Thank you to this week's sponsor:Accelerating Impact - a non-profit advancing impact finance by mobilizing capital and running free accelerator programs for emerging fund managers. Join for expert coaching, training, financial support, and a strong community. Apply here.***

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Thank you to this week's sponsor:Accelerating Impact - a non-profit advancing impact finance by mobilizing capital and running free accelerator programs for emerging fund managers. Join for expert coaching, training, financial support, and a strong community. Apply here.***





Sam Goodall on Europe's Climate Tech “Supercluster”In Paris, I sat down with Sam Goodall, CEO of Cambridge Cleantech and co-founder of the Climate Tech Supercluster.We unpacked a question I kept hearing:Why does Europe lead in climate innovation, but fall behind on scale?Sam's take is refreshingly clear: Climate tech is spread too thin. We miss an obvious “Silicon Valley” to go to.That's why he created the Supercluster approach: a series of events across Europe (London, Paris, Amsterdam) that increases the collision rate, and let smart people collaborate.Here's what we covered:→ Europe's superpower: the research base (TRL 1-3)→ Where the system breaks: scaling post-TRL 7 + “value leakage”→ The missing link: capital that matches deeptech timelines→ Why corporates are the de-risking engine for FOAK → 2026+ opportunities: industrial decarb + data center energy This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Makesense just closed its €25M pre-seed fund:So we sat down with Marion Schuppe to unpack what it really takes to build an impact-first VC from a nonprofit DNA.

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Thank you to this week's sponsor:Accelerating Impact - a non-profit advancing impact finance by mobilizing capital and running free accelerator programs for emerging fund managers. Join for expert coaching, training, financial support, and a strong community. Apply here.***

We're joined by Alex Bakir, Partner at Norrsken Evolve, an operator-turned-investor who has built and scaled companies across Silicon Valley and Europe before launching one of the continent's most distinctive early-stage climate funds.In this episode, we dive into why Europe's climate tech story needs a new foundation, one rooted in productive capacity, supply-chain sovereignty, and operator-led support for founders, and what it really takes to convince LPs in today's market.In our conversation, we covered:→ Why climate cycles repeat, and why this one is different→ What Alex actually sold to LPs (and why he was oversubscribed)→ The real gap at pre-seed: sophistication, not capital→ Momentum as the new signal: how Norrsken Evolve picks winners→ Why resilience ≠ defense, and what Europe misunderstands→ The role of regionalization and the end of “global by default.” This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

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