Decoding Innovation

In this episode of Decoding Innovation, Scott Colosimo, founder and CEO of LAND Energy, discusses the inception of the company and the funding journey. In the second episode of this two-part series, Scott Colosimo, founder and CEO of LAND Energy, delves deeper into the foundation of his second company, and how his first company, Cleveland CycleWerks, acted as the springboard for it. Although Cleveland Cyclewerks, a legacy motorcycle manufacturer, stopped producing, they still had to support old customers and fix issues, which consumed valuable employee time. This led to making some strategic decisions that, in turn, paved way for the establishment of LAND Energy. Scott explains in detail how they found sources for seed funding among friends and family, and the importance of perseverance to attain meaningful relationships and success in the industry.  Further into the episode, Scott points out how supply chain paradigms have changed post-2020, and how they utilized technology and adopted latest innovations to augment their manufacturing processes. Key takeaways: It is important to have sustainable goals, especially during the beginning of your company; start slow and accelerate once you get the basics, such as attainable KPIs. As using a single manufacturing floor is getting expensive and cumbersome, in-country manufacturing has its benefits for the automotive industry. Patents are a business tool, but they are getting more complex, and the patent process can be a barrier to the company growth. Developing in-house knowledge and having a team that has know-how are more feasible.

In this episode of Decoding Innovation, Scott Colosimo, founder and CEO of LAND Energy, discusses how his company pivoted to making electric bikes. Scott Colosimo is the founder and CEO of Cleveland CycleWerks, which was making traditional motorcycles in an existing market that had not undergone major changes for more than a century. During the COVID-19 pandemic, he decided to build a new electric prototype: eMoto. The eMotos include electric pedal-less throttle-controlled bicycles, and electric mopeds and motorcycles. In the first episode of a two-part series, Scott talks about the founding of his new venture, LAND Energy, and how the company managed to navigate the pandemic and post-pandemic landscapes. Further, he describes how his design background helped him finalize the ideal prototypes and how hiring only the A-players in their respective fields improved the dynamics of the new company.  Key takeaways: Electrification of motorcycles offers more freedom and benefits, compared with traditional gas motorcycles. It provides the opportunity to tweak the design and move the components. One of the biggest mistakes companies make is manufacturing a product without studying the market. It is important to study the market and consumer first, and curate the insights before moving to production. With increasing pressure from stakeholders and governments, the transition from gas to electric vehicles is a natural progression.

In this episode, Martin Freer, nuclear physicist and the Director of Birmingham Energy Institute and the Energy Research Accelerator, discusses the role of alternative fuels and the potential of nuclear energy. As we navigate technological advancements and new iterations of industrialization cycles, finding sustainable alternative energy sources should also be top of mind.  Martin Freer, a seasoned nuclear physicist, the Director of Birmingham Energy Institute, and the Director of the Energy Research Accelerator, discusses how harnessing nuclear power can help reduce humanity's impact on nature. He also shares his insights on alternatives fuels, challenges faced by the innovators in the nuclear energy landscape and the possibilities of nuclear fusion. Key takeaways: Government has an important role to play in setting framework and strategy. It should be a long-term commitment that allows larger companies to invest in nuclear power initiatives. The lack of support toward services and technology is one of the crucial hindrances several companies face. The solution is engaging between people with different skill sets and creating a balance. The rate of progress is too swift for industries. It is important to find new ways of working, investing and supporting the development in the nuclear power sector.

In this episode of Decoding Innovation, Malthe Larsen, CTO and Cofounder of Coastgrass, discusses how bio-composite materials, such as seagrass, can be used for making climate-friendly plastic. Each year, millions of tons of fossil-based plastic are produced worldwide. A large majority of these nonbiodegradable plastics are not recycled and crop up as an enormous responsibility for the planet. With the advancement in technology and science, bio-based alternatives for conventionally used plastic have been emerging.  Coastgrass, a Danish company, is building such an alternative from seagrass. Seagrass, such as eelgrass and seaweed, is collected from beaches, cleaned and turned into pellets. These pellets will be primarily used for packaging design. As seagrass is an abundant resource and considered as an inconvenience to locals and authorities, it is easily available at a low cost. Besides, seagrass decomposing at beaches can lead to greenhouse gas emissions and pollution.  The advantages of seagrass are manifold. Its inherent qualities, such as heat resistance, make the fiber ideal for injection molding. Products made from seagrass can be used in packaging in cosmetics, luxury materials, furniture, home appliance and others. These products can be recycled and are environment friendly than their conventional plastic counterpart. Key takeaways: Even though seagrass is abundant, the cost of processing the fiber is high. The company is striving to streamline the process to increase the efficiency and bring down costs. There are big possibilities for bio-based materials. But to fully realize and leverage its potential, there are a few legislation and infrastructure processes that need to be corrected. New taxes, legislations and standards aimed at sustainable development will be an advantage for bio-based and biodegradable plastic in future. 

In this episode of Decoding Innovation, Pete Foley, an independent consultant, shares his insights on how psychology and behavioral science can be applied as a catalyst for innovation. With the rising disruptions and the advent of new technologies, industries need to focus their innovation efforts on the most crucial component of their businesses: the consumer.  Organizations, from startups to large companies, face various hurdles during their innovation journey — from scale to stage gates. Since, in the end, it’s the consumer's action that decides the outcome of an innovation, infusing psychology and behavioral science with innovation can shape and accelerate meaningful innovation. Pete Foley, an independent consultant who focuses on human-centric innovation, explains why invention and innovation are different, how the core benefit of the product is the true driving force, and why balance is important in an organization for effective innovation. Key takeaways Organizational culture is one of the most important aspects in successful innovation. Innovative culture has passion, expertise and the resources to leverage. Consumer research is cyclical, rather than a linear process. After market study, there's always the possibility of changes and improvements. Most of the problems encountered are observed as executional, where people don't fully understand the product. It is recommended that rather than simply hiring for expertise, people who show a breadth of interests can be more adaptable for innovation.

In this episode of Decoding Innovation, Keiran Smith, CEO and co-founder of Mr. Green Africa, discusses circular economy and how technology is changing the way plastic is recycled worldwide. Sustainability has been of key focus in modern day living. Circular economy plays a key role in achieving sustainability by reaching maximum input efficiency using minimal resources, as well as reducing waste production. The regenerative economic system aims to achieve sustainability without diminishing existing products but to churn the “waste” into something useful via systematic shifts.  By extending the life of products, especially plastic, the natural capital that goes into recycling can be reduced. The life of plastic products can be extended by bringing in a loop of reuse, repair and remanufacturing products. Circular economy involves a clear distinction between technological and biological cycles that aims to rebuild all types of capital. Keiran Smith is a disruptive innovator in the recycling space. The CEO and co-founder of Mr. Green Africa shares his insight on the right combinations and necessary understanding needed to implement circular economy for plastic recycling, and how Mr. Green Africa is paving the way to building a sustainable tomorrow. Key takeaways: Circular economy holds a key role in building sustainable societies and can lead to increased efficiencies using minimal input resources and a connected ecosystem of capital. Awareness and technology are the biggest hurdles faced in plastic recycling that need immediate addressing. Connecting a commercial model with a sustainable, social-friendly model is the way to go for recycling plastic worldwide. Partnership element plays a key role in successful implementations of plastic recycling based on the circular economy approach.

In this episode of the Decoding Innovation podcast series, Helen Burdett, Head of Technology Strategy at the World Economic Forum, talks about circular economy as a vision for the future. Circular economy reimagines the linear economy in which we live. It’s a pervasive systems approach that is broader than reduce, reuse and recycle. As a concept and set of principles, circular economy brings immense economic and resiliency opportunities.  While there has been a proliferation of circular roadmaps at a national level for countries around the world, the question remains: How do we ensure an absolute and effective shift of the system to get to this new reality? In this episode of the Decoding Innovation podcast series, Helen Burdett from the World Economic Forum (WEF) talks to our host Mitali Sharma about how circular approaches are redesigning the way our economy works, the importance of design and global collaboration in circular economy, and the initiatives being undertaken by global organizations like WEF to promote circularity in an inclusive manner.

In this episode of Decoding Innovation, Scott Krisiloff shares Helion Energy’s journey so far in creating electricity from nuclear fusion and the subsequent plans to commercialize this form of energy. Fusion — the inverse of fission — is a process where energy is created when two lighter atoms are combined to form a new atom. Established in 2008, Helion Energy is aiming to use nuclear fusion for producing electricity and meeting the global energy demand.  Scott Krisiloff, Chief Business Officer of Helion Energy, details how the company has taken an unconventional approach to its fusion reactions, so that more energy is generated from the reaction than is put into it. Helion’s sixth prototype, completed in 2020, was able to reach a temperature of 100 million degrees. Without such high temperatures, bulk fusion reactions cannot begin. By showing that it can achieve commercially relevant fusion conditions, Helion Energy was able to raise US$500m at the end of 2021. Scott also talks about Helion Energy’s future goals. The company expects to demonstrate the ability to produce net electricity by 2024. But for nuclear fusion to replace fossil fuels, society will need to be educated about the safety profile and risk characteristics of fusion.  Nuclear fusion may completely transform the global energy industry and help tackle climate change. However, it will need a lot more experiments, advancements and investments.  Key takeaways: Helion Energy uses deuterium and helium-3 as the fuels. Enough deuterium exists on Earth to produce fusion energy for billions of years, whereas helium-3 is a by-product of deuterium-deuterium fusion. The sixth-generation Helion prototype is small enough to fit in a shipping container, and is able to create an ideal combination of temperature, density and time — the three fundamentals that govern fusion reactions. The US$500m raised by Helion Energy in 2021 came from its group of existing investors, who were impressed by the results of the sixth prototype and the future potential of this form of energy.  

In this episode of the Decoding Innovation podcast, Quidnet Energy CEO Joe Zhou discusses the use of innovative geomechanical methods and its impact on the global energy industry. Currently, pumped hydro is the only form of commercialized long-duration energy storage available globally. Quidnet Energy — with its innovative use of geomechanical methods to deliver long-term energy storage — looks set to transform the global energy industry.  Joe Zhou, CEO of Quidnet Energy, explains in detail how the company uses conventional oil and gas techniques to effectively put the weight of the mountain on top of the stored water. Quidnet’s technology stores energy underground in the form of high-pressure water, with the help of impermeable and shallow rock.  Joe also shares his views on the differences between the business models of startups that build their products in a lab, versus those, such as Quidnet, that harness a real-world resource. Such startups must collaborate with regulators, communities and financiers from the start — and share with them the business risk and future rewards involved.  Key takeaways: About US$300b worth of pumped hydro has been built globally — but we are running out of viable mountainous sites to meet the future energy consumption needs. Over the next three decades, the demand for global energy requirement is likely to rise by 80% — due to electrification of transportation, heating, industrial uses and economic growth. Quidnet is planning to become a grid-scale solution, built in modular pieces. Like wind farms, the Quidnet technology aims to construct single-megawatt modules spread across a field, electrically linked to a single point of interconnection to the electricity grid. 

In this episode of the Decoding Innovation podcast, Mathieu Nouzareth, CEO of The Sandbox, explains how a community-driven platform is shaping the future of the metaverse. The metaverse technology creates a 3D virtual space on computers and phones to bring people closer. For organizations such as The Sandbox, the metaverse is a medium where users can meet each other, make friends and play games. According to Mathieu Nouzareth, CEO of The Sandbox, the objective of creating a metaverse is not to replace reality — it is only to augment it. The Sandbox is a community-driven platform where creators can monetize their assets and gaming experiences on the blockchain. The organization has created a map with a finite amount of land that users can buy. Like real estate, the price of virtual pieces of land is decided by location. So, buying a piece of virtual land in a celebrity neighborhood will be more expensive than other neighborhoods.  Mathieu also talks about the three early adopters of this technology: gaming, digital fashion and luxury, and entertainment industries. The Sandbox has partnered with several famous luxury brands because users are willing to buy digital accessories for their online avatars. Furthermore, some users want to extend the experience of a movie or a TV show by entering a virtual world.    Web3 adoption will bring a whole new set of features to metaverse environments. Since Web3 is a nonzero sum game, organizations such as The Sandbox want to create value for the entire community — including their competitors — for long-term rewards. Key takeaways: Users can create avatars, NFTs and items for the game, and publish on the marketplace. The Sandbox’s commission is very low — only 5% — compared with the commissions charged by mobile phone app stores (between 20% and 30%). Currently, the biggest market for The Sandbox includes the US, the UK, Canada, Western Europe, Korea and Japan. About 65% of the current user base of The Sandbox is male. However, the organization is partnering with a foundation that is working to bring women into Web3.