San Francisco venture firm Fifty Years is launching a new grant-making initiative to fund scientists working to translate their research into products that can curb climate change, or help people adapt to and survive it.
The initiative was inspired by one of the firm's portfolio companies, a sustainable chemicals startup called Solugen, according to Fifty Years' Special Operations leader Sara Kemppainen.
When Solugen's founders, Gaurab Chakrabarti and Sean Hunt, were still working on their concept, they had looked into early-stage funding from venture and angel investors, and from government grant programs.
They were overwhelmed by the long response time it would take to score grants from government programs, and sometimes discouraged by prospective investors who wanted to see how their research would work in a real world application.
They submitted a pitch and competed at the MIT 100K entrepreneurship competition, and secured enough funding in prize money from that event, about $10,000, to create a prototype reactor using materials available for purchase at any big box retailer -- wood, PVC pipes and zip ties.
Persons:
Sara Kemppainen, Gaurab Chakrabarti, Sean Hunt
Organizations:
MIT
Locations:
San Francisco, Solugen, Houston , Texas