Episodios

  • Matt Johnson - Constraints, Sequencing, and Finding the Fun

    Matt Johnson - Constraints, Sequencing, and Finding the Fun
    Jun 12 2024
    People do business with people they like, and Matt Johnson is one of the most likable people I have met in the last 10 years. He is a cocktail of curiosity, energy, reflectiveness, enthusiasm, and both left and right brains that come together in a genuinely compelling person. And his company is a reflection of him and his co-founder, Bibi - a phenomenally designed, user centric, cost effective solution for a pervasive problem, not only in water, but in real estate and all real assets as well. LAIIER have already secured leak detection contracts with two of the biggest companies in the world and have a good shot at becoming a new standard in building resilience. Their story is a fascinating study in entrepreneurship, and they're in a very interesting position indeed. Please enjoy my conversation with Matt Johnson. Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205 ----------- Matt shares his entrepreneurial journey from Colorado to London, emphasizing the cultural insights and strategic growth tactics he's adopted. He and Tom discuss LAIIER's innovative solutions for preventing damage in real estate and industrial settings, the challenges of negotiating with large entities, and the significance of understanding customer needs for business success. Their discussion here today takes a deep dive into the complexities of water technology that encapsulates the essence of overcoming adversity with a positive mindset, underscoring the critical role of humor and resilience in the entrepreneurial journey. 0:00 Start 0:49 Introduction 2:15 Matt’s journey to LAIIER 6:47 What LAIIER produces 8:36 Advantages and disadvantages of Matt’s training 11:28 The discovery process 14:47 Working with big name entities 18:15 The importance of sequencing 21:55 Alleviating some of the sales pressure on him 24:43 A fundamental founder sales problem 29:09 Replicating founder level sales quality in a sales organization 33:11 Negotiation lessons and resources 36:51 Cultural differences between Britain and the US 39:56 Reflections on becoming an entrepreneur 42:00 Matt’s single piece of advice for water entrepreneurs Links: Burnt Island Ventures: https://www.burntislandventures.com/ LAIIER: https://www.laiier.io/ Quotes: “So it is really like different strips of tape that you can stick on, around, under pieces of equipment that do very precise measurement of different liquids on the surface, and then report that remotely. "Culturally, it's now aspirational to be entrepreneurial in the UK." "It's crucial to be methodical about consistency in communication during customer discovery." "Great businesses are built through facilitating a connection, often reassembling existing things in a new context." "The advantage of the founder is industry knowledge, charm, and willingness to take risks, but the advantage of a sales team is negotiation and execution." “If you can maintain a sense of humor when it gets really tough, you're more likely to maintain the creative energy required to not just survive it, but to thrive in it.”
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    44 m
  • Nicole Neeman Brady - Intrapreneurship, Entrepreneurship and Public Service

    Nicole Neeman Brady - Intrapreneurship, Entrepreneurship and Public Service
    May 29 2024
    Nicole Neeman Brady is a real standout in the world of water. An entrepreneur, an intrapreneur fund manager, mentor to countless emerging water professionals, she has packed a lot into her time in the sector. She's currently a managing director with Renewable Resources Group, where she oversaw the raising and deployment of the $927 million sustainable Water Impact Fund, the largest of its kind ever. She is also a public servant of considerable standing, having just left the board of the Los Angeles Department of Water and Power, which is the largest municipality in the US with an annual operating budget of $7.5 billion. And she previously served on the Colorado River Board of California. As you will hear, she's a deeply smart, generous, and reflective person with a fascinating career. Please enjoy my conversation with Nicole Neeman Brady. Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205 ----------- Nicole shares details from her transformative journey from early days at high-profile firms like McKinsey and Goldman Sachs to her pivotal role in pioneering distributed water treatment solutions. She discusses the challenges and strategies in water management amid climate change, the complexities of board governance, and the impact of strategic decisions on environmental sustainability. Throughout the episode, Nicole offers insights into water rights investing, the dynamics of the SPAC market, and the crucial role of storytelling in advocating for environmental issues. Episode Highlights: 0:00 Start 0:49 Introduction 2:00 Nicole’s journey to the water sector 6:35 The Renewable Resources Group (RRG) 9:16 Fundraising around water 11:54 Investing in water rights 14:37 SPAC markets 19:11 Serving on the LADWP board 22:55 Running an effective board 27:09 The role of a board Chair 29:30 Nicole’s perspective on MBAs and YPO 32:49 The future of water as an investable area 35:16 Communicating the water story Links: Burnt Island Ventures: https://www.burntislandventures.com/ Nicole Neeman Brady: https://www.linkedin.com/in/neemanbrady/ Quotes: “I saw the critical need for innovative solutions in water management.” “It can be a tremendous and clear opportunity to find a way to monetize water, to make investments in the sector while addressing water security challenges and really promoting sustainable and environmental good practices.” "My water journey…really began with a deep fascination and passion for sustainability and resource management." "We wanted to focus on distributed water treatment, really under the thesis that much like the energy sector, water too would move from large scale projects to more distributed solutions." "I think there's been a much more notable recognition of the climate change's impact on water sources and their lack of durability and resiliency." “We have to embrace storytelling as a strategic priority.” “If you feel like you're drowning in problems, there's always a solution waiting to be distilled.”
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    39 m
  • Steve Kloos - Thinking Right to Left

    Steve Kloos - Thinking Right to Left
    May 15 2024
    In 2015, we still used those table speakers for conference calls. Remember those? Kind of looked like a spaceship. I had just started at Imagine H2O, and the first external call I had on my second day was with someone who was very highly regarded by my colleague Ivy Nguyen, who is now a BIV IC member. Hi, Ivy! That someone was Steve Kloos, partner at True North Venture Partners, previously at GE Water and Osmonics. And Ivy was really right. Over the following eight years, Steve became a friend, mentor, colleague, and through an annual seminar for IH2O companies that he ran, probably the single biggest influence on how I and the team thought about the science of early stage company creation and entrepreneurship. I was so grateful for his support through the formation of BIV Fund I, and it was a wonderful moment when we saw the possibility of working together. Along with Christine joining, BIV has now entered a new phase, and one that sets us up excellently for the long term. We have a three-person partnership of complementary skills and backgrounds, and it's tremendously exciting to have Steve join us. He's an exceptionally smart, kind person with a hell of a resume and is one of the highest integrity individuals I've had the pleasure of working with. Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205 ----------- Steve Kloos’ career in the water field, his expertise in membrane technology, and his significant contributions at Osmonics, GE, and partner at True North Venture Partners is explored. He and Tom discuss the critical roles of mentorship, strategic thinking, and the dynamics of corporate integration and venture capital in fostering innovation. Key themes discussed are the power of water treatment technologies, the importance of understanding value chains, strategies for startup success and sustainability, and the need for continuous learning and adaptability in addressing climate change and advancing water technology. Episode Highlights: 0:00 Start 0:49 Introduction 2:23 Steve’s journey with water 4:45 Membranes and their importance 5:49 GE’s acquisition of Osmonics 8:04 Steve’s progression within GE 9:59 GE’s vulnerabilities 12:28 Transitioning from focusing on business internally to externally 16:11 GE Ventures 18:05 True North and startup theory 22:35 Coaching startups 27:20 Risk retirement and registers 30:15 Lessons learned as AquaHydrex CEO 31:56 A unique tool in acquiring funding 34:16 Hydrogen and water’s intersection with climate and climate risk 39:27 Current 42:09 What excites him about BIV 46:10 Steve’s advice for prospective water entrepreneurs Links: Burnt Island Ventures: https://www.burntislandventures.com/ Current: https://currentwater.org/ “Onion Theory of Risk”: https://www.youtube.com/watch?v=xy9cAANwMe Quotes: "The true north of any company lies in understanding its customers and working backwards from there." "Innovation is not just about having a groundbreaking idea; it’s about making it sustainable and scalable." "Water is not just a resource; it’s a critical player in our collective response to climate change." "Being a learner is more than a mindset; it’s the most crucial skill for any entrepreneur."
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    48 m
  • Dr. Reinhard Hübner, CEO at SKion

    Dr. Reinhard Hübner, CEO at SKion
    May 1 2024
    It's important to have people you look up to in the industry you choose. And by "look up to," I mean to be consistently, wildly impressed by what they're building, their intellect, their clarity of thought, their track record, and how they comport themselves. Reinhard Hübner is one of those people for me. As the CEO at SKion, he has built an undeniably impressive platform, yielding $700 million in global revenues and with no signs of slowing down. They know exactly how big their opportunity is. And he and his partner, Dirk Brusis, have built an interlinking set of companies, solutions, and technologies to really go after it. Please enjoy my conversation with the excellent Reinhard Hübner. Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205 ----------- Dr. Hübner delves into the strategic layers of the water industry, tracing his ascent from wastewater treatment to leading SKion's global expansion. They explore operational dynamics, the significance of human capital, and the complexities of mergers and acquisitions amid economic flux, emphasizing strategic growth and valuation discipline. Hübner discusses startup challenges, underscores direct customer relationships, and the necessity of a unified, innovative culture within SKion's network. Today’s discourse reveals SKion's strategic direction and ethos, imparting insights on adaptability, collaboration, and leadership vital for navigating the water industry's ever-evolving global challenges. Episode Highlights: 0:00 Start 0:49 Introduction 1:39 Dr. Hübner’s career to date 3:45 Lessons learned from manufacturing and logistics experience 5:06 His experience in leakage 6:52 Drinking water vs wastewater reflections 8:56 Being headhunted to work in the German water industry 9:45 Learnings from the first deal that didn't work 14:18 Structural shifts that are enabling the faster adoption of new products 17:04 SKion and its relationships with business 23:40 M&A and the current market 27:26 Is water countercyclical? 28:40 Structural comparison of the European and US markets 32:03 The evolution of Dr. Hübner’s job 35:27 His thoughts on earlier stage investing 37:47 FIDO and leak detection fun 39:19 His partnership with Dirk Brusis 42:18 The pros and cons of Dr. Hübner’s public speaking 44:47 His most important piece of advice for aspiring water entrepreneurs Links: Burnt Island Ventures: https://www.burntislandventures.com/ SKion Water: https://www.skionwater.com/en/ Quotes: "There's no such thing as life before water." "You can't eat services...Somebody has to produce something from something." "It's a conservative sector, and on the municipal side, they don't take risks." "We don't want to be the biggest. We want to be the best." "Forced collaboration is like forced labor...it doesn’t work." "You need to be patient, which is not always my strength." "We have been very disciplined in not overpaying." "Water is full of passionate people. Nice, passionate people." "I mean, the reality is drinking water is, technologically and asset wise, much simpler than wastewater." "Don't try to do it alone. Find partners also in the industry."
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    46 m
  • Anthea Sargeaunt, CEO and Co-founder of 2S Water

    Anthea Sargeaunt, CEO and Co-founder of 2S Water
    Apr 17 2024
    Anthea Sargeaunt is the CEO and Co-founder of 2S Water. Multivariate, real-time non-contact sensing is one of the holy grails of water management. Getting it right will allow all stakeholders to understand what is in their water in real time. And if we can get it really right, this knowledge will allow a host of improvements in water management, including reduced chemical and energy use, reduced pollution, reduced fines, improved health outcomes, improving the pace and cadence of experimentation with new technology. The list is very long indeed. Anthea and her team have taken a fascinating pathway from problem selection to massively leveraging their equity through grants. She is an exceptional founder and person and one of the best founder communicators I have met. I loved her insights into the importance of public speaking as you're building a company. Please do enjoy my conversation with the excellent Anthea Sargeaunt. Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205 ----------- Anthea's entrepreneurial journey, spanning from early ventures to the oil and gas sector, showcases her problem-solving prowess and industry acumen. Today, she and Tom explore partnership complexities and grant acquisition, stressing understanding partner expectations and grant funding's role in startup growth. Anthea's insights emphasize genuine connections, adaptable communication, and infrastructure investment for streamlined product development. This dialogue not only underscores innovation's transformative power but also offers guidance for aspiring water entrepreneurs, marking a pivotal moment in industry evolution. Episode Highlights: 0:00 Start 0:49 Introduction 1:50 Anthea’s career to date 6:10 2S Water’s genesis 8:30 Its product and the problem it solves 10:43 Understanding the problem 14:39 Establishing early customer relationships with large companies 16:50 Pros and cons of this early engagement 18:19 Crossing the Chasm and Anthea’s implementation of it 21:11 Navigating partnerships 27:00 Funding with grants 29:19 Key skills in writing grants 32:48 What surprised Anthea most about the water sector 34:32 What she has learned since joining it 35:19 Anthea’s advice based on these learnings 37:05 Her experience in the Lithium market 39:52 Working with family 42:24 Anthea’s speaking and presenting skills and their value 46:01 Her most important piece of advice for aspiring water entrepreneurs Links: Burnt Island Ventures: https://www.burntislandventures.com/ 2S Water: https://www.2swater.com/ Quotes: "I've always been surprised at water treatment operators. They're such a special breed of people. They do it because they love it.” "In the mining sector, when we look at it, there is no other real path to the market than through the large multinationals." "If you don't have that kind of insight coming from the other side of the table, it's hard to get it anywhere else." "Partnerships are completely fundamental... cultivating them is vitally important." "Writing a grant is much like any other sales process... understand what the grant organization is trying to accomplish." "The lab isn't the field... get out into the field as fast as you can."
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    47 m
  • David Stanton, CEO at Cleanwater1, Inc.

    David Stanton, CEO at Cleanwater1, Inc.
    Apr 3 2024
    When I started Burnt Island Ventures, I needed help. I needed help of all kinds. But one of the things I needed most as a first-time fund manager was credibility in the decision-making process. Alongside Ivy Nguyen, David Stanton agreed to become a member of our investment committee, and he put a crucial brick in the BIV credibility wall. In this episode, you will see why. David is deeply experienced in startups, growth companies, and corporates, and he now runs Cleanwater1, hired by Baird Capital after they purchased UGSI in 2022. I have learned so much from David, from management tactics to market assessment, and I know you will too. Please enjoy my conversation with David Stanton. Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205 ----------- David Stanton shares profound insights into the nuanced evolution of the water sector, from the consolidation era of the '90s to the contemporary landscape shaped by digital transformation and rate alignment. Delving into themes such as entrepreneurship, sales dynamics, and M&A strategies within the industry, he uncovers the intricacies of navigating structural dynamics and fostering operational excellence. With an emphasis on the paramount importance of sales in driving business growth and the imperative of building resilient virtual teams, today’s engaging dialogue offers invaluable insights into effective entrepreneurship and team management strategies. Ultimately, through past experiences and future aspirations, the episode illuminates the path towards sustainable success in the ever-evolving water sector landscape. Episode Highlights: 0:00 Start 0:49 Introduction 1:53 David’s career in water 5:47 How water utilities are allowed to make money 10:57 David’s key learnings in entrepreneurship 14:23 How to do M&A well 19:39 Private equity 23:40 The importance of the nomenclature used within the industry 26:12 Client and customer terminology 29:11 The role of consulting engineers 31:14 Clearwater1’s dual incentive structure 33:28 Changes in the water sector past, present and future 36:41 The industry’s public narrative 41:07 Hiring and managing teams 43:02 David’s one piece of advice for aspiring entrepreneurs 44:18 Christine Boyle’s “Why Deep Pain Leads to Great Products” Links: Burnt Island Ventures: https://www.burntislandventures.com/ Cleanwater1: https://cleanwater1.com/ Quotes: "The industry really has been driven by what I would call the macro trends of the decade or so that were affecting the industry." "For most businesses, the issue isn't, 'Does my product work and is it good?' It's 'How do I sell it at scale in a market that's so fragmented and disenfranchised?'" "Our job as the leadership team, to be quite blunt, is to take advantage of the best path through the financial industry to meet the end or means that we’re trying to achieve." "The number one killer of good ideas is valuation. If you sell your business at a stupid valuation, I mean, it's what killed my startup in 2012." "Teams are virtual now... You want to solve for this. It's really, really an important skill." "The revenue doesn't happen without sales, and the business doesn't happen without the revenue. What could be more important?"
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    45 m
  • Adam Tank, Co-Founder & Chief Customer Officer at Transcend

    Adam Tank, Co-Founder & Chief Customer Officer at Transcend
    Mar 20 2024
    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.”
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    43 m
  • John Bertrand, Co-Founder and CEO of Daupler

    John Bertrand, Co-Founder and CEO of Daupler
    Mar 6 2024
    John Bertrand is our kind of founder, a wastewater engineer who has operated inside and outside the utility fence - he understands his market upside down. What he saw in his time in the utility world led him to wonder if the messy world of managing the constant stream of incoming data from utility customers - calls, text messages, 311 alerts, voice messages, web forms - could be automated, freeing up the dedicated professionals who traditionally handle this work to focus on more important tasks. And so, teaming up with his co-founder Ryan, they started Daupler, which now serves more than 85 customers - not only water and wastewater utilities, but full municipalities, police and fire dispatch, power companies, and restoration companies. There is a giant opportunity here to build the field operating system for the built environment. And John is consistently impressive, not only in pushing the company to the verge of 5 million in bookings, but the originality and logic of his thought. He really is a diamond. Please enjoy my conversation with John Bertrand. Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-molecule For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205 ----------- John Bertrand, Daupler's Co-founder, takes a deep dive into the intersection of technology, utility management, and entrepreneurship as he shares his company’s transformative journey, offering valuable insights for emerging founders in the water industry along the way. His narrative illuminates Daupler's strategic evolution, focusing on aligning technological innovation with utility needs to revolutionize response management. Today’s episode also explores Daupler's role in enhancing operational efficiency and customer satisfaction, while discussing key aspects of technical and commercial expansion, providing a comprehensive view of the future landscape of utility management. Episode Highlights: 0:00 Start 0:49 Introduction 2:01 John’s history with the water industry 2:39 Working for the utility vs as a consultant 3:25 Consultants as ‘gatekeepers’ in the water sector 7:14 The problem Daupler solves 10:34 Daupler’s CTO and Co-founder, Ryan Rosenbaum 12:10 What Daupler does 14:36 Learning from an early misstep 16:47 Comparing Daupler with PagerDuty 18:56 Building Daupler customers’ operating systems 21:40 Moving into adjacent sectors 23:59 Creating a critical mass of customers throughout the US 25:58 What John has learned about marketing his product vs sales 27:33 Daupler’s moat 29:23 AI and its role in Daupler 32:04 The critical mass of data within water utilities 34:37 The current and future state of utility management 37:32 Going international 40:15 The one lesson John would pass on to emerging water founders Links: Burnt Island Ventures: https://www.burntislandventures.com/ Daupler: https://daupler.com/ Quotes: "For most municipalities, that has the most pain, being the water or wastewater department.” "You need to monitor the data, watch your trend, and then take appropriate action.” "The data will be the real value." "For most utilities, they are thinking about things in a proactive and preventative way because those are places of comfort where they can have control." “Don't sell vitamins, sell painkillers. Change their life.”
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    42 m