Launching a successful business demands dedication — no matter which sector you operate in.
But emerging firms in the science sector can face expensive hurdles in getting funding and permission to test prototypes as well as conquering the mountains of red tape required to license and distribute products.
Despite these hurdles, several innovative firms break through as solo players or come to the fore thanks to lucrative partnerships with larger organisations.
Here are three startups that have cut themselves a slice of the science sector.
Russian gas production experts RRT Global have sustained success over their first few years in a highly competitive sector.
The firm’s innovative isomerisation process allows gasoline components to be extracted in one column instead of the standard six — enabling massive efficiency savings by reducing the energy required in the traditional technique.
60 per cent of the cost of gasoline is due to energy costs, so when this technology is applied at scale the potential savings are enormous.
The technology has been licensed in a number of international markets and RRT has a presence in India and the US as well as its native land.
But founders Oleg Parputs and Oleg Giiazov initially struggled to secure funding before Foresight Ventures stepped up to the plate with a $100,000 loan.
Their perseverance has paid off a few short years — the firm now has partnerships with several major refineries and state energy organisations.
Genomatica pioneered the creation of intermediate and basic chemicals through bio-based rather than petroleum-based processes.
The source materials are sugars from renewable feedstock — making the process cheaper and more environmentally-friendly.
The company has won awards since its arrival on the bioengineering scene a few years ago, and recently bagged a 2017 ICIS innovation award for bio-based butylene glycol — a chemical used in cosmetics.
They’re also creating tires and nylon from sustainable material and license their technology to other firms who want to build their own plants creating everything from food packaging to car parts and carpets.
bio-bean was founded in 2013 and recycles waste coffee grounds into advanced biochemicals and biofuels.
The firm has partnerships with waste management firms — allowing it to collect the grounds from businesses who want to participate. Nationwide operators like Costa Coffee and Network Rail have signed up to the scheme, as has City law firm Eversheds Sutherland.
Their patented coffee logs and biomass pellets can be used in stoves, fires, and building heating systems as green alternatives to materials like wood.
CEO and founder Arthur Kay was named Entrepreneur of the Year at the 2017 BusinessGreen Leaders Awards and bio-bean was also named as one of TV presenter Kevin McCloud’s ‘Green Heroes’ at his Grand Designs Live expo.
This is a great example of an eco-conscious startup that’s both profitable and enables other businesses to go green.
Breaking through to success in the science sector requires determination, whether you’ve developed ph testing solutions , an ingenious fuel extraction process or an innovative biofuel.
But the brains behind these three startups never lost faith in their visions and are making their mark in specialised markets — their stories should encourage fellow entrepreneurs to keep believing.
What science startups do you admire? Share your thoughts in the comments section.