The Fundamental Molecule

It's so fun when you feel like an investment has been dragged out of your hands. At the end of our deployment of our first fund, I was adamant that our final investments had to be blindingly obvious because the next best use of funds was to give more capital to companies we already knew were amazing. So when I met Shane Dyer, CEO of Irrigreen, the quality could not have been more obvious. Here was a multitime founder operating at a seriously high level, building around a product that was an absurdly large improvement on the status quo and which had the potential to save billions of gallons of water. It's been such a pleasure to watch him work, and it was deeply exciting to invest in them again as the third position in our Opportunity Fund. Please enjoy my conversation with Shane Dyer. 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 ----------- Irrigreen's CEO Shane Dyer discusses tackling overlooked water tech challenges by applying his IoT and growth marketing expertise from outside the sector. He details Irrigreen's genesis, adapting inkjet tech for precise, water-saving irrigation. Dyer shares critical startup lessons: the power of listening to customers for product & marketing direction, strategic hiring focusing on grit over resumes, rigorous iteration & verification for deep tech, effective board management, and keeping the customer the ultimate North Star. 00:00 - Why Water Tech Is the Climate Opportunity Hiding in Plain Sight 02:34 - Bringing IoT and Startup Experience into Water Innovation 04:11 - Growth Marketing Tactics for Climate Tech Startups 07:52 - Building High-Impact Startup Teams 09:25 - From Inkjet Printers to Smart Sprinklers 12:43 - Designing Products That Customers Actually Want 17:21 - Reinventing Irrigation Through Digital Precision 21:36 - Balancing Consumer Appeal with Contractor Adoption 25:33 - Simplifying Supply Chains 27:53 - How to Get Real Value from Your Startup Board 32:46 - Running Data-Driven Growth Experiments That Work 35:45 - Scaling Hardware Quickly 38:12 - Hiring as the Ultimate Startup Superpower 40:34 - Shane Dyer's #1 Advice for Water Entrepreneurs Links: Burnt Island Ventures  Shane Dyer  Irrigreen  Sean Ellis  Steve Blank  The Startup Owner's Manual  Nail It Then Scale It  Getting to Plan B  The Lean Startup  SM Material Key Takeaways: "Experience is when the hairs on your neck rise during design review, sensing a potential landmine ahead." "Startups are not little big companies. They're a completely different experience requiring ambition, talent, and grit." "Growth marketing requires high-velocity experimentation and qualitative insights to drive hypotheses." "A board is a team. Keep them informed and engaged to work on urgent growth problems for your next unlock." "Hire slowly and focus more on getting the right team." "For new ideas, reach directly to customers first."

When you hear a canary singing in the coal mine, you should stop and listen. Without torturing the metaphor too far, this is how I felt when I started working with Megan Glover at 120Water in 2017 as she started to build her business. The success of a business is predicated on the talent of the people running it, and Megan was important because she was one of the first brilliant CEOs who was truly new to water. She is at the vanguard of exceptionally smart, driven company leaders who appeared at the end of the 2010s and were the predicate essentially of BIV coming into being. We don't get to do our job without enough people as good as Megan. I love this conversation covering everything from strategic marketing to advice to board members. Please enjoy my conversation with my friend Megan Glover. 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 ----------- Megan Glover, Co-founder and CEO at 120Water, joins Tom to discuss the role of strategic marketing in her organization's trajectory, emphasizing market analysis, customer understanding, and the importance of a quantitative approach. Together, they delve into the genesis of 120Water, its pivot from a consumer focus to serving municipalities, and the significance of regulatory drivers like the lead and copper rule. Megan reflects on talent in the water sector, the evolution of her role as CEO, and offers advice to founders regarding risk-taking in particular. 00:00 - Why Talent Defines Startup Success 02:52 - The Role of Strategic Marketing in Water Tech 05:17 - Market Research: Understanding Customers Before You Build 07:19 - The Origin Story of 120Water 09:36 - The Business Pivot: From Consumer to Municipal Focus 12:07 - How Water Regulations Create Business Opportunities 14:17 - The Future of Lead, PFAS, and Emerging Contaminant Rules 16:50 - State vs. Federal Water Regulations 19:46 - Consumer Awareness vs. Action in Water Quality 20:56 - The Evolution of Lab Testing & Data Standardization 22:49 - The CEO Journey 24:10 - Navigating Board Relations & Investor Alignment 27:08 - Attracting & Retaining Talent in the Water Industry 29:17 - The Future Vision for 120Water 30:42 - Managing Cash Flow While Scaling in a Slow-Moving Market 32:10 - The Role of Partnerships 33:20 - The Art of Negotiation for Water Entrepreneurs 35:13 - The #1 Advice for Water Entrepreneurs Links: Burnt Island Ventures: https://www.burntislandventures.com/ Megan Glover: https://www.linkedin.com/in/megancglover/ 120Water: https://120water.com/ SM Material Key Takeaways: "The success of a business is predicated on the talent of the people running it." "Before you can create, know who the creative is for." "Regulatory demand is the number one driver for change in the water industry." "Take the risk. The water industry is here to support you and wrap their arms around you." "Partnerships can be a phenomenal tool. Win fast and fail fast." "Manage your cash. Sales cycles in water take twice as long as in other startups." "Every stage requires reflection." "People are concerned about water quality, but not willing to pay for the solution."

Sometimes things just strike you as dumb and then one day you understand why. The current model of desalination is a great example. It's something that everyone thinks that we at BIV should be invested in up to the eyeballs, and, of course, we support technologies that are pertinent to desal, but the legacy model is just a tough nut to crack. Ever more scaled plants to minimize the per gallon cost of purified water is the name of the game. So when I met Alex Fugelsang and the full Flocean team, it was like a light bulb going off. Legacy desal was dumb for the simple reason you were pumping up onto land a whole load of water, putting all of it through a giant factory, having designed it for all of that water, then throwing at least 40% of it back into the ocean. So what if you could desalinate under the surface of the sea and get rid of all that excess capacity? You don't run into paradigm shifts all the time, but we think that Flocean is one of them. Alex is a superb guy with a fascinating skill set, having spent most of his life operating machinery at inhospitable depths, and he's on a remarkable mission to put a huge dent in global water insecurity. Please enjoy my conversation with Alex Fugelsang.  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 ----------- In today's episode, Alex Fuglesang details Flocean's underwater desalination: less energy and less environmental impact thanks to stable deep-sea conditions. He reveals how robotics ensure reliable maintenance in their water-as-a-service model, and highlights building trust with communities, providing tailored solutions for water scarcity. Alex also shares insights on his background, leadership, and the future of desalination. 00:00 - Why Legacy Desalination Is Failing 02:16 - Operating and Engineering in Harsh Deep Sea Conditions   05:30 - Robotics and Automation in Underwater Water Tech   06:32 - Flocean's Origin Story   10:35 - How Flocean Cuts Energy Use and Environmental Impact   13:22 - Simplifying Permitting for Subsea Desalination   15:16 - Real-World Water Scarcity Challenges in Island Nations   17:24 - Growing Industrial Demand for Onsite Desalination   19:52 - New Business Models for Water Delivery   22:56 - What Infrastructure Investors Want from Water Tech   24:09 - Building a World-Class Water Tech Team   26:53 - Targeting High-Impact Coastal Markets   28:38 - Strategic Marketing for Deep Tech Startups   29:57 - Military Leadership Lessons in Startup Life   34:17 - The Future of Desal 37:43 - Cutting Red Tape in Water Infrastructure Projects   39:17 - Top Advice for Climate Hardware Entrepreneurs   Links: Burnt Island Ventures: https://www.burntislandventures.com/ Alex Fuglesang: https://www.linkedin.com/in/alexanderfuglesang/?originalSubdomain=no Flocean: https://www.flocean.green/ SM Material Key Takeaways: "In water-scarce regions, the frustration is real. Limited budgets lead to expensive maintenance and weeks of downtime." “Cutting bureaucracy and aligning stakeholders can unleash new technologies." “Flocean uses natural deep-sea pressure to cut power consumption. 40% energy efficiency savings are not abnormal." "Scale with trust and demand. Start small to build trust, then scale without massive infrastructure changes."

Felicia Marcus is one of the most significant public servants in water, having served on the Board of Public Works for the City of LA, served as Regional Administrator for the EPA in Region 9, COO of the Trust for Public Land and Western Director of the NRDC. As if that wasn't enough, she was also the Chair of the State Water Resources Control Board of California during the business end of the 2011-2017 California drought, which was rather scary and is now taking a “breather” as a Fellow at Stanford's “Water in the West Program”. Felicia is delightful, the speed of her mind matched only by the quality of her communication. We're so lucky to have such extraordinarily dedicated people who choose service when they could be doing a lot of different things, and the water sector is so much better off for it. Please enjoy my conversation with the excellent Felicia Marcus.  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 ----------- Felicia Marcus, a powerhouse in water policy, joins Tom today to discuss California's drought response, elevating water's importance, and the role of communication in public service. Felicia shares insights from her career, including her time as Chair of the State Water Resources Control Board and at the EPA, highlights the need for more support for water technology innovation, and expresses concerns about the current state of the EPA. Geopolitics of water and AI's implications are discussed, and Felicia offers her invaluable advice for water entrepreneurs. 00:00 - Meet Felicia Marcus 02:06 - Why Water Needs a Bigger Spotlight 03:16 - The Hidden Complexity of Water Infrastructure 06:15 - Why Water Lags Behind Energy in Investment and Innovation 07:16 - California's Water Crisis 10:02 - Lessons from Droughts 12:58 - A Career in Water Policy 16:26 - The Future of LA's Water and Infrastructure Challenges 20:47 - How Politics Shapes Water Policy Decisions 22:09 - Lessons from Managing California's Drought 25:04 - Balancing Environmental Protection and Water Use 26:47 - Why Water Tech Innovation Lags Behind Energy 27:07 - The Operator vs. The Visionary 31:13 - The Power of Communication in Water Policy 36:53 - Stanford Water in the West Program 40:15 - The Role of AI in Water Management 42:52 - Water and Global Geopolitics 45:36 - Cybersecurity Risks in the Water Sector 45:58 - Advice for Water Entrepreneurs Links: Burnt Island Ventures: https://www.burntislandventures.com/ Felicia Marcus: https://www.linkedin.com/in/feliciamarcus/ SM Material Key Takeaways: "Water is a necessity for life and economic development. It's amazing how it's just assumed and taken for granted." "Energy is appreciated because people notice when the lights go out. Water is less understood, less appreciated." "California's drought taught us a lot. The public saved nearly 25% when asked. Education was key." "The disparity in funding between water and energy is a self-inflicted wound in California." "I like helping people move. You can't just say, “Do it.” You have to help them see another way." "Know your audience beyond who you want to sell to. Educate yourself on the context in which you sell."

I owe what I get to do every day here in a job I love to many people, but Scott Bryan really helped. In 2015, he took a chance on me to become the VP of Programming at Imagine H2O running the Accelerator, and it was a learning curve which laid the groundwork for what we do here at BIV. Scott is one of the most important figures in early stage water. Since 2010, he has built Imagine H2O into the premier accelerator for water entrepreneurs running three annual programs, and they announced their first pilot fund last year. All of this adds up to an enormous and rapidly growing degree of impact in water as the companies they backed and supported have revolutionized everything from groundwater management to flood insurance.  Please enjoy my conversation with Scott Bryan.  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 ----------- Scott Bryan, President at Imagine H2O, joins Tom today to discuss the evolution of the water technology ecosystem. Together, they start by taking a look at how the early days were characterized by business plan competitions before the subsequent shift to emphasizing team strength, execution ability, and customer-centric approaches. Scott then goes on to highlight Imagine H2O's evolving selection process, the critical role of pilot projects, and the importance of impact measurement. Noting that water is a less polarizing issue than climate, allowing it a degree of stability, today's episode also explores philanthropy in the water sector and Imagine H20's focus on Asia, before wrapping it all up with Scott's sage advice for water entrepreneurs. 00:00 - Imagine H2O's Role in Water Innovation 02:19 - Why Water Has Lagged Behind Clean Tech 04:08 - Early Challenges in Water Entrepreneurship 05:40 - What Makes a Water Startup Succeed? 07:30 - The Hidden Dangers of Fundraising Success 09:41 - Key Milestones in Water Innovation Growth 11:17 - How COVID Shifted the Water Tech Landscape 13:17 - Why Most Accelerators Fail at Water Startups 15:15 - The ROI of Water Startup Accelerators 16:14 - Measuring Impact in Water Innovation 17:45 - Why Water Needs Standardized Impact Metrics 18:31 - The Unique Challenges of Running a Water Nonprofit 19:34 - The Role of Philanthropy in Water Innovation 20:24 - Why Climate Funders Must Care About Water 22:46 - How Water Ties Into Public Health and Equity 25:20 - Why Pilots Are Critical for Water Startups 28:12 - How the Water Innovation Pilot Fund Works 30:40 - Expanding Water Tech Innovation Internationally 32:24 - Key Lessons from Imagine H2O Asia 33:48 - Hiring the Right Talent for Water Startups 35:12 - The Future of Water Tech Investment 36:20 - Why Water Is a Bipartisan Issue 38:22 - What Entrepreneurs Must Know About Water Policy 40:11 - The #1 Advice for Water Entrepreneurs Links: Burnt Island Ventures: https://www.burntislandventures.com/ Scott Bryan: https://www.linkedin.com/in/scottmilesbryan/ Imagine H2O: https://www.imagineh2o.org/ SM Material Key Takeaways: "Water is a trillion-dollar industry. It's the future of the world's most valuable resource." "Philanthropy in water is changing. It's not just about wells anymore. We need sophisticated impact engines." "There are four pillars: climate, health, equity, and efficiency. They guide our work and impact." "Water is not as polarizing as climate. It's a bipartisan issue. We must manage resources better." "Take the check from people who know the space. Measure value in burritos, not just equity." "We need to standardize metrics in water. The math is all over the place. Precision is key." "Imagine H2O Asia is a base to think regionally. It's about testing business models faster." "We need to think beyond a 10-month accelerator. It's a long journey, and we're here to help."

True dyed-in-the-wool software pros are a valuable breed in water and Paul Hauffen is one of the best. A two-time entrepreneur, he sold his last company Sedaru, and, in a founding hiatus, is bringing his enormous experience to bear helping companies along their trajectory, partially as a BIV Venture Partner. Paul is a very wise man indeed and his insights on building solid foundations for companies, the hard yards of especially early sales and reference building, and the traps that founders can fall into are second to none. We're so lucky to work with him. Please enjoy my conversation with Paul Hauffen. 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 ----------- Executive, entrepreneur, advisor, and BIV Venture Partner, Paul Hauffen, shares his insights on several valuable topics for water tech startups including common pitfalls for founders after securing funding, his personal journey into the water industry, and the development of his previous company, Sedaru. Paul offers advice on identifying and engaging early customers, outlines the benefits of targeting utilities, reflects on the evolution of software within the water sector, and shares the future of software opportunities. He finishes up by providing his perspective on marketing and sales, defining product-market fit, and emphasizing the vital role of strong customer relationships. 00:00 - Paul Hauffen: Water Tech Visionary 02:03 - The Biggest Mistake Founders Make 03:57 - Why You Shouldn't Celebrate Fundraising 06:01 - Effective Startup Marketing on a Budget 07:38 - Why Water? A Founder's Journey 11:27 - How to Identify a Profitable Market Opportunity 14:50 - Building Trust Through Customer Inclusion 15:21 - How to Land Your First Customer 16:32 - The $40K Napkin Deal: Winning Early Sales 18:01 - Checklist for Finding the Right First Customer 21:16 - Why Utilities Make Great Customers 24:25 - How to Win RFPs and Lock in Long-Term Contracts 26:28 - The Evolution of Water Tech Software 28:31 - The Future of AI and Software in Water 33:30 - AI's Role in Water Innovation 36:29 - Marketing and Sales for Water Startups 39:03 - Pricing Strategy for SaaS in Water Tech 39:49 - Defining Product-Market Fit in Water Software 42:17 - Lessons from Advising Water Tech Startups 44:01 - The Customer Inclusion Loop Links: Burnt Island Ventures: https://www.burntislandventures.com/ Paul Hauffen: https://www.linkedin.com/in/paulhauffen/ SM Material Key Takeaways: "Founders often get intoxicated with marketing before proving value." "Establish product market fit before allocating budget to marketing." "Practical marketing is essential until product market fit is achieved." "Build excuses to interact with customers to strengthen relationships." "Utilities are great customers because they prioritize productivity over profit." "AI allows us to revisit legacy workflows and solve problems faster." "Early customers should be small to mid-size, progressive, and decision-makers." "Balance vision with execution to turn ideas into reality." "The customer inclusion loop is vital for growth and trust building."

There is a lot going on in AI right now, from the travails of ChatGPT to the technology being essentially single handedly responsible for the surge of the so-called “Magnificent Seven” and therefore the overall S&P 500 in 2024. But what does it mean for water? Mudasser Iqbal is a career technologist and an exceptional guy, previous CEO of Visenti before its acquisition by our friends at Xylem in 2016, and he and his co-founders reformed to pursue the AI opportunity in water. TeamSolve is going after a tough problem, essentially aiming at solving the lack of easily accessible institutional memory and insight in water utilities using the power of AI. This is a fascinating run through the ins and outs of applying this technology and water, the practicality of problem solving, working with remote teams, maintaining customer focus and much, much more. Please enjoy my conversation with Mudasser Iqbal.  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 ----------- Mudasser Iqbal, Founder and CEO at TeamSolve and noted ‘AI use in water' visionary, details his organization's mission to revolutionize utilities with their "knowledge twin," a formidable resource which effectively combats expertise loss. Accessible through everyday platforms, the Twin boosts efficiency for field techs and command centers. Building upon lessons learned from Visenti and Xylem, Iqbal stresses practicality, user feedback, and a distributed team model. He also urges water innovators to embrace tough challenges and strategic partnerships, mirroring TeamSolve's customer-centric, globally impactful approach. 00:00 - AI's Evolution and Real-World Applications 04:48 - Agentic Frameworks: Beyond Generative AI 07:04 - Why AI in Water Matters Now 09:37 - Real-World Examples: Institutional Knowledge Gaps 12:25 - Knowledge Twin: A Practical AI Solution 19:17 - Practical Uses: Field Technicians and Command Centers 24:21 - Ensuring AI Reliability and Trustworthiness 26:22 - Remote Team Collaboration: Lessons from COVID 29:30 - Vicente Learnings: Collaboration and Customer Focus 32:45 - Building a Customer-Centric Company Culture 35:15 - Creating Moats: Knowledge Sharing and Network Effects 38:51 - Maintaining Focus Amid Growth 40:40 - Advice for Water Entrepreneurs: Solve Hard Problems Links: Burnt Island Ventures TeamSolve Mudasser Iqbal  SM Material Key Takeaways: "AI has been around for decades, contributing to drug discovery, predictive maintenance, and more. It's not new, but its applications are expanding." "Generative AI connects the dots in water systems, overcoming data limitations and enabling real problem-solving." "Institutional knowledge in water utilities often retires with employees. AI can bridge this gap, preserving essential information." "AI's promise lies in solving real-world problems, not just generating text or images. It's about practical applications." "Focus on solving a hard problem that's bothering customers. Stick to it for long-term success." "AI can help leapfrog water utilities that are just starting their digital journey, providing practical solutions."

Over the last decade, I've been so lucky to learn from seriously good water people, and Debra Coy is one of the best. Over four decades, she has built an extraordinary body of work from public markets analyst to XPV, the preeminent water investing firm that has been extraordinarily supportive to us, to her current independent role advising and sitting on the boards of major water companies. She sits on the investment committee of our Opportunity Fund and it has been such a pleasure to benefit from her insight and wisdom as we have made our first two investments at the Series B. This is a really fun conversation. Everything from the lessons for founders, from earnings transcripts to lending her perspective on the overall history of private markets investing in water. Please enjoy my conversation with Debra Coy. *Please note in the episode Debra mentions XPV raised a $250m FundI I. The correct amount was a $150m Fund I. 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 ----------- Legendary water industry leader, Debra Coy, reflects on the water sector's transformation from obscure investment to a recognized industry. She highlights the impact of increased investor knowledge, rapid digital tech adoption, and a new generation of business-savvy entrepreneurs. Drawing from her experience at XPV Water Partners, Debra emphasizes their focus on strong entrepreneurs and hands-on company building, and champions talent recycling within the sector. She also offers advice to aspiring water entrepreneurs: study public market data, balance ambitious vision with practical execution, and prioritize diverse leadership for enhanced performance. 00:00 Learning from Water Industry Leaders 02:30 - Water's Transformation into an Investable Sector 03:15 - Challenges Across the Capital Stack in Water Investing 04:45 - 14-Year Tech Adoption Cycle in Water 06:45 - The Critical Role of Entrepreneurs in Water Innovation 09:00 - XPV's Focus on Scaling Water Companies 13:20 - Building Synergies with Operational Focus 17:40 - Importance of Talent Recycling in Water Startups 20:00 - Axius' Growth Strategy with KKR Partnership 22:30 - Managing Water Challenges in the Permian Basin 27:30 - Public Markets as a Guide for Water Entrepreneurs 30:20 - The Value of Reading Earnings Call Transcripts 33:00 - Public Market Sentiment Around Water Investments 35:25 - Key Traits of Successful Water Leaders 37:30 - Advancing Gender and Diversity in Water 40:25 - Balancing Vision and Execution as an Entrepreneur Links: Burnt Island Ventures: https://www.burntislandventures.com/ Debra Coy: https://www.linkedin.com/in/debra-g-coy-792992/ SM Material Key Takeaways: "Water's finally becoming a real industry." "The quality of the entrepreneur is critical." "Digital tech adoption in water has a faster rate. It's shifted the market's openness to innovation." "The investment world has woken up to water as an investable sector.” "Public markets give you a constant report card. It's a real-time view of investor sentiment." "A diverse leadership team is a better leadership team.” "Think big but do small. Balance vision with execution to succeed." "Investors are emotional. They want to invest in what they believe in." "You can't wait for it to get better. You have to do what it takes to make it better."

We all know about the CEO in a company. When the company is small, the CEO does everything, and when it's big, the CEO sets the vision, hires the right people and makes sure they have what they need to be successful. But what about a layer deeper than that? Guillaume Clairet is a fascinating example of a world class COO. Now he's too modest to be known as the power behind the throne, but he's the guy that makes sure what needs to be done gets done. And it's an interesting time for him after both the $395 million delisting of H2O Innovation by Ember Infrastructure and their acquisition of NextEra's Distributed Water business. Along the way, H2O Innovation have done things their own way and have built an exceptional business and this is a fascinating insight into the practicality of that journey. Please enjoy my conversation with Guillaume Clairet.  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 ----------- H2O Innovation COO Guillaume Clairet shares his insightful journey through the world and business of water. He discusses navigating the complexities of public markets, mastering M&A strategies, and building robust recurring revenue models. Guillaume also details H2O's transformative acquisition of the NextEra's Distributed Water business, a strategic move towards owning water assets and offering diverse customer solutions, and finishes up by offering his invaluable advice to aspiring water entrepreneurs. 00:00 - Water Technology & Entrepreneurship 01:50 - Erin Brockovich Inspiration 03:45 - H2O Innovation Origin Story 06:12 - Early Roles & Company Growth 07:30 - Value of Full-Cycle Experience 09:23 - Navigating Public Markets 11:42 - Transition to Recurring Revenue 15:16 - M&A Process & Integration 19:03 - Successful M&A Integration Strategies 21:01 - COO Role: Serving & Problem-Solving 21:53 - When to Hire a COO 23:04 - CEO Sequencing Operations 26:18 - Going Private with Ember Infrastructure 29:25 - NextEra Acquisition & Future Strategy 30:30 - Holistic Water Solutions Provider 36:14 - Advice for Water Entrepreneurs Links: Burnt Island Ventures: https://www.burntislandventures.com/ Guillaume Clairet: https://www.linkedin.com/in/guillaumeclairet/?originalSubdomain=ca H2O Innovation: https://www.h2oinnovation.com/ SM Material Key Takeaways: "The CEO sets the vision. The COO makes it happen. It's a partnership of vision and execution." "When you're a startup, you wear many hats. You learn every aspect of the business from sales to operations." "Public markets teach resilience. They keep you on your toes, driving for performance and accountability." "In acquisitions, integration is everything. It's not just about buying a company, but making it part of your own." "A CEO should look at their strengths and hire to fill their weaknesses, making themselves obsolete in those areas." "Being a COO means being accessible. It's about serving your team and solving problems." "In the water industry, patience is crucial. Progress is slow, but it's accelerating. Be ready for the long game." "Focus on customer relationships. When you earn a customer, keep them by meeting all their water needs."

It's always worth paying attention to top-level consultants as crucial advisors to their usually enormous clients. They have their finger on the pulse of the practical needs of the market and are responsive when they see critical mass in an area. Sarah Brody runs the water practice of McKinsey, which she has restarted in response to considerable client demand from mega-cap corporates to private equity firms. Alongside recent acquisitions of specialist water teams by BCG and Roland Berger, among others, the mainstreaming of water advice for major clients is a very interesting leading indicator of the increasing attention being paid to the fundamental molecule. Sarah is a proper intrapreneur and has done exceptional work building the business on behalf of her clients. She really elucidates the role that firms like McKinsey play in this sector, and she has an excellent water origin story. Please enjoy my conversation with Sarah Brody.  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

The idea of an Overton Window when the conditions around a political issue change that in turn changes the nature of what is politically possible, is a useful one in assessing businesses. Sometimes conditions change enough in a market or sector that there is suddenly a significant window of opportunity for a founder to run through. We think that is the case with Michael Rigney, CEO of Cala Systems. They're building a next generation heat pump water heater, and if they're right, they could save billions of gallons of water, reduce US national emissions by 3%, and save domestic energy consumers about $23 billion a year. We talk about the nature of the water heater market, competing against entrenched incumbents, and rebuilding a well known consumer product from the ground up. He has major game in this segment and Cala are in a fascinating position. Please enjoy my conversation with Michael Rigney. 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 ----------- Cala Systems CEO, Michael Rigney, shares insights on the future of water heating with his company's next-generation heat pump technology. He explains how predictive control and intelligent design are set to revolutionize the industry by optimizing energy efficiency, cost savings, and user comfort. Rigney also discusses the importance of strategic partnerships, the role of branding, and the urgent need for decarbonizing residential water heating to reduce global emissions. 00:00 Introduction 00:50 Overton Window and Market Opportunities in Water Heating 01:47 Why Target the Water Heater Market 03:21 Recognizing a Unique Market Opportunity 05:40 Early Steps in Building Cala Systems 07:15 Building the World's First Intelligent Heat Pump Water Heater 11:02 User Experience and Intelligent Water Heating 12:42 Customization and Integration with Home Systems 13:29 Branding Water Heaters: Lessons from Nest and Opower 15:37 Designing Cala Systems' Website as a Brand Statement 17:29 The Impact of Decarbonizing Water Heating 20:17 Building a Strong Team 22:17 The Importance of Hiring Slowly and Thoughtfully 24:02 Practical Innovation: Balancing Thought and Scrappiness 25:48 Building the Company You Need for the Future 28:01 Balancing Customer and Installer Needs in Product Development 30:32 Geographic Focus for Early Deployment 35:24 Transitioning to Founder and CEO Role 36:44 Advice for Future Water Entrepreneurs Links: Burnt Island Ventures:  https://www.burntislandventures.com/ Michael Rigney: https://www.linkedin.com/in/michaeljrigney/ Cala Systems: https://www.calasystems.com/

It's nice to have friends in high places, and in water, there are few places higher than the presidency of the Water Environment Federation, the core trade body for the wastewater industry. Ifetayo Venner and I got to know each other in 2017 when we both spoke at the opening session of WEFTEC, WEF's annual gathering for the wastewater world, and we spoke in a cavernous room filled with about 5000 pros talking through our stories of how we got into water. Ifetayo's was a lot better than mine, and no surprise. She is an enormously accomplished professional, Past President of WEF and a Senior VP at Arcadis, the massive engineering consultancy. She has led the creation of some very serious projects in wastewater, and I wanted to have her on The Fundamental Molecule to help us understand the role of engineering consultancies in the sector, what the world looks like from her point of view, the opportunities in infrastructure renewal, and of course, her own path through all of it. She really is great. Please enjoy my conversation with Ifetayo Venner.  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

If I was to write a list of all the tricks we're missing in water, it would be a lot, and somewhere near the very top would be lobbying - engagement with government on the federal and state level. I recognize we've made a lot of progress in the last five or six years in terms of securing capital for the required infrastructure renewal in the US, but there is a hell of a long way to go. But I look over the fence at energy, both legacy and renewables, healthcare, insurance, biotech, down to the gun lobby, and I can't help but think there is a massive gap between how effective we are in water and how effective we could be and how much more support for the fundamental molecule we would get if we were. Mae Stevens is a specialist lobbyist for water at Banner Public Affairs, and she recently joined us for our Founder Forum in DC alongside fellow lobbyist and longtime friend of BIV, Dan Kidera. She and he, they were both so good, and I wanted to have her on The Fundamental Molecule to help demystify this murky area of water at scale. Please enjoy my conversation with Mae Stevens.  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

Jorge Richardson - Water Access, Reliability, and Selfies with Bono Sometimes businesses pop up that take a bit of time to make sense. HOPE Hydration is one of those businesses. When I first met Jorge Richardson in 2021, he was chock full of confidence, like a lot of entrepreneurs in 2021, with an admirably aggressive plan, but I couldn't quite see it. And, fortunately, I was wrong. Make no mistake, this is an exceptional early company with the potential to transform a very large legacy part of the water sector. Jorge is also exactly the right person to build it. A rare combination of smarts, charisma, and a down to earth way of looking at the journey that can only come from a very specific blend of experiences, both positive and negative. We think they can be a huge part of the solution to the public water access problem, and this is a fascinating look into the early stages of building that solution. Hopefully, you'll get it faster than I did because we are seriously excited. They were our second investment in BIV Fund 2. Please enjoy my conversation with Jorge Richardson.  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 ----------- Jorge Richardson's journey led him to create Hope Hydration, tackling the broken water access system with fresh ideas. In 2021, he pivoted to focus on event-based water stations, quickly learning how to make a big impact with limited resources. By combining a smart, ad-driven business model with B Corp principles, Hope Hydration is redefining what it means to offer free, high-quality water everywhere. For Jorge, success is all about having the right people, a clear mission, and staying true to your values. 00:00 Start 00:49 Introduction 01:53 Jorge's Unconventional Path to Water Sector 02:18 Mission and Vision of Hope Hydration 04:50 Problems with Traditional Water Access Models 08:00 Transforming Drinking Water Infrastructure 11:10 Key Learnings and Pivot from 2021 Onwards 16:46 Understanding the Ad Business Model in Water Tech 20:45 Balancing Ads with Mission as a B Corp 25:27 The Power of Networking and Partnerships 29:43 Scaling Across Multiple Vertical Markets 35:38 Building Sustainable Competitive Advantage 41:53 Global Impact and Scaling Hope Hydration 45:23 Advice for Future Water Entrepreneurs Links: Burnt Island Ventures: https://www.burntislandventures.com/ Jorge Richardson: https://www.linkedin.com/in/jorgerichardson/ HOPE Hydration: https://www.hopehydration.com/

There's an old saying from east London: “Where there's muck, there's brass.” Essentially, what this means is that the management of the dirtier side of life is invariably an opportunity for a decent business. Sewers are a big business. There are a million miles of them beneath our feet in the US, and about 300 million of them need to be inspected and cleaned every year. A serious undertaking. Matt Rosenthal, along with his Co-founder Billy Gilmartin, is building SewerAI in order to massively improve the process, efficiency, and accuracy of completing these inspections, and much more besides. As you will hear, he thinks as clearly about the fundamental job of an entrepreneur and leader as anyone we work with, and his pathway to building SewerAI was as entrepreneurial, honest, and compelling as any you will hear. Fitbit's loss was US sewer infrastructure's gain. Please enjoy my conversation with Matt Rosenthal.  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 ----------- Matt Rosenthal, Co-founder and CEO of SewerAI, shares his journey from a chance entry into water tech to leading a company that is revolutionizing sewer inspection with AI. The discussion covers the challenges of scaling a tech-driven business in the water sector, the critical role of providing real value to customers, and the complexities of working with municipalities. This episode offers valuable insights into how innovation and AI are transforming essential infrastructure. 0:00:00 Start 0:00:49 Introduction 0:01:56 Matt and Billy's entry into the sewer inspection industry. 0:04:00 Inefficiencies in traditional sewer inspections. 0:07:53 Market analysis and early mistakes. 0:11:02 Technical challenges in sewer inspection. 0:13:35 Combining skills to build the company. 0:18:19 Effective division of responsibilities. 0:20:50 Competitive edge through strong execution. 0:26:57 Leadership changes and hiring importance. 0:31:13 Series B fundraising strategy. 0:39:56 Thoughts on AI's role and value. 0:43:54 Vision for expanding Sewer AI's solutions. 0:46:31 Matt's single most important piece of advice for future and aspiring water entrepreneurs. Links: Burnt Island Ventures:  https://www.burntislandventures.com/ Matt Rosenthal: https://www.linkedin.com/in/matthewrosenthal99/ Key Takeaways: "The easiest way to raise a round is to build a kick-ass business. End of story." "Provide value to your customers. Everything else just follows from that." "If you can answer ‘yes' to generating revenue and doubling it yearly, you're pretty good." "AI is just a part of the value we provide. It's the whole stack that matters." "We make people better at their jobs. That's what we do as a company." "Extreme honesty and openness build trust and show success." "Don't worry about building the business. Focus on providing value." "My job is to make my employees as productive as possible so they can make our customers productive." "The bar for excellence has never been so low. Do what you said you were going to do before it became inconvenient."

Peter Fiske has packed a lot into his career, from being a rare successful academic to entrepreneur crossover to his current role as head of NAWI, the National Alliance for Water Innovation. He's just someone who loves building stuff, and he's done a lot from building and selling PAX Water Technologies to setting up the infrastructure for the radically improved coordination of US research into water technology. He's also one of the most energetic people I know - game recognize game - and one of the best communicators. Please enjoy my really fun conversation with Peter Fiske.  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 ----------- Peter discusses his journey from academia to entrepreneurship, applying academic research to solve real-world water issues, lessons from his first sale, and the future of brackish water desalination. He also highlights the need for decentralized water infrastructure and draws parallels with the energy sector's evolution. Emphasizing empathy, data, and collaboration in addressing water industry challenges, he notes that, as climate change impacts water resources, innovative solutions and industry cooperation are now, and will continue to be, vital. 0:00 Start 0:50 Introduction 1:31 Peter's initial path into the water world 7:51 Moving from academia to entrepreneurship 19:56 Peter's first sale and the lessons learned from it 22:46 Applying academic findings to relieve pain points 26:52 The future of brackish water desalination 28:34 Why doesn't the US have a Department of Water? 29:51 Our main water problem 31:46 Public understanding of water issues 36:31 Water technology in the context of the S-Curve 40:30 Peter's reflection on selling his business 43:57 His single most important piece of advice for aspiring water entrepreneurs Links: Burnt Island Ventures   NAWI Key Takeaways: "Entrepreneurship is first and foremost a personal choice and a career choice." "PhDs can be outstanding entrepreneurs. They are used to working extremely hard and are enormously resilient." "Empathy for your customers is crucial. Truly hope that what you have makes their life better." "Successful entrepreneurs are not risk takers. They analyze an environment and wait for the right opportunity." "The water industry is an unusually cordial and collaborative industry. Seek ways of synergy." "If you don't have data, you just have an opinion. Bring data to frame technical performance." "Our climate is changing, and the principal delivery vehicle for those effects will be the water cycle." "The future is already here; it's just not uniformly distributed."

It's well documented that we at Burnt Island Ventures love founder-market fit, but we really love it when it leads us to a founder and company that represents that fundamental leap forward in the operation of that market. Josh Mackanic is one of those founders. His two decades of experience in infrastructure has led him to build a platform people have talked about in the industry for a long time, but he and his team have been the ones to bring it to life. His deep knowledge of the infrastructure world is obvious in our conversation. We cover everything from the identification of the problem to how he thought through his fundraising process to how he sees the role of CivilGrid in unlocking a huge amount of friction in the wholesale infrastructure upgrade that the US requires in the coming decades. Please enjoy my conversation with the excellent Josh Mackanic.  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 ----------- Josh Mackanic, seasoned infrastructure expert and founder of CivilGrid, shares his journey from managing large-scale construction projects at PG&E to creating a revolutionary platform for infrastructure management. He discusses his unique insights into utility operations, the significant challenges faced by the construction industry, his team's design expertise, and the crucial role of meticulous planning in successful project execution. Explaining how CivilGrid preemptively consolidates vast amounts of site-specific data, our guest notes that this results in streamlining project design, and reducing costly errors. Finishing up, Josh shares his thoughts on the future of infrastructure, the impact of the Inflation Reduction Act (IRA) on the industry, and his advice for aspiring water entrepreneurs. 0:00 Start 0:49 Introduction 1:56 Josh's journey to starting CivilGrid 5:42 ‘Dig ins' and the potential issues with them 8:23 The problem he and his colleagues decided to solve 10:23 CivilGrid and its impact 14:25 Acquisition of a critical mass of data 16:20 Understanding your areas of strength and weakness 17:22 Learning about selling 19:24 The CivilGrid team's exceptional understanding of design 23:25 Josh's insights on fundraising 27:28 His perspective on the IRA, infrastructure, and the future 31:03 Retaining and ingraining values in the team members 30:31 Josh's most important advice for future water entrepreneurs Links: Burnt Island Ventures: https://www.burntislandventures.com/ CivilGrid: https://www.civilgrid.com/ Quotes: "Running a complex construction project is like orchestrating a symphony in an unstructured environment." "90-92% of projects go over schedule or budget. Your biggest impact is at the design and planning stage." "If you don't have customers, you don't have a business. Start with the customers and work backwards." "Fundraising isn't just about money. It's about building the team and getting the right people aligned with your mission." "Prepare yourself mentally and physically. The road is longer and requires more resolve than you expect."

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 ----------- 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 ----------- 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.”

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 ----------- 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 ----------- 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 ----------- 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 ----------- 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 ----------- 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 ----------- 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 ----------- 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 ----------- 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 ----------- 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 ----------- 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 ----------- 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 ----------- 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 ----------- 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. ----------- 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