Category Archives: business

Are there any leaders in the ‘graphene race’?

Tom Eldridge, a director and co-founder of Fullerex, has written a Jan. 5, 2017 essay titled: Is China still leading the graphene race? for Nanotechnology Now. Before getting to the essay, here’s a bit more about Fullerex and Tom Eldridge’s qualifications. From Fullerex’s LinkedIn description,

Fullerex is a leading independent broker of nanomaterials and nano-intermediates. Our mission is to support the advancement of nanotechnology in creating radical, transformative and sustainable improvement to society. We are dedicated to achieving these aims by accelerating the commercialisation and usage of nanomaterials across industry and beyond. Fullerex is active in market development and physical trading of advanced materials. We generate demand for nanomaterials across synergistic markets by stimulating innovation with end-users and ensuring robust supply chains are in place to address the growing commercial trade interest. Our end-user markets include Polymers and Polymer Composites, Coatings, Tyre and Rubber, Cementitious Composites, 3D Printing and Printed Electronics, the Energy sector, Lubricating Oils and Functional Fluids. The materials we cover: Nanomaterials: Includes fullerenes, carbon nanotubes and graphene, metal and metal oxide nanoparticles, and organic-inorganic hybrids. Supplied as raw nanopowders or ready-to-use dispersions and concentrates. Nano-intermediates: Producer goods and semi-finished products such as nano-enabled coatings, polymer masterbatches, conductive inks, thermal interface materials and catalysts.

As for Tom Eldridge, here’s more about him, his brother, and the company from the Fullerex About page,

Fullerex was founded by Joe and Tom Eldridge, brothers with a keen interest in nanotechnology and the associated emerging market for nanomaterials.

Joe has a strong background in trading with nearly 10 years’ experience as a stockbroker, managing client accounts for European Equities and FX. At University he read Mathematics at Imperial College London gaining a BSc degree and has closely followed the markets for disruptive technologies and advanced materials for a number of years.

Tom worked in the City of London for 7 years in commercial roles throughout his professional career, with an expertise in market data, financial and regulatory news. In his academic background, he earned a BSc degree in Physics and Philosophy at Kings College London and is a member of the Institute of Physics.

As a result, Fullerex has the strong management composition that allows the company to support the growth of the nascent and highly promising nanomaterials industry. Fullerex is a flexible company with drive, enthusiasm and experience, committed to aiding the development of this market.

Getting back to the matter at hand, that’s a rather provocative title for Tom Eldridge’s essay,. given that he’s a Brit and (I believe) the Brits viewed themselves as leaders in the ‘graphene race’ but he offers a more nuanced analysis than might be expected from the title. First, the patent landscape (from Eldridge’s Jan. 5, 2017 essay),

As competition to exploit the “wonder material” has intensified around the world, detailed reports have so far been published which set out an in-depth depiction of the global patent landscape for graphene, notably from CambridgeIP and the UK Intellectual Property Office, in 2013 and 2015 respectively. Ostensibly the number of patents and patent applications both indicated that China was leading the innovation in graphene technology. However, on closer inspection it became less clear as to how closely the patent figures themselves reflect actual progress and whether this will translate into real economic impact. Some of the main reasons to be doubtful included:

– 98% of the Chinese patent applications only cover China, so therefore have no worldwide monopoly.
– A large number of the Chinese patents are filed in December, possibly due to demand to meet patent quotas. The implication being that the patent filings follow a politically driven agenda, rather than a purely innovation or commercially driven agenda.
– In general, inventors could be more likely to file for patent protection in some countries rather than others e.g. for tax purposes. Which therefore does not give a truly accurate picture of where all the actual research activity is based.
– Measuring the proportion of graphene related patents to overall patents is more indicative of graphene specialisation, which shows that Singapore has the largest proportion of graphene patents, followed by China, then South Korea.

(Intellectual Property Office, 2015), (Ellis, 2015), (CambridgeIP, 2013)

Then, there’s the question of production,

Following the recent launch of the latest edition of the Bulk Graphene Pricing Report, which is available exclusively through The Graphene Council, Fullerex has updated its comprehensive list of graphene producers worldwide, and below is a summary of the number of graphene producers by country in 2017.

Summary Table Showing the Number of Graphene Producers by Country and Region

The total number of graphene producers identified is 142, across 27 countries. This research expands upon previous surveys of the graphene industry, such as the big data analysis performed by Nesta in 2015 (Shapira, 2015). The study by Nesta [formerly  NESTA, National Endowment for Science, Technology and the Arts) is an independent charity that works to increase the innovation capacity of the UK; see Wikipedia here for more about NESTA] revealed 65 producers throughout 16 countries but was unable to glean accurate data on producers in Asia, particularly China.

As we can now see however from the data collected by Fullerex, China has the largest number of graphene producers, followed by the USA, and then the UK.

In addition to having more companies active in the production and sale of graphene than any other country, China also holds about 2/3rds of the global production capacity, according to Fullerex.

Eldridge goes on to note that the ‘graphene industry’ won’t truly grow and develop until there are substantive applications for the material. He also suggests taking another look at the production figures,

As with the patent landscape, rather than looking at the absolute figures, we can review the numbers in relative terms. For instance, if we normalise to account for the differences in the size of each country, by looking at the number of producers as a proportion of GDP, we see the following: Spain (7.18), UK (4.48), India (3.73), China (3.57), Canada (3.28) [emphasis mine], USA (1.79) (United Nations, 2013).

Unsurprisingly, each leading country has a national strategy for economic development which involves graphene prominently.

For instance, The Spanish Council for Scientific Research has lent 9 of its institutes along with 10 universities and other public R&D labs involved in coordinating graphene projects with industry.

The Natural Sciences and Engineering Research Council of Canada [NSERC] has placed graphene as one of five research topics in its target area of “Advanced Manufacturing” for Strategic Partnership Grants.

The UK government highlights advanced materials as one of its Eight Great Technologies, within which graphene is a major part of, having received investment for the NGI and GEIC buildings, along with EPSRC and Innovate UK projects. I wrote previously about the UK punching above its weight in terms of research, ( http://fullerex.com/index.php/articles/130-the-uk-needs-an-industrial-revolution-can-graphene-deliver/ ) but that R&D spending relative to GDP was too low compared to other developed nations. It is good to see that investment into graphene production in the UK is bucking that trend, and we should anticipate this will provide a positive economic outcome.

Yes, I’m  particularly interested in the fact Canada becomes more important as a producer when the numbers are relative but it is interesting to compare the chart with Eldridge’s text and to note how importance shifts depending on what numbers are being considered.

I recommend reading Eldridge’s piece in its entirety.

A few notes about graphene in Canada

By the way, the information in Eldridge’s essay about NSERC’s placement of graphene as a target area for grants is news to me. (As I have often noted here, I get more information about the Canadian nano scene from international sources than I do from our national sources.)

Happily I do get some home news such as a Jan. 5, 2017 email update from Lomiko Metals, a Canadian junior exploration company focused on graphite and lithium. The email provides the latest information from the company (as I’m not an expert in business or mining this is not an endorsement),

On December 13, 2016 we were excited to announce the completion of our drill program at the La Loutre flake graphite property. We received very positive results from our 1550 meter drilling program in 2015 in the area we are drilling now. In that release I stated, “”The intercepts of multiple zones of mineralization in the Refractory Zone where we have reported high grade intercepts previously is a very promising sign. The samples have been rushed to the ALS Laboratory for full assay testing,” We hope to have the results of those assays shortly.

December 16, 2016 Lomiko announced a 10:1 roll back of our shares. We believe that this roll back is important as we work towards securing long term equity financing for the company. Lomiko began trading on the basis of the roll back on December 19.

We believe that Graphite has a bright future because of the many new products that will rely on the material. I have attached a link to a video on Lomiko, Graphite and Graphene.  

https://youtu.be/Y–Y_Ub6oC4

January 3, 2017 Lomiko announced the extension and modification of its option agreements with Canadian Strategic Metals Inc. for the La Loutre and Lac des Iles properties. The effect of this extension is to give Lomiko additional time to complete the required work under the agreements.

Going forward Lomiko is in a much stronger position as the result of our share roll back. Potential equity funders who are very interested in our forthcoming assay results from La Loutre and the overall prospects of the company, have been reassured by our share consolidation.

Looking forward to 2017, we anticipate the assays of the La Loutre drilling to be delivered in the next 90 days, sooner we hope. We also anticipate additional equity funding will become available for the further exploration and delineation of the La Loutre and Lac des Iles properties and deposits.

More generally, we are confident that the market for large flake graphite will become firmer in 2017. Lomiko’s strategy of identifying near surface, ready to mine, graphite nodes puts us in the position to take advantage of improvements in the graphite price without having to commit large sums to massive mine development. As we identify and analyze the graphite nodes we are finding we increase the potential resources of the company. 2017 should see significantly improved resource estimates for Lomiko’s properties.

As I wasn’t familiar with the term ‘roll back of shares’, I looked it up and found this in an April 18, 2012 posting by Dudley Pierce Baker on kitco.com,

As a general rule, we hate to see an announcement of a share rollback, however, there exceptions which we cover below. Investors should always be aware that if a company has, say over 150 million shares outstanding, in our opinion, it is a potential candidate for a rollback and the announcement should not come as a surprise.

Weak markets, a low share price, a large number of shares outstanding, little or no cash and you have a company which is an idea candidate for a rollback.

The basic concept of a rollback or consolidation in a company’s shares is rather simple.

We are witnessing a few cases of rollbacks not with the purpose of raising more money but rather to facilitate the listing of the company’s shares on the NYSE [New York Stock Exchange] Amex.

I have no idea what situation Lomiko finds itself in but it should be noted that graphere research has been active since 2004 when the first graphene sheets were extracted from graphite. This is a relatively new field of endeavour and Lomiko (along with other companies) is in the position of pioneering the effort here in Canada. That said, there are many competitors to graphene and major international race to commercialize nanotechnology-enabled products.

Are there any leaders in the ‘graphene race?

Getting back to the question in the headline, I don’t think there are any leaders at the moment. No one seems to have what they used to call “a killer app,” that one application/product that everyone wants and which drive demand for graphene.

International news bits: Israel and Germany and Cuba and Iran

I have three news bits today.

Germany

From a Nov. 14, 2016 posting by Lynn L. Bergeson and Carla N. Hutton for The National Law Review (Note: A link has been removed),

The German Federal Ministry of Education and Research (BMBF) recently published an English version of its Action Plan Nanotechnology 2020. Based on the success of the Action Plan Nanotechnology over the previous ten years, the federal government will continue the Action Plan Nanotechnology for the next five years.  Action Plan Nanotechnology 2020 is geared towards the priorities of the federal government’s new “High-Tech Strategy” (HTS), which has as its objective the solution of societal challenges by promoting research.  According to Action Plan Nanotechnology 2020, the results of a number of research projects “have shown that nanomaterials are not per se linked with a risk for people and the environment due to their nanoscale properties.”  Instead, this is influenced more by structure, chemical composition, and other factors, and is thus dependent on the respective material and its application.

A Nov. 16, 2016 posting on Out-Law.com provides mores detail about the plan (Note: A link has been removed),

Eight ministries have been responsible for producing a joint plan on nanotechnology every five years since 2006, the Ministry said. The ministries develop a common approach that pools strategies for action and fields of application for nanotechnology, it [Germany’s Federal Ministry of Education and Research] said.

The German public sector currently spends more than €600 million a year on nanotechnology related developments, and 2,200 organisations from industry, services, research and associations are registered in the Ministry’s nanotechnology competence map, the report said.

“There are currently also some 1,100 companies in Germany engaged [in] the use of nanotechnology in the fields of research and development as well as the marketing of commercial products and services. The proportion of SMEs [small to medium enterprises?] is around 75%,” it said.

Nanotechnology-based product innovations play “an increasingly important role in many areas of life, such as health and nutrition, the workplace, mobility and energy production”, and the plan “thus pursues the objective of continuing to exploit the opportunities and potential of nanotechnology in Germany, without disregarding any potential risks to humans and the environment.”, the Ministry said.

Technology law expert Florian von Baum of Pinsent Masons, the law firm behind Out-Law.com said: “The action plan aims to achieve and secure Germany’s critical lead in the still new nanotechnology field and to recognise and use the full potential of nanotechnology while taking into account possible risks and dangers of this new technology.”

..

“With the rapid pace of development and the new applications that emerge every day, the government needs to ensure that the dangers and risks are sufficiently recognised and considered. Nanotechnology will provide great and long-awaited breakthroughs in health and ecological areas, but ethical, legal and socio-economic issues must be assessed and evaluated at all stages of the innovation chain,” von Baum said.

You can find Germany’s Action Plan Nanotechnology 2020 here, all 64 pp.of it.

Israel and Germany

A Nov. 16, 2016 article by Shoshanna Solomon for The Times of Israel announces a new joint (Israel-Germany) nanotechnology fund,

Tsrael and Germany have set up a new three-year, €30 million plan to promote joint nanotechnology initiatives and are calling on companies and entities in both countries to submit proposals for funding for projects in this field.

“Nanotech is the industry of the future in global hi-tech and Israel has set a goal of becoming a leader of this field, while cooperating with leading European countries,” Ilan Peled, manager of Technological Infrastructure Arena at the Israel Innovation Authority, said in a statement announcing the plan.

In the past decade nanotechnology, seen by many as the tech field of the future, has focused mainly on research. Now, however, Israel’s Innovation Authority, which has set up the joint program with Germany, believes the next decade will focus on the application of this research into products — and countries are keen to set up the right ecosystem that will draw companies operating in this field to them.

Over the last decade, the country has focused on creating a “robust research foundation that can support a large industry,” the authority said, with six academic research institutes that are among the world’s most advanced.

In addition, the authority said, there are about 200 new startups that were established over the last decade in the field, many in the development stage.

I know it’s been over 70 years since the events of World War II but this does seem like an unexpected coupling. It is heartening to see that people can resolve the unimaginable within the space of a few generations.

Iran and Cuba

A Nov. 16, 2016 Mehr News Agency press release announces a new laboratory in Cuba,

Iran is ready to build a laboratory center equipped with nanotechnology in one of nano institutes in Cuba, Iran’s VP for Science and Technology Sorena Sattari said Tuesday [Nov. 15, 2016].

Sorena Sattari, Vice-President for Science and Technology, made the remark in a meeting with Fidel Castro Diaz-Balart, scientific adviser to the Cuban president, in Tehran on Tuesday [November 15, 2016], adding that Iran is also ready to present Cuba with a gifted package including educational services related to how to operate the equipment at the lab.

During the meeting, Sattari noted Iran’s various technological achievements including exports of biotechnological medicine to Russia, the extensive nanotechnology plans for high school and university students as well as companies, the presence of about 160 companies active in the field of nanotechnology and the country’s achievements in the field of water treatment.

“We have sealed good nano agreements with Cuba, and are ready to develop our technological cooperation with this country in the field of vaccines and recombinant drugs,” he said.

Sattari maintained that the biggest e-commerce company in the Middle East is situated in Iran, adding “the company which was only established six years ago now sales over $3.5 million in a day, and is even bigger than similar companies in Russia.”

The Cuban official, for his part, welcomed any kind of cooperation with Iran, and thanked the Islamic Republic for its generous proposal on establishing a nanotechnology laboratory in his country.

This coupling is not quite so unexpected as Iran has been cozying up to all kinds of countries in its drive to establish itself as a nanotechnology leader.

A European nanotechnology ‘dating’ event for researchers and innovators

A Dec. 13, 2016 Cambridge Network press release announces a networking (dating) event for nanotechnology researchers and industry partners,

The Enterprise Europe Network, in partnership with Innovate UK, the Dutch Ministry of Economic Affairs, the Netherlands Enterprise Agency, Knowledge Transfer Network and the UK Department of Business Energy & Industrial Strategy invite you to participate in an international partnering event and information day for the Nanotechnologies and Advanced Materials themes of the NMBP [Nannotechnologies, Advanced Materials, Biotechnology and Production] Work Programme within Horizon 2020.

This one-day event on 4th April 2017 will introduce the forthcoming calls for proposals, present insights and expectations from the European Commission, and offer a unique international networking experience to forge the winning partnerships of the future

The programme will include presentations from the European Commission and its evaluators and an opportunity to build prospective project partnerships with leading research organisations and cutting-edge innovators from across industry.

A dedicated brokerage session will allow you to expand your international network and create strong consortia through scheduled one-to-one meetings. Participants will also have the opportunity to meet with National Contact Points (UK and Netherlands confirmed) and representatives of the Enterprise Europe Network and the UK’s Knowledge Transfer Network.

The day will also include an optional proposal writing workshop in which delegates will be given valuable tips and insight into the preparation of a winning proposal including a review of the key evaluation criteria.

This event is dedicated to Key Enabling Technologies and will target upcoming calls in the following thematic fields: Nanotechnologies; Advanced materials

Participation for the day is free of charge, but early registration is recommended as the number of participants is limited.  Please note that participation may be limited to a maximum of two delegates per organization.  To register, please do so via the b2match website using this link: https://www.b2match.eu/h2020nmp2017

How does it work? Once you have registered, your profile will be screened by our event management team and once completed you will receive a validation email confirming your participation. You can browse the participant list and book meetings with organisations you are interested in, and a week before the event you will receive your personal meeting schedule.

Why attend? Improve your chances of success by understanding the main issues and expectations for upcoming H2020 calls based on feedback from previous rounds. It’s a great opportunity to raise your profile with future project partners from industry and research through pre-arranged one-to-one meetings. There is also the chance to hear from an experienced H2020 evaluator to gain tips and insight for the preparation of a strong proposal.

Good luck on getting registered for the event. By the way, the Enterprise Europe Network webpage for this event describes it as an Horizon 2020 Brokerage Event.

Corruption charges for New York state’s nanotechnology chief

I used to write about New York state and its College of Nanoscale Science and Engineering quite frequently as I was fascinated with their public outreach programs and the quantity of funding for nanotechnology education and research they received. Sadly, it seems the college has gotten caught up in a corruption scandal. Here’s more from a Sept. 22, 2016 article by Nathan Tempey for gothamist.com,

Alain Kaloyeros, longtime head of SUNY Polytechnic Institute and ally of Governor Andrew Cuomo, was arrested this morning along with several developers who were big-time donors to Cuomo, and two longtime members of Cuomo’s inner circle, Todd Howe and Joseph Percoco. Kaloyeros has for years been one of (if not the) highest-paid state employee, making at least $1.17 million last year in dual roles with the college and the Research Foundation for SUNY, which channels state funding to the school. In addition to boosting nanotechnology and allegedly fixing bids for signature Cuomo development projects around the state, Kaloyeros has a taste for John Varvatos threads, Italian sportscars, and misogynistic Facebook memes.

Most pertinent today is his alleged participation in rigging the Buffalo Billions project, which dedicated $1 billion in state funds to Buffalo factories, research facilities, and other developments, and the Central New York Hub for Emerging Nano Industries, a $15 million, high-tech film studio that was supposed to bring jobs to the Syracuse area (by and large, it hasn’t). The feds are charging Kaloyeros with conspiracy to commit wire fraud for allegedly helping to tailor requests for proposals in the two projects to two specific developers who were allegedly paying off Howe and Percoco, and had given hundreds of thousands of dollars to Cuomo’s campaign.

The federal charge against Kaloyeros carries as many as 20 years in prison.

“I really do hope there is a trial in this case so New Yorkers can see, in gory detail, what their state government has been up to,” U.S. Attorney for the Southern District of New York Preet Bharara said at a press conference this afternoon [Sept. 22, 2016].

Kaloyeros is also being hit with three felony state anti-trust charges for similar alleged schemes related to dorm construction and other SUNY real estate arrangements, Attorney General Eric Schneiderman announced this afternoon [Sept. 22, 2016]. The charges carry 4 to 12 years in prison.

“There’s a long history of public corruption in New York state, going back to the days of Alexander Hamiltion and Aaron Burr, but it feels like we are living in a golden age of graft recently,” Schneiderman said at his own press conference.

There’s a lot more detail in Tempey’s article.

I can’t make too many comments about these allegations other than to note that the prosecutors seem to be relishing their roles.

The latest news has Kaloyeros resigning from his position in New York state and job hunting (from an Oct. 19, 2016 article by Tom Precious for The Buffalo News,

Alain Kaloyeros, accused in an alleged bid rigging in New York, is going job hunting in Pennsylvania.

Kaloyeros, the nanotechnology expert whose tasks once included overseeing Buffalo Billion projects like the SolarCity development, sought permission from a federal magistrate to travel to Pennsylvania “for employment purposes.

Innovation and two Canadian universities

I have two news bits and both concern the Canadian universities, the University of British Columbia (UBC) and the University of Toronto (UofT).

Creative Destruction Lab – West

First, the Creative Destruction Lab, a technology commercialization effort based at UofT’s Rotman School of Management, is opening an office in the west according to a Sept. 28, 2016 UBC media release (received via email; Note: Links have been removed; this is a long media release which interestingly does not mention Joseph Schumpeter the man who developed the economic theory which he called: creative destruction),

The UBC Sauder School of Business is launching the Western Canadian version of the Creative Destruction Lab, a successful seed-stage program based at UofT’s Rotman School of Management, to help high-technology ventures driven by university research maximize their commercial impact and benefit to society.

“Creative Destruction Lab – West will provide a much-needed support system to ensure innovations formulated on British Columbia campuses can access the funding they need to scale up and grow in-province,” said Robert Helsley, Dean of the UBC Sauder School of Business. “The success our partners at Rotman have had in helping commercialize the scientific breakthroughs of Canadian talent is remarkable and is exactly what we plan to replicate at UBC Sauder.”

Between 2012 and 2016, companies from CDL’s first four years generated over $800 million in equity value. It has supported a long line of emerging startups, including computer-human interface company Thalmic Labs, which announced nearly USD $120 million in funding on September 19, one of the largest Series B financings in Canadian history.

Focusing on massively scalable high-tech startups, CDL-West will provide coaching from world-leading entrepreneurs, support from dedicated business and science faculty, and access to venture capital. While some of the ventures will originate at UBC, CDL-West will also serve the entire province and extended western region by welcoming ventures from other universities. The program will closely align with existing entrepreneurship programs across UBC, including, e@UBC and HATCH, and actively work with the BC Tech Association [also known as the BC Technology Industry Association] and other partners to offer a critical next step in the venture creation process.

“We created a model for tech venture creation that keeps startups focused on their essential business challenges and dedicated to solving them with world-class support,” said CDL Founder Ajay Agrawal, a professor at the Rotman School of Management and UBC PhD alumnus.

“By partnering with UBC Sauder, we will magnify the impact of CDL by drawing in ventures from one of the country’s other leading research universities and B.C.’s burgeoning startup scene to further build the country’s tech sector and the opportunities for job creation it provides,” said CDL Director, Rachel Harris.

CDL uses a goal-setting model to push ventures along a path toward success. Over nine months, a collective of leading entrepreneurs with experience building and scaling technology companies – called the G7 – sets targets for ventures to hit every eight weeks, with the goal of maximizing their equity-value. Along the way ventures turn to business and technology experts for strategic guidance on how to reach goals, and draw on dedicated UBC Sauder students who apply state-of the-art business skills to help companies decide which market to enter first and how.

Ventures that fail to achieve milestones – approximately 50 per cent in past cohorts – are cut from the process. Those that reach their objectives and graduate from the program attract investment from the G7, as well as other leading venture-capital firms.

Currently being assembled, the CDL-West G7 will be comprised of entrepreneurial luminaries, including Jeff Mallett, the founding President, COO and Director of Yahoo! Inc. from 1995-2002 – a company he led to $4 billion in revenues and grew from a startup to a publicly traded company whose value reached $135 billion. He is now Managing Director of Iconica Partners and Managing Partner of Mallett Sports & Entertainment, with ventures including the San Francisco Giants, AT&T Park and Mission Rock Development, Comcast Bay Area Sports Network, the San Jose Giants, Major League Soccer, Vancouver Whitecaps FC, and a variety of other sports and online ventures.

Already bearing fruit, the Creative Destruction Lab partnership will see several UBC ventures accepted into a Machine Learning Specialist Track run by Rotman’s CDL this fall. This track is designed to create a support network for enterprises focused on artificial intelligence, a research strength at UofT and Canada more generally, which has traditionally migrated to the United States for funding and commercialization. In its second year, CDL-West will launch its own specialist track in an area of strength at UBC that will draw eastern ventures west.

“This new partnership creates the kind of high impact innovation network the Government of Canada wants to encourage,” said Brandon Lee, Canada’s Consul General in San Francisco, who works to connect Canadian innovation to customers and growth capital opportunities in Silicon Valley. “By collaborating across our universities to enhance our capacity to turn the scientific discoveries into businesses in Canada, we can further advance our nation’s global competitiveness in the knowledge-based industries.”

The Creative Destruction Lab is guided by an Advisory Board, co-chaired by Vancouver-based Haig Farris, a pioneer of the Canadian venture capitalist industry, and Bill Graham, Chancellor of Trinity College at UofT and former Canadian cabinet minister.

“By partnering with Rotman, UBC Sauder will be able to scale up its support for high-tech ventures extremely quickly and with tremendous impact,” said Paul Cubbon, Leader of CDL-West and a faculty member at UBC Sauder. “CDL-West will act as a turbo booster for ventures with great ideas, but which lack the strategic roadmap and funding to make them a reality.”

CDL-West launched its competitive application process for the first round of ventures that will begin in January 2017. Interested ventures are encouraged to submit applications via the CDL website at: www.creativedestructionlab.com

Background

UBC Technology ventures represented at media availability

Awake Labs is a wearable technology startup whose products measure and track anxiety in people with Autism Spectrum Disorder to better understand behaviour. Their first device, Reveal, monitors a wearer’s heart-rate, body temperature and sweat levels using high-tech sensors to provide insight into care and promote long term independence.

Acuva Technologies is a Vancouver-based clean technology venture focused on commercializing breakthrough UltraViolet Light Emitting Diode technology for water purification systems. Initially focused on point of use systems for boats, RVs and off grid homes in North American market, where they already have early sales, the company’s goal is to enable water purification in households in developing countries by 2018 and deploy large scale systems by 2021.

Other members of the CDL-West G7 include:

Boris Wertz: One of the top tech early-stage investors in North America and the founding partner of Version One, Wertz is also a board partner with Andreessen Horowitz. Before becoming an investor, Wertz was the Chief Operating Officer of AbeBooks.com, which sold to Amazon in 2008. He was responsible for marketing, business development, product, customer service and international operations. His deep operational experience helps him guide other entrepreneurs to start, build and scale companies.

Lisa Shields: Founder of Hyperwallet Systems Inc., Shields guided Hyperwallet from a technology startup to the leading international payments processor for business to consumer mass payouts. Prior to founding Hyperwallet, Lisa managed payments acceptance and risk management technology teams for high-volume online merchants. She was the founding director of the Wireless Innovation Society of British Columbia and is driven by the social and economic imperatives that shape global payment technologies.

Jeff Booth: Co-founder, President and CEO of Build Direct, a rapidly growing online supplier of home improvement products. Through custom and proprietary web analytics and forecasting tools, BuildDirect is reinventing and redefining how consumers can receive the best prices. BuildDirect has 12 warehouse locations across North America and is headquartered in Vancouver, BC. In 2015, Booth was awarded the BC Technology ‘Person of the Year’ Award by the BC Technology Industry Association.

Education:

CDL-west will provide a transformational experience for MBA and senior undergraduate students at UBC Sauder who will act as venture advisors. Replacing traditional classes, students learn by doing during the process of rapid equity-value creation.

Supporting venture development at UBC:

CDL-west will work closely with venture creation programs across UBC to complete the continuum of support aimed at maximizing venture value and investment. It will draw in ventures that are being or have been supported and developed in programs that span campus, including:

University Industry Liaison Office which works to enable research and innovation partnerships with industry, entrepreneurs, government and non-profit organizations.

e@UBC which provides a combination of mentorship, education, venture creation, and seed funding to support UBC students, alumni, faculty and staff.

HATCH, a UBC technology incubator which leverages the expertise of the UBC Sauder School of Business and entrepreneurship@UBC and a seasoned team of domain-specific experts to provide real-world, hands-on guidance in moving from innovative concept to successful venture.

Coast Capital Savings Innovation Hub, a program base at the UBC Sauder Centre for Social Innovation & Impact Investing focused on developing ventures with the goal of creating positive social and environmental impact.

About the Creative Destruction Lab in Toronto:

The Creative Destruction Lab leverages the Rotman School’s leading faculty and industry network as well as its location in the heart of Canada’s business capital to accelerate massively scalable, technology-based ventures that have the potential to transform our social, industrial, and economic landscape. The Lab has had a material impact on many nascent startups, including Deep Genomics, Greenlid, Atomwise, Bridgit, Kepler Communications, Nymi, NVBots, OTI Lumionics, PUSH, Thalmic Labs, Vertical.ai, Revlo, Validere, Growsumo, and VoteCompass, among others. For more information, visit www.creativedestructionlab.com

About the UBC Sauder School of Business

The UBC Sauder School of Business is committed to developing transformational and responsible business leaders for British Columbia and the world. Located in Vancouver, Canada’s gateway to the Pacific Rim, the school is distinguished for its long history of partnership and engagement in Asia, the excellence of its graduates, and the impact of its research which ranks in the top 20 globally. For more information, visit www.sauder.ubc.ca

About the Rotman School of Management

The Rotman School of Management is located in the heart of Canada’s commercial and cultural capital and is part of the University of Toronto, one of the world’s top 20 research universities. The Rotman School fosters a new way to think that enables graduates to tackle today’s global business and societal challenges. For more information, visit www.rotman.utoronto.ca.

It’s good to see a couple of successful (according to the news release) local entrepreneurs on the board although I’m somewhat puzzled by Mallett’s presence since, if memory serves, Yahoo! was not doing that well when he left in 2002. The company was an early success but utterly dwarfed by Google at some point in the early 2000s and these days, its stock (both financial and social) has continued to drift downwards. As for Mallett’s current successes, there is no mention of them.

Reuters Top 100 of the world’s most innovative universities

After reading or skimming through the CDL-West news you might think that the University of Toronto ranked higher than UBC on the Reuters list of the world’s most innovative universities. Before breaking the news about the Canadian rankings, here’s more about the list from a Sept, 28, 2016 Reuters news release (receive via email),

Stanford University, the Massachusetts Institute of Technology and Harvard University top the second annual Reuters Top 100 ranking of the world’s most innovative universities. The Reuters Top 100 ranking aims to identify the institutions doing the most to advance science, invent new technologies and help drive the global economy. Unlike other rankings that often rely entirely or in part on subjective surveys, the ranking uses proprietary data and analysis tools from the Intellectual Property & Science division of Thomson Reuters to examine a series of patent and research-related metrics, and get to the essence of what it means to be truly innovative.

In the fast-changing world of science and technology, if you’re not innovating, you’re falling behind. That’s one of the key findings of this year’s Reuters 100. The 2016 results show that big breakthroughs – even just one highly influential paper or patent – can drive a university way up the list, but when that discovery fades into the past, so does its ranking. Consistency is key, with truly innovative institutions putting out groundbreaking work year after year.

Stanford held fast to its first place ranking by consistently producing new patents and papers that influence researchers elsewhere in academia and in private industry. Researchers at the Massachusetts Institute of Technology (ranked #2) were behind some of the most important innovations of the past century, including the development of digital computers and the completion of the Human Genome Project. Harvard University (ranked #3), is the oldest institution of higher education in the United States, and has produced 47 Nobel laureates over the course of its 380-year history.

Some universities saw significant movement up the list, including, most notably, the University of Chicago, which jumped from #71 last year to #47 in 2016. Other list-climbers include the Netherlands’ Delft University of Technology (#73 to #44) and South Korea’s Sungkyunkwan University (#66 to #46).

The United States continues to dominate the list, with 46 universities in the top 100; Japan is once again the second best performing country, with nine universities. France and South Korea are tied in third, each with eight. Germany has seven ranked universities; the United Kingdom has five; Switzerland, Belgium and Israel have three; Denmark, China and Canada have two; and the Netherlands and Singapore each have one.

You can find the rankings here (scroll down about 75% of the way) and for the impatient, the University of British Columbia ranked 50th and the University of Toronto 57th.

The biggest surprise for me was that China, like Canada, had two universities on the list. I imagine that will change as China continues its quest for science and innovation dominance. Given how they tout their innovation prowess, I had one other surprise, the University of Waterloo’s absence.

Graphene Canada and its second annual conference

An Aug. 31, 2016 news item on Nanotechnology Now announces Canada’s second graphene-themed conference,

The 2nd edition of Graphene & 2D Materials Canada 2016 International Conference & Exhibition (www.graphenecanadaconf.com) will take place in Montreal (Canada): 18-20 October, 2016.

– An industrial forum with focus on Graphene Commercialization (Abalonyx, Alcereco Inc, AMO GmbH, Avanzare, AzTrong Inc, Bosch GmbH, China Innovation Alliance of the Graphene Industry (CGIA), Durham University & Applied Graphene Materials, Fujitsu Laboratories Ltd., Hanwha Techwin, Haydale, IDTechEx, North Carolina Central University & Chaowei Power Ltd, NTNU&CrayoNano, Phantoms Foundation, Southeast University, The Graphene Council, University of Siegen, University of Sunderland and University of Waterloo)
– Extensive thematic workshops in parallel (Materials & Devices Characterization, Chemistry, Biosensors & Energy and Electronic Devices)
– A significant exhibition (Abalonyx, Go Foundation, Grafoid, Group NanoXplore Inc., Raymor | Nanointegris and Suragus GmbH)

As I noted in my 2015 post about Graphene Canada and its conference, the group is organized in a rather interesting fashion and I see the tradition continues, i.e., the lead organizers seem to be situated in countries other than Canada. From the Aug. 31, 2016 news item on Nanotechnology Now,

Organisers: Phantoms Foundation [located in Spain] www.phantomsnet.net
Catalan Institute of Nanoscience and Nanotechnology – ICN2 (Spain) | CEMES/CNRS (France) | GO Foundation (Canada) | Grafoid Inc (Canada) | Graphene Labs – IIT (Italy) | McGill University (Canada) | Texas Instruments (USA) | Université Catholique de Louvain (Belgium) | Université de Montreal (Canada)

You can find the conference website here.

Underwriting nanotechnology: a webinar for the insurance industry

The US National Nanotechnology Coordination Office (NNCO) is hosting a free webinar “Nanotechnology and the insurance industry” according to a Sept. 9, 2016 NNCO news release,

The National Nanotechnology Coordination Office (NNCO) will hold the next in its series of free webinars addressing challenges in commercializing nanotechnology on Thursday, September 22, 2016, from 1 to 2 PM EDT. This webinar will focus on the insurance industry and the challenges of underwriting nanotechnology and other emerging technologies. NNCO Director Dr. Michael Meador will moderate the webinar discussion.

Speakers:

  • Allen Gelwick, Executive Vice President of the Lockton Companies. Mr. Gelwick is a leading insurance expert and has been active in the nanotechnology community for over ten years.
  • Christie Sayes, Associate Professor of Environmental Science and Toxicology at Baylor University. Dr. Sayes is a subject matter expert in nanomaterial-related toxicology and exposure.
  • David Swatzell, Managing Partner at Knowtional, a management consulting firm. Mr. Swatzell is a business strategy expert in IT and other high-tech industries. Prior to joining Knowtional, he held various senior positions at Hewlett-Packard and other technology firms.
  • Madhu Nutakki, Digital Chief Technology Officer, Innovation & Mobile Delivery, at AIG. Mr. Nutakki develops digital strategies from concept to implementation at AIG, one of the world’s largest insurance companies.

Audience:  Representatives of the insurance industry, the nanotechnology business community, and interested members of the general public, media, academia, industry, NGOs, and Federal, State, and local governments are encouraged to participate.

Why: To engage in a dialogue about insurance and risk issues of interest to the nanotechnology and insurance communities through a free, online format.

How: Invited speakers will begin the event by providing an overview of their experiences, successes, and challenges in insuring and underwriting products based on nanotechnology and other emerging technologies. Questions for the panel can be submitted to webinar@nnco.nano.gov from now through the end of the webinar at 2 PM on September 22, 2016.

Registration:  This webinar is free and open to the public with registration on a first-come, first-served basis. Registration is now open and will be capped at 500. To register, visit https://nnco.adobeconnect.com/e2lmvye37yw/event/registration.html

h/t for webinar information to Nanowerk Sept. 9, 2016 news item.

Cellulosic nanomaterials in automobile parts and a CelluForce update

The race to find applications for cellulosic nanomaterials continues apace. The latest entrant is from Clemson University in South Carolina (US). From a July 27, 2016 news item on Nanowerk,

Trees that are removed during forest restoration projects could find their way into car bumpers and fenders as part of a study led by Srikanth Pilla of Clemson University.

Pilla is collaborating on the study with researchers from the USDA Forest Service’s Forest Products Laboratory in Madison, Wisconsin.

The Madison researchers are converting some of those trees into liquid suspensions of tiny rod-like structures with diameters 20,000 times smaller than the width of a human hair. Pilla is using these tiny structures, known as cellulosic nanomaterials, to develop new composite materials that could be shaped into automotive parts with improved strength.

The auto parts would also be biorenewable, which means they could go to a composting facility instead of a landfill when their time on the road is done. The research could help automakers meet automotive recycling regulations that have been adopted in Europe and could be on the way to the United States.

Pilla, an assistant professor in the Department of Automotive Engineering at Clemson University, wants to use the composite materials he is creating to make bumpers and fenders that will be less likely to distort or break on impact.

“They will absorb the energy and just stay intact,” he said. “You won’t have to replace them because there will be no damage at all. Parts made with current materials might resist one impact. These will resist three or four impacts.”

A July 27, 2016 Clemson University media release, which originated the news item, describes the project and the reason for the support provides an interesting view of the politics behind the science (Note: A link has been removed),

The U.S. Department of the Agriculture’s National Institute of Food and Agriculture is funding the $481,000 research project for five years. Pilla’s research will be based out of the Clemson University International Center for Automotive Research in Greenville, South Carolina.

Craig Clemons, a materials research engineer at the Forest Products Laboratory and co-principal investigator on the project, said that the Forest Service wants to find large-volume uses for cellulosic nanomaterials.

“We find appropriate outlets for all kinds of forest-derived materials,” he said. “In this case, it’s cellulosic nanomaterials. We’re trying to move up the value chain with the cellulosic nanomaterials, creating high-value products out of what could otherwise be low-value wood. We’ll be producing the cellulosic nanomaterials, which are the most fundamental structural elements that you can get out of wood and pulp fibers. We’ll also be lending our more than 25 years of experience in creating composites from plastics and wood-derived materials to the project.”

The research is environmentally friendly from start to finish.

The cellulosic nanomaterials could come from trees that are removed during forest restoration projects. Removing this material from the forests helps prevent large, catastrophic wildfires. Researchers will have no need to cut down healthy trees that could be used for other purposes, Pilla said.

Ted Wegner, assistant director at the Forest Products Laboratory, said, “The use of cellulosic nanomaterials will help meet the needs of people for sustainable, renewable and lightweight products while helping to improve the health and condition of America’s forests. The United States possesses abundant forest resources and the infrastructure to support a large cellulosic nanomaterials industry. Commercialization of cellulosic nanomaterials has the potential to create jobs, especially in rural America.”

One of the technical challenges Pilla and Clemons face in their work is combining the water-friendly cellulosic nanomaterials with the water-unfriendly polymers. They will need to show that the material can be mass produced because automakers need to make thousands of parts.

“We will use supercritical fluid as a plasticizer, allowing the nanoreinforcements to disperse through the polymer,” Pilla said. “We can help develop a conventional technique that will be scalable in the automotive sector.”

Robert Jones, executive vice president for academic affairs and provost at Clemson, congratulated Pilla on the research, which touches on Jones’ area of expertise.

Jones has a bachelor’s in forest management, a master’s in forestry from Clemson and a doctorate in forest ecology from the State University of New York College of Environmental Science and Forestry, Syracuse University.

“The research that Srikanth Pilla is doing with the USDA Forest Service is a creative way of using what might otherwise be a low-value wood product to strengthen automobile parts,” Jones said. “It’s even better that these parts are biorenewable. The research is good for the Earth in more ways than one.”

This research could grow in importance if the United States were to follow the European Union’s lead in setting requirements on how much of a vehicle must be recovered and recycled after it has seen its last mile on the road.

“In the U.S., such legislation is not yet here,” Pilla said. “But it could make its way here, too.”

Pilla is quickly establishing himself as a leading expert in making next-generation automotive parts. He won the 2016 Robert J. Hocken Outstanding Young Manufacturing Engineer Award from the nonprofit student and professional organization SME.

Pilla is nearing the end of the first year of a separate $5.81-million, five-year grant from the Department of Energy. As part of that research, Pilla and his team are developing ultra-lightweight doors expected to help automakers in their race to meet federal fuel economy standards.

Zoran Filipi, chair of Clemson’s automotive engineering, said that Pilla is playing a key role in making Clemson the premiere place for automotive research.

“Dr. Pilla is doing research that helps Clemson and the auto industry stay a step ahead,” Filipi said. “He is anticipating needs automakers will face in the future and seeking solutions that could be put into place very quickly. His research with the USDA Forest Service is another example of that.”

Congratulations also came from Anand Gramopadhye, dean of Clemson’s College of Engineering, Computing and Applied Sciences.

“Dr. Pilla’s work continues to have an impact on automotive engineering, especially in the area of manufacturing,” Gramopadhye said. “His innovations are positioning Clemson, the state, and the nation for strength into the future.”

This search for applications is a worldwide competition. Cellulose is one of the most abundant materials on earth and can be derived from carrots, bananas, pineapples, and more. It just so happens that much of the research in the northern hemisphere focuses on cellulose derived from trees in an attempt to prop up or reinvigorate the failing forest products industry.

In Canada we have three production facilities for cellulosic nanomaterials. There’s a plant in Alberta (I’ve never seen a name for it), CelluForce in Windsor, Québec, and Blue Goose Biorefineries in Saskatchewan. I believe Blue Goose derives their cellulosic from trees and other plant materials while the Alberta and CelluForce plants use trees only.

CelluForce Update

CelluForce represents a big investment by the Canadian federal government. The other companies and production facilities have received federal funds but my understanding is that CelluForce has enjoyed significantly more. As well, the company has had a stockpile of cellulose nanocrystals (CNC) that I first mentioned here in an Oct. 3, 2013 post (scroll down about 75% of the way). A June 8, 2016 CelluForce news release provides more information about CelluForce activities and its stockpile,

  •  In the first half of 2016, Cellulose nanocrystals (CNC) shipments to industrial partners have reached their highest level since company inception.
  • Recent application developments in the oil & gas, the electronics and plastics sectors are expected to lead to commercial sales towards year end.
  • New website to enhance understanding of CelluForce NCCTM core properties and scope of performance in industrial applications is launched.

Montreal, Québec – June 8th 2016 – CelluForce, a clean technology company, is seeing growing interest in its innovative green chemistry product called cellulose nanocrystals (CNC) and has recorded, over the first half of 2016, the largest CNC shipment volumes since the company’s inception.

“Over the past year, we have been actively developing several industry-specific applications featuring CelluForce NCCTM, a form of cellulose nanocrystals which is produced in our Windsor plant.   Three of these applications have now reached a high level of technical and commercial maturity and have been proven to provide cost benefits and sustained performance in the oil & gas, electronics and plastics segments,” said Sebastien Corbeil [emphasis mine], President and CEO of CelluForce. “Our product development teams are extremely pleased to see CelluForce NCCTM [nanocrystalline cellulose; this is a trade name for CNC] now being used in full scale trials for final customer acceptance tests”.

With the current shipment volumes forecast, the company expects to deplete its CelluForce NCCTM inventory by mid-2017 [emphasis mine]. The inventory depletion will pave the way for the company to start commercial production of CNC at its Windsor plant next year.

CelluForce has built a strong network of researchers with academic and industrial partners and continues to invest time and resources to develop, refine and expand applications for CNC in key priority industrial markets. Beyond oil & gas, electronics and plastics, some of these markets are adhesives, cement, paints and coatings, as well as personal and healthcare.

Furthermore, as it progressively prepares for commercial production, CelluForce has revamped its digital platform and presence, with the underlying objective of developing a better understanding of its product, applications and its innovative green technology capabilities.  Its new brand image is meant to convey the innovative, versatile and sustainable properties of CNC.

Nice to see that there is sufficient demand that the stockpile can be eliminated soon. In my last piece about CelluForce (a March 30, 2015 post), I noted an interim president, René Goguen. An April 27, 2015 CelluForce news release announced Sebastien Corbeil’s then new appointment as company president.

One final note, nanocrystalline cellulose (NCC) was the generic name coined by Canadian scientists for a specific cellulose nanomaterial. Over time, cellulose nanocrystals (CNC) became the preferred term for the generic material and CelluForce decided to trademark NCC (nanocrystalline cellulose) as their commercial brand name for cellulose nanocrystals.

Iran and South Korea sign memorandum of understanding (MOU) in July 2016

Iran and South Korea are becoming quite cozy with each other. A May 10, 2016 news item on FARS news agency notes that Iran is exporting nano products to South Korea,

Iranian Vice-President for Science and Technology Sorena Sattari announced that the country has exported its first nano product to South Korea.

The Iranian first vice-president reiterated that the first nano product produced by Iran has been exported to South Korea.

“This move has changed our world ranking in the nano sector from seven to the sixth position,” Sattari said on Monday [May 9, 2016].

On the same day as the export announcement, Iran Daily ran a (May 10, 2016) news item about Iran easing regulations on Korean cosmetics imports,

Iran and South Korea have signed an agreement to partially ease regulations governing Korean cosmetics exports to Iran starting from later this year, making way for the expanded sales of locally made cosmetics in the Iranian market.

Korean Ministry of Food and Drug Safety said its Iranian counterpart has agreed to eliminate on-site inspections — which had been mandatory until now — for certified Korean cosmetics destined for sale in Iran, The Korea Herald reported.

As long as they are certified under the Good Manufacturing Practice, or GMP system, Korean cosmetics companies will no longer be subject to such inspections when seeking to export their products to Iran.

Moreover, Iran has eliminated the need for Korean cosmetics companies to present documentation that proves their products have already been approved in the US or Europe.

Under the agreement, Korean cosmetics-makers will only have to prove that they have been approved for sale in Korea. In effect, this means Iran recognizes Korean cosmetics standards as being on par with those made in the US and Europe, the ministry said.

The two countries also plan to set up a space dedicated to promoting and selling Korean cosmetics in Iran by this year. However, the exact timing and details have yet to be determined, due to unsettled issues such as funding.

The latest joint announcement, the MOU (memorandum of understanding), is in an August 11, 2016 news item for the Mehr News Agency,

During the time of the Nano exhibition in Korea, July 13 to 15, 2016, Iran’s National Nanotechnology Initiative (INNI) signed several agreements with Nano Technology Research Association of Korea (NTRA), according to a report released by National Nanotechnology Initiative of Iran.

Dr. Saeid Sarkar, the Secretary of National Nanotechnology Initiative of Iran and Dr. Hee-Gook Lee, the Chairman of Korea’s NTRA, signed the memorandum.

Developing cooperation between the developers and users of the Nano-tech products is one of the objectives of the agreement.

Also, exchange of the information of the related products and technologies, identifying the developers and the clients of the technology, and joint hosting of seminars and workshops were among the other articles of the deal signed between NTRA and INNI.

If you consider that Iran got the right to export nano-enabled products to South Korea in exchange for the change in cosmetics import regulations regarding South Korea, a question begs to be asked. Just how big a market for cosmetics is there in Iran?

New Wave and its non-shrimp shrimp

I received a news release from a start-up company, New Wave Foods, which specializes in creating plant-based seafood. The concept looks very interesting and sci fi (Lois McMaster Bujold, and I’m sure others, has featured vat-grown meat and fish in her novels). Apparently, Google has already started using some of the New Wave product in its employee cafeteria. Here’s more from the July 19, 2016 New Wave Foods news release,

New Wave Foods announced today that it has successfully opened a seed round aimed at developing seafood that is healthier for humans and the planet. Efficient Capacity kicked off the round and New Crop Capital provided additional funding.

New Wave Foods uses plant-based ingredients, such as red algae, to engineer new edible materials that replicate the taste and texture of fish and shellfish while improving their nutritional profiles. Its first product, which has already been served in Google’s cafeterias, will be a truly sustainable shrimp. Shrimp is the nation’s most popular seafood, currently representing more than a quarter of the four billion pounds of fish and shellfish consumed by Americans annually. For each pound of shrimp caught, up to 15 pounds of other animals, including endangered dolphins, turtles, and sharks, die.

The market for meat analogs is expected to surpass $5 billion by 2020, and savvy investors are increasingly taking notice. In recent years, millions in venture capital has flowed into plant-based alternatives to animal foods from large food processors and investors like Bill Gates and Li Ka-shing, Asia’s richest businessman.

“The astounding scale of our consumption of sea animals is decimating ocean ecosystems through overfishing, massive death through bycatch, water pollution, carbon emissions, derelict fishing gear, mangrove deforestation, and more,” said New Wave Foods co-founder and CEO Dominique Barnes. “Shrimping is also fraught with human rights abuses and slave labor, so we’re pleased to introduce a product that is better for people, the planet, and animals.”

Efficient Capacity is an investment fund that advises and invests in companies worldwide. Efficient Capacity partners have founded or co-founded more than ten companies and served as advisors or directors to dozens of others.

New Crop Capital is a specialized private venture capital fund that provides early-stage investments to companies that develop “clean,” (i.e., cultured) and plant-based meat, dairy, and egg products or facilitate the promotion and sale of such products.

The current round of investments follows investments from SOS Ventures via IndieBio, an accelerator group funding and building biotech startups. IndieBio companies use technology to solve our culture’s most challenging problems, such as feeding a growing population sustainably. Along with investment, IndieBio offers its startups resources such as lab space and mentorship to help take an idea to a product.

Along with its funding round, New Wave Foods announced the appointment of John Wiest as COO. Wiest brings more than 15 years of senior management experience in food and consumer products, including animal-based seafood companies, to the company. As an executive and consultant, Wiest has helped dozens of food ventures develop new products, expand distribution channels, and create strategic partnerships.

New Wave Foods, founded in 2015, is a leader in plant-based seafood that is healthier and better for the environment. New Wave products are high in clean nutrients and deliver a culinary experience consumers expect without the devastating environmental impact of commercial fishing. Co-founder and CEO Dominique Barnes holds a master’s in marine biodiversity and conservation from Scripps Institution of Oceanography, and co-founder and CTO Michelle Wolf holds a bachelor’s in materials science and engineering and a master’s in biomedical engineering. New Wave Foods’ first products will reach consumers as early as Q4 2016.

I found a February 5, 2016 review article about the plant-based shrimp written by Ariel Schwartz for Tech Insider (Note: A link has been removed),

… after trying a lab-made “shrimp” made of plant proteins and algae, I’d consider giving it up the real thing. Maybe others will too.

The shrimp I ate came from New Wave Foods, a startup that just graduated from biotech startup accelerator IndieBio. When I first met New Wave’s founders in the fall of 2015, they had been working for eight weeks at IndieBio’s San Francisco lab. …

Barnes and Wolf [marine conservationist Dominique Barnes and materials scientist Michelle Wolf ] ultimately figured out a way to use plant proteins, along with the same algae that shrimp eat — the stuff that helps give the crustaceans their color and flavor — to come up with a substitute that has a similar texture, taste, color, and nutritional value.

The fact that New Wave’s product has the same high protein, low fat content as real shrimp is a big source of differentiation from other shrimp substitutes, according to Barnes.

In early February, I finally tried a breaded version of New Wave’s shrimp. Here’s what it looked like:

New Wave Foods Ariel Schwartz/Tech Insider

It was a little hard to judge the taste because of the breading, but the texture was almost perfect. The lab-made shrimp had that springiness and mixture of crunch and chew that you’d expect from the real thing. I could see myself replacing real shrimp with this in some situations.

Whether it could replace shrimp all the time depends on how the product tastes without the breading. “Our ultimate goal is to get to the cocktail shrimp level,” says Barnes.

I’m glad to have stumbled across Ariel Schwartz again as I’ve always enjoyed her writing and it has been a few years.

For the curious, you can check out more of Ariel Schwartz’s work here and find out more about Efficient Capacity in a listing on CrunchBase, New Crop Capital here, SOS Ventures here, IndieBio here. and, of course,  New Wave Foods here.

One final comment, I am not endorsing this company or its products. This is presented as interesting information and, hopefully, I will be hearing more about the company and its products in the future.