4 tactics from an ocean investor
- 1 day ago
- 2 min read
Here is a quick breakdown of the lessons and tactics I got out of my latest podcast interview with Chris Gorell Barnes from Ocean 14 Capital.
A sort of “just tell me what to do” version, if you are building in the blue economy.
1 - Plug into what already exists, don’t build from scratch
Chris thinks that the biggest opportunity to drive growth in the blue economy is to transition the established, proven businesses to become more modern, digitalised, and sustainable.
In practice, look into well-established businesses, big and small. Learn how they are still stuck in the 19th century. And what innovations would make the biggest difference.
Offer them an easy-to-implement solution that would help them transition.
“You’ve got well-established businesses with great owners, great founders, and good management teams that are still running these businesses on Excel spreadsheets.”
2 - Make brown industries greener
“Are they businesses that are going to save the ocean? Unlikely… if you plug them into the existing industry, then they can have a catalytic impact.”
Transitioning existing businesses may not just be where most of the money is.
Dragging the big, high-impact industries into a more sustainable way of operating is also where you can make the biggest difference in terms of sustainability.
A refreshing example of profit and positive impact being in the same place.
Stay away from the temptation of building a sexy solution that “preaches to the converted" – addressing a sector or audience that is already doing things right.
A boring, small gain in how hundreds of fish farms are managed beats getting bamboo toothbrushes to an already environmentally conscious niche.
This is Ocean 14’s portfolio, which gives you an idea of what they think is worth investing in.
3 - Sales isn’t a dirty word, it’s the engine
The biggest gap Chris sees in blue economy businesses is commercial.
Technical founders fall in love with the solution but treat sales and marketing as beneath them.
However, farming the most beautiful regeneratively grown kelp in the world means nothing if you can’t sell it.
What to do: build a real commercial function early; don’t leave it as an afterthought once the science works. Get the right people and systems in place.
As the CEO, stay close to sales yourself.
“People see that as something that’s dirty when in fact it’s pretty much the engine of all businesses."
4 - Do your homework before you commit
Too much good talent gets poured into solutions nobody actually wants. Months of effort, human potential, lost to a business case that was never there.
In practice, check the demand before you “bet the farm” on it.
Talk to the industry you’re trying to serve, confirm someone will pay, and build the forecast an investor would build before you become a solution in search of a problem.
“Do your homework first. Make sure there’s a good business case.”
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