foodforecast: Justus Lauten shares how to get funded in 2024

Investment Climate Podcast: Fundraising Playbooks From Food Tech CEOs and VCs 

In this podcast series, co-produced by vegconomist, Alex Shandrovsky interviews investors about benchmarks for funding Alt Proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs. 

Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including alternative proteins and cellular agriculture leaders. His focus is on investor relations and post-raise scale for agrifood tech companies. 

Episode 5: foodforecast: Justus Lauten shares how to get funded in 2024

In this episode, Justus Lauten, founder and CEO of foodforecast, shared insights into his journey of building a startup focused on reducing food waste through AI-driven predictions for bakeries, supermarkets, and gastronomy. foodforecast uses advanced AI technology that enables precise sales planning, making production and ordering processes 100% automated and minimizing food waste. The segment provides valuable insights into how essential networking, traction metrics, and strategic investor introductions are in securing funding, as well as the reality of managing fundraising efforts over extended periods in challenging market conditions.

Key Facts foodforecast:

• Goal: To reduce the value of food waste by 10 billion euros over the next 10 years.
• Raised over €3 million, led by three institutional investors: Future Food Fund, Scalehouse Capital, and Aeronaut Invest.

Alex’s Top Findings:

1. The First business angels were the management of the bakery. Justus shared that, “The first business angels were the management of the bakery. It was not the company itself. It was the private persons who were investing their private money. They were not familiar with the startup business, but they were seeing that the product was working and that was important for me that they were behind the idea and the product. Of course they also had networks inside the bakery companies as well into other bakery companies.” 
2. Knowing the effects of the investment and dilution is important. As Justus said, “We put a very low valuation into the contract because I was not very skilled at that point. I didn't know the effects of the investment and dilution and that the founder of course should always carry a certain  amount of shares during the funding process. This is something that's very important to the investors and that you as a founder should always look at. You should always make sure that you have enough shares for each round. They would have gotten too many shares which would have endangered the next round because the next VC would say okay look this is not working.”
3. When The crisis happens, often your customers can become your investors.  “I went to the lion's den in January or February. We got a deal but then unfortunately Corona also hit Germany and all the restaurants and bakeries had to shut down partially. The deal more or less fell flat. At that point I had only spent my personal money and my bank account was nearing zero. I was getting nervous. That was the point when I approached the business angels first, so they were already customers, they knew exactly what I was doing, they knew also the potential of the software so they were really the angels in that part of the story because they helped the company survive and really push to the next level in finding an institutional VC.” Justus added

Bygen: Lewis Dunnigan shares how to get funded in 2024

Investment Climate Podcast: Fundraising Playbooks From Food Tech CEOs and VCs 

In this podcast series, co-produced by vegconomist, Alex Shandrovsky interviews investors about benchmarks for funding Alt Proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs. 

Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including alternative proteins and cellular agriculture leaders. His focus is on investor relations and post-raise scale for agrifood tech companies. 

Episode 4: Bygen: Lewis Dunnigan shares how to get funded in 2024

In this episode, Alex talks to Lewis Dunnigan, Co-Founder & CEO at Bygen, which has developed a unique new technology called 'low-temperature activation' (LTA) that enables the production of sustainable and high-quality activated carbon. The discussion highlights the strategic considerations for startups navigating licensing agreements and the importance of aligning interests between founders, investors, and partner organizations. The emphasis on operational transparency, risk mitigation, and the importance of a strong foundational technology is critical for gaining investor trust and achieving long-term success.

Key Facts Bygen:

• Goal: To enable the low cost and sustainable production of a material called activated carbon
• Raised US$ 2.5 Million led by some Australian climate tech investors, including Breakfree Victoria, Albert's impact capital and Artesian Investments.

Alex’s Top Findings:

1. Focus on licensing the technology rather than build on operating production facilities. “Our decision early on to focus on licensing the technology rather than build on operating production facilities, it really kind of enabled us to even be considered a viable investment by a VC because it is a means to grow the company through relatively little investment.” Lewis emphasized.
2. Signing-up offtake agreements before production. Lewis said, “We basically sign-up offtake agreements before production plants come online. That's an easier way to sell it. You don't get the same high value as you get by selling it in small quantities. So we sort of keep 95 percent of our offtakes for those types of customers and then we also have some internal sales capabilities to sell smaller amounts at higher prices on the spot market.”
3. Getting the IP  out of the university.  “We  did manage to get the IP out of the university but it wasn't an easy process. We actually went out and got feedback from the market and said that we don't think that we'll be able to raise money if we license it, sub-license the technology, or if we have the technology but there's significant royalties attached to it. They have equity in the business in return.” Lewis added.

ÄIO: Nemailla Bonturi shares how to get funded in 2024

Investment Climate Podcast: Fundraising Playbooks From Food Tech CEOs and VCs 

In this podcast series, co-produced by vegconomist, Alex Shandrovsky interviews investors about benchmarks for funding Alt Proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs. 

Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including alternative proteins and cellular agriculture leaders. His focus is on investor relations and post-raise scale for agrifood tech companies. 

Episode 3: ÄIO: Nemailla Bonturi shares how to get funded in 2024

In this episode, Alex talks to Nemailla, CEO of AIO, which are producing more sustainable fats and oils by using yeasts and upcycling side streams from industry and agriculture. She talked about the strategic approach to fundraising, challenges with European regulations, and the importance of versatile revenue streams. She also highlighted how local government grants played a pivotal role in setting up their pilot plant and expanding the team by providing €1.8 million in non-dilutive funding, which also improved their valuation. 

Key Facts ÄIO:

• Goal: To change the way we produce, consume and perceive foods and other products
• Raised €6.1 Million, €1.8 million grant from the Estonian Business Innovation Agency.
• Lead Investor is 2C Ventures 
• Joining the round was Nordic for Tech VC, Voima Ventures, and Smartcap

Alex’ Top Findings:

1. Prioritize Shorter Commercial Regulatory Path- Cosmetics are usually quicker than food in terms of regulation. “Our investors understand that novel food will take time. We are preparing ourselves. We're going to apply in the U.S. but also we are aiming for other verticals such as cosmetics. So we have already started to prepare to be added to this ink list so we can start selling cosmetics. So we have proof that it's also very versatile. So you can go to food, you can go to cosmetics, you can go to pet food. It's one process, one product, and a very diverse application. And that we are very driven towards the price.” Nemailla highlighted on the podcast.
2. Serendipitous Investor Connection at a Local Event. The company met its lead investor, 2C Ventures, through an unexpected encounter with an LP during a local event in Tallinn.
3. When choosing scale up partners make sure they speak your business language- in this case it was Singapore. “I think the first part is finding the partner that has all the capex you need. We work with side streams. It's not like rocket science that we need very fancy equipment. But of course we need to have the right set of equipment, and they need to follow exactly how we tell them. So they have to be flexible towards our know-how.  So this is one point.  The second point, what made AIO go to Singapore is the speed. They're very flexible, they are very good business people.” Nemailla added.

The Raging Pig Company: Arne Ewerbeck shares how to get funded in 2024

Investment Climate Podcast: Fundraising Playbooks From Food Tech CEOs and VCs 

In this podcast series, co-produced by vegconomist, Alex Shandrovsky interviews investors about benchmarks for funding Alt Proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs. 

Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including alternative proteins and cellular agriculture leaders. His focus is on investor relations and post-raise scale for agrifood tech companies. 

Episode 2: The Raging Pig Company: Arne Ewerbeck shares how to get funded in 2024

In this episode, Alex talks to Arne, Co-Founder of The Raging Pig Company, a Hamburg-based food tech startup focused on developing and distributing hog alternative products. Their current offerings include a wide range of plant-based German sausages, including bacon, with plans to expand into other products and mycelium-based options. The conversation highlighted that success in the food tech startup landscape, particularly for alternative protein products, hinges on creating exceptional products, building strong relationships with investors, and maintaining a unique brand identity. By focusing on these areas, The Raging Pig Company has been able to secure funding and establish itself as a promising player in the market.

Key Facts The Raging Pig Company:

• Goal: To revolutionize bacon that lets you enjoy the taste that you love in a healthy, sustainable and cruelty-free way.
• Currently raised seed round led by Sprout and About Ventures.

Alex’ Top Findings:

1. Measure Your Market- Going Bottom To Top.  As per Arne “From the bottom to the top, how many plant based sausages were sold last year? Because that is the market. You're addressing in the first place in the short term and obviously that number will be very small compared to what you think the potential market size would be and obviously then you can think about.”
2. Your Brand Doesn't Need To Be Provocative. Arne highlighted that “There's no reason for us to be provocative towards a company which is producing pork products. That's something which we are not doing. We already have a brand which gets a lot of attention anyway. We don't need to put our fingers to somebody else.”
3. Be a brand that offers an experience. “Everybody has a very clear description of what they would expect. No matter how good the product tastes, the consumer would always look for the experience of having a sausage. So when it comes to how the product works, texture, taste, mouthfeel, what happens with the sausage after you grilled it, for example. All of these properties, you need to address. Aside from just the right spices and saltiness level, this is something which is very important. What the consumer cares about,  other than the price and the taste, is they want to be entertained.” Arne added.

Novameat: Giuseppe Scionti shares how to get funded in 2024

Investment Climate Podcast: Fundraising Playbooks From Food Tech CEOs and VCs 

In this podcast series, co-produced by vegconomist, Alex Shandrovsky interviews investors about benchmarks for funding Alt Proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs. 

Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including alternative proteins and cellular agriculture leaders. His focus is on investor relations and post-raise scale for agrifood tech companies. 

Episode 1: Novameat: Giuseppe Scionti shares how to get funded in 2024

In this episode, Alex talks to Giuseppe, CEO and Founder of Novameat, a food tech company based in Barcelona that focuses on creating next-generation plant-based meat alternatives (whole cuts, deli cuts, and shredded cuts. Giuseppe emphasizes the importance of long-term relationship-building with investors and the concept of lines versus dots. The key techniques and strategies are also highlighted, as well as some practical insights on how they close the round.

Key Facts Novameat:

• Goal: To set a new standard for superior whole cuts that have the same delicious flavour and texture as animal meat but come from a different protein source.
• Raised €17. 5 Million Series A.
• Lead Investors: Sofinnova Partners and Forbion.

Alex’ Top Findings:

1. It took 18 months to close this round and Giuseppe was prepared with that timeline in mind. Be realistic to what rounds take and work way backwards. As per Giuseppe “We are Planning from the beginning to be a resistant company. So we were set up for whatever it takes to find the best iInvestors, that means the best fit.”
2. Make in person conferences special, Giusape brought the R&D head of the world's best restaurant with him to conferences to offer unique experiences to investors and VIPs. ”Because we are in Barcelona, you need to take advantage of what you have. We have the number one, best restaurant in the world, Frutar. I brought with us the R&D chef. We got the booth, we showed the products and we took advantage of all the great investors that we can get to the conference, get the list of them, use the platforms of the conferences.I brought a lot of investors in the back door of the hotel, in the actual kitchen, where the chef of the hotel really loved our product. But this was not shown in the conference. It was a VIP experience that nobody knew about.” Giuseppe added.
3. Be prepared to stalk. When you are in a room with a VIP investor which might be hounded by others, take the time and wait until he goes to a more secluded spot. Come up and thank him for the impact of the talk or their work and build the relationship. You will be afraid but do it anyway. Just like Giuseppe experiences, he shared “I  actually stalked one of the most famous investors in the cafeteria outside of the conference. I actually followed the person because everybody was talking to this famous person. I was drinking coffee alone outside of the hotel in San Francisco since nobody would follow him outside of the hotel. I stopped him when I saw him and said “Hello. It was great to listen to you in the panel and you may be interested in this or that.”

REDUCED: Emil Munck de Voss shares how to get funded in 2024

Investment Climate Podcast: Fundraising Playbooks From Food Tech CEOs and VCs 

In this podcast series, co-produced by vegconomist, Alex Shandrovsky interviews investors about benchmarks for funding Alt Proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs. 

Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including alternative proteins and cellular agriculture leaders. His focus is on investor relations and post-raise scale for agrifood tech companies. 

Episode 16: REDUCED: Emil Munck de Voss shares how to get funded in 2024

In this episode, Alex talks to Emil, co-founder and CEO of REDUCED, founded in 2020, aims to tackle food waste by creating flavor solutions from food side streams. These flavor solutions, such as intense stock or broth, are sold to food professionals and manufacturers for use in products like ready meals, meat alternatives, soups, and sauces. Email emphasizes the importance of preparation, relationship building, and understanding both the financial and operational aspects of fundraising in closing the round. He highlights several important techniques and strategies for securing funding, especially in the food tech sector.

Key Facts REDUCED:

• Goal: To reduce food waste by using vegetables, protein and other sources of nutrition left over from the conventional food industry.
• Raised €8 million in August 2024
• Investors: Novo Holdings, ECBF

Alex’ Top Findings:

1. Investor Relationships: Emil emphasizes the importance of networking and building relationships within the food industry through advocacy groups and boards, which led to several key investor introductions.
2. Fundraising Approach: Emil prepares thoroughly for investor meetings, recognizing that one bad meeting can kill an opportunity. He stresses the importance of clear, truthful communication in all dealings with potential investors and partners. He also encouraged demonstrating the product's value by bringing samples to investor meetings and inviting investors to see the production facility firsthand.
3. Fundraising Strategy: Build momentum by creating a wide funnel of potential investors. Prioritize face-to-face or voice meetings over emails to build relationships and gain insights. Provide information in steps to maintain engagement and better understand if the investor is a good fit. Respond quickly to maintain momentum and create urgency in the fundraising process. Practice pitches with less likely investors to refine the presentation before approaching key prospects.
4. VCs vs. Corporate Investors: VCs provide valuable insights into metrics and scaling, fostering an operational mentality focused on growth and performance. Corporate investors contribute by bringing industry knowledge and commercial insights, which are vital for innovation in food tech. Both types of investors can complement each other on the cap table.

De Novo Foodlabs: Jean Louwrens shares how to get funded in 2024

Investment Climate Podcast: Fundraising Playbooks From Food Tech CEOs and VCs 

In this podcast series, co-produced by vegconomist, Alex Shandrovsky interviews investors about benchmarks for funding Alt Proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs. 

Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including alternative proteins and cellular agriculture leaders. His focus is on investor relations and post-raise scale for agrifood tech companies. 

Episode 15: De Novo Foodlabs: Jean Louwrens shares how to get funded in 2024

In this episode, Alex talks to Jean Louwrens, co-founder and CEO of De Novo Foodlabs, which focuses on using precision fermentation to produce scarce proteins more sustainably and affordably, addressing the challenge of harvesting these nutrients from nature. Jean shared insights on raising a seed round led by Joyful Ventures and building strong relationships with investors. He also highlighted the importance of partnering with large corporations for regulatory support and co-funding, even if it requires some early-stage trade-offs, such as regional exclusivity.

Key Facts De Novo Foodlabs:

• Goal: To give Food & Beverage and nutrition companies a competitive edge with innovative products that are healthier for humans and the planet.
• Recently closed seed round.
• Lead investor: Joyful Ventures

Alex’ Top Findings:

1. Relationship Building: Developing strong relationships with investors early, even in informal settings, can lead to future investment.
2. Corporate Partnerships: DeNovo has secured strong partnerships with large companies, especially in the dairy industry, for regulatory support, co-funding, and market insights, which has reduced their reliance on venture capital. 
3. Commercial Traction: Despite not yet being able to sell commercially due to regulatory hurdles, DeNovo shows traction through letters of intent, regulatory support, and corporate collaboration to prepare for market entry.
4. Off-take Agreements: Locking in pricing for off-take agreements is really challenging, as costs of production may change. Jean recommends creating financial models to project costs and building wiggle room into contracts for price adjustments.
5. Regulatory Strategy: Navigating regulatory approval (e.g., FDA) is complex and time-consuming, often taking longer than expected. To minimize risk, startups should seek advice from legal experts and people who have successfully navigated the process, especially those who worked with regulatory bodies like the FDA.
6. Advice for Early-Stage Companies: Jean advises focusing on customer traction, leveraging corporate partnerships for regulatory and funding support, and potentially seeking external due diligence for competitive analysis.

AIPERIA: Franz Seubert shares how to get funded in 2024

Investment Climate Podcast: Fundraising Playbooks From Food Tech CEOs and VCs 

In this podcast series, co-produced by vegconomist, Alex Shandrovsky interviews investors about benchmarks for funding Alt Proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs. 

Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including alternative proteins and cellular agriculture leaders. His focus is on investor relations and post-raise scale for agrifood tech companies. 

Episode 14: AIPERIA: Franz Seuber shares how to get funded in 2024

In this episode, Alex talks to Franz, co-founder and CEO of AIPERIA, a German based SaaS solution that helps suppliers and retailers in sustainable demand planning for fresh food by enabling end-to-end planning from production to supermarket shelves to ensure only what is sold is produced. Their solution is currently used in around 3,000 stores. Franz emphasized the importance of maintaining ongoing communication with investors, preparing thoroughly for due diligence with an organized data room, and having a team with both business and technical expertise. 

Key Facts AIPERIA:

• Goal: To expand both internationally and vertically into the fresh produce assortments of bakery, convenience/deli, packaged meat and flowers & plants.
• Recently closed $7.5 million Series A round in April 2024.
• Lead investor: Early Bird VC

Alex’ Top Findings:

1. Building Strong Relationships Early: Aiperia maintained ongoing investor relations, even between rounds, to ensure smoother fundraising efforts. Franz highlighted the importance of “closing a round before it's opened” through continuous engagement with potential investors
2. Leveraging Existing Investors: Aiperia already had well-known investors, like Early Bird, on its cap table. This significantly helped them attract more VCs. Having prominent investors on board early can create credibility and signal to other investors that the company is worth backing. Franz described the fundraising process as more inbound than outbound due to the strong network created through their existing investor relationships.
3. Keep a well-organized data room: This includes all necessary documents like contracts, agreements, and financials. Being well-prepared for the legal, technical, and business due diligence processes can save time and instill confidence in investors. 
4. Understand the legal framework: Aiperia had a solid legal structure from their seed round, which made it easier and faster to negotiate their Series A. Franz advised founders to get an experienced lawyer who specializes in startup financing.
5. Technical and Business Clarity: Investors did not perform in-depth code reviews but instead focused on understanding the company’s architecture, scalability, and cloud infrastructure. Franz pointed out that it's important for founders to have a clear roadmap for solving any technical gaps that investors flag, even if the current infrastructure isn't perfect.
6. Building Trust with Investors: By focusing on relationship-building, demonstrating traction, and ensuring preparedness for legal and technical due diligence, Aiperia was able to close their Series A in a smooth, efficient manner. Other founders can apply these strategies by maintaining ongoing investor conversations, prioritizing strong legal and business foundations, and showcasing strong growth and a capable team

Cultimate Foods: George Zheleznyi shares how to get funded in 2024

Investment Climate Podcast: Fundraising Playbooks From Food Tech CEOs and VCs 

In this podcast series, co-produced by vegconomist, Alex Shandrovsky interviews investors about benchmarks for funding Alt Proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs. 

Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including alternative proteins and cellular agriculture leaders. His focus is on investor relations and post-raise scale for agrifood tech companies. 

Episode 13: Cultimate Foods: George Zheleznyi shares how to get funded in 2024

In this episode, Alex talks to George, co-founder and CEO of Cultimate Foods, a Berlin based biotechnology startup developing a cultivated fat ingredient for plant based meat aiming to replicate the taste and texture of traditional animal meat. George discusses the importance of having strong Letters of Intent (LOIs), supported by Material Transfer Agreements (MTAs) and sample deliveries in closing their investment rounds. 

Key Facts Cultimate Foods:

• Goal: To improve the taste and texture of plant-based meats by offering a high-quality fat alternative that can replace expensive flavoring solutions.
• Recently closed €2.3 million seed round.
• Lead investor: HTGF

Alex’ Top Findings:

1. Preparedness: Having a well-organized data room, including strong LOIs, MTA agreements, and a clear regulatory strategy, was key. This preparation ensured that they could answer investors' questions and provide all necessary documentation efficiently.
2. Strong Relationships with Investors: George mentioned that the relationship with their lead investor started during the pre-seed round. Even though they were not ready for investment at that time, they kept the relationship alive and returned when they were ready for the seed round. They maintained communication and came back to the same investor, showing progress and readiness, which eventually led to securing the investment.
3. Letters of Intent (LOIs): Having strong LOIs, especially those supported by Material Transfer Agreements (MTAs) and sample deliveries, was crucial. These agreements with potential customers demonstrated that there was real interest and intent to purchase the product, which reassured investors. 
4. Regulatory Roadmap: Investors are concerned about the regulatory hurdles in the food tech space, particularly for cultivated meat products. George mentioned that they had already started working with regulatory consultants and shared their roadmap for submitting regulatory dossiers in multiple countries. This reassured investors that the company was aware of and prepared for the regulatory challenges ahead.
5. Reference Calls: George facilitated reference calls between investors and potential customers. This direct communication allowed investors to validate the product's demand and its value proposition directly from industry stakeholders reassuring investors about the company’s market potential.
6. Meeting High Standards: George noted that the requirements for startups have increased, particularly in the cultivated meat space. They had to present a level of market traction and technological development that might be expected of a Series A or B startup, even at the seed stage. Understanding and meeting these elevated expectations was crucial for closing the round.

Enifer: Simo Ellilä shares how to get funded in 2024

Investment Climate Podcast: Fundraising Playbooks From Food Tech CEOs and VCs 

In this podcast series, co-produced by vegconomist, Alex Shandrovsky interviews investors about benchmarks for funding Alt Proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs. 

Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including alternative proteins and cellular agriculture leaders. His focus is on investor relations and post-raise scale for agrifood tech companies. 

Episode 12: Enifer: Simo Ellilä shares how to get funded in 2024

In this episode, Alex talks to Simo Ellilä, CEO and co-founder of Enifer, a biotech startup in Finland that produces sustainable microprotein through the fermentation of industrial byproducts. Simon discusses the strategic approach Enifer took to raise their current rounds and a few key strategies that helped them secure funds from grants. He also highlights the need to demonstrate progress on the industrial facility and meet critical milestones to maintain investor confidence.

Key Facts Enifer:

• Goal: To transform circular economy by-products into planet friendly protein.
• Recently closed a significant funding round with €15 million in equity, €9 million in loans, and over €12 million in government grants.

Alex’ Top Findings:

1. Proactive Preparation Pays Off: Enifer readiness was the result of anticipating funding opportunities and preparing well in advance. Startups should be proactive by having key documents and a data room ready, even if a grant isn’t immediately on the horizon. A well-organized data room, with clear blueprints, CapEx estimates, and historical data on the production process, was essential to securing both government funding and investor confidence.
2. Key Elements of Letters of Intent: Many grants require proof that the rest of the project’s financing is either secured or on the way. Detailed and credible letters of intent from investors and potential buyers played a critical role in securing funding. These letters included specifics about investment amounts, project descriptions, and expected returns, increasing their persuasiveness.
3. Develop a Convincing Business Case: It’s critical to show that your project isn’t just theoretical or experimental but has clear commercial viability. Enifer succeeded in part by demonstrating that their factory would be an industrial-scale production facility capable of generating significant revenue. Startups should focus on showing how the project will generate returns, mitigate risks, and align with government or institutional funding goals, especially in sustainability and innovation.
4. Engage Early and Stay Updated on Opportunities: Building relationships with government agencies, grant organizations, and other funding bodies ahead of time can give startups a head start. Staying informed on upcoming grant calls and funding programs—especially those tied to broader economic or sustainability goals—enables startups to align their project timelines with available funding windows.
5. Clear and Realistic Milestones: When applying for grants or presenting to investors, it’s crucial to break down the project into clear, achievable milestones. Enifer provided detailed CapEx and OPEX estimates alongside a phased timeline for their production ramp-up. This clarity helped mitigate perceived risks and gave confidence to the grant evaluators. Startups should aim to present similar structured milestones and cost breakdowns, which demonstrate thorough planning and feasibility.