Two ALLIANCE cases at the Blue Bio Value
Hoekmine and Vetik both successfully completed the Portuguese Blue Bio Value accelerator program.
Blue Bio Value is an accelerator program dedicated to marine biobased solutions. It supports new and innovative marine bioresource industries that are emerging, and fosters the blue economy. Its primary focus is on innovative projects that represent a business opportunity along the value chain of marine bioresources. The first edition of the accelerator program just completed operations. .
Two ALLIANCE cases, Hoekmine and Vetik, performed extremely well. Hoekmine was among the big winners of Blue Bio Value. The Dutch startup won a prize of 15 000 EUR. While Vetik was not among the big winners in Portugal, they won the national competition – Prototron in Estonia. Out of 287 startups, they shared the first prize honour winning 20 000 EUR. Furthermore, Vetik’s success story continued when they won 137 000 EUR from Estonian and EU funds. In the course of a year, the project aims to upscale Vetik’s technology. The application for Vetik’s undertaking was submitted by PlantValor Competence Centre.
The two short interviews below summarise the experience of both startups, both with the ALLIANCE and the Blue Bio Value accelerator program:
Interview with Hoekmine (Colin Ingham & Radi Hamidjaja)
Hoekmine is a startup from the Netherlands with expertise in the analysis, genetic modification, preservation, and application of structural colour derived from nature, in particular within microbiology. Hoekmine is creating new and improved colours in bacteria, with the underlying structures to be copied into other materials to displace or disrupt conventional pigment-based processes.Hoekmine website
You were enrolled in the Baltic Blue Biotechnology Alliance mentorship program and a year later in the Blue Bio Value accelerator program. What a journey that must have been. What has each experience taught you? How different are the two programs?
The Blue Bio Value (BBV) program required that the teams be available to follow courses during the eight-week period. These courses consisted of subjects ranging from in-depth business theory, communications, leadership, and pitching. In addition to the courses, the program also provided access to a mentorship program during the same period. The final exercise was a pitching contest where people from relevant industries, as well as investors, were invited. The BBV gave some financial support.
Baltic Blue Biotechnology Alliance mentorship was closer to being a consortium with opportunities arising over a longer period of time. Entry into other programs (including BBV, EMBRIC-related schemes) was gained. Scientific support was offered (e.g. provision algae, access to bioinformatics, sources of polymers).
Both helped us come to a new depth of understanding of our business model and strategy according to the knowledge gained from both programs. Both also provided contacts for the next stage in our entrepreneurial development.
You won a competition recently, congratulations! Now, what comes next?
We will use the award from the Blue Bio Value to fund our IP application. Our goal is to ultimately break through the colour industry with our disruptive, structural colour technology. The next step is translating the stable form of bacterially derived structural colour into a low-cost, scalable material to attract industrial partners, subsidies, and investment.
You have gained tremendous insight by enrolling in these two programs. Can you imagine that one day you would mentor other startups yourself?
Yes, we can definitely imagine mentoring to others to share our experiences and perspective.
What is the number one competence/condition that supports you in your journey?
We are fascinated by the subject matter and enjoy the freedom and creativity that comes from an idea that intersects physics, microbiology, and business.
Interview with Vetik (Valmar Kasuk)
Vetik is an Estonian startup offering natural algae-based compounds for the cosmetic and food industries. Their red algae come from having exclusive access to a wild, red seaweed (Furcellaria lumbricalis), which the company extracts in a sustainable way.
You were enrolled in the Baltic Blue Biotechnology Alliance mentorship program and a year later in the Blue Bio Value accelerator program. What a journey that must have been. What has each experience taught you? How different are the two programs?
Yes, I cannot imagine how far behind we would be without these two programs. The biggest value of them has been the access to key experts in the field. These mentors have given us valuable feedback and insights, have opened doors and guided our focus. While the Baltic Blue Biotechnology Alliance mentorship program gave us continuous support from the beginning of our startup journey, the Blue Bio Value accelerator program in Portugal was an intense push for two months including training on business models and an intense participation in a mentoring program with a possibility to talk to forty mentors.
You won a competition recently, congratulations! Now, what comes next?
Thank you! Last week was exciting for us. In the Prototron competition we managed out of 287 startups to share the first prize and got 20 000 EUR for building our prototype. The competition was organised for Estonian startups. The very next day we heard we got a structural fund for developing the whole production process on a large scale. We will receive the structural funding in collaboration with the Estonian PlantValor Competence Centre. This means a year of work has paid off and we can make our vision a reality.
You have gained tremendous insight by enrolling in these two programs. Can you imagine that one day you would mentor other startups yourself?
Yes, in some ways, this process has already begun. We’ve been lucky to make good friends with many other startups with whom we openly share insights and tips we have already learned.
What is the number one competence/condition that supports you in your journey?
First thing that comes to my mind is optimism. The presumption that, somehow, we will find a way.
The ALLIANCE wishes Hoekmine and Vetik further successes and great achievements! The ALLIANCE partners are looking forward to the next steps of their entrepreneurial journey.