From idea to launch: building your climate tech startup
Innovative design thinking is often the spark that leads to an impactful climate tech solution, with many of our ecosystem members starting life as an idea at renowned institutions like the Royal College of Art. RCA alumni include Petit Pli, Notpla, Polyfloss Factory and Mykor as well as SV team members themselves, with our Design team’s Jeremy Hulse and James Wright both graduates in the RCA’s Master's in MA/MSc Innovation Design Engineering.
With innovations spanning everything from clothes that grow to localised plastic waste recycling inspired by candy floss machines, these incredible ideas are undoubtedly the place to start. However, when it comes to entrepreneurship, there are a couple of foundational steps that can help give your idea the real push it needs.
For most programmes, grants, and competitors you’ll need a registered company
Registering through Companies House HMRC is a quick and easy process that can take less than 15 minutes. For £12 - after completing the form, you can have your own registered company within 24 hours.
Doing so will unlock doors to a vast amount of opportunities that can help you nurture a successful business.
Grant funding offers dilution-free R&D funding & growth opportunity
Non-dilutive funding is capital that does not require giving up company equity. This type of funding is essential for startups who want to build their companies whilst having access to external funding. For instance,
InnovateUK offers match funding where if your startup undertakes a feasibility study, Innovate UK funds 70% of the total cost and the other 30% of the cost by your company.
Get S/EIS assurance if you are looking for external investment
The Seed Enterprise Investment Scheme (SEIS) - offers your company a maximum of £250,000 and gives tax relief to investors who buy new shares in your company. This can aid your startup in raising money at the beginning by making your company more attractive to investors - giving you more runway to trade.
Some of the most sustainable products don't shout sustainability
When starting a climate tech business, ensure your product or service has end-to-end sustainability credentials that span social, environmental and economic factors. Sustainability mustn’t only be surface-level, but in everything you do.
Theory of marginal gains: A multitude of small sustainable changes contribute to a bigger effect.
In the beginning, it is easy to get lost in the bigger picture. However, progress is made not through massive trades and big deals, but cumulatively throughout your journey. Growing a company means growing your culture, your infrastructure, and your stakeholders step by step, all of which does not happen overnight. Despite this, do not be discouraged; progress is seldom a linear path.
Please be anti-greenwashing agents wherever you are, whatever you do.
To make certain that sustainability is in fact sustained, we must be authentic and honest on our journey toward net zero. All efforts to progress climate innovation must be built on a foundation of putting our planet first instead of damaging it further.
Starting your own business can be daunting, but taking the plunge into the world of climate tech will be a rewarding and fruitful career move. These tips are a great way to get started, but for further support, look for business support programmes that can delve deeper into some of the intricacies of starting your first business.
