The Fundamental Molecule

Ravi Kurani - Swimming in Your Customer's Shoes

Wed, 25 Mar 2026 12:00:00 -0400

As you may have noticed, I really like unusual routes into entrepreneurship, where someone with an unfair advantage in and around some area of the world decides to solve something dumb within it. Ravi Kurani is ground zero for that paradigm - the scion of the pool monarchy of Southern California. He will explain. He went from shop assistant to pool boy to impact investor to founder to exited founder, and is now bringing his considerable talents to the roll-up game as well as the streets of New York. He's also the host of the podcast Liquid Assets, which is excellent. So this is me shamelessly trying to steal his tricks. One of my favorite things about Ravi is his insistence on understanding the reality of markets and his commitment to the work it takes to get there. He's awesome. Please enjoy my conversation with Ravi Kurani.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Ravi Kurani is the President of Standard Water Corp, a company digitizing the world’s most critical asset. A mechanical engineer who started as a pool boy, he founded Sutro, a robotic water diagnostics platform, which was acquired in 2019. He is a Forbes 30 Under 30 honoree, holds three patents in water monitoring, co-authored a book on hardware development, and hosts the Liquid Assets podcast. Ravi is passionate about building products that help society and the environment.

00:00 - Ravi Kurani’s Journey From Pool Boy to Water Tech Founder

02:57 - Building Sutro and the Case for Affordable Water Sensors

05:04 - Why Storytelling Drives Startup Funding and Distribution

13:13 - Pivoting Into the Pool Industry to Validate Water Technology

15:59 - Designing Human-Centered Hardware for Pool Owners

18:12 - Scaling a Hardware Startup From Prototype to Global Shipping

22:21 - Rolling Up Pool Service Companies With AI and Field Tech Tools

28:37 - Why Wastewater Reuse Is the Next Big Water Opportunity

29:53 - Private Equity vs Venture Capital in Water Innovation

31:18 - Liquid Assets: Explaining Water to a Broader Audience

39:36 - The Most Important Lesson for Water Entrepreneurs: Know Your Customer

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Ravi Kurani: https://ravikurani.com/

Standard Water Corp: https://www.standardwater.co/

Liquid Assets: https://www.liquidassets.cc/

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Key Takeaways:

"Storytelling is key. Founders often have great tech but struggle to convey it. You need to distill your message into a compelling story."

"Live in your user's shoes. Understand their needs and behavior. That's the secret to creating a product that truly resonates.”

"In hardware, problems are inevitable. Water gets everywhere, and electronics hate water. You must anticipate and solve these issues."

"The Silver Tsunami is real. Older experts are retiring, and there's a shortage of younger replacements. We need to transfer knowledge effectively."

"The Feynman curve shows that true mastery allows for simplicity. But getting there is a knife fight."

Barrett Hansen - Building the System for Cash Flows in Water

Wed, 04 Mar 2026 03:45:00 -0400

One of the things that is most easily overlooked in water is just how big it is. And we mean Lake Michigan and the Nile and the Amazon basin and all the big things, but cash flow is just as big, if not bigger than actual flows. And all that cash needs to be managed. As you will hear, $500 billion a year flows through US utilities of all stripes alone, coming from customers, governments, NGOs and other sources into those utilities, then out to employees, service providers, utilities, chemical suppliers, consultants, all day, every day. And that half trillion dollars is handled through software that is problematic. Old, expensive, inflexible, poorly designed, especially in under-resourced utilities.

Nobody has successfully built the software to help them manage these flows as efficiently as possible. Nobody until Barrett Hansen and the team at Current arrived to build a platform to solve one of the more obvious and vital workflows in utility management, aiming squarely at those under resourced utilities. Now live with 60 customers, Current is up there with the fastest growing companies we have backed and Barrett is a very smart, very humble guy. I have a soft spot for people who went to graduate school in Cambridge - Allston actually.

Please enjoy my conversation with Barrett Hansen.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Barrett Hansen is the Co-Founder and CEO of Current, a cloud-native utility billing and payments platform purpose-built for small to mid-sized water utilities. An innovative problem solver with a decade of experience in tech and analytics, he combines technical strengths in data analysis, predictive modeling, and visualization with operational expertise and a strategic mindset. Previously, Barrett delivered data-driven solutions in Silicon Valley across fintech, B2B SaaS, and sales operations. He holds an MBA from Harvard Business School.

00:00 - Introduction

02:20 - Utility SaaS Opportunity in Water Industry

03:48 - Why Utility Billing Is Still Manual

06:43 - Finding Startup Ideas in Boring Industries

09:52 - How to Start a Vertical SaaS Business

13:31 - How to Get Your First Customers

17:09 - Pain vs Buying Triggers in B2B Sales

18:52 - Cold Calling Strategy That Actually Works

21:01 - How to Build a Winning SaaS MVP

25:31 - Founder Led Sales for Early Startups

27:37 - SaaS Pricing Strategy for Utilities

29:51 - Customer Onboarding and Retention Strategy

34:29 - How to Build Trust in B2B SaaS

37:04 - Expanding Into Fintech and Payments

40:34 - Using Data Analytics for Utility Insights

44:07 - Why Boring Startups Can Win Big

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Barrett Hansen: https://www.linkedin.com/in/barrett-hansen/

Current Software: https://www.currentsoftware.app/

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Key Takeaways:

"$500 billion a year goes through the US utility market, whether it's electric, gas or water. I think global will probably be about 10 times that."

"Utilities, unlike other industries, they're not competitive. If anything, they're extremely collaborative. They share information."

"We're data rich, insight poor. And so that's the role that we think we can play is to kind of help connect the dots there."

Tom Ferguson - Fat Tails, Charlie Munger and Being an m-Maximizer

Wed, 18 Feb 2026 03:15:00 -0400

Water is one of those sectors that hides in plain sight — essential, enormous, and quietly full of complexity — and very few people have done more over the last decade to help the world take it seriously than Tom Ferguson. From shaping the earliest conversations around water risk, to building global platforms for entrepreneurs through Imagine H2O, to founding Burnt Island Ventures as the first venture firm dedicated exclusively to water, Tom has been a consistent force in defining what this industry can become. Milestones are useful moments to pause and ask first-principle questions, and for the 50th episode of The Fundamental Molecule, Steve Kloos and I decided to do something special - flip the mic. This episode covers a lot of ground — including Charlie Munger, fat tails, Culture Bees, the Burnt Island and keeping the main thing the main thing. Please enjoy our conversation with Tom Ferguson.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Tom Ferguson is the Founder and Managing Partner of Burnt Island Ventures. With a decade in water and startups, he previously led Imagine H2O’s global programming, where companies raised $600M+ under his tenure. Tom holds an MA from the University of Edinburgh and an MBA from Harvard Business School.

Christine Boyle is a Partner at Burnt Island Ventures. A veteran entrepreneur, she founded Valor Water Analytics and led its sale to Xylem in 2018, where she later served as VP of Digital Product Development. She is also the Chair of the Cal-Nevada American Water Works Association.

Steve Kloos is a Partner at Burnt Island Ventures. An experienced investor and leader, his background includes pivotal roles at GE Water and True North Venture Partners. He is the founding board chair of Current Water and a longtime advisor to Imagine H2O, specializing in water and climate tech.

00:00 - Water Tech and Entrepreneurship Trends

01:40 - Keep the Main Thing the Main Thing

03:43 - Spot the Series B Funding Gap

06:31 - Scale from Seed to Growth Investing

09:19 - Win in Water with Better Storytelling

13:44 - Use Acting Skills for Founder Leadership

16:43 - Build a Fat Tailed Water VC Portfolio

21:05 - Use Munger Mental Models to Invest Smarter

25:43 - Build Culture Beats that Drive Behavior

26:53 - Hire for Learning Speed

33:03 - Choose a Memorable Fund Name

36:22 - Build a Water Specialist Mega Fund

40:29 - Pick the Right Water Startup Problem

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Tom Ferguson: https://www.linkedin.com/in/tom-ferguson-biv/

Christine Boyle: https://www.linkedin.com/in/cboyle/

Steve Kloos: https://www.linkedin.com/in/steve-kloos-4136bb3/

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Key Takeaways:

"Stories are powerful. They help us make sense of the world. They shape meaning and understanding."

"Find people who know where to put themselves in the kitchen. It’s about action and understanding."

"Be the queen in the kitchen. Know where to put yourself. Act on what needs to be done."

"Avoid failure by eliminating paths to failure. It’s not about brilliance, but about avoiding mistakes."

"In water, the survival rate is high. We focus on companies with good bones that stick around."

"We're building the plane as we're flying. Our journey mirrors our founders' experiences."

"Inversion is key. Avoid what doesn’t work. Focus on consistent, not stupid, decisions."

Paul O'Callaghan: Tolstoy, Chekhov and Liam Neeson

Wed, 04 Feb 2026 12:00:00 -0400

Accurate, informed, contextualized, sophisticated research is at the heart of the development of any industry because it allows the players, from CEOs to investors to entrepreneurs, to make better decisions. Since inception in 2011 as O2 Environmental, Paul O'Callaghan and BlueTech Research have been at the forefront of getting pretty much all the key figures in our industry the information they need when they need it.

Paul is a wonderful guy, thoughtful, insightful, a magpie for ideas that usually don’t coexist, and an exceptional entrepreneur in more ways than one. There aren’t many conversations that feature Tolstoy, Chekhov, Matt Damon, Liam Neeson, BIV Partner Steve Kloos, Glen Hansard, David Bowie, and the Beatles. Please enjoy my conversation with Paul O'Callaghan.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Paul O’Callaghan is a scientist, researcher, and documentary producer focused on sustainable water technologies. As founder of O₂ Environmental and CEO of BlueTech Research, he provides global intelligence on water innovation. Paul holds a PhD from Wageningen University, where he developed the WaTA model and co-authored The Dynamics of Water Innovation. He is the executive producer of the documentaries Brave Blue World and Our Blue World. In 2025, he received the Stroud Award for Freshwater Excellence for his contributions to water research and public communication.

00:00 - Introduction

02:00 - What “Disruptive Innovation” Really Means in Water

04:19 - Why Traditional Disruption Models Fail in Regulated Water Markets

06:16 - How to Evaluate Water Startups

08:25 - The 12-16 Year Reality of Building a Water Company

10:49 - Speeding Up Commercialization Without Breaking the System

12:47 - Hardware vs Software in Water

16:20 - Building BlueTech Research

25:40 - Trust, Data, and AI

28:24 - Storytelling as Strategy

31:36 - Brave Blue World

36:10 - Making Water a Universal Human Story

44:49 - One Rule for Water Entrepreneurs

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Paul O’Callaghan: https://www.linkedin.com/in/o2environmental/

BlueTech Research: https://www.bluetechresearch.com/

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Key Takeaways:

"Innovation theories are helpful. They provide frameworks to analyze emerging technologies."

"Disruptive innovation is often misunderstood. It's not just about change."

"In water, a low-end innovation won't work. You can't compromise on drinking water standards."

"The entrepreneur's role is to imagine what doesn't exist and make it real for others."

"In technology innovation, the math and science matter. Fundamentals must stack up."

"The water sector is still emerging. We're just starting to generate critical data."

"Travel opens your mind. It teaches there are many ways to see and be in the world."

"Music lets you participate without speaking. It's a universal language."

"Trust is paramount in water. You can't afford to be wrong."

"Make a list. Weeks with a list always go better. Surround yourself with good people."

Mike Shaw - From Accidental Chemist to PFAS Destruction CEO

Wed, 21 Jan 2026 03:30:00 -0400

Taking the reins at a company is no small thing, especially when your predecessor in the CEO role was someone as exceptional as Julie Mullen. Julie had built the basis for Aclarity, and following her was not for the faint of heart.

Mike Shaw is not faint of heart. He is an exceptional technical and product leader with fascinating experiences at Evoqua and Nanostone, and he has been leading the development of the Aclarity product up to its first commercial deployments late last year. Now officially in the CEO role - congratulations, Mike - I wanted to hear how he reflected on his journey, the transition from a technical leader to a company leader, and talk about the development of the PFAS market, among many other things, including a certain Manchester United manager. Please enjoy my conversation with the CEO of Aclarity, Mike Shaw.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Mike Shaw has two decades of water industry expertise across product management, engineering, and R&D. Before joining Aclarity, he was VP of Product at Nanostone Water, leading global application engineering and innovation strategy. Mike also spent 12 years at Evoqua Water Technologies, most recently as Director of Process and Technology, where he managed international teams to integrate advanced technologies into the company’s portfolio. A specialist in global water treatment implementation, Mike holds a chemical engineering degree from the University of Massachusetts, Lowell.

00:00 - Introduction

00:49 - Taking Over as CEO at Aclarity After Julie Mullen

01:50 - Aligning Technical and Commercial Teams Around the Real Customer Problem

04:21 - Using Techno-Economic Analysis to Prove Product–Market Fit

12:25 - Shifting From Engineering Leader to CEO

16:14 - Building a Water-Tech Career Path

22:02 - Why Startups Win for Speed

24:17 - Iterating Toward Breakthroughs

29:13 - Solving PFAS Destruction

32:09 - How PFAS Customers Decide

35:47 - Where the PFAS Market Is Headed

45:35 - Water Entrepreneur Advice

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Mike Shaw: https://www.linkedin.com/in/michael-shaw-02172a16/

Aclarity: https://www.aclaritywater.com/

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Key Takeaways:

"Technical people often drift from the problem. A tiny mistake can lead you off course."

"Good techno-economic evaluation means measuring a problem and assessing the solution's ability to address it."

"Honest assessment of your solution and competition is crucial. Bias doesn't help anyone."

"Having a product management function prevents silos and keeps the team aligned."

"Surround yourself with diverse people. You need pessimists, optimists, detail-oriented, and big thinkers."

"It's not about speed, it's about velocity. Direction of travel really matters."

"Constantly second guess yourself. Test your hypothesis. Surround yourself with people who will challenge you."

Christopher Gasson - Building the Source of Truth for the Water Sector

Wed, 07 Jan 2026 03:00:00 -0400

My guest today is the exceptional Christopher Gasson. As the owner of Global Water Intelligence, he has built a business that he bought for £17,000 and less than 150 subscribers to the indispensable knowledge source for people in this $1.6T business of water. Those of you who read his opinion columns in GWI know that this is a man not short of opinion, and I think that is an enormous service in a sector that suffers from a lack of people willing to both speak their mind with clarity and be controversial. He thinks as clearly as anyone I have met about water as a business and brings decades of perspective to how he communicates about where the market, and his market, is moving today, from semiconductors and AI to the bond markets and the potential for utility privatization in an era of government indebtedness. He's just right. Please enjoy my conversation with the excellent Christopher Gasson.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Christopher Gasson is the owner of Global Water Intelligence (GWI) and a revered authority on water finance. Since acquiring GWI in 2002, he has built the pre-eminent source of information for the $1.6T water industry, including products like DesalData and the Global Water Summit. An Oxford graduate in Politics and Economics, Christopher combines a background in investment banking with a distinctive voice as a columnist. Known as the "water industry torchbearer," he is also a co-founder of the Global Water Leaders Group and Leading Utilities of the World.

00:00 – Introducing Christopher Gasson

02:10 – Why Christopher Bought GWI and How the Market Collapsed

04:01 – The Pivot to Desalination and the Rise of Global Water Markets

07:05 – Why Industrial Water and Ultra Pure Systems Became the Big Bet

10:42 – How AI, Data Centers and Chip Fabs Reshape Water Demand

15:37 – Hyperscalers, Community Water Partnerships and Public Backlash

17:13 – Extreme Weather, Climate Disruption and NASA’s Scariest Chart

22:19 – How Capital Markets Are Waking Up to Water Investment

27:56 – What the UK Got Wrong About Water Privatization

30:25 – Why Finance Literacy Gives Water Leaders a Strategic Edge

33:10 – What Makes Powerful Commentary and Water Thought Leadership

36:15 – How AI Is Transforming GWI and Water Market Intelligence

39:51 – GWI’s Future as a Global Water Tech Platform

42:22 – Biggest Contrarian Wins and Misses in Water Innovation

47:32 – Essential Advice for Every Water Entrepreneur

Links:

Christopher Gasson

Global Water Intelligence

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Key Takeaways:

"The water industry is capital hungry. For every dollar in revenue, you need $7 in capital."

"Droughts and floods are increasing with temperature rise. We need agile solutions."

"The public sector owns underperforming water assets. Private sector participation is key."

"Understanding physics is crucial in water technology. Overlooking it leads to failures."

"Water infrastructure needs flexible solutions. Fixed solutions to variable problems don't work."

Dylan Wolff - Wait, Kitchens Defrost How?!

Wed, 10 Dec 2025 03:00:00 -0400

You may know by now that I get pretty excited when people walk through the figurative BIV door with an understanding of reality that is virtually impossible to diagnose from the outside. From the moment I met Dylan Wolff and he explained what he was up to, I couldn't believe what he was solving. We will go into some depth as to what he's building at CNSRV, but it's the vehicle for the deletion of a stunning quantity of waterway as well as the provision of a multi layered, deeply practical and financial set of value propositions, all of which drop straight to their customers’ bottom line. Once you see it, you really can't unsee it. Dylan also happens to be, as we say back home, a really lovely bloke to spend time with. Please enjoy my conversation with Dylan Wolff.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Dylan Wolff is the Founder & CEO of CNSRV, a startup transforming commercial kitchen sustainability. A product developer driven by California’s water crisis, Wolff identified a hidden source of waste: running faucets to defrost food. He built the CNSRV DC-O2, a device that saves 98% of water and halves prep time. Resilience has defined his journey; weathering the COVID-19 industry shutdown, he bootstrapped development and secured groundbreaking rebates from water districts. Today, his tech is used by industry leaders, proving environmental impact drives financial ROI.

00:00 - Introducing CNSRV and the Future of Water Tech

00:49 - Exposing Hidden Water Waste in Commercial Kitchens

02:36 - How Dylan Discovered the Defrosting Problem

04:02 - Validating a Silent Industry Pain Point

06:17 - Turning Curiosity Into a Scalable Startup Opportunity

09:01 - How CNSRV Saves Water, Time, and Labor

12:10 - Matching Value Propositions to Kitchen Stakeholders

15:12 - Navigating COVID and Early Product Development Hurdles

19:42 - Building a Lean Team and High-Performance Product Design

23:52 - Lessons From Founder-Led Sales and Market Education

27:22 - Early Distribution Wins and Scaling Through Rep Groups

30:18 - Product Evolution: Smarter Interfaces and New Models

34:27 - Enterprise Logos vs. Regional Rollouts

36:05 - Quantifying the Massive Market and Water Savings Impact

37:05 - How Utility Rebates Accelerate Customer Adoption

39:14 - The Emotional Reality of Entrepreneurship

41:45 - Essential Advice for Water Innovators: Perseverance

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Dylan Wolff: https://www.linkedin.com/in/dylan-wolff-032b1439/

CNSRV: https://cnsrv.com/

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Key Takeaways:

"Solve a problem you're passionate about. Translate curiosity into action."

"Perseverance is everything. If you believe in it enough, don't take ‘no’ for an answer."

"The kitchen is full of hidden inefficiencies. Expose reality to solve them."

"Running lean is crucial. You can provide value without massive overheads."

"Every day looks different. It's both the best and worst part of being an entrepreneur."

"The market is massive. 15,000 units can save billions of gallons of water annually."

"Entrepreneurship is a test of will, not intellect. Embrace uncertainty and keep pushing."

Sivan Zamir - The Model of Corporate Startup Engagement

Wed, 22 Oct 2025 03:30:00 -0400

In 2015, all of the startup founders who were part of Imagine H2O's Accelerator had to bear with me as I had no idea what I was doing. One of those founders was Sivan Zamir. Four years later she was and remains the only person to go through the program twice, and mercifully, her feedback then was rather better. Now she's VP of Enterprise, Innovation and Venture at Xylem, Burnt Island Ventures’ anchor investor and a true partner. And Sivan has become a serious force in early stage water, taking on the enormous challenge of making a very large company very good at working with very small ones. She and her team not only set a new standard for corporate engagement with the startup community, we think they reinvented it. It has been fascinating to see how the ideas and principles of entrepreneurship are flowing into the wider Xylem organization as a result. She is a force of nature, an unyielding advocate for water and an astonishingly generous friend. Please enjoy my conversation with Sivan Zamir.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Sivan Zamir, VP of Enterprise Innovation and Venture at Xylem, shares her journey from two-time founder to corporate innovator. She discusses the systemic challenges large companies face when working with startups and her strategy to overcome them. Key topics include the criticality of team culture and "voice of customer," using agile sprints to drive change, and a unique "partnerships-first" corporate venture capital model. She also advocates for bringing enabling technologies from other industries into the water sector and advises all entrepreneurs to "be kind."

00:00 - Introduction

02:24 - Why Big Companies Struggle to Work With Startups

05:53 - Breaking the Certification Roadblock for Pilots

08:06 - Startup Lessons: Team Culture and Customer Feedback

16:40 - First 90 Days: Research, Business Plan, and Execution

20:32 - Running Sprints and Scaling Innovation Culture

25:18 - Building Partnerships Before Launching Venture Capital

29:49 - How the Accelerator Program Drives Go-To-Market

35:25 - The State of Water Tech: Adjacent Innovation and Low Funding

40:53 - Final Advice: Always Lead With Kindness

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Sivan Zamir: https://www.linkedin.com/in/sivan-sidney-zamir/

Xylem: https://www.xylem.com/en-us/

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Key Takeaways:

"Team culture is everything. You can teach skills, but you can't teach culture. It's the backbone of resilience and innovation."

"Voice of the customer is critical. Without it, you're building on a hypothesis without market validation."

"In large companies, innovation must be baked into governance, metrics, and incentives."

"The water sector needs to look beyond itself. Adopt existing tech from other industries."

"Accelerators simplify complex processes. They coordinate efforts and focus on clear outcomes."

"The water tech sector has grown, but we have a long way to go. Only 3% of climate tech investment is in water."

"Kindness is essential in entrepreneurship. It's a small world, and relationships matter."

Peter Brooks - Building an Infinite Compounding Machine

Wed, 24 Sep 2025 04:15:00 -0400

Out of 910 graduating students in the Class of 2014 from HBS, three went into water. Of those three, only Peter Brooks and I remain. And, meaning no offense to all our wonderful classmates, I'm glad it's him. Peter is just a really great guy. A former Marine, he worked across a variety of fascinating opportunities before setting up Sylmar Group. He and his partner Michael have been hard at work creating a compounding machine in water, building with an infinite holding period. And, as you will hear, it has developed exceptionally in the six years since it was founded. I have been looking forward to this for a long time because there are few people as thoughtful, practical, wise, self-effacing and talented as Peter. I was also amazed to find out that this is the first time he has talked about the Sylmar story on a podcast. So you're literally hearing it here first. Please enjoy my conversation with Peter Brooks.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Peter Brooks details Sylmar's "compounding machine" strategy, advocating for patient, long-term investment, cultural integration, and network effects to create value. He explains their entrepreneurship-through-acquisition model, targeting small, high-quality water businesses, and emphasizes operational enhancements while preserving an entrepreneurial spirit. Peter shares insights on managing growth, recruiting talent, and his military-informed leadership. He also addresses the future water market, noting AI's increasing demand and the critical role of infrastructure, and urges entrepreneurs to pursue their "true north" for societal benefit.

00:00 - Peter Brooks & the “Compounding Machine”

02:30 - Equity, Culture & Network Effects

06:03 - Partnering with Mission-Critical Small Operators

11:27 - Listen, Prioritize, Fix Systems

17:02 - Operating System That Scales

21:24 - Disciplined Growth & Smart Capital Allocation

26:35 - Make Water a Talent Magnet

34:46 - Sales as Market Discovery

43:21 - AI Data Centers & Water

50:49 - Tech That Matters Now

1:01:27 - True North Leadership

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Peter Brooks: https://www.linkedin.com/in/peterharringtonbrooks/

Sylmar: https://sylmargrp.com/

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Key Takeaways:

"Compounding is the consistent accumulation of small advantages that allow us to win."

"In water, patience is rewarded. Quick-turn investors often misunderstand this."

"We're building a compounding machine with long-term patient capital."

"Plans are nothing, but planning is everything. No plan survives first contact with reality."

"Water is the third pillar of public safety, critical behind fire and police."

"Embrace uncertainty. Entrepreneurship isn't for the faint of heart."

“Roughly every 5 million of EBITDA, you're going to have a different job description if you continue to scale.”

“So much of the M & A world, people just paste over underperforming bad business decisions with new acquisitions.”

“When you have a long time horizon, you can literally say, ‘We'll talk down the road. Let us know when you're ready because we think you'd be a great partner for us.’”

“I rue the day when…we're not actually thinking about customers.”

Allan Adams - The Science is the Easy Bit

Wed, 03 Sep 2025 03:00:00 -0400

It's always worth listening to someone's ‘why’ for doing something. What is their core motivation? Are they a tourist, or are they here for the long haul? When you combine a compelling ‘why’ with the right mix of technical brilliance, charisma, kindness, and energy, you get someone who looks and sounds a lot like Allan Adams. He is the founder and CEO of Aquatic Labs, who have made amazing strides in bringing lab chemistry into real time, eradicating one of the core monitoring problems that is profoundly bad in both water operations and ocean science. This is also the only conversation where the guest's idea of a misspent youth is teaching particle physics at MIT. He is genuinely amazing. Please enjoy my conversation with Allan Adams.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Allan Adams joins Tom today to discuss how witnessing dying coral reefs after the birth of his son inspired him to leave physics and found Aquatic Labs. He critiques the inefficiency of slow, lab-based water analysis and details his mission to create real-time, scalable sensors. By first optimizing industrial processes, Aquatic Labs aims to commoditize its technology, making it affordable for vital future applications like verifying ocean carbon sequestration and tracking the true impact of climate change on our most fundamental resource.

00:00 - Introduction to Water Innovation and Entrepreneurship

00:49 - Allan Adams’ Journey from Physics to Ocean Science

02:29 - Fiji Expedition and Life-Changing Career Shift

05:25 - Passing Ocean Stewardship to the Next Generation

07:29 - Global Climate and Human Impacts on Oceans

11:12 - Founding Aquatic Labs to Scale Real-Time Ocean Sensors

15:43 - Industrial Use Cases and Aligning Profit with Conservation

19:42 - Lessons from Academia and Startup Realities

22:50 - Breaking Lab Bottlenecks with Real-Time Water Sensing

26:43 - Commercialization Journey and Market Pivot Post-Election

32:05 - Hard Lessons in Sales and Building a Mission-Driven Team

37:41 - The Big Vision: Aquatic Labs’ Role in Water and Carbon Markets

43:29 - Allan’s Advice for Water Entrepreneurs

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Allan Adams: https://www.linkedin.com/in/allan-adams/

Matt Fitzgerald - Campaigns, MrBeast and Getting Arrested with your Grandmother

Wed, 20 Aug 2025 03:00:00 -0400

The saying, "Those who tell the stories rule the world," is such a core truth that it is both a quote from Plato and a Native American proverb - two entirely distinct societies coming to the same conclusion. We in water know that our inability to tell our story is one of the most frustrating aspects of the sector and one of, if not the most, negatively impactful. So what happens when you put water's story in the hands of two of the best storytellers and creators on the planet? Matt Fitzgerald is the campaign architect of #TEAMWATER, which, after #TEAMTREES and #TEAMSEAS, is the third major campaign from MrBeast, the world's largest YouTuber, and Mark Rober, the world's most prominent science YouTuber. #TEAMWATER's aim is to mobilize $40 million in one month in order to provide two million people with clean, safe, reliable drinking water for decades. It is one seriously entrepreneurial undertaking, and Matt is a remarkable guy. We thought it would be fascinating to sit down with him and find out how he thinks about pulling off something this audacious, and we were right - it was. Please enjoy my conversation with Matt Fitzgerald.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Campaign architect Matt Fitzgerald discusses the strategy behind #TEAMWATER, the $40M clean water initiative with creators MrBeast and Mark Rober. He shares his philosophy on building successful movements like #TEAMTREES and #TEAMSEAS, focusing on harnessing the "attention economy." Fitzgerald explains the importance of simple, emotionally resonant narratives that make complex issues universal and inspire mass participation, turning viewers into heroes and creating tangible change.

00:00 - Power of Storytelling in the Water Sector

02:28 - What Makes an Effective Campaign

05:39 - Building Narratives That Inspire Participation

08:12 - Inside the #TEAMWATER Mission and Impact

11:05 - Leveraging Massive Creator Reach for Change

13:29 - Lessons from #TEAMTREES and #TEAMSEAS

20:44 - Competing in the Attention Economy

25:25 - Messaging Strategies That Resonate

28:57 - Balancing Grassroots and Grasstops Influence

36:17 - Matt Fitzgerald’s Career and Campaign Insights

42:12 - Using Emotion to Drive Action

43:20 - Shaping Philanthropy for Water’s Future

47:20 - Call to Action for #TEAMWATER Support at https://teamwater.org/

49:18 - Matt’s advice for water entrepreneurs

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Matt Fitzgerald: https://www.linkedin.com/in/mattfitzgerald/

Contribute to #TEAMWATER: https://teamwater.org/

SM Material

Key Takeaways:

"Water is where climate and people meet. You either have too much of it or too little."

"The best campaigns build relationships, activate them, and provide a next step… a cycle of engagement."

"#TEAMWATER is a $40 million crowdfunding campaign to bring clean water to 2 million people."

"Water is like the sun; everyone has a relationship to it. Yet it's stuck in conference rooms and reports."

"The greatest change you can make is the change that happens after you're gone."

"If you know your North Star, you can navigate the squiggly line of your journey."

“If you do one thing, go to teamwater.org and donate.”

Mick O'Dwyer - Mandated, Recurring & Operationally Painful

Wed, 06 Aug 2025 03:15:00 -0400

Some people are born to drive their own bus. They have an idiosyncrasy of outlook that makes building their own thing inevitable. When these people run into a problem that they find both annoying and ridiculous and decide to solve it, good things happen. Mick O'Dwyer is one of those people. Even before BIV started, the second check I ever wrote, and first real one, was into his company, SwiftComply, and for good reason. He is a very serious entrepreneur in its most core sense. He's a taker of opportunities with, as you will hear, a clear attitude to risk, who delights in the wrestle of getting the thing done. As anyone who has met or shared a karaoke room with him will attest, he's also a great person to spend time with. The man could sell, and indeed has sold, Guinness to the Irish. Please enjoy my conversation with the excellent Mick O'Dwyer.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Mick O'Dwyer shares his evolution from a young, ambitious engineer at Guinness to a water entrepreneur. He recounts his time at Dublin City Council, where the "ridiculous" and inefficient paper-based system for managing fats, oils, and grease in wastewater sparked the idea for his company. Mick details his journey of building SwiftComply, from developing the initial solution to moving to the U.S., making a high-stakes acquisition, and scaling the business.

00:00 - From Guinness Factory to Government Engineer

08:29 - Discovering the Wastewater Compliance Problem

12:38 - Building the First Version of SwiftComply

16:58 - Turning a Consulting Gig Into a Tech Company

20:32 - Going Global After a U.S. Conference Breakthrough

22:43 - Why Moving to Silicon Valley Was a Game-Changer

30:43 - Using AI to Improve Utility Compliance and Efficiency

33:31 - Rebuilding Product Velocity After Acquisition Challenges

41:28 - Scaling SwiftComply With Growth Investment

46:43 - Advice to Founders: Bet on “Mandated, Recurring, Painful” Problems

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Mick O'Dwyer: https://www.linkedin.com/in/odwyermichael/

SwiftComply: https://www.swiftcomply.com/

SM Material

Key Takeaways:

"I had this compelling thing that the world needed a solution for the problem. What I will say is I wasn't really built to be a passenger."

"The bus was leaving the station and had no driver, and I was like, well, I'm going to be the one to drive that bus."

"I was young and opinionated and bullish. You could say I'm now old and opinionated and bullish."

"I fell in love with wastewater treatment. I fell in love with the people in the plant, actually. Like, they're just like, you know, these men who are 40 years older than me."

"I was just using practical experience to solve the problem at hand.”

"I had to extract myself from that and had the trauma of giving up things. You don't need to see the company to be the one running payroll."

"I do have a core belief that people overestimate the downside of risk."

"Good investors invest in traction, and great investors invest in the future."

Pierre Côté - The Art of Useful Invention

Wed, 23 Jul 2025 07:08:00 -0400

Pierre Côté is arguably the most successful inventor and technologist in the industrial wastewater space. He has two ubiquitous technologies under his belt - the hollow fiber membrane and the membrane bioreactor, or MBR - and a third technology well on the way to becoming ubiquitous: the membrane aerated biofilm reactor, or MABR. Pierre is not only brilliant and a wonderful person, he is totally focused on finding practical solutions to persistent problems that are affordable and implementable. Pierre is now at it again with a new technology for dealing with nutrient pollution via an inexpensive algae biofilm process being brought to life through AlgaFilm, our 7th investment in our Second Fund. He is a profoundly thoughtful, modest, and wise man, and his advice for technical founders is particularly on point. Please enjoy my conversation with the great Pierre Côté.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Inventor Pierre Côté discusses the iterative process of invention, stressing that ideas arise from real-world problems and pressure. He details the origin of his latest venture, AlgaFilm, which evolved from failed prototypes into a novel biofilm system, and advises technical founders to focus on solving a customer's whole problem rather than just their specific technology. For success, he says entrepreneurs must build strong, diverse teams, find a market "wave" (like new regulations) to ride, and have a bit of luck on their side.

00:00 - How Inventors Solve Real-World Water Challenges02:34 - Why Innovation Requires Pressure, Curiosity, and Iteration05:12 - Cross-Disciplinary Thinking and Customer-Driven Design08:09 - The Origin Story Behind AlgaFilm’s Algae Biofilm System10:32 - How the Algae Forest Reinvents Nutrient Removal14:18 - Lessons from Past Water Tech Failures and Breakthroughs18:10 - Navigating Startup Constraints vs. Corporate Innovation21:31 - Commercializing Water Tech with a Whole-Solution Mindset25:16 - Why Cost Modeling and Competitive Awareness Matter28:43 - Staying in Water: Motivation, Mentors, and Market Realities32:15 - Future Trends: Climate Resilience, AI, and Smarter Infrastructure35:01 - Final Advice: Build the Right Team and Catch the Right Wave

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

AlgaFilm: https://algafilm.com/

Pierre Côté: https://www.linkedin.com/in/pierre-c%C3%B4t%C3%A9-5291a226/

SM Material

Key Takeaways:

"Ideas don't come in a vacuum. You need to be exposed to problems. Start by looking for problems."

"Inventions come to fruition through iterations. Risk-taking and mistakes are part of the process."

"Introverts live in their heads, thinking about problems more than extroverts. Curiosity is key."

"Algae can do interesting things, but existing processes are either too large or complex and expensive."

"Focus on building a strong team. Include expertise outside your field for diverse solutions."

"Express objectives as goals, not means. Focus on solving problems, not just creating products."

"Limited funding in startups forces focus on pain points. It's a positive constraint."

"Find early adopters excited about new technology. Treat them well to ensure mutual success."

Oliver Lawal - Sunburning Water is a Good Idea

Wed, 02 Jul 2025 07:15:00 -0400

At BIV, we have huge admiration for people who call their shot and are right. For all you hockey fans out there, it's people who ‘Gretzky’ to where the market is going to be and so are there when it arrives. Oliver Lawal is a fascinating entrepreneur. He saw something obvious - his words - and just went and built the thing and has made so many smart moves along the way. He's a truly thoughtful person, and there is a lot in this conversation for fellow entrepreneurs - from what ‘focus on the customer’ really looks like to how to build a team that never wants to do anything else. He also uses a phrase which has now entered the BIV lexicon: “There's a big difference between what I think is cool and what is actually helpful.” Never a truer word. It almost makes me forgive him for being a Spurs fan. Please enjoy my conversation with the excellent Oliver Lawal, CEO of AquiSense.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Oliver Lawal discusses UV water treatment, detailing its history and AquiSense's UV-C LED innovation (analog to digital shift). He explains entrepreneurial strategies like controlling the LED supply chain by becoming a key customer and enabling customer validation with affordable lab units. Oliver emphasizes solving real problems ("cool vs. helpful") and building a strong team culture focused on shared vision, respect, and practical problem-solving rather than blame.

00:00 - Why Water Innovation Needs Entrepreneurs

02:52 - How UV Disinfection Works and Its Origins

04:42 - Why UV Beats Chemical Treatment in Water

06:57 - Transitioning UV from Mercury Lamps to LEDs

10:47 - Spotting Market Shifts and Acting Early

13:44 - Building Trust Through Scalable UV Tech

18:44 - From Petri Dishes to Multimillion-Dollar Utility Deals

23:03 - Building What’s Helpful vs. What’s “Cool”

27:06 - How Strong Co-Founder Dynamics Shape Success

31:06 - Designing a High-Performance Technical Culture

35:31 - Balancing Startup Leadership with Real Life

39:43 - Final Advice: Solve Real, Not Just Interesting, Problems

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Oliver Lawal: https://www.linkedin.com/in/oliver-lawal-6877ab9/

AquiSense: https://aquisense.com/

SM Material

Key Takeaways:

"Solve a real problem. The operative word is ‘real’. Be honest about it."

"There's a big difference between what I think is cool and what is actually helpful."

"We have to control the supply chain. I want the best pricing and newest products."

"Being honest is crucial. Focus on solving the problem, not apportioning blame."

"How do you come in with a new technology and have a customer sign a $2 million contract?"

"I don't need to be excellent at everything. I need the ability to step away."

"Balance is key. America is positive, but sometimes lacks nuance."

"I have high expectations. I can be tough, but I'm focused on problem-solving."

"Variety is important. I play instruments averagely, but it's about stepping away."

"Listening to direct feedback is vital. You can't solve real problems from an office."

Anne Mushow - Building a Utility Data Dragnet

Wed, 18 Jun 2025 07:01:00 -0400

There is so much that is dumb in water, but easily one of the dumbest is that in the US - let alone the rest of the world - 60 percent of meters are offline and need to be read by hand in 2025. It is an insane state of affairs, and we have had our eyes out for teams to solve it for literally years. Anne Mushow is the driving force behind the solution to this problem at Subeca. Taking over from the exceptional Patrick Keaney, she is a superb leader: practical, experienced, thoughtful, and so determined to banish the schleppiest of schlep work that is meter reading to the past. She spent a lot of time in this market, both in water at Sensus and Xylem, as well as experiencing hypergrowth at Amazon. Please enjoy my conversation with Anne Mushow.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Anne Mushow highlights the slow adoption of advanced metering infrastructure (AMI) in the water utility sector, attributing it to factors like risk aversion and capital intensity. She emphasizes the importance of data-driven decision-making and customer-centricity, sharing insights from her experiences at Sensus, Xylem, and Amazon. Anne also delves into Subeca's innovative approach, focusing on low-barrier adoption and leveraging technologies like Amazon Sidewalk to empower utilities with efficient and cost-effective solutions.

00:00 - Why Most Water Meters Still Require Manual Reads

02:43 - The Real Barriers to AMI Adoption in Utilities

08:41 - How Cloud and Managed Services Are Changing Water Tech

11:01 - Subeca’s Low-Friction Approach to Smart Metering

16:04 - Eliminating Manual Labor with Plug-and-Play Devices

20:15 - Building a Strong ROI Case Without Infrastructure Costs

24:05 - How to Successfully Sell Into Utility Markets

31:52 - Applying Amazon’s Culture to Water Tech Innovation

36:17 - The Future of Water Data as a Service

39:55 - Leadership Lessons from Stepping Into the CEO Role

45:50 - Anne’s advice for current and future water entrepreneurs

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Anne Mushow: https://www.linkedin.com/in/anne-mushow-3108a65b/

Subeca: https://www.subeca.com/

SM Material

Key Takeaways:

"Water utilities are buyers, not builders. They need solutions, not just data."

"In the US, 60% of meters are offline and need manual reading in 2025. It's an insane state of affairs."

"Utilities are risk-averse. They need to see proof of concept before making big investments."

"Amazon Sidewalk's connectivity in challenging terrains is astonishing. It works where others fail."

"Focus on solving real customer problems. Product-market fit will follow."

"The market for water utilities is diverse. Tailor your approach to their unique needs."

"Documentation and working backwards are key. They transform ideas into actionable plans."

"Survive and advance. Find what's working and ride it to bring in revenue for innovation."

"The sky's the limit for networks. Managed services will drive utility transformation."

"Gut is the instant amalgamation of all your experience. Trust it, but verify with data."

Jonathan Jackson - Flooding, Fairness, and Sticking to Your Knitting

Wed, 04 Jun 2025 07:14:00 -0400

Flooding is becoming an increasingly obvious mega issue in the world today. It costs anywhere between $200 billion and $500 billion in the US alone each year. They're 31% of natural catastrophes and 1.8 billion people, about a quarter of the planet, live under flood risk. This is a nightmare for insurers who are raising their premiums in response, 17% last year in the US alone. But what if you could change the cost structure of this issue - where possible, allow homes and businesses enough lead time to take high value items out of harm's way, take the cars off the parking lot of the dealership and the goods off the warehouse floor? This can transform the insurance economics around flooding and is exactly what Previsico is doing. Jonathan Jackson is an exceptional entrepreneur now on his fourth company, and it was a pleasure to have him on The Fundamental Molecule to hear what he's building at Previsico and how he's building it. Please enjoy my conversation with Jonathan Jackson.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Jonathan Jackson describes the growing challenges for insurers due to unpredictable floods, and how his company, Previsico, addresses this with precise, actionable flood warnings that utilize advanced forecasts and ground sensors. This enables businesses to mitigate up to 70% of flood damage and transform the economics of insurance. He discusses Previsico's origins as a UK university spin-out, its customer-driven US market entry, the significance of a clear ROI, and core company values such as fairness and purpose. Jonathan finishes by advising entrepreneurs to focus on their specific area of expertise.

00:00 - Why Flooding Is a Massive Insurance Crisis

01:59 - How Insurers Struggle to Price Flood Risk

07:04 - Key Differences in UK vs US Flood Insurance

08:47 - Why Businesses Are Forced to Self-Insure Flood Loss

09:58 - Provisico’s Approach to Preventing 70% of Flood Damage

11:14 - How Forecasts and Sensors Enable Real-Time Response

14:52 - The ROI of Ground-Truthing Flood Data

16:24 - How a Government Grant Sparked Provisico’s Founding

21:10 - Breaking Into Insurance Through Public-Private Partnerships

24:18 - Cracking the Insurance Market with Lloyd’s Lab and Zurich

25:40 - How to Sell to Risk-Averse, Slow-Moving Enterprises

29:12 - Expanding to the U.S. Through Customer Pull, Not Push

31:11 - Building Culture Around Fairness, Purpose, and Creativity

37:18 - Why Water Entrepreneurs Must Stay Laser-Focused

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

https://previsico.com/

https://www.linkedin.com/in/jonathan-jackson-a393102/

SM Material

Key Takeaways:

"Flood risk maps estimate property location risk. Insurers use them to determine underwriting."

"A 1% flood risk every year means you could be flooded year after year. It's about communication."

"Provisico's service, with a good flood plan, can achieve 70% commercial loss prevention."

"We enable insurers to mitigate losses, improving their profitability through accurate flood warnings."

"Our flood forecast prepares organizations for flood, while sensors provide high-confidence alerts."

"Our vision is global. We aim to reduce flood loss by 50% or more, helping people worldwide."

Craig Beckman - A Generational Shift in Membrane Design

Wed, 21 May 2025 07:14:00 -0400

One of the reasons why working in water is fun is the people who work in it - dedicated, driven, modest, self-effacing, hard working, but with a lightness that comes from doing something that really matters. Craig Beckman personifies these qualities and then some, and he also happens to be working on a generational - and I really do mean that it's once in a generation if the past is anything to go by - generational shift in the design of the spiral wound membrane module. Well, we'll go into it in the episode, but think of it as the basic building block, the workhorse of water treatment, a $4.6 billion a year market growing at 11%. Craig and his team have the opportunity to make something we all rely on, whether we know it or not, fundamentally better. It's such an exciting story from inception to development to their enormous production space they just moved into. But more than anything, Craig is a wonderful person to spend time with. Please enjoy my conversation with Craig Beckman.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Craig Beckman shares lessons learned from GE Water and MIOX on customer needs and small company agility here today. He describes how his current venture, Aqua Membranes, revolutionizes membrane elements by replacing inefficient mesh spacers with optimized, 3D-printed structures - an innovation that targets reduced fouling and energy use, especially in industrial reuse. Discussing focused go-to-market strategies, overcoming technical challenges, and scaling production to build confidence, Craig emphasizes membrane technology's crucial role in future water security and advises persistence for water entrepreneurs.

00:00 - Building the Future of Water Through Innovation

01:59 - Lessons from Big Company Sales and GE Water Rollups

05:10 - Why Big Companies Miss Mid-Market Water Opportunities

09:18 - Balancing Recurring Revenue with Customer Needs

13:31 - Why Traditional Membrane Spacers Fail in Water Treatment

17:24 - Redesigning Membranes for High-Reuse Industrial Wastewater

21:54 - Solving Customer Pain with Elegant Membrane Engineering

27:44 - Overcoming Doubt and Manufacturing Complexity in Water Tech

31:05 - Go-to-Market Strategy for Industrial Water Startups

35:10 - Building Case Studies to Accelerate Market Adoption

39:04 - Scaling Manufacturing to Gain Customer Trust

42:19 - The Future of Membranes in Global Water Scarcity Solutions

45:04 - The #1 Advice for Water Entrepreneurs

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Craig Beckman: https://www.linkedin.com/in/craig-beckman-ceo/

Aqua Membranes: https://aquamembranes.com/

SM Material

Key Takeaways:

"Just because everyone has wastewater doesn't mean it's a good commercial opportunity."

"The membrane market is poised for growth. It's a critical need for food and water security."

"Persistence is key in water entrepreneurship. Be patient. Water's impact grows over time."

"In water treatment, solving problems for customers is about aligning with their needs, not just trends."

"Cash flow is crucial in startups. It's a lesson learned from experience."

"The speed at which opportunities are pursued is crucial. Big companies often can't get out of their own way."

Will Hewes - Managing Water for a Hyperscaler

Wed, 07 May 2025 07:05:00 -0400

It's no secret that the so-called "hyperscalers"—Amazon, Microsoft, Google, Meta, and others—are doing their hyperscaling in the context of the AI revolution. The pace of digital infrastructure buildout is mind-boggling—about $450 billion in 2024 and with no sign of slowing. All of this has implications for the water sector. So I wanted to talk to someone who is a) in the thick of this, and b) has been part of a hyperscaler's water work for some time. Will Hewes is a superb guy, a proper water veteran all the way from his undergrad work, and he took his considerable expertise in infrastructure into running water resources first at AWS, and now across all of Amazon. They have been at the forefront of basin-wide sustainability efforts, and it was so energizing to hear how an "intrapreneur" builds inside a company like Amazon, all the way down to how these individual projects get done. Please enjoy my conversation with Will Hewes.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Will Hewes discusses his role in overseeing Amazon's water replenishment, detailing their "Water Positive" strategy which aims to return more water to communities than Amazon uses, particularly in AWS data centers which employ water for energy-efficient cooling. Hewes details the two-pronged approach: internal efficiency improvements (ex. direct evaporative cooling design reducing L/kWh, real-time monitoring, using recycled water), and external replenishment projects. These projects, chosen for local impact and verified credibility, address needs like WASH access or agricultural irrigation efficiency, often catalysing tech adoption.

00:00 - How AI and Data Centers Are Reshaping Water Demand

03:40 - Amazon’s Water Positive Strategy Explained

05:00 - Sustainable Cooling in Data Centers with Water Efficiency

08:45 - Shifting from Potable to Recycled Water Sources

11:49 - How Amazon Builds Global Water Replenishment Projects

13:55 - Partnering with Startups to Scale Smart Irrigation

18:24 - Measuring Impact and Verifying Replenishment Claims

21:55 - The Reality of Corporate Water Risk Assessment

24:45 - Why Hyperscalers Collaborate on Water Stewardship

27:33 - Balancing Growth with High-Quality Sustainability Practices

30:33 - Lessons from Will Hewes’ Career in Water Infrastructure

34:44 - Why Scalable, Fast-Adopting Water Tech Wins

43:21 - Advice for Water Entrepreneurs

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Will Hewes: https://www.linkedin.com/in/will-hewes-61947232/

SM Material

Key Takeaways:

"Water is the most fundamental resource. It's about public health, urban planning, and managing wild spaces."

"Water is key to cooling strategies in data centers. It reduces energy use and meets sustainability goals."

"Our Water Positive program commits to returning more water to communities than we use."

"Efficiency and recycled water are cornerstones of our water sustainability strategy."

"Water replenishment projects must respond to local watershed challenges."

"Technology can unlock water security and reduce carbon associated with water treatment."

"Collaborate with partners to implement innovative water solutions that address local needs."

Shane Dyer - Iteration, Hiring, and Customer Voice

Wed, 23 Apr 2025 07:03:00 -0400

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

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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

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."

Megan Glover - The Outsider Becomes the Insider

Wed, 09 Apr 2025 07:00:00 -0400

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

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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."

Alex Fuglesang - A Deep Dive Into Desal, Literally

Wed, 26 Mar 2025 15:19:00 -0400

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

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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: A Public Servant for our Era

Fri, 14 Mar 2025 17:00:00 -0400

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

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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."

Scott Bryan - Pilots, Impact and Acceleration

Thu, 27 Feb 2025 08:00:00 -0400

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

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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."

Paul Hauffen - The Customer Inclusion Loop

Wed, 12 Feb 2025 08:00:00 -0400

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

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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."

Mudasser Iqbal - AI, Water and Institutional Memory

Thu, 23 Jan 2025 08:00:00 -0400

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

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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."

Debra Coy - Earnings Calls, Inflection Points, and Perspective

Wed, 04 Dec 2024 17:00:00 -0400

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

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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."

Guillaume Clairet - Operations, Rule-Breaking and Erin Brockovich

Wed, 20 Nov 2024 08:00:00 -0400

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

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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."

Sarah Brody - From Oceans to McKinsey

Mon, 28 Oct 2024 18:31:04 -0400

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 North American water practice of McKinsey, which she has restarted in response to considerable client demand from mega-cap corporates to private equity firms. 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

Michael Rigney - The Millenium Falcon of Heat Pump Water Heaters

Wed, 09 Oct 2024 07:00:00 -0400

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

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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/

Ifetayo Venner - Gatekeepers, Big Infrastructure, and Leadership

Wed, 25 Sep 2024 07:00:00 -0400

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

Mae Stevens - Building the Case for Water on Capitol Hill

Wed, 18 Sep 2024 07:00:00 -0400

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

Wed, 28 Aug 2024 07:00:00 -0400

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

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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/

Matt Rosenthal - Business Beneath Our Feet

Wed, 14 Aug 2024 07:00:00 -0400

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

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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 - From Academic to Entrepreneur (and beyond)

Wed, 24 Jul 2024 07:00:00 -0400

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

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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."

Josh Mackanic - Making the Unseen Seen

Wed, 10 Jul 2024 07:00:00 -0400

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

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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."

Paul Vacquier - Trust, Crucibles, and Kevin Hart

Wed, 26 Jun 2024 07:00:00 -0400

We talk a lot about founder market fit. It's a crucial component of founder selection because of the simple fact that founders who really understand their industries are very unlikely to build something that people don't want. There is no gap between the perceived reality of their market and the actual reality of their market. An awful lot of venture funding is burned bridging that gap. Alongside his co-founder, Glenn, Paul Vacquier has built Beagle Services, a new generation of plumbing company, in direct response to his experience in attempting to roll out IoT units in the market, and it's going rather well. He is a powerful combination of litigator, salesman, and leader, wrapped in a cloak of relentlessness that is required for his market. And his market is rewarding his approach at increasing scale. You'll see why. Please enjoy my conversation with Paul Vacquier.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Paul recounts his journey from litigation to launching Beagle Services, and discusses the importance of founder-market fit. He also highlights the challenges of innovating in regulated sectors, the strategic scaling of Beagle, and the value of applying lessons from his law career to navigate the complex water industry. Our highly esteemed guest concludes today’s remarkably informative and entertaining conversation by offering crucial advice on resilience as well as market insight for budding entrepreneurs in water technology.

0:00 Start

0:49 Introduction

1:56 Paul’s path to water

3:51 Law profession lessons and advantages

8:34 His experience with Contract Cloud

11:23 His time at Flo

14:25 What led him to Beagle

16:32 Beagle’s work and its importance

21:04 Beagle’s status now and in the future

22:53 Its ‘virtuous circle’ with the market

26:14 Beagle’s contact with underwriters

27:44 Managing Beagle’s level of scaling

31:03 Retaining and ingraining values in the team members

33:26 The sustained position of Beagle's business over time

35:36 The role of data in its business

40:13 Governmental and utility action of water efficiency

43:51 The advantages of Paul’s personal shift over the years

46:10 The importance of maintaining trust

46:49 What frustrates Paul about the funding market

52:03 Paul’s most important advice for future water entrepreneurs

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Beagle Services, Inc.: https://www.beagleservices.com/

Quotes:

"Every part of my law career taught me something valuable about deep diving into complex problems."

"The real job isn't just starting something; it's about continuously optimizing and adapting."

"In entrepreneurship, your ability to learn and adapt is as crucial as your initial idea."

"We need to bridge the gap between technology potential and practical application in the water sector."

"Being comfortable in uncomfortable situations has shaped how I approach business challenges."

"Innovation in water technology isn't just about conservation but also about infrastructure resilience."

Matt Johnson - Constraints, Sequencing, and Finding the Fun

Wed, 12 Jun 2024 07:00:00 -0400

People do business with people they like, and Matt Johnson is one of the most likable people I have met in the last 10 years. He is a cocktail of curiosity, energy, reflectiveness, enthusiasm, and both left and right brains that come together in a genuinely compelling person. And his company is a reflection of him and his co-founder, Bibi - a phenomenally designed, user centric, cost effective solution for a pervasive problem, not only in water, but in real estate and all real assets as well. LAIIER have already secured leak detection contracts with two of the biggest companies in the world and have a good shot at becoming a new standard in building resilience. Their story is a fascinating study in entrepreneurship, and they're in a very interesting position indeed. Please enjoy my conversation with Matt Johnson.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Matt shares his entrepreneurial journey from Colorado to London, emphasizing the cultural insights and strategic growth tactics he's adopted. He and Tom discuss LAIIER's innovative solutions for preventing damage in real estate and industrial settings, the challenges of negotiating with large entities, and the significance of understanding customer needs for business success. Their discussion here today takes a deep dive into the complexities of water technology that encapsulates the essence of overcoming adversity with a positive mindset, underscoring the critical role of humor and resilience in the entrepreneurial journey.

0:00 Start

0:49 Introduction

2:15 Matt’s journey to LAIIER

6:47 What LAIIER produces

8:36 Advantages and disadvantages of Matt’s training

11:28 The discovery process

14:47 Working with big name entities

18:15 The importance of sequencing

21:55 Alleviating some of the sales pressure on him

24:43 A fundamental founder sales problem

29:09 Replicating founder level sales quality in a sales organization

33:11 Negotiation lessons and resources

36:51 Cultural differences between Britain and the US

39:56 Reflections on becoming an entrepreneur

42:00 Matt’s single piece of advice for water entrepreneurs

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

LAIIER: https://www.laiier.io/

Quotes:

“So it is really like different strips of tape that you can stick on, around, under pieces of equipment that do very precise measurement of different liquids on the surface, and then report that remotely.

"Culturally, it's now aspirational to be entrepreneurial in the UK."

"It's crucial to be methodical about consistency in communication during customer discovery."

"Great businesses are built through facilitating a connection, often reassembling existing things in a new context."

"The advantage of the founder is industry knowledge, charm, and willingness to take risks, but the advantage of a sales team is negotiation and execution."

“If you can maintain a sense of humor when it gets really tough, you're more likely to maintain the creative energy required to not just survive it, but to thrive in it.”

Nicole Neeman Brady - Intrapreneurship, Entrepreneurship and Public Service

Wed, 29 May 2024 07:00:00 -0400

Nicole Neeman Brady is a real standout in the world of water. An entrepreneur, an intrapreneur fund manager, mentor to countless emerging water professionals, she has packed a lot into her time in the sector. She's currently a managing director with Renewable Resources Group, where she oversaw the raising and deployment of the $927 million sustainable Water Impact Fund, the largest of its kind ever. She is also a public servant of considerable standing, having just left the board of the Los Angeles Department of Water and Power, which is the largest municipality in the US with an annual operating budget of $7.5 billion. And she previously served on the Colorado River Board of California. As you will hear, she's a deeply smart, generous, and reflective person with a fascinating career. Please enjoy my conversation with Nicole Neeman Brady.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Nicole shares details from her transformative journey from early days at high-profile firms like McKinsey and Goldman Sachs to her pivotal role in pioneering distributed water treatment solutions. She discusses the challenges and strategies in water management amid climate change, the complexities of board governance, and the impact of strategic decisions on environmental sustainability. Throughout the episode, Nicole offers insights into water rights investing, the dynamics of the SPAC market, and the crucial role of storytelling in advocating for environmental issues.

Episode Highlights:

0:00 Start

0:49 Introduction

2:00 Nicole’s journey to the water sector

6:35 The Renewable Resources Group (RRG)

9:16 Fundraising around water

11:54 Investing in water rights

14:37 SPAC markets

19:11 Serving on the LADWP board

22:55 Running an effective board

27:09 The role of a board Chair

29:30 Nicole’s perspective on MBAs and YPO

32:49 The future of water as an investable area

35:16 Communicating the water story

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Nicole Neeman Brady: https://www.linkedin.com/in/neemanbrady/

Quotes:

“I saw the critical need for innovative solutions in water management.”

“It can be a tremendous and clear opportunity to find a way to monetize water, to make investments in the sector while addressing water security challenges and really promoting sustainable and environmental good practices.”

"My water journey…really began with a deep fascination and passion for sustainability and resource management."

"We wanted to focus on distributed water treatment, really under the thesis that much like the energy sector, water too would move from large scale projects to more distributed solutions."

"I think there's been a much more notable recognition of the climate change's impact on water sources and their lack of durability and resiliency."

“We have to embrace storytelling as a strategic priority.”

“If you feel like you're drowning in problems, there's always a solution waiting to be distilled.”

Steve Kloos - Thinking Right to Left

Wed, 15 May 2024 06:00:00 -0400

In 2015, we still used those table speakers for conference calls. Remember those? Kind of looked like a spaceship. I had just started at Imagine H2O, and the first external call I had on my second day was with someone who was very highly regarded by my colleague Ivy Nguyen, who is now a BIV IC member. Hi, Ivy! That someone was Steve Kloos, partner at True North Venture Partners, previously at GE Water and Osmonics. And Ivy was really right.

Over the following eight years, Steve became a friend, mentor, colleague, and through an annual seminar for IH2O companies that he ran, probably the single biggest influence on how I and the team thought about the science of early stage company creation and entrepreneurship. I was so grateful for his support through the formation of BIV Fund I, and it was a wonderful moment when we saw the possibility of working together. Along with Christine joining, BIV has now entered a new phase, and one that sets us up excellently for the long term. We have a three-person partnership of complementary skills and backgrounds, and it's tremendously exciting to have Steve join us. He's an exceptionally smart, kind person with a hell of a resume and is one of the highest integrity individuals I've had the pleasure of working with.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Steve Kloos’ career in the water field, his expertise in membrane technology, and his significant contributions at Osmonics, GE, and partner at True North Venture Partners is explored. He and Tom discuss the critical roles of mentorship, strategic thinking, and the dynamics of corporate integration and venture capital in fostering innovation. Key themes discussed are the power of water treatment technologies, the importance of understanding value chains, strategies for startup success and sustainability, and the need for continuous learning and adaptability in addressing climate change and advancing water technology.

Episode Highlights:

0:00 Start

0:49 Introduction

2:23 Steve’s journey with water

4:45 Membranes and their importance

5:49 GE’s acquisition of Osmonics

8:04 Steve’s progression within GE

9:59 GE’s vulnerabilities

12:28 Transitioning from focusing on business internally to externally

16:11 GE Ventures

18:05 True North and startup theory

22:35 Coaching startups

27:20 Risk retirement and registers

30:15 Lessons learned as AquaHydrex CEO

31:56 A unique tool in acquiring funding

34:16 Hydrogen and water’s intersection with climate and climate risk

39:27 Current

42:09 What excites him about BIV

46:10 Steve’s advice for prospective water entrepreneurs

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Current: https://currentwater.org/

“Onion Theory of Risk”: https://www.youtube.com/watch?v=xy9cAANwMe

Quotes:

"The true north of any company lies in understanding its customers and working backwards from there."

"Innovation is not just about having a groundbreaking idea; it’s about making it sustainable and scalable."

"Water is not just a resource; it’s a critical player in our collective response to climate change."

"Being a learner is more than a mindset; it’s the most crucial skill for any entrepreneur."

Dr. Reinhard Hübner, CEO at SKion

Wed, 01 May 2024 06:00:00 -0400

It's important to have people you look up to in the industry you choose. And by "look up to," I mean to be consistently, wildly impressed by what they're building, their intellect, their clarity of thought, their track record, and how they comport themselves. Reinhard Hübner is one of those people for me. As the CEO at SKion, he has built an undeniably impressive platform, yielding $700 million in global revenues and with no signs of slowing down. They know exactly how big their opportunity is. And he and his partner, Dirk Brusis, have built an interlinking set of companies, solutions, and technologies to really go after it. Please enjoy my conversation with the excellent Reinhard Hübner.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Dr. Hübner delves into the strategic layers of the water industry, tracing his ascent from wastewater treatment to leading SKion's global expansion. They explore operational dynamics, the significance of human capital, and the complexities of mergers and acquisitions amid economic flux, emphasizing strategic growth and valuation discipline. Hübner discusses startup challenges, underscores direct customer relationships, and the necessity of a unified, innovative culture within SKion's network. Today’s discourse reveals SKion's strategic direction and ethos, imparting insights on adaptability, collaboration, and leadership vital for navigating the water industry's ever-evolving global challenges.

Episode Highlights:

0:00 Start

0:49 Introduction

1:39 Dr. Hübner’s career to date

3:45 Lessons learned from manufacturing and logistics experience

5:06 His experience in leakage

6:52 Drinking water vs wastewater reflections

8:56 Being headhunted to work in the German water industry

9:45 Learnings from the first deal that didn't work

14:18 Structural shifts that are enabling the faster adoption of new products

17:04 SKion and its relationships with business

23:40 M&A and the current market

27:26 Is water countercyclical?

28:40 Structural comparison of the European and US markets

32:03 The evolution of Dr. Hübner’s job

35:27 His thoughts on earlier stage investing

37:47 FIDO and leak detection fun

39:19 His partnership with Dirk Brusis

42:18 The pros and cons of Dr. Hübner’s public speaking

44:47 His most important piece of advice for aspiring water entrepreneurs

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

SKion Water: https://www.skionwater.com/en/

Quotes:

"There's no such thing as life before water."

"You can't eat services...Somebody has to produce something from something."

"It's a conservative sector, and on the municipal side, they don't take risks."

"We don't want to be the biggest. We want to be the best."

"Forced collaboration is like forced labor...it doesn’t work."

"You need to be patient, which is not always my strength."

"We have been very disciplined in not overpaying."

"Water is full of passionate people. Nice, passionate people."

"I mean, the reality is drinking water is, technologically and asset wise, much simpler than wastewater."

"Don't try to do it alone. Find partners also in the industry."

Anthea Sargeaunt, CEO and Co-founder of 2S Water

Wed, 17 Apr 2024 06:00:00 -0400

Anthea Sargeaunt is the CEO and Co-founder of 2S Water. Multivariate, real-time non-contact sensing is one of the holy grails of water management. Getting it right will allow all stakeholders to understand what is in their water in real time. And if we can get it really right, this knowledge will allow a host of improvements in water management, including reduced chemical and energy use, reduced pollution, reduced fines, improved health outcomes, improving the pace and cadence of experimentation with new technology. The list is very long indeed. Anthea and her team have taken a fascinating pathway from problem selection to massively leveraging their equity through grants. She is an exceptional founder and person and one of the best founder communicators I have met. I loved her insights into the importance of public speaking as you're building a company. Please do enjoy my conversation with the excellent Anthea Sargeaunt.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Anthea's entrepreneurial journey, spanning from early ventures to the oil and gas sector, showcases her problem-solving prowess and industry acumen. Today, she and Tom explore partnership complexities and grant acquisition, stressing understanding partner expectations and grant funding's role in startup growth. Anthea's insights emphasize genuine connections, adaptable communication, and infrastructure investment for streamlined product development. This dialogue not only underscores innovation's transformative power but also offers guidance for aspiring water entrepreneurs, marking a pivotal moment in industry evolution.

Episode Highlights:

0:00 Start

0:49 Introduction

1:50 Anthea’s career to date

6:10 2S Water’s genesis

8:30 Its product and the problem it solves

10:43 Understanding the problem

14:39 Establishing early customer relationships with large companies

16:50 Pros and cons of this early engagement

18:19 Crossing the Chasm and Anthea’s implementation of it

21:11 Navigating partnerships

27:00 Funding with grants

29:19 Key skills in writing grants

32:48 What surprised Anthea most about the water sector

34:32 What she has learned since joining it

35:19 Anthea’s advice based on these learnings

37:05 Her experience in the Lithium market

39:52 Working with family

42:24 Anthea’s speaking and presenting skills and their value

46:01 Her most important piece of advice for aspiring water entrepreneurs

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

2S Water: https://www.2swater.com/

Quotes:

"I've always been surprised at water treatment operators. They're such a special breed of people. They do it because they love it.”

"In the mining sector, when we look at it, there is no other real path to the market than through the large multinationals."

"If you don't have that kind of insight coming from the other side of the table, it's hard to get it anywhere else."

"Partnerships are completely fundamental... cultivating them is vitally important."

"Writing a grant is much like any other sales process... understand what the grant organization is trying to accomplish."

"The lab isn't the field... get out into the field as fast as you can."

David Stanton, CEO at Cleanwater1, Inc.

Wed, 03 Apr 2024 06:00:00 -0400

When I started Burnt Island Ventures, I needed help. I needed help of all kinds. But one of the things I needed most as a first-time fund manager was credibility in the decision-making process. Alongside Ivy Nguyen, David Stanton agreed to become a member of our investment committee, and he put a crucial brick in the BIV credibility wall. In this episode, you will see why. David is deeply experienced in startups, growth companies, and corporates, and he now runs Cleanwater1, hired by Baird Capital after they purchased UGSI in 2022. I have learned so much from David, from management tactics to market assessment, and I know you will too. Please enjoy my conversation with David Stanton.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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David Stanton shares profound insights into the nuanced evolution of the water sector, from the consolidation era of the '90s to the contemporary landscape shaped by digital transformation and rate alignment. Delving into themes such as entrepreneurship, sales dynamics, and M&A strategies within the industry, he uncovers the intricacies of navigating structural dynamics and fostering operational excellence. With an emphasis on the paramount importance of sales in driving business growth and the imperative of building resilient virtual teams, today’s engaging dialogue offers invaluable insights into effective entrepreneurship and team management strategies. Ultimately, through past experiences and future aspirations, the episode illuminates the path towards sustainable success in the ever-evolving water sector landscape.

Episode Highlights:

0:00 Start

0:49 Introduction

1:53 David’s career in water

5:47 How water utilities are allowed to make money

10:57 David’s key learnings in entrepreneurship

14:23 How to do M&A well

19:39 Private equity

23:40 The importance of the nomenclature used within the industry

26:12 Client and customer terminology

29:11 The role of consulting engineers

31:14 Clearwater1’s dual incentive structure

33:28 Changes in the water sector past, present and future

36:41 The industry’s public narrative

41:07 Hiring and managing teams

43:02 David’s one piece of advice for aspiring entrepreneurs

44:18 Christine Boyle’s “Why Deep Pain Leads to Great Products”

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Cleanwater1: https://cleanwater1.com/

Quotes:

"The industry really has been driven by what I would call the macro trends of the decade or so that were affecting the industry."

"For most businesses, the issue isn't, 'Does my product work and is it good?' It's 'How do I sell it at scale in a market that's so fragmented and disenfranchised?'"

"Our job as the leadership team, to be quite blunt, is to take advantage of the best path through the financial industry to meet the end or means that we’re trying to achieve."

"The number one killer of good ideas is valuation. If you sell your business at a stupid valuation, I mean, it's what killed my startup in 2012."

"Teams are virtual now... You want to solve for this. It's really, really an important skill."

"The revenue doesn't happen without sales, and the business doesn't happen without the revenue. What could be more important?"

Adam Tank, Co-Founder & Chief Customer Officer at Transcend

Wed, 20 Mar 2024 08:00:00 -0400

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, Co-Founder and CEO of Daupler

Wed, 06 Mar 2024 08:00:00 -0400

John Bertrand is our kind of founder, a wastewater engineer who has operated inside and outside the utility fence - he understands his market upside down. What he saw in his time in the utility world led him to wonder if the messy world of managing the constant stream of incoming data from utility customers - calls, text messages, 311 alerts, voice messages, web forms - could be automated, freeing up the dedicated professionals who traditionally handle this work to focus on more important tasks. And so, teaming up with his co-founder Ryan, they started Daupler, which now serves more than 85 customers - not only water and wastewater utilities, but full municipalities, police and fire dispatch, power companies, and restoration companies. There is a giant opportunity here to build the field operating system for the built environment. And John is consistently impressive, not only in pushing the company to the verge of 5 million in bookings, but the originality and logic of his thought. He really is a diamond. Please enjoy my conversation with John Bertrand.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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John Bertrand, Daupler's Co-founder, takes a deep dive into the intersection of technology, utility management, and entrepreneurship as he shares his company’s transformative journey, offering valuable insights for emerging founders in the water industry along the way. His narrative illuminates Daupler's strategic evolution, focusing on aligning technological innovation with utility needs to revolutionize response management. Today’s episode also explores Daupler's role in enhancing operational efficiency and customer satisfaction, while discussing key aspects of technical and commercial expansion, providing a comprehensive view of the future landscape of utility management.

Episode Highlights:

0:00 Start

0:49 Introduction

2:01 John’s history with the water industry

2:39 Working for the utility vs as a consultant

3:25 Consultants as ‘gatekeepers’ in the water sector

7:14 The problem Daupler solves

10:34 Daupler’s CTO and Co-founder, Ryan Rosenbaum

12:10 What Daupler does

14:36 Learning from an early misstep

16:47 Comparing Daupler with PagerDuty

18:56 Building Daupler customers’ operating systems

21:40 Moving into adjacent sectors

23:59 Creating a critical mass of customers throughout the US

25:58 What John has learned about marketing his product vs sales

27:33 Daupler’s moat

29:23 AI and its role in Daupler

32:04 The critical mass of data within water utilities

34:37 The current and future state of utility management

37:32 Going international

40:15 The one lesson John would pass on to emerging water founders

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Daupler: https://daupler.com/

Quotes:

"For most municipalities, that has the most pain, being the water or wastewater department.”

"You need to monitor the data, watch your trend, and then take appropriate action.”

"The data will be the real value."

"For most utilities, they are thinking about things in a proactive and preventative way because those are places of comfort where they can have control."

“Don't sell vitamins, sell painkillers. Change their life.”

Tyler Henke, Co-Founder and CEO of Ziptility

Wed, 21 Feb 2024 08:00:00 -0400

People always bang on about disruption, and usually it's meaningless. Some very rare founders should bang on about disruption because they're actually doing it, but don't. I like to think it's humility, but more importantly, it's because they decided to go and solve a real, deeply felt problem in the market, usually in an overlooked sector, and happened upon a deeply powerful pathway of company building. Tyler Henke, CEO of Ziptility, is one of those founders. He and his team noticed that the market, and especially the software market, didn't build, excuse my French, anything useful for the people who make the small communities of America function - the utility operators. They were forced to run these systems according to whatever needed fixing that morning with post-it notes, bits of paper, and if they were lucky, a 1997 Dell PC. Tyler correctly saw the potential for an excellently designed, mobile-first, user-generated operating system that could help these amazing professionals do their jobs easier, better, cheaper, more collaboratively, and reliably. He's an amazing guy, and it's an amazing platform.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Tom is joined by Tyler Henke, Co-Founder and CEO of Ziptility, and together they explore Ziptility's groundbreaking journey in disrupting the water technology sector, addressing the challenges faced by small water and wastewater utilities across the United States. Tyler shares insights into the vast market potential within the US, highlighting Ziptility's focus on smaller to mid-sized utilities and their approach to trust-based sales, emphasizing genuine relationships and tailored solutions. He also unravels the layers of Ziptility's mission, focusing on such themes as understanding the utilities' world, building better tools for change, and fostering customer engagement and innovation.

Episode Highlights:

0:00 Start

0:49 Introduction

1:59 Tyler’s journey to, and with, Ziptility

4:48 Small water and wastewater systems

7:06 Developing Ziptility

11:41 Customer contact

14:40 Ziptility’s function, benefits, and market

20:37 Acquisition, and lifetime value, of customers

23:15 The stickiness of Ziptility’s customer relationships

25:51 Ziptility’s customer loyalty

29:45 Customer success now and for the future

31:58 Lessons learned about assembling a team

35:27 The future of software and other products for utilities

37:33 Tyler’s lesson for the next generations of water founders

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Ziptility: https://www.ziptility.com/

Matt Swindle, Chairman, CEO, and Co-founder at NLine Energy, Inc.

Wed, 07 Feb 2024 08:00:00 -0400

Persistence is an underrated quality of the best entrepreneurs. VCs never think they underrate it, but they do. The public only ever sees the glory and fireworks when an entrepreneurial story works. But it's the application, the effort, the persistence that lies behind every great outcome that is the primary determinant of that outcome. Matt Swindle, the CEO and co-founder of NLine Energy, has it in spades. Not only did he attain the rank of Colonel in the Marine Corps, a rank he retains in the reserves, he and his team are building a potentially enormous company. Quietly and methodically, NLine Energy has the potential to turn every sizable boiler in the world into a power plant - don't worry, he will explain - while another vertical of the business is the best small hydro remediation assessment and upgrade team in the country, if not the world. It's a super business. The return for the customers is enormous. Their moat is physics. The tailwinds are global and intense, and it's such a pleasure to learn from Matt as he puts one foot in front of the other.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Matt Swindle, CEO and Co-founder of NLine Energy, joins Tom on the podcast today to share details of his striking entrepreneurial journey and discuss NLine’s evolution into a global powerhouse discreetly transforming boilers into power plants. Their conversation delves deep into such topics as energy recovery, thermal technology, and sustainable growth as it showcases NLine Energy's mission to harness wasted energy. From the Marine Corps to pioneering renewable energy solutions, Matt's journey, as shared here today, serves as a beacon of inspiration that offers a treasure trove of insights into entrepreneurial brilliance and resilience, rendering this episode yet another must-listen edition of The Fundamental Molecule.

Episode Highlights:

0:00 Start

0:49 Introduction

1:56 The arc of Matt’s career thus far

5:13 Differences between Matt’s 1st and 7th startup experiences

6:25 The importance of talent management

8:48 The story behind NLine Energy

11:54 NLine’s early years

17:20 Moving into the thermal business

23:20 The importance of steam

25:57 The boiler room’s impact on business operation

27:54 Demystifying grants and investment tax credits

31:19 The financial side of building NLine

36:09 Managing the sales cycle decision-making process

4o:37 Matt’s thoughts on his ‘moat’ and competitive positioning

43:45 His biggest takeaway lesson

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

NLine Energy: https://www.nlineenergy.com/

George Hawkins, Founder and CEO of Moonshot Missions

Wed, 24 Jan 2024 08:00:00 -0400

George Hawkins is one of those people who always elicits a smile from those who know him when he comes up in conversation, even when he's not there. The smile also comes when he is present, but the absence of the smile is telling. He is perhaps one of the most admired figures in the US water market, and possibly even in the global market, and for good reason. His work in turning around DC Water from the least trusted public entity in Washington DC to the most trusted in just eight years is one of the best business transformation case studies in history, and unfortunately, not enough people are aware of it. Since stepping down from DC Water, he has become a founder with Moonshot Missions, supporting under-resourced utilities in undergoing the same kind of transformation that he led at DC Water. He has learned the challenges and difficulties of bringing something new into the world. He is a practical, fun, energetic, insightful, sensible, and demanding leader to his core. It is truly a pleasure to welcome him to The Fundamental Molecule.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Today, the legendary George Hawkins delves into his exceptional life journey - from the early experiences that ignited his environmental passion to his leadership roles and the founding of his nonprofit. As you will hear, George's illustrious career is a testament to his transformative prowess, highlighted by the truly remarkable turnaround of DC Water. Currently the Founder and CEO of Moonshot Missions, he draws upon his vast experience to impart invaluable advice and wisdom on leadership, trust, the art of relationship-building, and making an impact upon the world.

Episode Highlights:

0:00 Start

0:49 Introduction

2:23 George’s professional journey

8:59 DC Water’s previous reputation

11:37 George’s thoughts on his first day at DC Water

15:20 The moment he knew he would succeed in his mission at DC Water

19:21 Rebranding DC Water

22:33 His Moonshot Missions idea

26:34 George’s lesson from running a large company to a small one

28:16 Building a team from the ground up

31:32 The challenges faced by small utilities

33:45 Moonshot Missions’ marketing

36:37 Having the greatest impact within the water sector

39:55 Entrepreneurship’s impact on George’s skills acquisition in the past, present, and future

45:08 Exceptional communication skills

49:01 Advice to emergent water entrepreneurs

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Moonshot Missions: https://www.moonshotmissions.org/

Wayne Byrne, Co-Founder and Director of Method Capital and Venture Partner at Burnt Island Ventures

Wed, 10 Jan 2024 08:00:00 -0400

Repeat entrepreneurs are a special breed. They have essentially proved that they operate through skill and not luck, and Wayne Byrne is one of the most skillful. I met him in 2015 in San Francisco as he was picking up one of many awards for OxyMem as they built towards their acquisition by DuPont, his fourth exit in an illustrious career. He's been able to play both the hardware and software games at a very high level indeed, and has been an invaluable source of advice and support, both for me personally and for the Burton Island. Please enjoy my conversation with Wayne Byrne.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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This week, serial entrepreneur Wayne Byrne joins Tom to share his somewhat unconventional entrepreneurial journey, offering insights into the nexus of water, technology, and entrepreneurship. From early ‘side hustles’ to his pivotal role at OxyMem, Wayne's experiences underscore the significance of transparency, resilience, and embracing challenging moments as catalysts for growth. He discusses the dynamics of European and US water markets, advocates for strategic market entry, introduces Method Capital's role in providing non-dilutive project finance for sustainability innovators, and highlights the pressing need for water sector innovation.

Episode Highlights:

0:00 Start

0:49 Introduction

1:35 Wayne’s entrepreneurial origins

2:51 His early journey into cleantech

4:57 Wayne’s ‘meander’ into the water industry

6:08 His attraction to ‘university spinouts’

10:10 OxyMem and the notion of defensibility

11:51 OxyMem and the MABR

16:00 Wayne’s perspective on partnerships

18:28 Key components in his entrepreneurial successes

21:57 Processing difficult moments in a small organization

23:59 Wayne’s thoughts on the CEO-Board relationship

26:56 His perspective on the learning cycle

29:06 Comparing water market early stage technology in Europe and the US

33:03 Wayne’s approach to new market entry

34:33 His thoughts on the level of future dynamism in the water sector

36:20 Method Capital

39:15 Transferable lessons learned from entrepreneurship and parenthood

40:42 The one entrepreneurship lesson he would pass on to emerging water founders

Links:

Burton Island Ventures

Wayne's LinkedIn Page

Method Capital

Christine Boyle - Founder of Valor Water Analytics and Partner at Burnt Island Ventures

Wed, 27 Dec 2023 08:00:00 -0400

I first met Christine Boyle about a week before I specialized in water at Imagine H20's annual winners announcement, where she was receiving the award for Best Early-stage Water Company in 2015. Fast forward almost eight years, she has been an extraordinary guide and mentor. After selling her company Valor Water Analytics to Xylem in 2018, she remained with the company to head up much of their internal digital innovation efforts. She understands more than most the grind of company building in the space, building a market-leading product, picking your way through the utility sales process, hiring and managing brilliant teams. A veteran of both Y Combinator and Techstars, she also has an invaluable perspective on the standards for company building outside water. She's just excellent. Please enjoy my conversation with Christine Boyle.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Tom welcomes Christine Boyle, a truly remarkable figure with a unique journey in the water industry. After winning the Best Early Stage Water Company Award in 2015, Christine's company, Valor Water Analytics, caught the attention of Xylem, a global water company. Driven by her dedication to build outstanding companies, save water, and create professional ecosystems to solve complex global dilemmas, Christine has been a Partner at Burnt Island Ventures since May 2023. In this candid conversation, you'll gain insights into Christine's incredible journey, the challenges of building a water-focused venture, the dynamics of water economics, and so much more.

Episode Highlights:

0:00 Start

0:48 Introduction

1:44 Christine’s start in water

3:31 The water problems she’s been trying to solve

7:06 Christine’s experience as a CEO

9:07 Exiting Valor Water Analytics

11:45 Comparing Venture building within and outside the water sector

14:23 Christine’s advice for entrepreneurs regarding rapid growth

16:43 Valor’s deployment process and the nature of the sales of utilities

19:16 What Christine has learned from top-tier training

21:06 Her perspective on the rise in data on water

23:41 The need for better technology and devices

28:09 What Christine has learned going from the start-up world to the corporate world

29:30 The tension between having an impact and creating something commercially viable

31:01 Her perspective on the macro water sector

33:03 The link between water and human health interventions

36:24 Christine’s reflections on China and its water

38:32 Her one lesson learned that she would pass on to future water founders

Links:

Burton Island Ventures

Christine Boyle's LinkedIn Page

Alex Rappaport - The Power of Entrepreneurial Process

Wed, 13 Dec 2023 08:00:00 -0400

You don't often meet someone that you immediately know you'll remember where and when you met them for a very long time. That happened to me with my guest today, Alex Rappaport, CEO of ZwitterCo, at a conference in 2018. I was minding my own business when a coiled ball of energy introduced himself to me, and it was clear that this was a very talented founder indeed. Alex and his co-founder Chris have made remarkable strides in the last four years, and since we invested in April 2021, the pace of development has been remarkable. Alex represents a lot of good things that we look for in founders, but particularly the importance of entrepreneurial process, the thought process that goes into the systematic retirement of risk, the allocation of investment, the sequence of hiring. As an investor, what you're looking for is someone who makes structurally good decisions under conditions of uncertainty. Now, not all of those are going to pan out, of course, but if you have a good decision-maker at the heart of a company, it's a great position to be in, because at its core, building a company is just an endless sequence of decisions. That's why the person driving the bus matters so much. This episode covers a lot of ground and I think gives good insight as to how he thinks about company building and the development of a complex and highly impactful product. And it's insight that all entrepreneurs can draw on, particularly his observation in the final question about the cadence of learning. So please enjoy my conversation with Alex Rappaport.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Alex Rappaport, CEO of ZwitterCo, shares his journey from academia to entrepreneurship, emphasizing the importance of data-driven decision-making and adaptability in the business world. He highlights ZwitterCo's groundbreaking technology, addressing membrane fouling issues in water treatment, and the significance of strategic partnerships in the industry. Throughout the conversation, Alex shares valuable insights into the challenges and opportunities faced by entrepreneurs in the water technology sector, offering a unique perspective on building meaningful relationships and scaling solutions.

Episode Highlights:

Water-related challenges are complex, with each water source having unique characteristics, making sales processes challenging.
Alex recommends creating standardized templates and building blocks for various applications
Entrepreneurs should maintain adaptability, focus on specific markets where their technology fits, build a scrappy sales organization, and collaborate with partners who understand new processes.
Entrepreneurs should start with manual processes, learn from patterns, and gradually automate and outsource tasks as the company grows.
Collaborating with channel partners to integrate technology into new solutions is critical for expansion and growth, reducing the need for linear project-based growth.
Fundraising is about building relationships based on trust, chemistry, mutual respect, and shared values, not just transactions.
Despite limited climate tech investment, water-related solutions are essential.
Alex’s advice for the next generation of water technology entrepreneurs

Links:

Burton Island Ventures

ZwitterCo

Mirka Wilderer - Taking a Water Company to IPO

Wed, 29 Nov 2023 08:00:00 -0400

This is a podcast about entrepreneurs. Given that, our guest today might be a little unexpected. Mirka Wilderer is the archetypal corporate innovator, having spent her career with some of the biggest names in the space. Until last year, she was CEO of De Nora and led the IPO of the Italian company. Under her tenure, De Nora evolved into a force in the water market globally, especially in the US and increasingly in Southeast Asia. She's a model professional and, as you will hear, deeply insightful on the science, management, team, motivation, and strategy. All company builders can learn from her example.

Please note that at the time of recording, Mirka was still the CEO of De Nora, though she announced her resignation shortly afterwards, and is now the CEO of Bain Capital-backed AqueoUS Vets. Please enjoy my conversation with Mirka Wilderer.

Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule

For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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On today’s episode of The Fundamental Molecule podcast, Mirka Wilderer, former CEO of De Nora Water Technologies, discusses her career evolution through the water industry. Wilderer offers her insights on topics such as innovation, hiring practices, emerging contaminants like PFAS, and the intersection of science and entrepreneurship. You’ll also hear about Wilderer’s passion for supporting the next generation of leaders, especially women, and fostering diversity in the business world.

Episode Highlights

1. Mirka Wilderer's Career and Influence in Water Technology: Mirka discusses her journey from childhood exposure to water treatment through her parents, to her leadership roles at Siemens and De Nora. Her career trajectory illustrates the evolution of water technology and her influence as a female CEO in this male-dominated field.

2. Innovative Leadership and Diverse Teams: Mirka emphasizes the importance of innovation in leadership, drawing on ideas from adjacent fields, and the value of cognitive diversity in teams. Her approach to team building focuses on varied backgrounds and experiences, aiming to foster innovation and adaptability within the organization.

3. Strategic Decision-Making and Company Growth: We delve into Mirka's strategic insights, particularly in decision-making and prioritizing opportunities that align with the company's core strengths. She highlights the significance of saying 'no' to opportunities that don't align with the company’s strategic goals.

4. Global Market Perspectives and Challenges: Mirka offers insights into different global markets, including Southeast Asia and Europe. She discusses the agility of the Asian market and contrasts it with the regulatory challenges in Europe, particularly in water technology and innovation.

5. Advice for Emerging Leaders: Always be authentic and self-driven, build strong relationships, stay true to your strengths, and continuously strive for personal and professional growth.

Links:

Burton Island Ventures

Mirka Wilderer's LinkedIn Page

Bessie Schwartz, Co-Founder of Floodbase

Wed, 15 Nov 2023 08:00:00 -0400

It's always so fun seeing great companies being built for the right reasons. Bessie Schwarz, CEO of Floodbase, has been on a mission to help the world's most vulnerable people since her early 20s. Her company is not only the flood monitoring partner of FEMA and the United Nations, she is also building a quiet revolution in the insurance industry, helping to bring parametric flood insurance (long mooted but not feasible until now) to reality. Their announcement last year alongside one of the world’s leading reinsurers of the provision of parametric flood insurance for the rural farmers of Colombia is a world first. Alongside her co-founder Beth, they are building a company with enormous impact and commercial potential. Plus, she's awesome. Please enjoy my conversation with Bessie Schwarz.

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This episode of The Fundamental Molecule podcast features an interview with Bessie Schwarz, co-founder and CEO of Floodbase (formerly known as Cloud to Street). Floodbase provides advanced, near-real time flood monitoring globally by combining satellite imagery and ground data. Bessie discusses how Floodbase got started, their work monitoring floods for governments and the UN, and their move into the insurance industry to provide parametric flood insurance.

Episode Highlights:

- Bessie co-founded Floodbase with the goal of using information technology to help communities equitably adapt to climate change disasters like flooding. After meeting at Yale, Bessie and co-founder Beth Tellman created an algorithm to detect flooding from satellite images.

- Floodbase is the flood monitoring partner for the UN, helping them with disaster response and relocation when floods threaten vulnerable communities. Their flood monitoring methodology was featured on the cover of Nature magazine.

- They are now working with insurance companies to provide parametric flood insurance that pays out when a flood event surpasses a given size measured by a combination of satellite and ground sensor data , expanding coverage to uninsurable areas and risks.

- In the podcast, Bessie points out that financing is one of the biggest challenges for climate adaptation. Insurance can help redirect capital to at-risk places and resilience projects, but the mechanism and data for insurance underwriting and payouts has to be there.

- Bessie and Tom discuss the importance of viewing climate resilience not only through a mitigation lens but also as adaptation. Adaptation is a lot more hopeful than long-term technological fixes.

- Bessie’s advice to founders - Effective storytelling requires using simple language, balancing fear and hope (2 doses fear, 5 hope), and focusing on solutions.

Links:

Burton Island Ventures

Floodbase

Trailer

Sun, 29 Oct 2023 15:02:57 -0400

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