In 2015, we still used those table speakers for conference calls. Remember those? Kind of looked like a spaceship. I had just started at Imagine H2O, and the first external call I had on my second day was with someone who was very highly regarded by my colleague Ivy Nguyen, who is now a BIV IC member. Hi, Ivy! That someone was Steve Kloos, partner at True North Venture Partners, previously at GE Water and Osmonics. And Ivy was really right. 

Over the following eight years, Steve became a friend, mentor, colleague, and through an annual seminar for IH2O companies that he ran, probably the single biggest influence on how I and the team thought about the science of early stage company creation and entrepreneurship. I was so grateful for his support through the formation of BIV Fund I, and it was a wonderful moment when we saw the possibility of working together. Along with Christine joining, BIV has now entered a new phase, and one that sets us up excellently for the long term. We have a three-person partnership of complementary skills and backgrounds, and it's tremendously exciting to have Steve join us. He's an exceptionally smart, kind person with a hell of a resume and is one of the highest integrity individuals I've had the pleasure of working with. 

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For the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205

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Steve Kloos’ career in the water field, his expertise in membrane technology, and his significant contributions at Osmonics, GE, and partner at True North Venture Partners is explored. He and Tom discuss the critical roles of mentorship, strategic thinking, and the dynamics of corporate integration and venture capital in fostering innovation. Key themes discussed are the power of water treatment technologies, the importance of understanding value chains, strategies for startup success and sustainability, and the need for continuous learning and adaptability in addressing climate change and advancing water technology.

Episode Highlights:

0:00 Start

0:49 Introduction

2:23 Steve’s journey with water

4:45 Membranes and their importance

5:49 GE’s acquisition of Osmonics

8:04 Steve’s progression within GE

9:59 GE’s vulnerabilities

12:28 Transitioning from focusing on business internally to externally

16:11 GE Ventures

18:05 True North and startup theory

22:35 Coaching startups

27:20 Risk retirement and registers

30:15 Lessons learned as AquaHydrex CEO

31:56 A unique tool in acquiring funding

34:16 Hydrogen and water’s intersection with climate and climate risk

39:27 Current

42:09 What excites him about BIV

46:10 Steve’s advice for prospective water entrepreneurs

Links:

Burnt Island Ventures: https://www.burntislandventures.com/

Current: https://currentwater.org/

“Onion Theory of Risk”: https://www.youtube.com/watch?v=xy9cAANwMe

Quotes:

"The true north of any company lies in understanding its customers and working backwards from there."

"Innovation is not just about having a groundbreaking idea; it’s about making it sustainable and scalable."

"Water is not just a resource; it’s a critical player in our collective response to climate change."

"Being a learner is more than a mindset; it’s the most crucial skill for any entrepreneur."