Tech Tour connects investors with innovative entrepreneurs who are looking for capital to scale up and produce their sustainable projects.
Continuing to invest in the bioeconomy is necessary, emphasised Agatha Kotkowska, Deputy Head of Circular Economy Sustainable Production and Consumption at the European Commission: “The bioeconomy is gaining momentum worldwide. Everyone wants a piece of this $4 trillion market, which is expected to grow to $33 trillion by 2050.” The United States, China, Brazil and India, in particular, are well on their way to becoming dominant players. India alone has seen its bioeconomy grow sixteenfold in the last ten years. “It wants to become a global hub for bio-manufacturing. We in Europe must also demonstrate that ambition.”
Kotkowska underlines that the European bioeconomy currently already contributes around €2.3 trillion to the economy and employs 17 million people, mainly in agriculture and primary sectors. Nevertheless, there are serious obstacles. She pointed out: “Fossil fuel industries often still receive subsidies, while bio-based alternatives have to make do with much less.”
The European Commission wants to change this and is therefore working on a new Bioeconomy Strategy, which is expected to be adopted by the end of 2025. This focuses on three pillars: more efficient use of biological resources (circularity), scaling up markets for bio-based materials, and sustainable management of biomass. “Start-ups and industries are struggling to remain competitive. We want to address this with targeted policies and more support,” said Kotkowska. The upcoming Biotech Act will also play a role in this. It will be a legislative framework that should provide more clarity, certification and investment security for bio-based companies by 2026. “Europe has the knowledge and talent in-house. Now we need to ensure sufficient scale, infrastructure and collaboration to truly become a global leader.”
Scaling up essential
Leadership in the bioeconomy requires not only accelerated innovation, but also scaling up when bringing new technology to market. Mateusz Wielopolski, Sustainability and Climate Manager at Deloitte, argued for the use of artificial intelligence (AI) from the outset: “Only then can you truly create value across sectors.”
According to him, AI is capable of making complex value chains more efficient, thereby accelerating both sustainability and growth. “AI can speed up the transition to circularity by processing large amounts of data, understanding complex interactions and making processes more efficient,” stated Wielopolski. However, his poll of the audience revealed that only a handful of scale-ups are currently actively using AI. “We are only at the beginning.”
Wielopolski showed how circular innovations – from product design to recycling – influence each other within a value chain. “If you use more sustainable materials in the design phase, it immediately affects the possibilities for reuse or recycling at the end.” Optimising that entire chain simultaneously is extremely complex. “That’s precisely where AI comes in: to recognise patterns, make predictions and make better decisions.”
He gave concrete examples of AI applications in,for example , the automotive sector, where AI is used in the design, production, use and reuse of parts. Deloitte is already applying these technologies in projects together with, among others, Google and Makersite. “Collaboration is crucial. Build ecosystems in which AI and circularity reinforce each other.”
Guts, logic and patience
During Tech Tour Circular, circularity was not discussed as a fad, but as a serious business case. In a panel discussion led by Anna Handschuh (Future Affairs), three investors addressed the question of how sustainable technologies can be successful without being dependent on subsidies or favourable regulations. The panellists were Deanna Zhang (Circularity Capital), Filip Van Den Abeele (Finindus) and Oliver Vander Cruysse (PMV).
For Deanna Zhang, it is clear: circularity must make economic sense. “We only invest in companies that can also grow without subsidies. A good example is Shark Solutions from Denmark. They recycle polyvinyl butyral (PVB), the laminate between glass layers from broken car windows, into raw materials for carpet, paint or even new windows. Their customers don’t necessarily choose recycled material because it’s greener, but because it’s cheaper.”
Price and impact
According to Zhang, that is the strength of circular business models: they must compete on both price and impact. At the same time, she advocates for more investor involvement in EU policy: “We can participate more actively in shaping regulations that truly help these companies move forward.”
Handschuh challenged the panel to look beyond subsidies. “Well-designed regulation doesn’t have to be a burden, but can actually strengthen the business model.” Filip Van Den Abeele agreed, but also pointed to the slow recognition of sustainable products. “One of our circular investments failed because customers didn’t see it as a necessity. There is still too little willingness to pay for sustainability.”
Unequal battle
Both Van Den Abeele and Oliver Vander Cruysse advocate for a level playing field. “As long as polluting alternatives are cheaper, circular models will continue to fight an unequal battle,” said Vander Cruysse. “External costs must be factored into the price. And Europe needs to grant permits faster. For example, waiting two years for a charging station is simply absurd.”
When asked what they would do if they were President of the European Commission, sharp answers followed. “Stop taxing labour,” said Zhang, “and start taxing virgin raw materials. That will really make a difference.” Van Den Abeele added: “Invest in knowledge and innovation. Ideas are the raw material of our future.”
The panel’s conclusion was clear: circularity requires economic logic, political courage and, above all, a lot of patience – from investors, companies and governments alike.
Collaboration and flexibility
During a second panel session, moderator Nathan De Geyter (Ghent University) spoke with four leaders in the circular bioeconomy about one of the biggest challenges in the sector: scaling up. The common thread? Success requires smart collaboration between start-ups, investors, industry and governments.
Sophie Roelants of Amphistar kicked off with a plea for European pilot infrastructure. “We need EU support to open up pilot plants to multiple companies. This will prevent every start-up from having to reinvent the wheel themselves.” For innovative companies in the bio-based sector, developing both material and market access is a double hurdle, agreed Julia Seeligere of investment fund ECBF. “Start-ups have long cycles. We often finance up to commercial scale, because private investors remain cautious.”
Martijn Lopes Cardozo of Regeneration.VC emphasised the crucial role of large brands in successfully bringing circular innovations to market. “Many start-ups have a good product, but without ‘pull’ from the supply chain, you won’t get anywhere. That’s why we work closely with parties like Ikea and H&M, not only as investors, but also as launching customers.” He advocated for early involvement of such companies: “Start talking before your product is finished. This way you build relationships and get valuable feedback.”
The logic of scaling up across borders was also discussed. Moji Karimi, CEO of the American company Cemvita, showed how his company thinks globally. “We are building our first commercial plant in Brazil, due to access to cheap feedstock. After that, we want to expand to Europe, for example in Ghent, where industrial clusters and residual streams offer a lot of potential.” According to Karimi, flexibility is vital. “In this sector, you have to invent everything at the same time: technology, business model and partnerships. And you have to make it happen before your company dies.”
The panellists were unanimous: Europe has talent, infrastructure and policies, but it is still struggling with the integration of players. Only through better collaboration and a long-term vision can innovations grow into impactful companies. As Karimi aptly put it: “It’s not the technology that’s holding us back – it’s the ecosystem that needs to learn to move faster and smarter.”
Pitches
A regular part of Tech Tour Circular is the pitching sessions of entrepreneurs looking for collaboration and/or funding for their idea. For this edition, there were 180 applications, of which 36 were ultimately given the opportunity to present their innovation. From these, investors chose six winners:
Imagindairy from Israel: dairy production through precision fermentation with enzymes. The animal-free milk proteins can be used as an ingredient to make traditional dairy products such as milk, yoghurt, cheese and cream, but with significantly less environmental impact.
Qorium from the Netherlands, cultivated leather from the bioreactor. Collagen sheets are grown from bovine cells, making the first steps of traditional leather production – including the slaughter of cows – redundant. This results in a sustainable, uniform and high-quality material that generates less waste and costs.
Anodyne Chemistries from Canada: carbon-negative production of chemicals through enzymatic electrolysis. Using enzymes and renewable energy, the company produces formic acid, formaldehyde and methanol from CO2 and water. They are sustainable replacements for the fossil fuel versions of these chemicals, which are used as building blocks in numerous industrial and consumer products.
Yeastup from Switzerland: plant-based production of functional proteins and dietary fibres from upcycled brewer’s yeast. This allows for the sustainable production of protein-rich foods, supplements and cosmetics.
Xampla from the United Kingdom: biodegradable, plastic-free alternatives for everyday products thanks to plant polymer technology. Its flagship product is a fully recyclable coating material that replaces plastic coatings in packaging, including features such as water and grease resistance. Xampla already collaborates with major companies such as Just Eat Takeaway and food packaging manufacturer Huhtamaki, and aims to expand its activities in Europe.
Circular Materials from Italy: technology for a 99% effective, mild separation and upcycling of metals dissolved in (waste)water. The solution to be treated is mixed with supercritical water (>375°C, >221 bar), causing dissolved metals (or metal oxides) to clump together into nano- or microparticles. These are easily recovered, after which the water can be purified.
William Stevens, founder and director of Tech Tour, praised the many promising innovations presented during the event, with a particular emphasis on the role of talent and collaboration. “The quality of the companies we have seen here is impressive,” he said in his closing remarks. Stevens encouraged the entrepreneurs who participated in the event to continue their work and achieve success.
Belgian BISC-E final
An important part of the Tech Tour Circular event this year was also the national Belgian final of the Bio-based Innovation Student Challenge (BISC-E) for an expert jury. BISC-E is a European competition supported by BIC. It challenges students to explore innovation and business development in the emerging bioeconomy while developing a new bio-based 1 product or process.
AquaNutrix, a team of Technovation postgraduates from KU Leuven, won the Belgian competition. “The future of aquaculture feed doesn’t swim in the ocean, but grows on waste streams,” the team stated. AquaNutrix wants to replace fishmeal as feed for farmed fish with a circular solution: omega-3-rich insect meal produced from black soldier fly larvae. These insects are grown on residual streams from walnut cultivation and organic waste. The larvae are harvested after seven to fourteen days, processed and ground into a protein-rich meal. It can (partially) replace fishmeal, for which millions of tonnes of fish have to be caught annually. AquaNutrix’s process thus prevents ecological damage and also yields a natural fertiliser as a residual product. The entire system is local, circular and runs largely on solar energy.
Second place went to Team ‘on fLEEK,’ in which three students from the Universities of Ghent and Antwerp are collaborating on an innovative solution to valorise the annual surpluses of leeks in Belgium and Europe. They extract polyphenols from the leek waste using a patented bioreactor to produce a natural anti-ageing cream. This process maximises the yield of polyphenols, creates a sustainable cosmetic product and generates bioethanol as a valuable by-product, contributing to the circular economy and sustainability.
Team Bataboosters, consisting of four students from Hogeschool Ghent, focuses on valorising unsaleable sweet potatoes from Belgian and Dutch growers. They presented ‘Vitabataat’: a plant-based vitamin (A, B and C) supplement, extracted from this residual stream, with which they offer a sustainable alternative to synthetic supplements. The team emphasises the health benefits, the green production method and their marketing strategy via social media and collaborations. They want to sell Vitabataat as premium gummies via their own webshop and other channels.
All winners of the national BISC-E competitions in the participating countries are supported with a coaching programme and participate in the European finals organised by BIC in September. They have a chance to win prize money, complimentary BIC membership and access to the network of BIC experts.
See also:
Tech Tour Bio Based Industries 2024 Programme: ‘New functionalities, new benefits and new solutions’ (Agro&Chemistry, 28 November 2024)
TechTour Circular links entrepreneurs in the biobased economy to investors (Agro&Chemistry, 16 May 2024)
This article was created in collaboration with the Bio-based Industries Consortium
