This episode is part of our new Capital Series hosted by MCJ partner, Jason Jacobs. This series will explore a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we'll take a deep dive into the world of capital and its critical role in driving innovation and progress.
Today’s guest is Mark Robinson, Founder and Managing Director at WAVE Equity Partners, an impact investing firm that seeks to maximize returns for investors, growth for portfolio companies, and impact for all. WAVE achieves this goal by investing in sustainability innovators that tackle our greatest environmental challenges on a global scale.
Jason and Mark discuss the origins of WAVE, the timing of its launch, and some of the key lessons that Mark learned from Clean Tech 1.0. They also delve into why WAVE took a contrarian bet when it started and how its approach differs from other firms. Mark explains the company's investment stage, check size, sector focus, diligence process, and value-add post-investment. The episode also covers the industrial market landscape, where WAVE spends a lot of time. Jason and Mark explore various topics such as the ecosystem of founders, the regulatory and policy landscape, and the current capital environment.
In this episode, we cover:
- An overview of WAVE Equity Partners
- The firm's origin story and path to focusing on clean energy, food, water, waste and recycling
- Early fundraising challenges for industrial solutions
- Key lessons from Clean Tech 1.0
- Changes in the ecosystem since WAVE got started and how the firm addressed them
- What gets Mark up every day and the underlying decision to start the firm
- The firm's investor makeup and LP shifts over time
- WAVE's fund structure
- Non-starters and the types of risk WAVE is comfortable taking
- The balance of fundraising vs domain expertise when building a company
- The role of the regulatory landscape and government funding when making investment decisions
- WAVE's 6-month or longer diligence process
- The firm's approach to defining and measuring impact
- Mark's thoughts on doing things cleaner vs. reforming entire systems
- The role of government support
- Mark's wishlist for the future of the industrials market
Get connected:
Jason Jacobs
Mark Robinson / WAVE Equity Partners
MCJ Podcast / Collective
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Episode recorded on March 7, 2023.
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*Editing and post-production work for this episode was provided by The Podcast Consultant
