Experienced entrepreneurs in the circular bioeconomy, along with leading venture capital companies and other financial institutions, gathered in Dublin on 16 October 2024 as part of Bioeconomy Ireland Week to accelerate development of the circular bioeconomy in Ireland.
Professor Maeve Henchion of Teagasc, ShapingBio, and BiOrbic says,
"As the need to decarbonise our economy becomes more urgent and the business potential of the circular bioeconomy become more clear, we need to look at scaling sustainable innovation. This means that we need money to flow from those who have money to those who can use it, and public funding alone won’t do it. Through the EU-funded ShapingBio project, we have identified funding as one of the biggest hurdles to advancing the bioeconomy across the EU, signalling a need to improve the process. This event was organised to help address this gap”.
UCD scientist and spin-out company founder Professor Kevin O’Connor advises other would-be company founders that “understanding the scale of the problem you are addressing, the size of the market opportunity, the level of investment required to get you to market and the regulatory barriers to market entry are as critical as the technology development. You need to work on collaboration, with a wide variety of stakeholders and experts. This is critical to delivering on your vision”.
The event offered valuable insights into the growing ambition of scientists to step beyond the confines of academia to actively engage in addressing critical sustainability challenges. It was emphasised that scientists should and can remain dedicated to their core expertise, but that they need to surround themselves with business leaders and stakeholders to achieve success.
Discussions with Dr. Frank Clarke whose company OMUU pioneers innovative insect protein products for pets, and Aoibheann O’Brien co-founder of the award winning social enterprise FoodCloud highlighted the unique challenges facing companies in the circular bioeconomy.
While securing funding is a hurdle for all businesses, companies in the circular bioeconomy face additional obstacles in explaining their vision – explaining what sustainability means, the specific problems that their technology addresses and how their solutions work.
Key insights about funding emerged from discussions with David Bowles managing partner at the Yield Lab Europe, a leading Agtech impact venture capital fund and Colette Shirley, Director of Sustainability at Bank of Ireland. They emphasised that businesses across sectors, from manufacturing to finance, must increasingly prioritise sustainability alongside financial returns. The discussions revealed that this shift is inevitable, with directives such as the Corporate Social Responsivity Directive (CSRD) serving as strong regulatory drivers if businesses do not adopt sustainability practices voluntarily. However, it was also acknowledged that businesses can’t invest in sustainability without a clear understanding of its implications and benefits.
Following the event, Dr. Noha Mahmoud, ShapingBio and Teagasc stated that
“It is very encouraging to see the open and honest exchange of perspectives between those looking for funding and those providing funding. Without alignment between these groups, money won’t flow and sustainable innovation will stall”.
Niamh Collins, Centre Director of the Guinness Enterprise Centre, emphasised the diversity of sectors represented by companies at the GEC, which include companies in sustainability and the bioeconomy.
She highlighted the common challenges these businesses face in bridging the funding gap between the startup and scaling stages in Ireland. Collins reiterated the significance of open dialogue, as demonstrated during this morning’s event, in addressing these challenges and fostering collaboration across industries.
Video recordings from the event
A recorded video of the event is available through the link below.
Further information
