Entrepreneurs for Impact

⭐ My guest today is me. That’s right. No guest. Just 10 or so lessons learned from my work in capital raising for climate ventures as a private equity investor, founder, board member, and investment banker. If you liked these tips, share them with a founder friend. I know it's rough out there raising capital right now. But remember, it’s a marathon, not a sprint. Don’t stress too much about your 1-year goals. Try to think about the 10-year plan instead. #EasyToSayHardToDo --- 🙏 Quick favor: Please leave a review or rating on your podcast player. This helps more listeners discover the climate CEOs and investors I interview here. --- 🌎 To boost your growth in climate tech, Entrepreneurs for Impact can help you with... 2-minute newsletter: ⁠⁠https://entrepreneursforimpact.substack.com⁠⁠  Climate CEO peer group community: ⁠⁠⁠⁠⁠⁠⁠https://www.entrepreneursforimpact.com⁠⁠⁠ Live online course about startup capital raising (coaching, peer feedback): ⁠⁠https://t.ly/V6xcB⁠⁠ DIY course about startup capital raising (170 slides, 70-item library, 250-investor list): ⁠⁠https://t.ly/QCcl5⁠⁠ Entrepreneurs for Impact is led by Dr. Chris Wedding — a 4x founder, 4x Board member, Duke & UNC professor, ex-private equity investor, ex-investment banker, occasional monk, father of three, ax-throwing champ, and super humble guy (as evidenced by this long bio). 😃

⭐ My guest today is Lila Preston, Head of Generation Growth Equity. Generation Growth Equity is a part of the larger Generation Investment Management, an investment management firm founded in 2004 by former US Vice President Al Gore and Goldman Sachs' Asset Management head David Blood, with a focus on sustainable investment options. They now manage about $40B. Generation Growth Equity invests globally in growth-stage, private companies with proven technology and commercial traction, run by talented, mission-driven management teams. They take active minority positions in companies that are driving broad-based, system-positive change. They’re now investing out of their fourth fund, a $1.7B vehicle. Lila joined Generation in 2004. Previously, she was a director of finance and development at VolunteerMatch in San Francisco and was also a Fulbright Fellow in Southern Chile. She received a BA in English and Latin American Studies from Stanford University and an MBA from London Business School. She serves on the board of Nature’s Fynd and as a board observer for CiBO Technologies, Optoro, and Pivot Bio. She is also on the Board of Advisors at Columbia University’s Mailman School of Public Health and is a Young Global Leader of the World Economic Forum. --- 🎙️ In this episode, we talked about: What she means by “system positive” as a filter for their investments. Why sustainability is at the core of their strategy and boosting investor returns. Which risks they’re willing to take – i.e., no tech risk, no product-market fit risk.  How they develop the conviction to invest $50M to $150M per company. The breadth of their sustainability research and what parts of that they share out to the world. The need to “stay in your lane” when investing and let others do the same. Example investments such as M-KOPA which started out as an energy access play and grew into a financing vehicle to improve households in Africa in new ways. The massive opportunities for biology to replace chemistry – e.g., with their Pivot Bio investment.  The biggest challenges that CEOs in their portfolios face. The role of life cycle assessments to assess net impacts, positive and negative. The distinction between being proactive and reactive in investment and career development more broadly. What her Fullbright work in Chile taught her. And lots more! --- 🙏 Quick favor: Please leave a review or rating on your podcast player. This helps more listeners discover the climate CEOs and investors I interview here. --- 🌎 To boost your growth in climate tech, Entrepreneurs for Impact can help you with... 2-minute newsletter: ⁠https://entrepreneursforimpact.substack.com⁠  Climate CEO peer group community: ⁠⁠⁠⁠https://www.entrepreneursforimpact.com⁠⁠ Live online course about startup capital raising (coaching, peer feedback): ⁠https://t.ly/V6xcB⁠ DIY course about startup capital raising (170 slides, 70-item library, 250-investor list): ⁠https://t.ly/QCcl5⁠ Entrepreneurs for Impact is led by Dr. Chris Wedding — a 4x founder, 4x Board member, Duke & UNC professor, ex-private equity investor, ex-investment banker, occasional monk, father of three, ax-throwing champ, and super humble guy (as evidenced by this long bio). 😃

⭐ My guest today is Andy Moon, CEO and Cofounder of Reunion. Reunion's mission is to accelerate investment into clean energy. The Inflation Reduction Act created a simpler way to finance solar, wind, battery storage, and other clean energy projects through the sale of tax credits. In July 2023, Reunion launched a marketplace for corporations to identify, due diligence, and purchase tax credits from leading project developers. Reunion raised corporate funding from leading clean energy investors in January 2023, and their founding team previously raised over $2B to finance solar energy projects around the world. Andy is the former CEO of SunFarmer, a Y Combinator-backed social enterprise that has completed over 1,500 solar energy installations in Asia. Previously, he raised over $200 million from institutional investors to finance solar energy projects in the US and Europe, and worked as a consultant in the energy and buildings practice at McKinsey and Company. He was also an early advisor to Possible Health, a leading public health nonprofit. Andy holds a Phi Beta Kappa honors degree from Stanford University and was named a 2016 Young Global Leader by the World Economic Forum. --- 🎙️ In this episode, we talked about: Our shared experience of the friction required to use tax equity to finance solar projects going back to 2009-2010. How those high transaction costs and bottlenecks are still a part of this financing mechanism today. The drastic increase expected in tax equity funding from around $20B today to over $80B in a few years. The process he used to pick this new venture. Why his cofounder selection was so important. What he learned from building SunFarmer, a Y Combinator-backed startup funding distributed solar installations in Asia. His 90/10 rule on focus. What his managed marketplace at Reunion makes tax credit transferability easier between project developers and corporate buyers. How tax credits can fund 30-50% of a project. The costs to buy these credits. The role of newer technologies in the tax credit landscape, such as hydrogen and biogas. Why his team uses the two-week sprint model to manage performance. How the book Radical Candor has shaped Reunion’s culture. And lots more! --- 👍 Quick favor: Please leave a review or 5-star rating on your podcast player. This helps more listeners discover the climate CEOs and investors I interview here. 🙏 --- 🌎 To boost your growth in climate tech, Entrepreneurs for Impact can help you with... 2-minute newsletter: https://entrepreneursforimpact.substack.com  Climate CEO peer group community: ⁠https://www.entrepreneursforimpact.com⁠ Live online course about startup capital raising (coaching, peer feedback): https://t.ly/V6xcB DIY course about startup capital raising (170 slides, 70-item library, 250-investor list): https://t.ly/QCcl5 Entrepreneurs for Impact is led by Dr. Chris Wedding — a 4x founder, 4x Board member, Duke & UNC professor, ex-private equity investor, ex-investment banker, occasional monk, father of three, ax-throwing champ, long-haired "hippie capitalist," and super humble guy (as evidenced by this long bio). 😃

⭐ My guests today are my collaborators at Terraset, the anti-GHG 501c3 that purchases CDR (aka, carbon removals) using philanthropic dollars. Adam Fraser is our new CEO. Alex Roetter is the founder and also GP at Moxxie Ventures. Erzsi Sousa is also a Board member and wizard brand strategist. I guess I’m a host and guest, too, as a cofounder and Board member of Terraset, too. --- 🎙️ In this episode, we talked about: Why Adam took the leap and joined Terraset, leaving behind a CEO role at a multinational impact NGO. Why we chose Adam, instead of a CDR expert, to scale up Terraset. The types of donors supporting Terraset’s mission and why they’re contributing (i.e., to build an entirely new and crucial industry, not to get offsets) How we prioritize which CDRs we purchase. The recent growth in CDR purchases year-over-year. Our thoughts on engineered vs. nature-based solutions. And lots more… Hope you enjoy it! And please give Adam and Terraset a shout-out on LinkedIn, Slack, or Twitter by sharing this podcast with your people. --- 👍 Quick favor: Please leave a review or 5-star rating on your podcast player. This helps more listeners discover the climate CEOs and investors I interview here. 🙏 --- 🌎 To boost your growth in climate tech, Entrepreneurs for Impact can help you with... 2-minute newsletter: ⁠https://entrepreneursforimpact.substack.com⁠  Climate CEO peer group community: ⁠⁠⁠⁠https://www.entrepreneursforimpact.com⁠⁠ Live online course about startup capital raising (coaching, peer feedback): ⁠https://t.ly/V6xcB⁠ DIY course about startup capital raising (170 slides, 70-item library, 250-investor list): ⁠https://t.ly/QCcl5⁠ Entrepreneurs for Impact is led by Dr. Chris Wedding — a 4x founder, 4x Board member, Duke & UNC professor, ex-private equity investor, ex-investment banker, occasional monk, father of three, ax-throwing champ, long-haired "hippie capitalist," and super humble guy (as evidenced by this long bio). 😃

⭐ My guest today is Steven Rothstein, the founding Managing Director of the Ceres Accelerator for Sustainable Capital Markets. Previously, Steven ran the world-renowned Perkins School for the Blind, as well as Environmental Futures, Citizen Schools, and the John F. Kennedy Library Foundation. --- 🎙️ In this episode, we talked about: The lack of substance behind state-level anti-ESG investing headlines. The overwhelming majority of people who believe businesses can achieve a public good and generate market-rate financial returns. The Ceres Freedom to Invest program to make this a red, white, and blue issue, and not just a green issue How the TCFD frames risk and opportunity creation for investors in a low-carbon future. Why 92% of the Fortune 500 companies conduct sustainability reporting to investors. The SEC and California state greenhouse gas disclosure rulemaking and what it means for 8,000+ companies. What the insurance industry’s $40B of losses last year could mean for the future of that industry in a world where major weather events occur every two weeks today vs. every four months in 1980. Why this quote from H.L. Mencken is relevant: "For every complex problem, there's a solution that is simple, neat, and wrong." How the banking industry might face more risk from climate exposure today than the risks it faced in the subprime crisis of years past. And lots more! --- 👍 Quick favor: Please leave a review or 5-star rating on your podcast player. This helps more listeners discover the climate CEOs and investors I interview here. 🙏 --- 🌎 To boost your growth in climate tech, Entrepreneurs for Impact can help you with... 2-minute newsletter: ⁠⁠https://entrepreneursforimpact.substack.com⁠⁠  Climate CEO peer group community: https://www.entrepreneursforimpact.com Live online course about startup capital raising (coaching, peer feedback): ⁠⁠https://t.ly/V6xcB⁠⁠ DIY course about startup capital raising (170 slides, 70-item library, 250-investor list): ⁠⁠https://t.ly/QCcl5⁠⁠ Entrepreneurs for Impact is led by Dr. Chris Wedding — a 4x founder, 4x Board member, Duke & UNC professor, ex-private equity investor, ex-investment banker, occasional monk, father of three, ax-throwing champ, long-haired "hippie capitalist," and super humble guy (as evidenced by this long bio). 😃

⭐ My guest today is Laura Zapata, Cofounder and CEO of Clearloop. Clearloop creates carbon solutions for organizations of all sizes, from global corporations to small businesses and educational institutions, to decarbonize the economy, expand access to clean energy, and accelerate the development of new solar projects in American communities where the greatest economic and environmental benefits can be achieved. Clearloops works in partnership with utility-scale solar developer Silicon Ranch, which acquired Clearloop in 2021. In addition, Laura is the former Head of Global Communications for Uber Eats, Press Secretary for Hillary Clinton’s Presidential race in Ohio, and communications lead for other Congressional offices. --- 🎙️ In this episode, we talked about: How to get Taylor Swift to partner with Clearloop (half serious). What she learned by working at Uber in a “move fast and break things” mentality. Having the former Governor of Tennessee as a cofounder (a first for our podcast). How to move from being an intrapreneur with Uber Eats to an entrepreneur. The importance of being optimistic. What we all need to do to improve climate tech’s communication strategy to broaden the tent (btw, pop quiz: how many degrees Fahrenheit is 1.5 degrees Celsius?). Why working with renewables in the South can have more impact given the carbon intensity of the power grid. How Clearloop’s model of carbon offsets for corporates changes how renewable energy power plants are financed. The need to build a life, not just a career (and the joy of farmer’s markets). And lots more! --- 👍 Quick favor: Please leave a review or 5-star rating on your podcast player. This helps more listeners discover the climate CEOs and investors I interview here. 🙏 --- 🌎 Entrepreneurs for Impact is on a mission to help climate founders, CEOs, and investors scale faster via the #1 peer group community in North America. Our invite-only cohorts grow through monthly meetings, annual retreats, and 1:1 coaching calls. Today’s highly vetted members represent over $8B in market cap or assets under management. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://entrepreneursforimpact.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Programs are led by Dr. Chris Wedding — 4x founder, $1B of investment experience, and Duke University and UNC-Chapel Hill professor, with 80,000+ professional students taught, 25 years of meditation, an obsession with constant improvement, and far too many mistakes to keep to himself. And here's our weekly newsletter — A 2-minute summary of climate tech startups, impact investing, and leading with purpose (and a sense of humor). ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://entrepreneursforimpact.substack.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

⭐ My guest today is Tim Krysiek, Managing Partner at MassMutual Ventures. MassMutual is an insurance and financial services firm with $460B in AUM, and MassMutual Ventures is their venture arm. Their new US Climate Tech Fund represents $100M and is focused on early-stage opportunities (Series A and B) in climate intelligence, sustainable cities, and clean power. Initial check sizes are $2-5M. Tim was previously Managing Director at Equinor Ventures where he worked across the energy value chain, including renewables, fusion, mobility, and storage. He was also a consultant at Cambridge Energy Research Associates (now S&P Global), a researcher at the Oxford Institute for Energy Studies, and a political risk consultant at Google.  Krysiek achieved all these great things because he got an MBA from Duke University, where I teach. (OK, I exaggerate slightly.)  When not investing in world-changing companies, I hear that he’s an aspiring Eastern European cook focused on the 3Ps – pierogies, pelmeni, or potica. --- 🎙️ In this episode, we talked about: His team’s work investing in five climate tech unicorns How his study of geopolitics across twelve countries shaped him into an investor What their climate intelligence focus means in terms of cheaper data and falling processing costs How the Net Zero Tracker of corporate climate goals influences their thesis around voluntary carbon markets Why he’s excited about investing in proptech given the durability of buildings and the potential value that MassMutual can create for companies in that space What he means by keeping one foot on certain ground and the other on uncertain ground How much water he drinks per day and its relationship to the number of steps he takes per day His three favorite climate books and three favorite business books (Power Law, anyone?) And lots more --- 👍 Quick favor: Please leave a review or 5-star rating on your podcast player. This helps more listeners discover the climate CEOs and investors I interview here. 🙏 --- 🌎 Entrepreneurs for Impact is on a mission to help climate founders, CEOs, and investors scale faster via the #1 peer group community in North America. Our invite-only cohorts grow through monthly meetings, annual retreats, and 1:1 coaching calls. Today’s highly vetted members represent over $8B in market cap or assets under management. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://entrepreneursforimpact.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Programs are led by Dr. Chris Wedding — 4x founder, $1B of investment experience, and Duke University and UNC-Chapel Hill professor, with 80,000+ professional students taught, 25 years of meditation, an obsession with constant improvement, and far too many mistakes to keep to himself. And here's our weekly newsletter — A 2-minute summary of climate tech startups, impact investing, and leading with purpose (and a sense of humor). ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://entrepreneursforimpact.substack.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

⭐ My guest today is Dawn Lippert, the CEO of Elemental Excelerator, Partner at Earthshot Ventures, and Senior Climate Advisor at Emerson Collective. Elemental Excelerator advances solutions to climate change and deploys them in the communities that need them the most. Each year, they fund 15-20 companies up to $1 million to improve systems across categories such as energy, mobility, water, agriculture, and beyond. To date, they have invested in 150 companies.   Earthshot Ventures is a venture capital firm backing entrepreneurs making a dent in climate change, and it spun out of Elemental in 2021. Emerson Collective was established and led by Laurene Powell Jobs, and is working to renew some of society’s most calcified systems, creating new possibilities for individuals, families, and communities. --- 🎙️ In this episode, we talked about: How her work with sea turtle conservation in Puerto Rico and off-grid solar work in India led her to where she is today Why it’s so important that the 150 companies that Elemental has funded form close partnerships with local communities for project development The genesis of Earthshot Ventures as an experiment to combine top-quartile VC returns with nonprofit support Their love of experimentation and their creation of eight financial products to meet the needs of climate founders The missing gap of FOAK finance (i.e., first of a kind) as companies go from VC funding to project finance Their obsession with moving more capital into climate, especially because 50% of the solutions we need to meet our 2030 climate goals have not yet been commercialized How to balance urgency with importance in our calendars Why joy is so essential in her work and company culture What she looks for in founders they back And lots more --- 👍 Quick favor: Please leave a review or 5-star rating on your podcast player. This helps more listeners discover the climate CEOs and investors I interview here. 🙏 --- 🌎 Entrepreneurs for Impact is on a mission to help climate founders, CEOs, and investors scale faster via the #1 peer group community in North America. Our invite-only cohorts grow through monthly meetings, annual retreats, and 1:1 coaching calls. Today’s highly vetted members represent over $8B in market cap or assets under management. ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://entrepreneursforimpact.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Programs are led by Dr. Chris Wedding — 4x founder, $1B of investment experience, and Duke University and UNC-Chapel Hill professor, with 80,000+ professional students taught, 25 years of meditation, an obsession with constant improvement, and far too many mistakes to keep to himself. And here's our weekly newsletter — A 2-minute summary of climate tech startups, impact investing, and leading with purpose (and a sense of humor). ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://entrepreneursforimpact.substack.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

⭐ My guest today is Matt Lipscomb, Founder and CEO of DMC Biotechnologies. DMC is a Boulder-based biotech company that sustainably produces bio-based chemicals using fermentation, with over $50M in VC funding and a team of over 40 people. In addition, Matt is a: Certified Ski Mountaineering Guide Rock climbing guide and instructor Director for the American Institute of Avalanche Research and Education PhD in chemical engineering from the University of Colorado at Boulder --- 🎙️ In this episode, we talked about: The meaning of metabolic engineering How rock climbing has taught him to better manage risks as a CEO His experience seeing glacier retreat has inspired his work How DMC engineers microbes to standardize fermentation for cost-effective scale-up The definition of “friend-shoring” and how DMC improves companies’ supply chains Why his early work in chemical plants led him to where he is today What he means to cross-train physically and intellectually The pains of fast growth and techniques he uses to build culture and cohesion while growing 3x this year Why investors care that you’re founding a company with a former cofounder The difference between lifespan and healthspan And lots more --- 👍 Quick favor: Please leave a review or 5-star rating on your podcast player. This helps more listeners discover the climate CEOs and investors I interview here. 🙏 --- 🌎 Entrepreneurs for Impact is on a mission to help climate founders, CEOs, and investors scale faster via the #1 peer group community in North America. Our invite-only cohorts grow through monthly meetings, annual retreats, and 1:1 coaching calls. Today’s highly vetted members represent over $8B in market cap or assets under management. ⁠⁠⁠⁠⁠⁠⁠⁠https://entrepreneursforimpact.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Programs are led by Dr. Chris Wedding — 4x founder, $1B of investment experience, and Duke University and UNC-Chapel Hill professor, with 80,000+ professional students taught, 25 years of meditation, an obsession with constant improvement, and far too many mistakes to keep to himself. And here's our weekly newsletter — A 2-minute summary of climate tech startups, impact investing, and leading with purpose (and a sense of humor). ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://entrepreneursforimpact.substack.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

⭐ My guest today is Gabe Phillips, Founder and CEO of Catalyst Power. Catalyst Power is an ESCO, retail electricity provider, community solar aggregator, and solar/battery developer for commercial and industrial businesses in the Northeast US. In addition, he is a distance runner, musician, woodworker, father, and thriver on 4-5 hours of sleep per night. I told him that we might need to have an intervention later. --- 🎙️ In this episode, we talked about: The outsized benefits of doing hard things How his customers view risks and risk mitigation when it comes to solar power Why a roll-up acquisition strategy made sense to launch this business How he’s able to get clean renewable power at cheaper prices for customers than brown power What the following phrase means: “You can’t pour from an empty cup.” Three of his favorite books on entrepreneurship, meditation, and the benefits of being uncomfortable And lots more --- 👍 Quick favor: Please leave a review or 5-star rating on your podcast player. This helps more listeners discover the climate CEOs and investors I interview here. 🙏 --- 🌎 Entrepreneurs for Impact is on a mission to help climate founders, CEOs, and investors scale faster via the #1 peer group community in North America. Our invite-only cohorts grow through monthly meetings, annual retreats, and 1:1 coaching calls. Today’s highly vetted members represent over $8B in market cap or assets under management. ⁠⁠⁠⁠⁠⁠⁠https://entrepreneursforimpact.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Programs are led by Dr. Chris Wedding — 4x founder, $1B of investment experience, and Duke University and UNC-Chapel Hill professor, with 80,000+ professional students taught, 25 years of meditation, an obsession with constant improvement, and far too many mistakes to keep to himself. And here's our weekly newsletter — A 2-minute summary of climate tech startups, impact investing, and leading with purpose (and a sense of humor). ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://entrepreneursforimpact.substack.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠