BIOWEG GINSEP-Talk

Summary

The video script features an insightful interview with Pranay Joshi, co-founder of BioW, a deep-tech startup focused on replacing petroleum-based ingredients with biodegradable alternatives. Joshi shares his journey from a neuroscience PhD to a strategy consultant at EY, and finally to entrepreneurship. He discusses the founding story of BioW, its mission to eliminate microplastics in cosmetics and agriculture, and the challenges and strategies involved in gaining traction with major industry players. The conversation also touches on the importance of networking, the role of incubators, and the unique aspects of doing business in Germany as a foreign founder.

Takeaways

• 😀 The session is about Indo-German startup stories, aiming to inspire and guide founders with personal narratives and experiences.
• 🌟 The speaker, Pranay, is the founder of a prominent startup that has been featured in major German newspapers and has partnerships with large corporations.
• 🎓 Pranay's background is in biotechnology and neuroscience, having completed his PhD at a renowned institute, which provided a strong foundation for his scientific endeavors.
• 🔍 Pranay transitioned from academia to business, leveraging his scientific knowledge and self-study in finance and economics to work in strategy consulting.
• 💡 The idea for his startup, BioW, was born out of a desire to address environmental concerns by replacing petroleum-based ingredients and microplastics with sustainable alternatives.
• 🌱 BioW is a deep tech company with a mission to create biodegradable polymers that outperform traditional plastics, targeting industries like cosmetics and agriculture.
• 💼 Pranay emphasizes the importance of mindset shifts from focusing on technology to creating products that meet market needs and deliver value to customers.
• 📈 The startup has grown steadily, with a diverse team and plans to scale up production and secure further funding to expand their impact.
• 🤝 Pranay highlights the value of networking and incubator programs in establishing a business, especially for foreign founders, and the importance of selecting the right ecosystem for the startup's industry.
• 🌐 The company is currently based in Germany, leveraging local resources and support, with plans to expand to Asia, focusing on India, where Pranay is originally from.
• 🚀 Looking ahead, BioW anticipates product launches, collaborations, and continuing their mission to reduce microplastic pollution globally.

Q & A

What is the purpose of the Indo German startup stories session?

The purpose of the Indo German startup stories session is to share inspiring role models and individual stories of founders who can guide and inspire others who want to embark on a similar path. The session aims to provide firsthand experiences, dos and don'ts, and recommendations from the founders themselves, which are considered extremely valuable.

Can you explain the role of GINP in supporting startups?

GINP, which stands for German-Indian Startup Partnership, is a non-profit initiative that supports startups from India and Germany to enter each other's markets. It offers capacity building, promotions for visibility, and is considered the biggest startup initiative in the Indo-German context. GINP supports founders in various ways and organizes soft landing programs for Indian startups interested in entering the German market.

What is the background of the guest speaker, PTI Mahala?

PTI Mahala is the founder of a prominent startup that has been featured in major German newspapers and has collaborations with big corporations. He has a background in biotechnology and neuroscience, having completed his PhD at the Max Planck Institute. He also has experience in politics, having been a student president at the Max Planck Society and involved in lobbying during Obama's time for science policy.

How did PTI Mahala transition from academia to business?

PTI Mahala transitioned from academia to business by first working in strategy consulting at EY (Ernst & Young) in Frankfurt, where he gained experience in M&A and finance. This helped him to transform his thinking from a technology perspective to a product and market perspective, which was essential for his business journey.

What is BioW and what problem does it aim to solve?

BioW is a deep tech company with a mission to replace petroleum-based ingredients, specifically microplastics. The company has developed a biopolymer through fermentation, which is a substitute for microplastics and is fully biodegradable within 60 days. BioW aims to address the issue of microplastic pollution in various industries, including cosmetics and agriculture.

How did BioW manage to collaborate with big brands like L'Oreal and Louis Vuitton?

BioW collaborated with big brands by developing end formulations and products and presenting them to clients as ready applications. This approach allowed clients to experience the difference in functionality firsthand, which helped BioW to stand out and secure collaborations.

What is the current status of BioW in terms of team size, revenue, and funding?

BioW currently has a team of 19 people from 10 different nationalities. They have an office in Monheim and a production facility in Quakenbrück, Germany. The company generated more than half a million in revenue last year and is projected to exceed a million this year. They have raised funds from German high-net-worth individuals and received grants from the EU and German government, totaling around 3-4 million. They are in the process of closing a 20 million Euro round to scale up their operations.

Why did BioW choose to locate their production facility in Quakenbrück, a small village in Germany?

BioW chose Quakenbrück because of its relaxed environment and the support offered by the local community, including the German Institute of Food Technologies. The location provided access to necessary infrastructure and expertise without the high costs associated with larger cities, making it an ideal place for their pilot scale production facility.

What advice does PTI Mahala have for foreign founders looking to set up a business in Germany?

PTI Mahala advises foreign founders to focus on building a strong network, joining incubator programs for structured feedback and connections, and understanding the local culture and commercialization strategies. He also emphasizes the importance of hiring people with experience in the local industry and culture to facilitate business development.

What are some of the challenges and opportunities PTI Mahala sees in Germany as a business destination?

Germany offers a strong and stable economy, a growing initiative to promote entrepreneurship, and a welcoming environment for foreign founders. However, Mahala points out that the startup ecosystem and taxation structure could be improved. Despite these challenges, Germany's advanced technology focus, changing language openness, and improving visa structures make it an attractive business destination.