The Power of Collaboration

Of the United Nations ’ 17 Sustainable Development Goals (SDG), SDG14—Life Below Water—continues to receive the least long-term funding. In fact, according to Economist Impact, the ocean has received only 0.56% of all philanthropic funding since 2016.?

That’s why those of us focused on ocean restoration and innovation know that a hybrid, intersectional approach to funding and elevating our work is essential to achieving impact at scale and with speed.

So for this month’s edition of Planet & Purpose, I talked to experts from across varying sectors? to offer their informed perspectives on the power of collaboration for the ocean, including:

• Courtney Boyd Rey (née Myers) , Founder & CEO of AKUA PBC ?? ??
• Ted Janulis , Founder & Principal at Investable Oceans
• Peter Bryant , Oceans Program Director at Builders Initiative

Looking ahead, our September edition and interviewees will tackle the impact of the sustainable blue economy as we celebrate the contributions of its inspiring workforce.?

Stay tuned!

Daniela: Courtney, thank you so much for sharing your insights with Planet & Purpose readers. Let’s start with you introducing your startup and the area of ocean impact it addresses.

Courtney: My pleasure! We are AKUA, a regenerative food company on a mission to make blue foods–sustainably caught or cultivated plants, animals, or aquatic life that can be consumed–a more prominent part of our food systems. In particular, we focus on ocean-farmed kelp. Imagine a society where our pantries and fridges are stocked with produce grown locally in harmony with Mother Nature to bolster human health. At AKUA, that is what we are actively fighting for—a new food order.

Daniela: Who do you think is best primed to tackle this challenge, why do you feel the industry requires extensive disruption, and what is the potential for its systemic reimagination?

Courtney: I believe that the most successful founders of health food companies are often inspired by their own health journey, or that of someone they love. For me, it’s the latter. Growing up, my father led marketing for Pepsi/Frito Lay, Burger King, Kellogg’s, and other companies responsible for distributing addicting, sugar-laden, overprocessed, unhealthy products. Due to poor diet and high stress, he suffered two heart attacks, two types of cancer, and diabetes. I view these as Western diseases caused by a Western lifestyle.?

In my opinion, human health and environmental health issues are inextricably linked, AND “Big Food” has a lot to answer for. A seismic shift is needed, as are founders and innovators to tackle this crisis.

Daniela: I’ve encountered so many founders whose lived experience sparks their passion and lays the groundwork for their eventual ventures.?

Beyond your formative upbringing, was there a catalyst for founding AKUA??

Courtney: In April 2016, I was searching for ways to contribute to solving the climate crisis. The co-founder of GreenWave—an awesome nonprofit organization dedicated to scaling the regenerative ocean farming industry—volunteered to take me on my very first kelp farm tour. I have always loved consuming seaweed and known about its health benefits, but the incredible environmental benefits of kelp farming were new to me.?

And the more I learned, the more hooked I became on the idea of starting a company that helped people EAT MORE (regeneratively ocean-farmed) KELP!?

To date, AKUA has clocked nearly $2M in product sales and our Kelp Burger is now being sold in over 1,000 stores across the country.

Daniela: That’s unbelievable! You and the team at AKUA are a big part of the food revolution we’re witnessing, and it’s so exciting to see new and expanded options rolling out in supermarkets to reach more conscious consumers.?

From personal experience, when I began my journey as a vegan over a decade ago, the average person had limited ability to make healthier choices! But now we have celebrities endorsing alternative proteins and a decline in demand for traditional animal agriculture.?

Aligned with this momentum, what is an upcoming development for AKUA that you’re excited about and what steps are you taking to prepare?

Courtney: Well, we just released four new products. And this summer, we are launching SpongeBob SquarePants Kelp Patties in partnership with Nickelodeon! Like with any celebrity collaboration, this will be hugely helpful in propelling AKUA's mission to mainstream audiences.?

This will help us get into more conventional grocers AND land on kid's menus (schools, restaurants, theme parks) across the U.S. and beyond. We were fortunate to work with the flavorist behind Sir Kensington’s sauces to develop our new SpongeBob BBQ Kelp Patties!

Daniela: In what other ways have you found that collaboration across sectors can be essential to ocean innovation?

Courtney: At AKUA, we work closely with our primary nonprofit partner (the same one I previously mentioned, GreenWave), to help support the upcoming generation of ocean farmers. This is both altruistic and ensures we have lots of kelp to turn into Kelp Burgers! And as 1% For The Planet members, we donate 1% of annual revenues to ocean-health-related organizations. As a mission-driven, for-profit brand, it is important to AKUA to support nonprofit work that aligns with our values—for our team, our customers, and of course, the planet!

Daniela: I’m a big fan of 1% For The Planet and ocean startups should definitely consider joining the movement if they haven’t yet! Final question—What is one network, event, or opportunity worth being a part of for anyone looking to enter the ocean space and emulate your success?

Courtney: Great question! First, anyone interested in learning about a topic/industry should throw a dinner party. The dinner table is the greatest piece of connective technology invented!?

And, from experience, if you’re already in the ocean tech/impact space, OCEANOVATION is a worthwhile conference to attend (having gone to this summer’s iteration in the Netherlands myself, alongside several other SOA Ecopreneur Network members!).

As for a network, candidly, none has been more beneficial to AKUA than Sustainable Ocean Alliance.?

Your Ocean Solutions Accelerator program introduced us to wonderful mentors, fundraising, and investment opportunities. Now, as an Ecopreneur Network member, I know that was only just the beginning. We’re also so proud to have received investment through Seabird Ventures. To this day, the SOA team provides ongoing support and connections to key stakeholders across sectors. We are very grateful (and shoutout to Benjamin Lesage in particular)!

Daniela: Love the shoutout to our #DreamTeam and I’m so happy to know we have been and continue to be an important part of AKUA’s journey. Everyone at SOA is so proud of the impact AKUA has already achieved and how you continue to scale. Thank you for your insights, Courtney!?

A note to the reader: Get a taste of AKUA’s products and become part of the blue foods revolution! See the “Bonus” section at the end of this newsletter for a discount code.

Daniela: Ted, it is such a pleasure to have you! I’m thrilled to spotlight Investable Oceans (IO) to Planet & Purpose readers. Can you tell us a bit about your work and how it is unique compared to other investment funds?

Ted: Absolutely! Investable Oceans is an investment platform that seeks to accelerate sustainable ocean investing across all sectors and asset classes of the blue economy.?

We view investing capital with expected returns as a powerful complement to—not a substitute for—the crucial role that private and public donors play.?

Much of our focus is on connecting earlier-stage companies with accredited investors. We source these opportunities through accelerators, incubators, and beyond.?

Lastly, we believe in “radical collaboration”—a phrase introduced to us by our friends at Lonely Whale. It means that we partner with all sorts of organizations to help build a sustainable ocean economy.?

Daniela: I couldn’t think of a more fitting interviewee for our edition focused on collaboration! On that note, in what ways do you view collaboration between the social and private sectors as essential to a healthy ocean innovation space? ?

Ted: The social sector plays a vital role in convening organizations, scientists, businesses, investors, and governments. There’s an especially strong link between startups and nonprofits, as the latter help provide the science, community buy-in, networks, and amplification that is so valuable to early-stage companies.?

Nonprofits help build a shared ocean language and serve as connective tissue across disciplines. Organizations like SOA play a key role in our global ocean community, bringing us together regarding the most pressing issues of today and helping us find ways to accelerate responsible stewardship of our ocean.

Daniela: What are some key indicators founders should consider before seeking to collaborate externally to ensure brand and value alignment?

Ted: Brands and reputations are hard won and easily lost, so carefully evaluate potential partnerships with these suggestions:?

1. Invest Time. After a promising first meeting, continue to look for red flags in subsequent interactions to ensure value alignment (e.g., you’re committed to DEI but your partner considers it a “check box.”)
2. Evaluate Longevity. Partnerships require work, face challenges, and are often difficult to exit. If your resources are scarce, consider if the benefits will keep both partners engaged over time.?
3. Do Due Diligence. Over decades of hiring, I’ve found a few references from trusted peers can be an invaluable addition to interviews with potential partners.?

Daniela: Switching gears a bit, for any readers considering investment as a career path, can you explain your investment journey and the skills required to excel as an angel investor in venture capital?

Ted: I often say I was born with the “ocean gene.” My lifelong love of the ocean, combined with 35+ years in finance, laid a solid foundation for engagement with ocean investing.?

Serving on nearly a dozen non-profit boards over the years also provided useful varying perspectives on people, organizations, and finance.?

Two thoughts on early-stage investing:

First, focus on developing skills that will help you evaluate management. A credible, capable management team is at the center of a successful investment strategy.

Second, develop a deep expertise in one area—it could be tech, finance, aquaculture, climate —and then seek partners with perspectives from diverse disciplines.

Daniela: That’s great advice for anyone who’s interested in the career path of investing! To help prepare aspiring founders as well, can you share your predictions for the biggest challenges to funding ocean tech today?

Ted: Securing growth funding beyond the early stages can be challenging for ocean startups. Rounds between $5-20 million are often too big for angels but too small for larger institutions. Thankfully, blue economy funds and “cross-over” investors from other venture sectors are now stepping up.

Another challenge is that not all ocean tech companies have the potential to become unicorns or “narwhals.”

While eFishery’s recent $1.4B valuation is great news for the sector overall, there will be many companies that don’t achieve that level of valuation—but still provide good market-based returns and play a critical role in growing a sustainable blue economy.

Daniela: As a leader in sustainable blue economy investing, what qualities do you seek in a promising startup?

I am sure Planet & Purpose readers would love to know what led you to invest in various startups in your portfolio.

Ted: Two companies we've come to know and respect are AKUA and The Plant Based Seafood Co. Both are in the alternative protein sector, but with a different focus.?

What do they have in common? Founders who are passionate, knowledgeable, realistic, and inspirational.?

They also share a business proposition with numbers and data to back it up and importantly, real customers buying their products, which include delicious Kelp Burgers and plant-based “Mind Blown” shrimp.

Daniela: As you know from my first interview in this edition, SOA and IO are both invested in AKUA! And it’s great to discover yet another game-changing startup driving change in our food systems.

Thank you so much for your time, insights, and for your investment in propelling the sustainable ocean sector (including blue foods).

Daniela: Peter, thank you SO much for taking the time to participate in Planet & Purpose! To give everyone a bit of context on your career, in what capacity do you currently serve as an ocean advocate?

Peter: You’re very welcome. I currently lead the Oceans Program at Builders Initiative, a large foundation that is working to support healthy ocean ecosystems through work in sustainable fisheries, restorative aquaculture, climate resilience, and circular economy solutions.??

Our office is using philanthropic capital and making impact investments to support market development for innovations and business solutions to solve ocean sustainability issues.??

Daniela: What are some of the solutions Builders Initiative is currently supporting?

Peter: We’ve provided grants to the Puget Sound Restoration Fund and The Nature Conservancy to support native oyster restoration in Washington. We chose this project because of the ecosystem services that oysters provide in filtering nutrients and pollutants among others.?

Another example is our investment in Blue Ocean Gear, a company whose founder you recently interviewed for Planet & Purpose and is a member of SOA’s Ecopreneur Network! For those who missed that edition, Blue Ocean Gear is producing smart buoys for the fishing industry to prevent the loss of fishing gear and minimize the risk of bycatch.?

These are just a couple of examples of the ways that Builders is using both grants and investments to help support innovations in ocean health.

Daniela: Thanks for the shoutout to my June Edition! We need more organizations like Builders that recognize and invest in innovative ocean solutions. On a more personal note, why did you become a mentor to ocean-climate startups, and how did you begin this journey??

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Peter: I got involved as a mentor with startups as a product of providing capital to these companies and organizations through Builders.??

To me, being an active partner with startup companies goes far beyond writing a check. I have been working in marine conservation for two decades and have many relationships in the ocean conservation space.

I take it upon myself to make useful connections between our ocean-climate startups and other startups, foundations, impact investors, NGOs, and government agencies. I feel responsible for helping the companies we’ve invested in continue to scale and grow.

Daniela: I’m sure the founders you’re working with are so appreciative that you go the extra mile and provide that level of support! At Sustainable Ocean Alliance, we also focus on opening doors, as we’ve found it is a key differentiator between successful and failed startups.?

Aligned with our shared goal of making connections, in what ways is collaboration across sectors essential to a healthy ocean innovation space?

?

Peter: Collaboration amongst different stakeholder groups is essential in our line of work.??

Social sector organizations—like non-profit conservation organizations, community groups, and development agencies—often have a stronger commitment to sustainability and impact than the private sector. They will also usually have a deeper sense of community and societal needs.?

I’ve seen scientists identify a business solution to solve an ocean challenge and then bring in business sector experts to run a private enterprise startup. Actors in the private sector are used to building products and brands, often at the forefront of the innovation space.?

The key is putting each sector’s strengths to work together to solve societal and environmental challenges. ?

Daniela: Final question, and it’s one I keep coming back to this month. What are some key indicators founders should consider before seeking to collaborate externally in a way that ensures brand and value alignment?

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Peter: Founders and non-profit leaders should look for a variety of qualities in new partners as they consider collaboration. At the forefront is a shared purpose.

Whether a business is looking to broaden its base through non-profit partnerships, or a non-profit is looking to identify companies committed to healthy oceans, fidelity to the goal is critical.?

After that, I would prioritize a suite of important attributes:

• Recognition that the two partners are more effective working together than apart.
• Agreement to work with honesty and integrity.
• Commitment to measuring the impact of the collaboration or partnership.
• Intention to communicate regularly and in an open, respectful manner.

Daniela: Thank you, Peter. For your advice, and for the work you’re doing at Builders to support ocean health and innovation initiatives across sectors.

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Exclusive Opportunities for Planet & Purpose Readers

SPECIAL DISCOUNT FROM AKUA

Courtney: We would love to offer readers a special discount from us, use the code SOA15 to try any of our products for 15% off at akua.co!

INDUSTRY ACCESS WITH INVESTABLE OCEANS (IO)

Ted: If you’re new to the sector or hoping to break into it, keep an eye on IO’s events calendar for in-person and virtual opportunities to connect with peers in the space.

Have questions on ecopreneurship, ocean and climate innovation, impact investing, or more? Ask Daniela!?

Submit your inquiries (anonymously!) to be answered in future editions → https://bit.ly/dvfqa

About Planet & Purpose

Planet & Purpose is a LinkedIn Newsletter featuring professional insights and personal experiences from ocean and climate ecopreneurs, investors, and advocates brought to you by Daniela V. Fernandez , Founder & CEO of Sustainable Ocean Alliance (SOA).