Startups in the biobased economy still face hurdles that make scaling up difficult, it turned out. These include high capital costs, technological and market risks, and limited access to financing. Dirk Carrez, executive director of the Bio-based Industries Consortium (BIC) called for more public and private funding and better instruments, such as partnerships and targeted support for startups and SMEs.
Stakeholder discussion
In a panel discussion, representatives from startups, large companies and investors shared insights about the sector. It became clear that in addition to funding, better regulation, more coordination and increased biomass use are needed for the bioeconomy to flourish in Europe. Isaac Berzin of VAXA Industries stressed the importance of value creation over cost competition, while Rhiannon Rhees of PlantSea focused on the importance of off-take agreements for achieving milestones. Rob Beekers of Cargill highlighted the challenges around scale and raw materials. And André Convents of Procter & Gamble called for developing new functionalities that make consumers willing to pay more for biobased solutions.
During the programme, 35 entrepreneurs had the chance to pitch their companies to panels of investors. Eight of these companies were awarded as winners.
Read the full article on this website.
The next Tech Tour event will focus circular economy and will take place on 23 en 24 April 2024 in Ghent, Belgium. See the agenda for details.
