Folgen
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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.
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For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205 -
The idea of an Overton Window when the conditions around a political issue change that in turn changes the nature of what is politically possible, is a useful one in assessing businesses. Sometimes conditions change enough in a market or sector that there is suddenly a significant window of opportunity for a founder to run through. We think that is the case with Michael Rigney, CEO of Cala Systems. They're building a next generation heat pump water heater, and if they're right, they could save billions of gallons of water, reduce US national emissions by 3%, and save domestic energy consumers about $23 billion a year. We talk about the nature of the water heater market, competing against entrenched incumbents, and rebuilding a well known consumer product from the ground up. He has major game in this segment and Cala are in a fascinating position. Please enjoy my conversation with Michael Rigney.
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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/ -
Fehlende Folgen?
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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.
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For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205 -
If I was to write a list of all the tricks we’re missing in water, it would be a lot, and somewhere near the very top would be lobbying - engagement with government on the federal and state level. I recognize we've made a lot of progress in the last five or six years in terms of securing capital for the required infrastructure renewal in the US, but there is a hell of a long way to go. But I look over the fence at energy, both legacy and renewables, healthcare, insurance, biotech, down to the gun lobby, and I can't help but think there is a massive gap between how effective we are in water and how effective we could be and how much more support for the fundamental molecule we would get if we were. Mae Stevens is a specialist lobbyist for water at Banner Public Affairs, and she recently joined us for our Founder Forum in DC alongside fellow lobbyist and longtime friend of BIV, Dan Kidera. She and he, they were both so good, and I wanted to have her on The Fundamental Molecule to help demystify this murky area of water at scale. Please enjoy my conversation with Mae Stevens.
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For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205 -
Jorge Richardson - Water Access, Reliability, and Selfies with Bono
Sometimes businesses pop up that take a bit of time to make sense. HOPE Hydration is one of those businesses. When I first met Jorge Richardson in 2021, he was chock full of confidence, like a lot of entrepreneurs in 2021, with an admirably aggressive plan, but I couldn't quite see it. And, fortunately, I was wrong. Make no mistake, this is an exceptional early company with the potential to transform a very large legacy part of the water sector. Jorge is also exactly the right person to build it. A rare combination of smarts, charisma, and a down to earth way of looking at the journey that can only come from a very specific blend of experiences, both positive and negative. We think they can be a huge part of the solution to the public water access problem, and this is a fascinating look into the early stages of building that solution. Hopefully, you'll get it faster than I did because we are seriously excited. They were our second investment in BIV Fund 2. Please enjoy my conversation with Jorge Richardson.
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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/ -
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.
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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 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.
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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." -
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.
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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." -
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.
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For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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Paul recounts his journey from litigation to launching Beagle Services, and discusses the importance of founder-market fit. He also highlights the challenges of innovating in regulated sectors, the strategic scaling of Beagle, and the value of applying lessons from his law career to navigate the complex water industry. Our highly esteemed guest concludes today’s remarkably informative and entertaining conversation by offering crucial advice on resilience as well as market insight for budding entrepreneurs in water technology.
0:00 Start
0:49 Introduction
1:56 Paul’s path to water
3:51 Law profession lessons and advantages
8:34 His experience with Contract Cloud
11:23 His time at Flo
14:25 What led him to Beagle
16:32 Beagle’s work and its importance
21:04 Beagle’s status now and in the future
22:53 Its ‘virtuous circle’ with the market
26:14 Beagle’s contact with underwriters
27:44 Managing Beagle’s level of scaling
31:03 Retaining and ingraining values in the team members
33:26 The sustained position of Beagle's business over time
35:36 The role of data in its business
40:13 Governmental and utility action of water efficiency
43:51 The advantages of Paul’s personal shift over the years
46:10 The importance of maintaining trust
46:49 What frustrates Paul about the funding market
52:03 Paul’s most important advice for future water entrepreneurs
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
Beagle Services, Inc.: https://www.beagleservices.com/
Quotes:
"Every part of my law career taught me something valuable about deep diving into complex problems."
"The real job isn't just starting something; it's about continuously optimizing and adapting."
"In entrepreneurship, your ability to learn and adapt is as crucial as your initial idea."
"We need to bridge the gap between technology potential and practical application in the water sector."
"Being comfortable in uncomfortable situations has shaped how I approach business challenges."
"Innovation in water technology isn't just about conservation but also about infrastructure resilience." -
People do business with people they like, and Matt Johnson is one of the most likable people I have met in the last 10 years. He is a cocktail of curiosity, energy, reflectiveness, enthusiasm, and both left and right brains that come together in a genuinely compelling person. And his company is a reflection of him and his co-founder, Bibi - a phenomenally designed, user centric, cost effective solution for a pervasive problem, not only in water, but in real estate and all real assets as well. LAIIER have already secured leak detection contracts with two of the biggest companies in the world and have a good shot at becoming a new standard in building resilience. Their story is a fascinating study in entrepreneurship, and they're in a very interesting position indeed. Please enjoy my conversation with Matt Johnson.
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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 is a real standout in the world of water. An entrepreneur, an intrapreneur fund manager, mentor to countless emerging water professionals, she has packed a lot into her time in the sector. She's currently a managing director with Renewable Resources Group, where she oversaw the raising and deployment of the $927 million sustainable Water Impact Fund, the largest of its kind ever. She is also a public servant of considerable standing, having just left the board of the Los Angeles Department of Water and Power, which is the largest municipality in the US with an annual operating budget of $7.5 billion. And she previously served on the Colorado River Board of California. As you will hear, she's a deeply smart, generous, and reflective person with a fascinating career. Please enjoy my conversation with Nicole Neeman Brady.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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Nicole shares details from her transformative journey from early days at high-profile firms like McKinsey and Goldman Sachs to her pivotal role in pioneering distributed water treatment solutions. She discusses the challenges and strategies in water management amid climate change, the complexities of board governance, and the impact of strategic decisions on environmental sustainability. Throughout the episode, Nicole offers insights into water rights investing, the dynamics of the SPAC market, and the crucial role of storytelling in advocating for environmental issues.
Episode Highlights:
0:00 Start
0:49 Introduction
2:00 Nicole’s journey to the water sector
6:35 The Renewable Resources Group (RRG)
9:16 Fundraising around water
11:54 Investing in water rights
14:37 SPAC markets
19:11 Serving on the LADWP board
22:55 Running an effective board
27:09 The role of a board Chair
29:30 Nicole’s perspective on MBAs and YPO
32:49 The future of water as an investable area
35:16 Communicating the water story
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
Nicole Neeman Brady: https://www.linkedin.com/in/neemanbrady/
Quotes:
“I saw the critical need for innovative solutions in water management.”
“It can be a tremendous and clear opportunity to find a way to monetize water, to make investments in the sector while addressing water security challenges and really promoting sustainable and environmental good practices.”
"My water journey…really began with a deep fascination and passion for sustainability and resource management."
"We wanted to focus on distributed water treatment, really under the thesis that much like the energy sector, water too would move from large scale projects to more distributed solutions."
"I think there's been a much more notable recognition of the climate change's impact on water sources and their lack of durability and resiliency."
“We have to embrace storytelling as a strategic priority.”
“If you feel like you're drowning in problems, there's always a solution waiting to be distilled.” -
In 2015, we still used those table speakers for conference calls. Remember those? Kind of looked like a spaceship. I had just started at Imagine H2O, and the first external call I had on my second day was with someone who was very highly regarded by my colleague Ivy Nguyen, who is now a BIV IC member. Hi, Ivy! That someone was Steve Kloos, partner at True North Venture Partners, previously at GE Water and Osmonics. And Ivy was really right.
Over the following eight years, Steve became a friend, mentor, colleague, and through an annual seminar for IH2O companies that he ran, probably the single biggest influence on how I and the team thought about the science of early stage company creation and entrepreneurship. I was so grateful for his support through the formation of BIV Fund I, and it was a wonderful moment when we saw the possibility of working together. Along with Christine joining, BIV has now entered a new phase, and one that sets us up excellently for the long term. We have a three-person partnership of complementary skills and backgrounds, and it's tremendously exciting to have Steve join us. He's an exceptionally smart, kind person with a hell of a resume and is one of the highest integrity individuals I've had the pleasure of working with.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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Steve Kloos’ career in the water field, his expertise in membrane technology, and his significant contributions at Osmonics, GE, and partner at True North Venture Partners is explored. He and Tom discuss the critical roles of mentorship, strategic thinking, and the dynamics of corporate integration and venture capital in fostering innovation. Key themes discussed are the power of water treatment technologies, the importance of understanding value chains, strategies for startup success and sustainability, and the need for continuous learning and adaptability in addressing climate change and advancing water technology.
Episode Highlights:
0:00 Start
0:49 Introduction
2:23 Steve’s journey with water
4:45 Membranes and their importance
5:49 GE’s acquisition of Osmonics
8:04 Steve’s progression within GE
9:59 GE’s vulnerabilities
12:28 Transitioning from focusing on business internally to externally
16:11 GE Ventures
18:05 True North and startup theory
22:35 Coaching startups
27:20 Risk retirement and registers
30:15 Lessons learned as AquaHydrex CEO
31:56 A unique tool in acquiring funding
34:16 Hydrogen and water’s intersection with climate and climate risk
39:27 Current
42:09 What excites him about BIV
46:10 Steve’s advice for prospective water entrepreneurs
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
Current: https://currentwater.org/
“Onion Theory of Risk”: https://www.youtube.com/watch?v=xy9cAANwMe
Quotes:
"The true north of any company lies in understanding its customers and working backwards from there."
"Innovation is not just about having a groundbreaking idea; it’s about making it sustainable and scalable."
"Water is not just a resource; it’s a critical player in our collective response to climate change."
"Being a learner is more than a mindset; it’s the most crucial skill for any entrepreneur." -
It's important to have people you look up to in the industry you choose. And by "look up to," I mean to be consistently, wildly impressed by what they're building, their intellect, their clarity of thought, their track record, and how they comport themselves. Reinhard Hübner is one of those people for me. As the CEO at SKion, he has built an undeniably impressive platform, yielding $700 million in global revenues and with no signs of slowing down. They know exactly how big their opportunity is. And he and his partner, Dirk Brusis, have built an interlinking set of companies, solutions, and technologies to really go after it. Please enjoy my conversation with the excellent Reinhard Hübner.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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Dr. Hübner delves into the strategic layers of the water industry, tracing his ascent from wastewater treatment to leading SKion's global expansion. They explore operational dynamics, the significance of human capital, and the complexities of mergers and acquisitions amid economic flux, emphasizing strategic growth and valuation discipline. Hübner discusses startup challenges, underscores direct customer relationships, and the necessity of a unified, innovative culture within SKion's network. Today’s discourse reveals SKion's strategic direction and ethos, imparting insights on adaptability, collaboration, and leadership vital for navigating the water industry's ever-evolving global challenges.
Episode Highlights:
0:00 Start
0:49 Introduction
1:39 Dr. Hübner’s career to date
3:45 Lessons learned from manufacturing and logistics experience
5:06 His experience in leakage
6:52 Drinking water vs wastewater reflections
8:56 Being headhunted to work in the German water industry
9:45 Learnings from the first deal that didn't work
14:18 Structural shifts that are enabling the faster adoption of new products
17:04 SKion and its relationships with business
23:40 M&A and the current market
27:26 Is water countercyclical?
28:40 Structural comparison of the European and US markets
32:03 The evolution of Dr. Hübner’s job
35:27 His thoughts on earlier stage investing
37:47 FIDO and leak detection fun
39:19 His partnership with Dirk Brusis
42:18 The pros and cons of Dr. Hübner’s public speaking
44:47 His most important piece of advice for aspiring water entrepreneurs
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
SKion Water: https://www.skionwater.com/en/
Quotes:
"There's no such thing as life before water."
"You can't eat services...Somebody has to produce something from something."
"It's a conservative sector, and on the municipal side, they don't take risks."
"We don't want to be the biggest. We want to be the best."
"Forced collaboration is like forced labor...it doesn’t work."
"You need to be patient, which is not always my strength."
"We have been very disciplined in not overpaying."
"Water is full of passionate people. Nice, passionate people."
"I mean, the reality is drinking water is, technologically and asset wise, much simpler than wastewater."
"Don't try to do it alone. Find partners also in the industry." -
Anthea Sargeaunt is the CEO and Co-founder of 2S Water. Multivariate, real-time non-contact sensing is one of the holy grails of water management. Getting it right will allow all stakeholders to understand what is in their water in real time. And if we can get it really right, this knowledge will allow a host of improvements in water management, including reduced chemical and energy use, reduced pollution, reduced fines, improved health outcomes, improving the pace and cadence of experimentation with new technology. The list is very long indeed. Anthea and her team have taken a fascinating pathway from problem selection to massively leveraging their equity through grants. She is an exceptional founder and person and one of the best founder communicators I have met. I loved her insights into the importance of public speaking as you're building a company. Please do enjoy my conversation with the excellent Anthea Sargeaunt.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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Anthea's entrepreneurial journey, spanning from early ventures to the oil and gas sector, showcases her problem-solving prowess and industry acumen. Today, she and Tom explore partnership complexities and grant acquisition, stressing understanding partner expectations and grant funding's role in startup growth. Anthea's insights emphasize genuine connections, adaptable communication, and infrastructure investment for streamlined product development. This dialogue not only underscores innovation's transformative power but also offers guidance for aspiring water entrepreneurs, marking a pivotal moment in industry evolution.
Episode Highlights:
0:00 Start
0:49 Introduction
1:50 Anthea’s career to date
6:10 2S Water’s genesis
8:30 Its product and the problem it solves
10:43 Understanding the problem
14:39 Establishing early customer relationships with large companies
16:50 Pros and cons of this early engagement
18:19 Crossing the Chasm and Anthea’s implementation of it
21:11 Navigating partnerships
27:00 Funding with grants
29:19 Key skills in writing grants
32:48 What surprised Anthea most about the water sector
34:32 What she has learned since joining it
35:19 Anthea’s advice based on these learnings
37:05 Her experience in the Lithium market
39:52 Working with family
42:24 Anthea’s speaking and presenting skills and their value
46:01 Her most important piece of advice for aspiring water entrepreneurs
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
2S Water: https://www.2swater.com/
Quotes:
"I've always been surprised at water treatment operators. They're such a special breed of people. They do it because they love it.”
"In the mining sector, when we look at it, there is no other real path to the market than through the large multinationals."
"If you don't have that kind of insight coming from the other side of the table, it's hard to get it anywhere else."
"Partnerships are completely fundamental... cultivating them is vitally important."
"Writing a grant is much like any other sales process... understand what the grant organization is trying to accomplish."
"The lab isn't the field... get out into the field as fast as you can." -
When I started Burnt Island Ventures, I needed help. I needed help of all kinds. But one of the things I needed most as a first-time fund manager was credibility in the decision-making process. Alongside Ivy Nguyen, David Stanton agreed to become a member of our investment committee, and he put a crucial brick in the BIV credibility wall. In this episode, you will see why. David is deeply experienced in startups, growth companies, and corporates, and he now runs Cleanwater1, hired by Baird Capital after they purchased UGSI in 2022. I have learned so much from David, from management tactics to market assessment, and I know you will too. Please enjoy my conversation with David Stanton.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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David Stanton shares profound insights into the nuanced evolution of the water sector, from the consolidation era of the '90s to the contemporary landscape shaped by digital transformation and rate alignment. Delving into themes such as entrepreneurship, sales dynamics, and M&A strategies within the industry, he uncovers the intricacies of navigating structural dynamics and fostering operational excellence. With an emphasis on the paramount importance of sales in driving business growth and the imperative of building resilient virtual teams, today’s engaging dialogue offers invaluable insights into effective entrepreneurship and team management strategies. Ultimately, through past experiences and future aspirations, the episode illuminates the path towards sustainable success in the ever-evolving water sector landscape.
Episode Highlights:
0:00 Start
0:49 Introduction
1:53 David’s career in water
5:47 How water utilities are allowed to make money
10:57 David’s key learnings in entrepreneurship
14:23 How to do M&A well
19:39 Private equity
23:40 The importance of the nomenclature used within the industry
26:12 Client and customer terminology
29:11 The role of consulting engineers
31:14 Clearwater1’s dual incentive structure
33:28 Changes in the water sector past, present and future
36:41 The industry’s public narrative
41:07 Hiring and managing teams
43:02 David’s one piece of advice for aspiring entrepreneurs
44:18 Christine Boyle’s “Why Deep Pain Leads to Great Products”
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
Cleanwater1: https://cleanwater1.com/
Quotes:
"The industry really has been driven by what I would call the macro trends of the decade or so that were affecting the industry."
"For most businesses, the issue isn't, 'Does my product work and is it good?' It's 'How do I sell it at scale in a market that's so fragmented and disenfranchised?'"
"Our job as the leadership team, to be quite blunt, is to take advantage of the best path through the financial industry to meet the end or means that we’re trying to achieve."
"The number one killer of good ideas is valuation. If you sell your business at a stupid valuation, I mean, it's what killed my startup in 2012."
"Teams are virtual now... You want to solve for this. It's really, really an important skill."
"The revenue doesn't happen without sales, and the business doesn't happen without the revenue. What could be more important?" -
Adam Tank's trajectory, from early leadership roles at GE to his entrepreneurial endeavors, offers a wealth of profound insights into the critical trilogy of water, technology, and entrepreneurship at the heart of this podcast. His experiences navigating the dynamic landscape of the water industry, as shared here today, offer valuable perspectives on the challenges, triumphs, and pivotal decisions that have shaped his extraordinary career. Together, he and Tom explore the importance of understanding customer needs, building trust, and effective communication in driving success in the water sector. They also review the strategic decisions, intellectual architecture, and relentless innovation which have propelled Transcend to its current role as an industry leader guided by the inspiring leadership of Adam and his talented team.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
Episode Highlights:
0:00 Start
0:49 Introduction
1:45 Adam’s work history
6:58 Key stage gates in his career
14:20 Working with utilities and consulting firms
22:49 Transcend and the value it provides
27:47 Adam’s role at Transcend
28:52 His thoughts on marketing
31:29 Speaking the customer’s language
33:52 Company building as a ‘spin-off’
35:18 Starting with the ‘why’
37:52 The power of foster parenting
41:20 Adam’s most important advice for emergent water sector founders
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
Transcend: https://transcendinfra.com/
Water We Talking About?: https://www.wateronline.com/solution/water-we-talking-about
Quotes:
"I stumbled into water... It's just an unbelievably compelling industry for so many reasons."
"What you think may be the thing that's valuable to the customer may not actually be the thing that's most valuable to the customer."
"The presence or absence of water not only impacts how much food you can produce…but it also has a significant impact on the safety of the food."
"The worst thing that can happen for an entrepreneur is to spend a year, two years, three years and all of Burnt Island's money building this thing that no one is willing to pay for."
"We need more people from outside of the sector, no question. But I will say that part of the reason that innovation is a bit slower in this industry is that we have had people come in that are not water experts, that have said, 'I can solve all of your water problems,' but they're coming with a different lens."
"Listen to your customer.” -
John Bertrand is our kind of founder, a wastewater engineer who has operated inside and outside the utility fence - he understands his market upside down. What he saw in his time in the utility world led him to wonder if the messy world of managing the constant stream of incoming data from utility customers - calls, text messages, 311 alerts, voice messages, web forms - could be automated, freeing up the dedicated professionals who traditionally handle this work to focus on more important tasks. And so, teaming up with his co-founder Ryan, they started Daupler, which now serves more than 85 customers - not only water and wastewater utilities, but full municipalities, police and fire dispatch, power companies, and restoration companies. There is a giant opportunity here to build the field operating system for the built environment. And John is consistently impressive, not only in pushing the company to the verge of 5 million in bookings, but the originality and logic of his thought. He really is a diamond. Please enjoy my conversation with John Bertrand.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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John Bertrand, Daupler's Co-founder, takes a deep dive into the intersection of technology, utility management, and entrepreneurship as he shares his company’s transformative journey, offering valuable insights for emerging founders in the water industry along the way. His narrative illuminates Daupler's strategic evolution, focusing on aligning technological innovation with utility needs to revolutionize response management. Today’s episode also explores Daupler's role in enhancing operational efficiency and customer satisfaction, while discussing key aspects of technical and commercial expansion, providing a comprehensive view of the future landscape of utility management.
Episode Highlights:
0:00 Start
0:49 Introduction
2:01 John’s history with the water industry
2:39 Working for the utility vs as a consultant
3:25 Consultants as ‘gatekeepers’ in the water sector
7:14 The problem Daupler solves
10:34 Daupler’s CTO and Co-founder, Ryan Rosenbaum
12:10 What Daupler does
14:36 Learning from an early misstep
16:47 Comparing Daupler with PagerDuty
18:56 Building Daupler customers’ operating systems
21:40 Moving into adjacent sectors
23:59 Creating a critical mass of customers throughout the US
25:58 What John has learned about marketing his product vs sales
27:33 Daupler’s moat
29:23 AI and its role in Daupler
32:04 The critical mass of data within water utilities
34:37 The current and future state of utility management
37:32 Going international
40:15 The one lesson John would pass on to emerging water founders
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
Daupler: https://daupler.com/
Quotes:
"For most municipalities, that has the most pain, being the water or wastewater department.”
"You need to monitor the data, watch your trend, and then take appropriate action.”
"The data will be the real value."
"For most utilities, they are thinking about things in a proactive and preventative way because those are places of comfort where they can have control."
“Don't sell vitamins, sell painkillers. Change their life.” -
People always bang on about disruption, and usually it's meaningless. Some very rare founders should bang on about disruption because they're actually doing it, but don't. I like to think it's humility, but more importantly, it's because they decided to go and solve a real, deeply felt problem in the market, usually in an overlooked sector, and happened upon a deeply powerful pathway of company building. Tyler Henke, CEO of Ziptility, is one of those founders. He and his team noticed that the market, and especially the software market, didn't build, excuse my French, anything useful for the people who make the small communities of America function - the utility operators. They were forced to run these systems according to whatever needed fixing that morning with post-it notes, bits of paper, and if they were lucky, a 1997 Dell PC. Tyler correctly saw the potential for an excellently designed, mobile-first, user-generated operating system that could help these amazing professionals do their jobs easier, better, cheaper, more collaboratively, and reliably. He's an amazing guy, and it's an amazing platform.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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Tom is joined by Tyler Henke, Co-Founder and CEO of Ziptility, and together they explore Ziptility's groundbreaking journey in disrupting the water technology sector, addressing the challenges faced by small water and wastewater utilities across the United States. Tyler shares insights into the vast market potential within the US, highlighting Ziptility's focus on smaller to mid-sized utilities and their approach to trust-based sales, emphasizing genuine relationships and tailored solutions. He also unravels the layers of Ziptility's mission, focusing on such themes as understanding the utilities' world, building better tools for change, and fostering customer engagement and innovation.
Episode Highlights:
0:00 Start
0:49 Introduction
1:59 Tyler’s journey to, and with, Ziptility
4:48 Small water and wastewater systems
7:06 Developing Ziptility
11:41 Customer contact
14:40 Ziptility’s function, benefits, and market
20:37 Acquisition, and lifetime value, of customers
23:15 The stickiness of Ziptility’s customer relationships
25:51 Ziptility’s customer loyalty
29:45 Customer success now and for the future
31:58 Lessons learned about assembling a team
35:27 The future of software and other products for utilities
37:33 Tyler’s lesson for the next generations of water founders
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
Ziptility: https://www.ziptility.com/ -
Persistence is an underrated quality of the best entrepreneurs. VCs never think they underrate it, but they do. The public only ever sees the glory and fireworks when an entrepreneurial story works. But it's the application, the effort, the persistence that lies behind every great outcome that is the primary determinant of that outcome. Matt Swindle, the CEO and co-founder of NLine Energy, has it in spades. Not only did he attain the rank of Colonel in the Marine Corps, a rank he retains in the reserves, he and his team are building a potentially enormous company. Quietly and methodically, NLine Energy has the potential to turn every sizable boiler in the world into a power plant - don't worry, he will explain - while another vertical of the business is the best small hydro remediation assessment and upgrade team in the country, if not the world. It's a super business. The return for the customers is enormous. Their moat is physics. The tailwinds are global and intense, and it's such a pleasure to learn from Matt as he puts one foot in front of the other.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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Matt Swindle, CEO and Co-founder of NLine Energy, joins Tom on the podcast today to share details of his striking entrepreneurial journey and discuss NLine’s evolution into a global powerhouse discreetly transforming boilers into power plants. Their conversation delves deep into such topics as energy recovery, thermal technology, and sustainable growth as it showcases NLine Energy's mission to harness wasted energy. From the Marine Corps to pioneering renewable energy solutions, Matt's journey, as shared here today, serves as a beacon of inspiration that offers a treasure trove of insights into entrepreneurial brilliance and resilience, rendering this episode yet another must-listen edition of The Fundamental Molecule.
Episode Highlights:
0:00 Start
0:49 Introduction
1:56 The arc of Matt’s career thus far
5:13 Differences between Matt’s 1st and 7th startup experiences
6:25 The importance of talent management
8:48 The story behind NLine Energy
11:54 NLine’s early years
17:20 Moving into the thermal business
23:20 The importance of steam
25:57 The boiler room’s impact on business operation
27:54 Demystifying grants and investment tax credits
31:19 The financial side of building NLine
36:09 Managing the sales cycle decision-making process
4o:37 Matt’s thoughts on his ‘moat’ and competitive positioning
43:45 His biggest takeaway lesson
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
NLine Energy: https://www.nlineenergy.com/ -
George Hawkins is one of those people who always elicits a smile from those who know him when he comes up in conversation, even when he's not there. The smile also comes when he is present, but the absence of the smile is telling. He is perhaps one of the most admired figures in the US water market, and possibly even in the global market, and for good reason. His work in turning around DC Water from the least trusted public entity in Washington DC to the most trusted in just eight years is one of the best business transformation case studies in history, and unfortunately, not enough people are aware of it. Since stepping down from DC Water, he has become a founder with Moonshot Missions, supporting under-resourced utilities in undergoing the same kind of transformation that he led at DC Water. He has learned the challenges and difficulties of bringing something new into the world. He is a practical, fun, energetic, insightful, sensible, and demanding leader to his core. It is truly a pleasure to welcome him to The Fundamental Molecule.
Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule
For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205
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Today, the legendary George Hawkins delves into his exceptional life journey - from the early experiences that ignited his environmental passion to his leadership roles and the founding of his nonprofit. As you will hear, George's illustrious career is a testament to his transformative prowess, highlighted by the truly remarkable turnaround of DC Water. Currently the Founder and CEO of Moonshot Missions, he draws upon his vast experience to impart invaluable advice and wisdom on leadership, trust, the art of relationship-building, and making an impact upon the world.
Episode Highlights:
0:00 Start
0:49 Introduction
2:23 George’s professional journey
8:59 DC Water’s previous reputation
11:37 George’s thoughts on his first day at DC Water
15:20 The moment he knew he would succeed in his mission at DC Water
19:21 Rebranding DC Water
22:33 His Moonshot Missions idea
26:34 George’s lesson from running a large company to a small one
28:16 Building a team from the ground up
31:32 The challenges faced by small utilities
33:45 Moonshot Missions’ marketing
36:37 Having the greatest impact within the water sector
39:55 Entrepreneurship’s impact on George’s skills acquisition in the past, present, and future
45:08 Exceptional communication skills
49:01 Advice to emergent water entrepreneurs
Links:
Burnt Island Ventures: https://www.burntislandventures.com/
Moonshot Missions: https://www.moonshotmissions.org/ - Mehr anzeigen
