Episode 18 of Growing For It with Mads Friis Jensen

In this episode Mads Friis Jensen shares his entrepreneurial journey as the Chief Commercial Officer and co-founder of Blue World Technologies, a deep tech startup focusing on methanol fuel cell technology. Mads discusses his transition from corporate roles to entrepreneurship, driven by a passion for innovative energy solutions. The company aims to revolutionize energy production by developing fuel cells that convert methanol into electricity more efficiently than traditional combustion engines, with a particular focus on the maritime industry. Mads candidly explores the challenges of startup life, emphasizing the importance of persistence, team building, and the ability to pivot quickly. He highlights the company's strategic decision to own its entire supply chain and the complexities of fundraising, including securing investment from notable backers like Breakthrough Energy. Throughout the conversation, he stresses the significance of having a strong founding team, maintaining focus, and being prepared for the unpredictable nature of entrepreneurship. The episode provides insights into Blue World Technologies' vision of making a significant impact on decarbonization, particularly in the marine sector. Mads shares personal lessons about maintaining balance, enjoying the entrepreneurial journey, and the importance of being ready to adapt to changing circumstances. His story is a testament to the power of passion, preparation, and perseverance in building a technology company aimed at creating meaningful environmental change.

Key take-aways:

1. Ownership of the entire value chain is critical in deep tech startups, especially when developing complex technologies like methanol fuel cells. By controlling key components, companies can ensure quality, innovation, and competitive advantage.
2. Entrepreneurial success is less about having a perfect plan and more about persistence, adaptability, and the ability to pivot quickly when challenges arise. Mads emphasizes that being prepared to change course is more important than rigidly sticking to an initial strategy.
3. Building a strong founding team with complementary skills is essential. In Blue World Technologies' case, having founders with different perspectives - a speeder, a brake, and a customer-focused approach - helped navigate complex technical and business challenges.
4. Impact-driven innovation requires a long-term vision. Blue World Technologies isn't just developing a product, but aims to fundamentally transform the maritime industry's approach to energy by providing a sustainable alternative to fossil fuels.
5. Personal preparation is key to entrepreneurial success. This includes not just technical skills, but also financial readiness, mental resilience, and the ability to maintain a balanced perspective - understanding that both success and challenges are temporary parts of the journey.

If you wanna learn more about our "Elite Founders Fundraising" program, DM us on our socials listed here:

Mikkel on LinkedIn: https://growing-for-it.captivate.fm/mili

Travis on LinkedIn: https://growing-for-it.captivate.fm/trali

Mikkel on Insta: https://growing-for-it.captivate.fm/mikkel

Travis on Insta: https://growing-for-it.captivate.fm/travis

Also be sure to check out Mads on LinkedIn:

https://www.linkedin.com/in/madsfriis/

Thanks to our sponsors:

Shaping New Tomorrow

State Energy

Vestermark Consult

Chapters:

1: From Farm to Fuel Cells [0:00 - 0:10]

2: The Accidental Hydrogen Journey [0:10 - 0:15]

3: Corporate Roots and Technology Foundations [0:15 - 0:25]

4: Birthing Blue World Technologies [0:25 - 0:40]

5: The Methanol Revolution Explained [0:40 - 0:55]

6: Fundraising and Chinese Connections [0:55 - 1:10]

7: Building a Deep Tech Team [1:10 - 1:25]

8: Navigating Startup Challenges [1:25 - 1:35]

10: Entrepreneurial Mindset and Personal Reflections [1:35 - 1:40]