Here you’ll find the full transcript for Episode 6 of Green Add Venture with Andrew Wordsworth.
Listen to the episode available here.
[0:02] Jake: Have you ever wondered what happens when entrepreneurship, environmental sustainability, and venture capital collide? If so, you’re like me, and you’re in the right place. Welcome to the Green Addventure. On the show, you’ll learn from the critical insights of both founders and investors alike, not random advice or generic guides, but real stories born out of their experience with genuine climate action. We aspire to create a network of people collaborating to build the green economy, accelerating us towards this critical target of net zero emissions. I’m your host and founder of the show Jake Woodhouse. For all the notes, links and episodes, please visit www.greenaddventure.com, take care when typing that in addventure is spelled with a double D. Thank you for listening, and enjoy the episode.
[0:56] Jake: Today we speak with Andrew Wordsworth, co-founder and managing director of Sustainable Ventures. Sustainable Ventures has been at the forefront of the sustainability startup space in London for many years now, evolving into the sustainable accelerator and sustainable workspaces. Listen closely as Andrew explains his insights from both sides of the table as both entrepreneur and investor. He explains why working in the clean tech space gets him out of bed in the morning, how important trust between entrepreneur and investor is and how a little money at seed stage can create large value. Andrew has overseen the growth of a very impressive organization. Enjoy. Hi, Andrew, thank you so much for coming on the show.
[1:34] Andrew: Hi, well, great to be here.
[1:35] Jake: Thank you so much. So, to kick things off for the listeners out there. Could you give us a very high-level summary of your current role, please?
[1:44] Andrew: Okay, so yeah, I’m Andrew Wordsworth, I’m the managing partner and co-founder of a company called Sustainable Ventures. Sustainable Ventures has a number of different sorts of business units, we’re probably best known for our workspaces, we were in three co-working spaces in Southeast London, where we have sort of capacity for about 6, 700 entrepreneurs, all of whom are working in the sustainability space. And that’s, it’s quite an exciting opportunity and reflects the growth of the sector. We also run a small investment fund, providing seed stage investment to about eight companies per year, again, in the climate change and resource scarcity. And companies that have commercial solutions to address those, are sort of where we started was around originating our own companies, which sort of serial entrepreneurs, and have found that over the last eight years, seven companies primarily in the kind of ability and kind of energy efficiency built environment space. And finally, we provide a range of sort of supports services either funded through grant programs, we were in the GLA’s Better Futures Program, or, you know, provide sort of bringing together that our community into sort of large sort of demonstration projects that we then seek to try and grant funding into.
[3:18] Jake: Great, thank you, Andrew. Well, yeah, it says, it’s really four areas, then your workspace business, your investment business, the company builder area where you started off, and then the kind of consultancy and event space. To say the very least, when I first started researching the clean tech market in London, you guys were almost very top of the list so, you underplay that for sure. To help us understand then the journey that you’ve been on, perhaps you could take a step back to when you first founded the business and, and what you’ve done prior to founding Sustainable Ventures and the, kind of the process that you’d been through to actually become a founder.
[3:54] Andrew: Okay, so my background, I’m a chemical engineer, and basically been in the energy sector, pretty much the whole of my career. After sort of short spelling consulting, I joined the Carbon Trust in 2002 and for most of my time there until founding Sustainable Ventures, I ran their basically, kind of spin out article conscious enterprises, where we basically created new ventures that we’re tackling. So, climate change, and bring together sort of public private partnerships so that was renewable development companies, we saw some property fund called Local Workplace. And as well as some technology businesses as well, sort of third generation PV and so on. And, yeah, that was obviously a much larger scale, we attracted something like 250, 300 million pounds worth of capital to those businesses.
[4:51] Andrew: And it’s like, you know, the Local Workplace, for example, is now the UK is largest sort of dedicated carbon property fund. In 2011, after I’ve been working with my co-founder, Chris Morris, I left Carbon Trust and was but the two of us set up Sustainable Ventures.
[5:12] Jake: So, Chris was at Carbon Trust?
[5:14] Andrew: He was a working with me on a new venture development in the Carbon Trust team. And yeah, the origins of the business are really again, where is the part of Sustainable Ventures, basically, sort of skill sets. And we basically said about creating and sort of growing a range of our own ventures. So, the two initial ones were E-Car Club, which is an electric vehicle, car sharing club, and Powervault, which is a domestic energy storage. And, yeah, Chris basically was the launch MD, of E-Car and we grew that through crowdfunding through angel investment, through institution investment from Centric. Until 2015, when Europe acquired a majority stake, so E-Car, as now we’re sort of fully exited from that.
[6:09] Jake: Fantastic, well done.
[6:10] Andrew: Which actually created the world’s first crowdfunded exit. Just sort of a small, sort of, footnote in history of crowdfunding. And the Powervault is still going strong, it’s growing substantially. And yeah, so we’ve been through several funding rounds, that’s now run by Joe Warren, and probably about 25 people in that management team. But you know, we still stay heavily involved as kind of active non-execs in that business.
[6:44] Jake: Yeah, I must confess, I was lucky to be part of the latest financing round the Powervault so good. With the Green Angel Syndicate, I managed to sneak in with some equity. You know, both the E-Car Club and Powervault, really interesting businesses and themselves, and they kind of speak for, speak volumes of what you and Chris must have envisaged all that time ago. And I guess that leads me nicely to talk really around a kind of thesis. So, what’s your personal rationale for being in this space, and looking at building businesses alongside a sustainability mission? And why do you think it’s such an exciting place to be?
[7:21] Andrew: Okay, so Sustainable Venture’s mission, vision is for a world where there are commercial solutions to twin challenges of climate change and resource scarcity. And, you know, those that sort of, that vision is baked very much into the valleys of all the people who work in SP. Important distress, we very much don’t like trading off sort of impact versus commercial reality. So, we basically, any business that we get involved with, even a sort of in terms of the sort of tenants that we like to bring in, has to be delivering both sort of a commercial sustainable success story, plus, you’re delivering impact. And so, that in some ways, you know, reflects kind of, I guess, my sort of personal beliefs that you shouldn’t, you know, we can you create valuable companies that deliver returns to investors, but at the same time are delivering and tackling these really critical challenges. And, yeah, in order to do that, so, you know, we’re trying to develop, you know, the UK’s, you know, leading venture development company in this space, and everything we do is all around moving companies from kind of back of the beer mat through to exit.
[8:45] Andrew: And, yeah, so I think that’s, you know, when we’re looking at, you know, what do we do, it’s, you know, based on our own experience of, again, taking companies through that journey, on the entrepreneurs side of the fence, you know, we often think, well, wouldn’t it be really handy if we’d have had a flexible workspace so we didn’t have to constantly move offices? Wouldn’t it be nice if somebody had sort of families or a corporate partner that we could then put demonstration units into use, which we now have do now? So, a lot of things are saying around that, you know, would we have bought this, would this have made our journey easier. And so, that’s where the companies now migrated. Again, from working with kind of you know, one starts at which was over a year, we now work with over 80 companies, 80 SMEs in the sector, and again, provide support in whatever way they sort of they need.
[9:44] Jake: That’s why I’m, you know, so excited to speak to you today, Andrew, and learn about this journey that you’ve been on, because as not only an investor but also an entrepreneur yourself. There’s a kind of story here of decision making that, you know, at one point, it didn’t ever seem possible, the tour you just given me of the new workspace you guys are developing five years ago, I’m sure you wouldn’t have thought that that would be something in the pipeline. But okay, I mean, let’s perhaps talk a little bit around the support you’re giving to businesses out there. One company in particular research, JP is on the show as well. So, he’s now part of your accelerator program, I understand. Perhaps you can talk to us a little bit about that program, and how you select companies and how companies will approach you and as a potential investor or partner in their growth, what is it you’re looking for in the businesses that you get sent or analyzed?
[10:36] Andrew: Okay, so, sort of, I think, sort of around about some 2015 on the back of E-Car exit. We had, from again, from sort of talking to people in the industry had started to sort of identify that whilst, you know, there were sort of accelerators, incubators and so on across the UK, there were none that was focused on the sector, you know, so you’ve got a sort of new TechStars. And it’s something called in its media, advertising technology, there was Bethnal Green, we’re looking at kind of the impact side of things. And, I guess, sort of coupled with that, we also saw that a lot of companies was struggling for basically, that first investment. A lot of sort, very promising technologies were coming through, were probably too early for the kind of the angel market. And, you know, I think, obviously, you mentioned Green Angel Syndicates, you know, very good, very good friends of ours.
[11:43] Andrew: You know, a lot of the time, the feedback we were getting was go come back when you’ve got some traction, when you’ve got your first customer order. And it was just sort of this gap between companies saying, well, I’ve developed my technology, and how do I feed myself? How do I provide the working capital development first, you know, prototype products, to get that first order? And so, we basically sort of put those two sorts of gaps together and identified that we could raise the sustainable accelerated fund. So, the first one in 2017, we raised just over 800,000 pounds and made seven investments, averaging just over 100,000 pounds each across a variety of sectors. The model we have then is obviously that investment goes in, we then work with the companies over a 12-month period.
[12:39] Andrew: It’s basically to take them through that journey to the next funding round. And we run a very, very bespoke program, some companies need a lot of help on the funding side of things, some, you know, some need, you know, we do sort of complete brand redesigns. The other end of the scale, we will write financial models, we basically become part of the management team. And again, one of the distinctive things is because the sector, a lot of stuff takes longer, you know, in tech, for example, you can run a four month program, you know, get to a pitch day have a minimum viable product, get investment. You know, our experiences that, you know, it takes longer to do stuff because there’s always, you know, one common thing about the sector is, is there’s always stuff that happens, there’s very few kind of virtual businesses there are, you know, hardware that needs to be developed, or, you know, sort of a long sales cycles, because you’re actually trying to do something, you’ve got to change something physically.
[13:42] Andrew: You know, that there are the, I’m not saying that there is the exception. I mean, the E-company is one of those and we should just, rather sort of the PPA side of things, which again, we know, we’re very comfortable taking that kind of business model risk. But you know, we really like working and building those relationships for those companies.
[14:01] Jake: You touched on so many things that I guess I’ve experienced as well, in the last couple of years, where you’re looking at offsetting the risk of an investment versus a potential market size and the team you’ve pulled together/ the readiness for the technology to actually make it to the market. I know certainly the Green Angel Syndicate receives now 6 or 700 applications per year, of which maybe 20 get funded. So absolutely, there’s an issue or say there’s a whole load of entrepreneurs out there that haven’t quite got investor ready but need some help. And so, that’s why your accelerator program is so exciting. And especially when you’re sitting on the table as an entrepreneur, there is so many things you don’t know and that’s where you know, someone like you guys is so helpful to any potential entrepreneurs out there listening, you know, Andrew has done such great work, you know, putting together these teams and helping everyone. Yeah, I mean, I should ask, I guess, when you’re looking at making these in investment, how do you guys understand risk? So, when you’re looking at a company to help them to that investor stage or investor ready stage? I mean, how many applications do you receive per year? And how do you distill that down into something you’re happy to take some risk on?
[15:14] Andrew: Okay, so for the second fund that we raised, I guess we’ve looked at probably over 400 companies in that period and it’s like, we’re making 8 investments out of that. So, same with, similar to Green Angel Syndicate, it’s not as though there’s a shortage of opportunity. We, it comes back to the values, the core assessments that we make are, you know, is there a commercial model and can this deliver impact? So, businesses, the more the revenue grows, the greater the impact, we, say we do an initial mapping against the UN sustainable developer goals, and understand that companies will look like companies that are hitting sort of at least two or three of those sectors. And those two sort of assessments, again, just from, you know, past experience, you know, you can see the companies that sort of fit, you know, and then you’re going to be aligned with our mission, which means we’re then aligned in supporting the wind that came to do that. And, you know, we also look for, you know, clearly, you know, the founders.
[16:36] Andrew: You know, yeah, I mean, you know, they haven’t got a lot of traction, you know, that but, you know, if you’ve actually gone out and talked to prospective customers worked out what things are doing, you know, and so on. You know, very dynamic, we get a range actually, of founders, we got Brian from Petty Please just come out of the RCA, so Petty Pleaser is an expandable baby coat fabric.
[17:04] Andrew: Yes, it’s a very, yeah, you know, fairly inexperienced in the sector, but, you know, lots of dynamism at the other end of the scale. Can we succeed Rothko, which you should be familiar with the underwater exploration? Brian’s the CEO there, has had 20 years in the sort of underwater inspection.
[17:28] Jake: Again, I should admit, I was lucky to invest in Rothko, through the Green Angel Syndicate. I know their story, it’s an incredible piece technology, yet, it simply works much better than the human and makes so much sense. So, for listeners out there, it’s essentially a deep-sea robot that helps to, what is it? To take, as it to deconstruct oil rigs, and to help to solve–
[17:57] Andrew: — wind renewables, so maintenance inspection, so on, but they’ve got a really exciting video, instead of the computer vision side, the vision side of things, which means that you don’t have to put people on boats connected to wise to these, basically sit in your living room pretty much anywhere in the world and—
[18:13] Jake: I think it was the moment actually that the description of what it must be like for a diver going into the North Sea and not being able to see anything and therefore can’t wait for the day, whereas this robot is able to carry on as if nothing’s changed.
[18:24] Andrew: I mean, say that one side, yeah, it’s already, we’ve had a forex valuation uplift from our initial investment. And there are talk around the world say that 10 x is a very, very exciting business and, you know, again, it just shows that how relatively small amounts of money at a particular point of time can value growth.
[18:50] Jake: And interesting, so Andrew, we got distracted by the Rob Co stories. But you are unpacking the idea of the founders that you’re investing into and explaining a little bit about what you’re looking for.
[19:02] Andrew: Yeah, so this, I think, I guess my sort of take on that is, there’s no kind of one size fits all, you know, people have been experiencing history and have come up with a, you know, if I do this, I could, you know, I can perform 20% better than conventional ways. But I’ve already got the experience and the contacts and the contracts so, you know, that’s great business to be in, and about half of our portfolio would typically be that sort of, those kinds of businesses. But it’s a sort of, therefore, slightly challenge, there’s this assumption around, you know, entrepreneurs or people, you know, graduated from university and jump straight into things. Again, there’s some great, you know, talents or engineering talent, but, you know, I think that’s where, you know, you came back to risk, we have to assess can, you know, we are going to put the commercial support in there, we have to put the commercial structuring, and therefore, what we’re looking for are those some incredibly talented scientist or engineers or designers or whatever, how, you know, are they going to be adaptable? Are they going to listen? Are they going to say, look, you know, actually, I know nothing about this, so please help me write my financial model, you helped me get my sort of investment story straight? So, I wanted to do, you know, bring team members in with those kinds of skills and experience. So, you know, a lot of that is around, you know, every says the entrepreneurs are really important, but particularly the early stage, they are absolutely critical.
[20:27] Andrew: Not that we have to have all the skills because guess what, our value added is we think we can identify where the gaps are and help people to fill those. So, I guess, there is a final thing, in terms of risk is, you know, I mentioned about Angel syndicates, quite rightly, will be looking for that sort of sales traction. I guess, because we’ve been on the entrepreneur side of the fence, our assessment is in 12 months, can we hit those funding milestones? You know, yes, your product, you know, if you move it to a certain stage, and you go through a sales cycle with a social landlord, for example, will you be able to get an order, will you be able to demonstrate that you’ve got that, and again, half of that is being able to put yourself in their shoes and go well, realistically, you know, are you going to be able to achieve that?
[21:23] Andrew: So, yeah, I think so that’s why we take a risk, obviously, we, you know, our objective is to double the valuation within a 12 month period and, that’s basically, I guess, how the whole unit, that’s why the sort of this portfolio approach at that really early stage works, because you bought the shares at half the price you would be later on because we have the risk, or how you look at it.
[21:48] Jake: Fascinating. It’s kind of one of the things that excites me so much about the area when we touched on a few companies that are doing well and there’s others we haven’t mentioned, that probably aren’t doing quite so well. And this idea of one size doesn’t fit all, as the entrepreneur, you often hear stories of this incredibly talented person that saw this opportunity and, off they went. But actually, there’s so much hard work that goes on at this early stage to actually even get you ready to speak to an investor, let alone to actually sell anything. Here, no, cool. I wanted to talk a little bit around, you know, what it’s like to approach an investor. So, if there were any entrepreneurs listening out there, how would you like to be approached, is there any way in particular that should be done or any advice you would give us to the best way to market yourself to potential accelerator programs or investors?
[22:38] Andrew: It’s interesting, because actually, I have a great job in terms of sometimes I’m on the company-investor side of things, making those appraisals. And then other times can be such as RX, for example, I’ve got a meeting this afternoon where I’m basically Parlak, co-founding management team and trying to sort of sell in both directions. So, yeah, they can, quite—
[23:01] Jake: I had a set of questions here and some of them are for entrepreneurs, and some of the investors and I’ve got so excited the fence.
[23:09] Andrew: Sometimes it doesn’t work out which hat you’re wearing and forget which we’re doing.
[23:14] Jake: But so, perhaps you could share some of the stories you’ve used to get investors attentions and equally, like how other people have got your attention as an investor.
[23:21] Andrew: Okay. And so, I mean, I think the first thing is I again, on both sides is, you know, I’d say, cut the bullshit, basically be honest, you know, if you, if you haven’t got a sale, don’t say I’ve got, you know, every seen these things, you know, I’ve got this big pipeline, I’ve got orders worth or potential orders worth this much. Because, you know, any serious investors going to go through that, and will find out, you’ve had a conversation with somebody, you know, that you met at an event? And that’s just not true, it’s not a qualified sale. So, the problem is, at that point, it’s just confidence, so, you know, as soon as you call on one thing, which is eminently verifiable, you know, then everything else, you know, sort of the bill lecture. So, the most important thing is established that layer of trust. You know, you’re getting into a relationship, if you want to call it that, you know, that it’s, you know, it’s a 5, 6, 7 years, a long-time relationship. And you mentioned, companies are going to go through good sides, bad sides.
[24:32] Andrew: If somebody, basically, I’ll say, if you don’t like an investor, if you don’t like somebody, if somebody is winding you up, or saying some stuff and you lose that trust, do you think, why am I going to invest all that time, in working with that person, you got to enjoy who you work with. So, again, you come back to that personal side of things. So, you know, again, be yourself. There’s no one size fits all. You know, just be honest, because, you know, you can have the shine and some of the worst companies I’ve seen have the shiniest pitch packs, because they’ve been through the whole thing they’ve been coached, they’ve told, you have to say, this isn’t this and, and, you know, we’ve invested in companies that, you know, had the world’s worst pitch pack, but you like the person, like the technology, you can fix these things, you can help these things. So, I think that to me, is the most important thing.
[25:25] Jake: That’s such great insight, because actually, so many people, haven’t you been working in this space, which is essentially early stage, ideation, business creation, business investment, like scaling, getting to market even exit, specifically with a sustainability lens, which actually is almost rare. And fantastic for it, that’s great to hear.
[25:50] Andrew: Yeah, I mean, the other one, I mean, this is something that, I would guess on that sort of theme, I think it was Doug Richards who’s one of the old, sort of Dragons Den. Okay so that he wants to basically raise money for company, he wrote the top 10 risks about why this company and why this thing was going to fail, and then wrote, and these are the mitigation steps. This is what I’m doing to take those risks out the business. And basically, that was, that was his pitch, which, at the time, when I listen, I sort of go, that’s brave and foolhardy. But actually, if you think about it, that’s all investors are really doing. They’re just going, you know, what are the odds that I’m not going to see my money again? Yeah, you know, plus, do I believe that you’re going to get to, you know, 10 x? And actually, it’s the management of those risks and how you’re doing it and how you’re structuring your business around this. And that, I’ll say, it’s, it’s a shame that we sort of ended up in this, you know, I write a 10 slide pitch pack, it has these following slides, is almost it’s almost temperature sort of standard side of thing.
[26:56] Jake: Why it’s so hard to summarize who you are and what your company idea is into 10 slides. Great, thank you for sharing that, Andrew. And you I just wanted to dig into a little bit the personal mission that you clearly have. So, having worked with the Carbon Trust and setting up Sustainable Ventures in its original form, and the acceleration of the workspaces. Sustainability is the one kind of constant throughout this, is there any particular reason that you decided you wanted to work in this sector or anything over the years, that’s particularly caught you that really excites you?
[27:32] Andrew: You know, I guess, when I made the jump from, as a bane, I made the jump into the Carbon Trust. You know, I’ve been in energy and actually had come across a company called Future Forest, which then became carbon neutral company, which should sort of offsets and they’ve looked at that business, and that sort of brought kind of climate change to my attention. Now, I’m aware that you know, climate change has been on the agenda, seeing that Margaret Thatcher was a passionate believer in tackling the issue. So, I wouldn’t say, you know, I was in it. But it started to come up the agenda and I’d sort of seen a kind of exciting opportunities in energy, I was in oil refining, when I started my career, startups and oil refining don’t go together. So, to solve that, we’re going to be great some opportunities in a kind of renewable technologies and fuel cells and sort of just could see that some excitement. And, it has the advantage that you’re actually doing something which is solving a major global issue. And that sort of, you know, the urgency has gotten greater and greater as we go through, and it’s great at the moment to sort of see that it’s back on the front pages, it’s, you know, it’s sort of—
[28:51] Jake: We’re in a climate emergency.
[28:52] Andrew: Indeed, so, you know, the answer to that is my mind is going to be technology, how can we provide those technologies, those business models? And, you know, I sort of, did a study way back called carbon and all we consumes at Carbon Trust, which looked at, you know, rather than sort of looking at industries and where the emissions were coming from, it was basically sort of taking that down to the individual consumer, in terms of how many tons of carbon were they emitting in the home? You know, after that, it was, you know, the stuff you bring in from in your shopping, in terms of the embedded carbon in that, as a sort of second biggest thing, you’ve got transport, you could sort of start to see this, I guess it was sort of at the moment, I said, well, oh, this has got a hit everything. Everything we consume, everything we buy, everything we do, uses energy, but it uses energy, it generates carbon, in one form or another. And so, this is something that is across all sectors and I think people often talk about the internet is transforming things. And it’s ubiquitous and you know, this, actually, energy is far more widespread, because it covers online and offline stuff. And therefore, every single sector, every single company, every single product, is going to go through this change, this is going to be a massive upheaval, you know, and I think because it is so spread, people don’t really realize, they sort of think, oh, you know, Amazon’s transformed online shopping, yeah, fine, but this is going to happen.
[30:28] Andrew: And it’s going to have to happen and that creates massive opportunities for entrepreneurs. Because there’s nothing out there that you can’t come up with a lower carbon efficient version, or more resource efficient version. And I say that, that scalar opportunity, you know, we talked about it being in each sector, and so on. Actually, it could be the biggest sector, you know, out there and going. And, you know, being able to contribute in a personal way to making that transition and making that change on a very practical level, in terms of supporting the startups that are going to move in and change the world. And, you know, that’s, I guess, what gets me out of bed in the morning.
[31:11] Jake: Yeah, fantastic. And I would completely agree with you on all of that. Well, certainly the businesses that have signed up to the Paris Agreement, and governments that are out there that have to abide by the regulations that are coming in, and the populist rhetoric that we’re seeing, you know, globally now, it’s such an important issue, and we need to do something about it. But it is the businesses that we start building today, or in the last few years that are actually going to get us there. And that’s where your role has been so interesting to learn about today. Just one last error, I’m aware of time, to try and get through if we can. You mentioned about investing or working with the lens of impact from our carbon emissions perspective, have you ever looked at your actual impact from a numerical point of view? So, if these businesses got to scale or if you guys had as much impact as you could, what might be the result of that? Have you ever looked into? that I’d love to know.
[32:03] Andrew: So, we’re in the, one initiative we we’ve started this year is every company that comes into our university, like, we basically will map their activities against the Sustainable Development Goals. And we do that, again, through a sort of a, use the language of a theory of change. So, we look at, you know, how, how are their activities, how are they linked to delivering against those goals? So, for example, you know, E-Car Club, you know, we looked at where we’re deploying electric vehicles, which are often in the sort of lower paid income, poor areas, which basically provided clean transport to people who otherwise wouldn’t be able to afford it or spending lots of money on taxes or so on. So, tackling that transport poverty was a kind of key element, key thing which was being done. So, measuring those incomes, you know, how much people were saving, and so on. So, basically getting that benchmarks in, and then we, you know, we sort of, then looked at the, obviously, the reduction in knocks and socks and health impacts that electric vehicles were having, and then obviously, that, you know, that then scales up to the global, you know, where we’re at, encouraging the first drives of electric vehicles, we were sort of seeding that, people migrating from sort of internal combustion to electric vehicles and giving that experience, I think, to everyone. I remember, the first time you’ve driven an electric vehicle, you know, it puts a smile on your face, and I’m trying to do that.
[33:47] Andrew: So, we’re basically putting those metrics in there. We’re done mapping that out for other things. Obviously, the early stage, when people haven’t sold a unit, it’s very difficult to quantify the actual impact. But it’s really critical to get the metrics, get the baseline metrics in place, so they know what they’re measuring, you know, that they’re, you know, if they’re reducing costs for Rothko, in terms of underwater inspections, and that then obviously, then impacts through to greater deployment, offshore wind, but understand, you know, how many inspections you’re doing, what’s your cost base, and so on. So just getting those basic things in place. Because as they get larger and larger, and grow more and more, that then got a track record to show and can sort of evidence and also be proactive in terms of tweaking their business model again, to come back to this commercials, how do I drive commercial success by increasing my impact?
[34:43] Andrew: And so, yeah, we’re trying to enable companies to put those tools in place. We’ve just got a, just released an impact report on our first accelerated cohort, where we’ve looked at the commercial success, the value of lesson share price, though, the oldest one. But also, you know, what they’ve been delivering against those Sustainable Development Goals. And then we can start to see across that cohort, where the, sort of the biggest areas of impact are.
[35:14] Jake: Interesting, I guess, once you understand which companies have had the most impact, perhaps the businesses that are applying to come into the next cohort, you can then start to look at the similar areas that might do the same.
[35:24] Andrew: Yeah, absolutely. And I think we are just about to launch a new cohort for climate kick here in Britain, a series of accelerated programs, we’ve been selected to run a new style of accelerator, which we’re launching today. And, that’s going to be around the theme of healthy cities. So, that will be looking for companies and startups that can basically sort of look at immobility, we’ll look at building energy efficiency, distributed energy, and so on. So, creating these themes that are tackling a specific problem that cities and corporates within those cities are facing and looking for solutions, and basically developing that as one, almost kind of, yeah, impact focused, but clearly looking to take them on the same journey that have been through investment. So, we’re quite excited about how we can actually, you know—
[36:25] Jake: I’m excited just hearing about it.
[36:28] Andrew: And so, we’re definitely looking for about eight companies to participate in that and hopefully more in future years.
[36:39] Jake: Well, Andrew, thank you very much for sharing your insights and your time with us today. Thank you.
[36:42] Andrew: That’s been a pleasure. Thank you.
[36:45] Jake: That was the Green Addventure, thank you for listening. If you enjoyed the show, then please help us out by sharing this episode with your networks and rating us on the platform, wherever you may listen in from. For any questions at all, we’d love to hear from you, so please reach out on social media or email. Whether you’re wondering about a technical term that’s being discussed, would like an intro to a guest from the show, or even perhaps feature yourselves, we’re here to help. My Twitter handle is @JakeWoodhous, spell as it sounds, but drop the final e, my email Jake@Greenaddventure.com. Remember that ‘add’ spelt with two D’s. Finally, for the notes, links and episodes that will be coming, visit www.greenaddventure.com. Remember, that’s add, with a double D. Until next time, we’ll be back soon. Thank you and goodbye.