“What’s new, Green Alley Award finalists…?”
2018 is in full swing now and so are the businesses of our latest Green Alley Award finalists. Of course, they are all busy bees working hard twenty-four seven to succeed with their startup and reach the next important milestone. Maybe you could imagine how hard it is to get an audience with them these days… However, we were curious about new developments and all the big and small successes they might have had since we last met them. Luckily, Mimergy, Sulfotools, Sustonable and Sulapac revealed their plans for 2018 to us:
Some cash please!
What all four have in common is the dream of and need for a big investment to fuel business growth in 2018. Whereas Sustonable, Sulfotools and Sulapac are still waiting for their funding opportunities, Mimergy seems to have had the first great funding success. Mimergy founder Niall Mimnagh told us he raised € 2.1 million at the beginning of this year – an impressive amount but still a drop in the ocean for such a trendsetting technology. The small cash infusion of the Green Alley Award was not enough for these million dollar startups. Sustonable, for example, needs 6 million for setting up a plant to produce their first circular composite stone. So please, investors out there, listen: If you invest in one of them you invest in the future of our planet! No matter if your money helps recycling a difficult waste stream like tires, reduces the amount of resources used and residual waste generated, supports a technology for less hazardous waste in the cosmetics and pharmaceutics industry or contributes to a reduction of plastic packaging – just do it!!
From size zero to super size
With success comes growth at the same time, especially for startups like Mimergy and Sulfotools developing a new and complex technology. That is why Mimergy is planning to move in to a 32,000 square foot industrial building, install their machinery there and employ 15 people. Similar with Sulfotools: Unfortunately, the university spin off from Darmstadt can no longer stay in the uni lab where everything started. They, too, have to relocate their laboratory because they will need more space for the planned production upscaling. Currently they are looking for a suitable place, so please call them if you are an owner or landlord of such a big space! Sustonable is growing as well and would like to expand their team to master the challenges ahead. For Sulapac, however, growth means diversification of their product range. The startup from Finland has plans to launch their first food contact approved packaging and we are definitely looking forward to it!
Harvesting the fruits from our expert sessions
We are very proud that the Green Alley Award helped all four to get closer to realizing their plans for 2018. In the expert sessions, one of the most important elements on the agenda of the annual pitching finals, the startups had time to discuss their plans, their strategies, challenges and opportunities face to face with top management and high-ranking experts. CEO Niall from Mimergy found the expert sessions very good and is already implementing the fruits of the discussion on ways to expand into Europe with the help of partners in practice. Sulfotools received coaching on strategies to get in touch with potential industrial customers and aspects they have to consider regarding the production and distribution of new chemicals. The different aspects were helpful, they said, and will be considered in their plan to start commercializing novel building blocks for the R&D market. Sustonable from the Netherlands gained the insight to focus more on one market, which is the production of kitchen countertops.
On the road to success
Of course, the greatest effect of the Green Alley Award was felt by its winner, Sulapac. The international recognition of the Award allowed them to accelerate their business and helped them receive significantly more international inbound leads and sign more customer contracts. Lately they were able to close two big deals in Finland: For the 100th anniversary of the leading jewelry and silverware company Kultakeskus they designed fully biodegradable jewelry cases, which will be available in stores in April 2018, and for a new range of natural cosmetic products by the cosmetics company Naviter Sulapac is the packaging of choice. Nevertheless, participation also pays off for finalists: Sulfotools, who are still conducting feasibility studies with their technology, definitely felt that the Award directed more attention to them and their business. Moreover, the mentoring experts introduced them to potential investors and scientific consultant companies which might be very helpful for the market introduction of their technology. Networking but also public attention is a strong asset of being a finalist at the Green Alley Award: Laurens from Sustonable was very pleased about the exposure they received and said that in general participation has worked well for their PR.