{"version":"1.0.0","segments":[{"speaker":null,"startTime":1,"endTime":2.774,"body":"Kevin: Welcome to Innovate and React."},{"speaker":null,"startTime":2.834,"endTime":7.634,"body":"I'm your host, Kevin Hares and todayI'm here with Stefan Weber and Martin"},{"speaker":null,"startTime":7.724,"endTime":10.634,"body":"Bellof who are the founders of Chemstars."},{"speaker":null,"startTime":10.934,"endTime":14.924,"body":"And we will talk about how toovercome common hurdles for"},{"speaker":null,"startTime":14.924,"endTime":16.558,"body":"founders in the chemical space."},{"speaker":null,"startTime":17.263,"endTime":20.443,"body":"Welcome, Stefan and Martin,thank you for joining me."},{"speaker":null,"startTime":20.785,"endTime":21.745,"body":"Martin: Thank you for having us."},{"speaker":null,"startTime":21.848,"endTime":24.758,"body":"Kevin: You founded the StartupNetwork Chemstars, which is"},{"speaker":null,"startTime":24.758,"endTime":27.008,"body":"located in the west of Germany."},{"speaker":null,"startTime":27.488,"endTime":31.328,"body":"What got you there to fundthis network and what's your"},{"speaker":null,"startTime":31.328,"endTime":33.368,"body":"role in the startup ecosystem?"},{"speaker":null,"startTime":33.49,"endTime":37.34,"body":"Also to start with, are you alsochemist or what's your background?"},{"speaker":null,"startTime":37.791,"endTime":39.771,"body":"Stefan: Thank you very much,Kevin, first of all, for the"},{"speaker":null,"startTime":39.771,"endTime":42.261,"body":"invitation to, to join your podcast."},{"speaker":null,"startTime":42.291,"endTime":44.271,"body":"Um, my name is Stefan."},{"speaker":null,"startTime":44.361,"endTime":45.601,"body":"I'm responsible for Chemstars."},{"speaker":null,"startTime":46.101,"endTime":49.191,"body":"I'm lead ecosystem and communicationand leading the initiative"},{"speaker":null,"startTime":49.191,"endTime":51.071,"body":"together with my colleague, Martin."},{"speaker":null,"startTime":51.24,"endTime":55.26,"body":"I do have a commercial background,so I'm not an expert on molecules,"},{"speaker":null,"startTime":55.26,"endTime":57.48,"body":"but, um, I know how to set up."},{"speaker":null,"startTime":57.87,"endTime":59.7,"body":"Effective connections, let's say."},{"speaker":null,"startTime":60.2,"endTime":65.01,"body":"In my previous roles I was working, um, inthe energy and logistics industry for EON"},{"speaker":null,"startTime":65.01,"endTime":69.23,"body":"and DHL, where I was an open innovationand always been on the intersection"},{"speaker":null,"startTime":69.26,"endTime":70.91,"body":"between corporate and startup world."},{"speaker":null,"startTime":71.24,"endTime":74.81,"body":"So I kind of know both worlds andthe friction between them and."},{"speaker":null,"startTime":75.695,"endTime":79.975,"body":"I try very my best to reduce thatfriction that startups and corporate."},{"speaker":null,"startTime":87.124,"endTime":91.234,"body":"Um, we're team of eight people and, um."},{"speaker":null,"startTime":91.435,"endTime":96.235,"body":"Our, our idea is to connect the startupecosystem in the chemical space with"},{"speaker":null,"startTime":96.235,"endTime":101.215,"body":"the chemical industry, with investors,and also with the public sector and as"},{"speaker":null,"startTime":101.215,"endTime":105.473,"body":"public private partnership we try to,to strengthen the chemical industry"},{"speaker":null,"startTime":105.473,"endTime":108.833,"body":"in Germany, and as that's exactlywhy we are here in the first place,"},{"speaker":null,"startTime":109.343,"endTime":114.053,"body":"um, because we want to support thetransformation of the chemical industry."},{"speaker":null,"startTime":114.315,"endTime":119.065,"body":"Sustainable, but also structuraland also digital and we do that by"},{"speaker":null,"startTime":119.065,"endTime":123.195,"body":"supporting startups and bringinginnovations from the lab and"},{"speaker":null,"startTime":123.465,"endTime":125.175,"body":"research institutions to the market."},{"speaker":null,"startTime":125.621,"endTime":128.491,"body":"Kevin: Before we continue,Martin, what's your background?"},{"speaker":null,"startTime":128.696,"endTime":130.346,"body":"Martin: I'm a biologist by training."},{"speaker":null,"startTime":130.376,"endTime":135.146,"body":"Um, I am lead strategyand ventures at Chemstars."},{"speaker":null,"startTime":135.296,"endTime":138.446,"body":"I've been running this initiativewith Stefan for the past five years."},{"speaker":null,"startTime":138.816,"endTime":143.676,"body":"I came across startups in investmentbanking, so I did a bit of a detour, uh,"},{"speaker":null,"startTime":143.976,"endTime":147.126,"body":"from science into a very different world."},{"speaker":null,"startTime":147.576,"endTime":152.046,"body":"I fell in love with the idea ofpeople wanting to change the world."},{"speaker":null,"startTime":152.406,"endTime":154.506,"body":"Based on something thatthey had developed in a lab."},{"speaker":null,"startTime":155.286,"endTime":157.296,"body":"And I said, I wanna change the world."},{"speaker":null,"startTime":157.296,"endTime":159.336,"body":"So I joined a startup company first."},{"speaker":null,"startTime":159.396,"endTime":163.656,"body":"Um, then I started my own business,um, ended up selling my shares to"},{"speaker":null,"startTime":163.656,"endTime":169.936,"body":"my co-founder and before Chemstars,I was also consulting later, the"},{"speaker":null,"startTime":169.936,"endTime":172.306,"body":"CEO of a green biotech company."},{"speaker":null,"startTime":172.545,"endTime":178.346,"body":"Kevin: So both of you have very diversebackgrounds, which is probably great for"},{"speaker":null,"startTime":178.436,"endTime":183.792,"body":"the startups and the perspective of allthese different people, Let's go back"},{"speaker":null,"startTime":183.792,"endTime":189.042,"body":"to the chemical industry now and how yousupport startups in the chemical space."},{"speaker":null,"startTime":189.413,"endTime":193.703,"body":"I think especially in the momentwith the chemical industry,"},{"speaker":null,"startTime":194.063,"endTime":196.673,"body":"struggling a bit with all these, um."},{"speaker":null,"startTime":197.138,"endTime":199.388,"body":"Transformation thatthey have to go through."},{"speaker":null,"startTime":199.388,"endTime":206.558,"body":"Startups are really a way forward tobring innovation from all the universities"},{"speaker":null,"startTime":206.558,"endTime":210.158,"body":"that we have, especially also herein the west of Germany's are a lot"},{"speaker":null,"startTime":210.158,"endTime":216.308,"body":"of universities and there's a lot ofknowledge which could benefit for the"},{"speaker":null,"startTime":216.458,"endTime":221.168,"body":"chemical industry, but this connectionsometimes is not that straightforward."},{"speaker":null,"startTime":221.828,"endTime":227.703,"body":"So, um, why in your opinion isnow a good time for deep tech"},{"speaker":null,"startTime":227.703,"endTime":230.073,"body":"startups and chemistry startups?"},{"speaker":null,"startTime":230.493,"endTime":234.633,"body":"Martin: Yeah, I mean the chemicalindustry, as you already mentioned, is"},{"speaker":null,"startTime":235.023,"endTime":239.673,"body":"in a huge transformation process, and ithas been for the past five to 10 years."},{"speaker":null,"startTime":239.703,"endTime":244.803,"body":"And, um, when you look athow innovation is done."},{"speaker":null,"startTime":245.493,"endTime":251.193,"body":"In general, you, you see thattypically any sort of disruptive"},{"speaker":null,"startTime":251.223,"endTime":255.273,"body":"innovation, like big leaps comesout of universities and ends up in"},{"speaker":null,"startTime":255.273,"endTime":256.803,"body":"the real world through startups."},{"speaker":null,"startTime":257.163,"endTime":262.623,"body":"Uh, whereas established organizationsare typically better at incremental,"},{"speaker":null,"startTime":262.623,"endTime":266.313,"body":"so-called incremental innovation,which means becoming more efficient"},{"speaker":null,"startTime":266.553,"endTime":270.243,"body":"at doing something that's similar,tweaking performance, maybe a little"},{"speaker":null,"startTime":270.243,"endTime":277.378,"body":"bit, um, making products better, but nottenfold, but rather maybe 10% at a time."},{"speaker":null,"startTime":277.918,"endTime":281.818,"body":"And, um, startups are indeedthe the missing puzzle piece."},{"speaker":null,"startTime":281.848,"endTime":286.618,"body":"Um, now we're in a, in, at this pointin time, as Stefan already mentioned,"},{"speaker":null,"startTime":286.618,"endTime":292.198,"body":"we're in a situation where we have achemical industry that is still largely"},{"speaker":null,"startTime":292.198,"endTime":295.328,"body":"built on a fossil linear based economy."},{"speaker":null,"startTime":295.888,"endTime":302.983,"body":"And this model of making productsseems to be coming more difficult"},{"speaker":null,"startTime":302.983,"endTime":308.383,"body":"every day, which is not just becausewe have climate crisis that is sort of."},{"speaker":null,"startTime":309.328,"endTime":311.218,"body":"On the brink of happening already."},{"speaker":null,"startTime":311.548,"endTime":317.518,"body":"Um, but also on top of that, we see thatwith geopolitical tensions and disruptions"},{"speaker":null,"startTime":317.548,"endTime":321.868,"body":"that are happening or have been happeningover the past couple of months, even"},{"speaker":null,"startTime":321.868,"endTime":327.198,"body":"more so than, than in the years before,supply chains are becoming more fragile."},{"speaker":null,"startTime":327.228,"endTime":333.143,"body":"Uh, and we see that we're as a nation,but also as a continent, heavily reliant"},{"speaker":null,"startTime":333.143,"endTime":337.453,"body":"on other regions and working supplychains, functional supply chains."},{"speaker":null,"startTime":338.053,"endTime":343.633,"body":"So the reason why now is really thatin order to become more independent,"},{"speaker":null,"startTime":343.633,"endTime":350.403,"body":"more industrially, resilient to, tobe able to, to continue to manufacture"},{"speaker":null,"startTime":350.403,"endTime":355.723,"body":"the goods and make and deliver theservices that we are all used to."},{"speaker":null,"startTime":356.293,"endTime":361.033,"body":"We need to, to make sure that, that ourchemical industry, which is sort of at the"},{"speaker":null,"startTime":361.033,"endTime":363.523,"body":"beginning of every industrial value chain."},{"speaker":null,"startTime":364.108,"endTime":367.198,"body":"Becomes independent of otherregions and, and fossil resources."},{"speaker":null,"startTime":367.198,"endTime":369.238,"body":"So we need to move towards circularity."},{"speaker":null,"startTime":369.598,"endTime":372.578,"body":"We need to move towardsclimate neutrality."},{"speaker":null,"startTime":372.998,"endTime":378.608,"body":"We also need to make sure that theproducts that that end up in consumer's"},{"speaker":null,"startTime":378.608,"endTime":381.248,"body":"hands are safe and sustainable by design."},{"speaker":null,"startTime":382.088,"endTime":385.358,"body":"And ultimately, um, with the digitaltransformation that's happening with"},{"speaker":null,"startTime":385.358,"endTime":390.708,"body":"ai, uh, we need to make sure that ourindustry is really good at making use of"},{"speaker":null,"startTime":390.708,"endTime":396.348,"body":"those, those techniques, um, to still berelevant and competitive in the future."},{"speaker":null,"startTime":396.753,"endTime":397.623,"body":"Kevin: Yeah, definitely."},{"speaker":null,"startTime":397.713,"endTime":403.233,"body":"Stefan: If I may add, um, I mean, as youknow, chemistry is part of everything."},{"speaker":null,"startTime":403.353,"endTime":409.533,"body":"Uh, over 95, 96% of all manufacturedgoods are based on industrial"},{"speaker":null,"startTime":410.193,"endTime":415.053,"body":"chemical processes or, uh, che oruse chemical products in the making."},{"speaker":null,"startTime":415.503,"endTime":418.473,"body":"Um, but I would also go a littlebit beyond the chemical industry"},{"speaker":null,"startTime":418.473,"endTime":421.533,"body":"here because chemical startupsalso made key contributions."},{"speaker":null,"startTime":421.568,"endTime":428.038,"body":"To industrial transformation in othersectors as they, um, develop new materials"},{"speaker":null,"startTime":428.038,"endTime":432.188,"body":"that can be used, recycling processes,new sustainable production methods."},{"speaker":null,"startTime":432.188,"endTime":436.568,"body":"And that's, um, has also an impactin other sectors such in energy"},{"speaker":null,"startTime":436.568,"endTime":439.148,"body":"mobility,   pharmaceutical agriculture."},{"speaker":null,"startTime":439.278,"endTime":442.068,"body":"Marty mentioned circular economy, so."},{"speaker":null,"startTime":442.878,"endTime":447.648,"body":"supporting startups in the chemicalindustry and having a prospering"},{"speaker":null,"startTime":448.458,"endTime":452.338,"body":"startup ecosystem in the chemmicalindustry means that we strenghen the"},{"speaker":null,"startTime":452.338,"endTime":456.318,"body":"resilience of the chemical industrybut also of other industries that we"},{"speaker":null,"startTime":456.318,"endTime":457.708,"body":"do have here in Germany and in Europe."},{"speaker":null,"startTime":458.717,"endTime":463.997,"body":"Kevin: Yeah, this, uh, resilience pointreally has a high impact, especially"},{"speaker":null,"startTime":463.997,"endTime":468.887,"body":"lately when there's so much disruptionin the whole, um, supply chain."},{"speaker":null,"startTime":468.887,"endTime":472.727,"body":"And the chemical industry reallyis, as you also mentioned, in the"},{"speaker":null,"startTime":472.727,"endTime":478.072,"body":"base of most value chains, becauseI think there's no product in our"},{"speaker":null,"startTime":478.072,"endTime":480.052,"body":"hands that we can use without."},{"speaker":null,"startTime":481.012,"endTime":485.302,"body":"The chemical industry at some point,even if it's food, fertilizer,"},{"speaker":null,"startTime":485.302,"endTime":491.836,"body":"also ammonia, like a lot of thatalso comes from these, uh, yeah,"},{"speaker":null,"startTime":491.866,"endTime":494.114,"body":"not so stable parts of the world."},{"speaker":null,"startTime":494.193,"endTime":498.432,"body":"and this impacts then our everydaylives and all kinds of aspects."},{"speaker":null,"startTime":498.432,"endTime":503.599,"body":"So especially this, Status quo, Iwould say, has to be challenged."},{"speaker":null,"startTime":503.599,"endTime":508.227,"body":"And I think, all these big chemistrycompanies, in their own interest, they"},{"speaker":null,"startTime":508.227,"endTime":515.825,"body":"might not try to take big risks and changetheir complete, uh, structure in one goal."},{"speaker":null,"startTime":515.825,"endTime":520.745,"body":"So that's where I think alsostartups can take risks because"},{"speaker":null,"startTime":520.745,"endTime":523.475,"body":"they don't have all this, um."},{"speaker":null,"startTime":523.633,"endTime":524.743,"body":"Weight attached to them."},{"speaker":null,"startTime":525.013,"endTime":529.501,"body":"I would say like they, they can startfrom a clean slate try new things, and"},{"speaker":null,"startTime":529.501,"endTime":533.611,"body":"this is really an advantage, althoughthey might not have these deep pockets"},{"speaker":null,"startTime":533.611,"endTime":535.771,"body":"as the big chemistry companies."},{"speaker":null,"startTime":536.091,"endTime":536.841,"body":"Martin: It's very true."},{"speaker":null,"startTime":536.971,"endTime":540.811,"body":"But at the same time, chemicalcompanies are innovative."},{"speaker":null,"startTime":540.841,"endTime":544.771,"body":"It's, it's just a differenttype of innovation, um, that's"},{"speaker":null,"startTime":544.771,"endTime":547.051,"body":"in, in focus, so to speak."},{"speaker":null,"startTime":547.081,"endTime":552.001,"body":"And, I do see, or at Chemstars, we dosee huge potential because there's."},{"speaker":null,"startTime":552.781,"endTime":558.331,"body":"A ton of incredibly smart scientists inacademia who work on new technologies and"},{"speaker":null,"startTime":558.331,"endTime":564.601,"body":"new ideas, and it's, it's really up tothem to bring them to market and, and to,"},{"speaker":null,"startTime":564.691,"endTime":569.581,"body":"to create the, the change that they wouldlove to see in that, in the real world."},{"speaker":null,"startTime":569.911,"endTime":571.681,"body":"Um, that's based on their science."},{"speaker":null,"startTime":571.696,"endTime":575.371,"body":"So, um, we're really at a point intime where we have incredible science."},{"speaker":null,"startTime":575.611,"endTime":577.261,"body":"We have a demand."},{"speaker":null,"startTime":577.716,"endTime":581.316,"body":"Within the chemical industry fornew processes, for new ideas, new"},{"speaker":null,"startTime":581.316,"endTime":585.096,"body":"technologies, um, and startupsare really the, the puzzle"},{"speaker":null,"startTime":585.096,"endTime":586.506,"body":"piece in the, in the center."},{"speaker":null,"startTime":587.404,"endTime":591.599,"body":"Stefan: And one of the activities thatwe have at Chemstars, for instance, is"},{"speaker":null,"startTime":591.599,"endTime":595.499,"body":"our idea competition \"From Lab to MarketChallenge\", where we really go very"},{"speaker":null,"startTime":595.499,"endTime":601.019,"body":"early into the universities and researchinstitutions and um, yeah, try to help"},{"speaker":null,"startTime":601.079,"endTime":609.359,"body":"scientists to figure out if A, they arethe right persons to be an entrepreneur,"},{"speaker":null,"startTime":609.359,"endTime":615.549,"body":"to take technology to market, and B, ifthe technology has commercial potential."},{"speaker":null,"startTime":615.969,"endTime":622.164,"body":"And, um, that works quite well andalso helps to get the creativity"},{"speaker":null,"startTime":622.164,"endTime":627.36,"body":"that we do also have in the academicsector beside the technologies and"},{"speaker":null,"startTime":628.27,"endTime":632.29,"body":"the scientists to market, and that'svery important from our point of view."},{"speaker":null,"startTime":632.71,"endTime":638.14,"body":"And as we see from the past yearswe've been kind of successful with the"},{"speaker":null,"startTime":638.14,"endTime":642.57,"body":"idea competition because we see a lotof startup projects coming out of it."},{"speaker":null,"startTime":642.78,"endTime":646.47,"body":"We see the first companies thatare legally incorporated, we see"},{"speaker":null,"startTime":646.47,"endTime":650.4,"body":"money flowing into also thesevery, very early stage projects."},{"speaker":null,"startTime":650.79,"endTime":653.65,"body":"So it's from our point of view,going into the right direction."},{"speaker":null,"startTime":654.855,"endTime":655.515,"body":"Kevin: Yeah, definitely."},{"speaker":null,"startTime":655.515,"endTime":661.495,"body":"That's a good way this, uh networkthought comes into play to connect"},{"speaker":null,"startTime":662.365,"endTime":667.795,"body":"those people who have the ideas with thepeople who are in need of those ideas."},{"speaker":null,"startTime":668.515,"endTime":676.075,"body":"Um, do you think that here in Germany wehave a lot of innovation, but from other"},{"speaker":null,"startTime":676.075,"endTime":681.025,"body":"discussions I had, it's like in othercountries, like in Americas, they're more"},{"speaker":null,"startTime":682.105,"endTime":689.455,"body":"prone to do this entrepreneurial way andbring their research also into markets."},{"speaker":null,"startTime":689.875,"endTime":693.475,"body":"Uh, is this still the case herein Germany or did we catch up?"},{"speaker":null,"startTime":693.883,"endTime":696.258,"body":"Martin: I mean, we, wesee this changing, right?"},{"speaker":null,"startTime":696.258,"endTime":700.038,"body":"So, um, more and more scientistsare looking into bringing their"},{"speaker":null,"startTime":700.038,"endTime":702.888,"body":"research into the real world,and I think it's a good thing."},{"speaker":null,"startTime":703.226,"endTime":708.536,"body":"Whenever we compare ourselves to the USI think it's important to keep in mind"},{"speaker":null,"startTime":708.536,"endTime":712.856,"body":"that there's a very different culture,um, where entrepreneurship is much"},{"speaker":null,"startTime":712.856,"endTime":714.806,"body":"more celebrated than it is over here."},{"speaker":null,"startTime":715.196,"endTime":718.406,"body":"Um, there's a lot morecapital flowing around there."},{"speaker":null,"startTime":718.436,"endTime":722.946,"body":"There are many more successstories, and there are other."},{"speaker":null,"startTime":724.401,"endTime":726.261,"body":"Labor protection laws as well."},{"speaker":null,"startTime":726.261,"endTime":729.561,"body":"So, um, the German chemicalindustry, as I sometimes like to"},{"speaker":null,"startTime":729.561,"endTime":731.601,"body":"say, has made very few people poor."},{"speaker":null,"startTime":732.051,"endTime":737.031,"body":"So a lot of people who studiedchemistry or got their PhD in chemistry,"},{"speaker":null,"startTime":737.031,"endTime":741.081,"body":"for example, who ended up, um, inbig organizations in the chemical"},{"speaker":null,"startTime":741.081,"endTime":746.214,"body":"industry, but also in SME in smallmedium enterprises, they earned a"},{"speaker":null,"startTime":746.214,"endTime":748.524,"body":"good living, uh, for a very long time."},{"speaker":null,"startTime":748.524,"endTime":753.124,"body":"They, they were able to, to afford ahouse, maybe two or three cars, and"},{"speaker":null,"startTime":753.384,"endTime":756.314,"body":"were able to go on holidays regularly."},{"speaker":null,"startTime":756.674,"endTime":759.254,"body":"And this is for manypeople, something that."},{"speaker":null,"startTime":760.064,"endTime":761.864,"body":"They want to achieve in their life."},{"speaker":null,"startTime":761.864,"endTime":764.904,"body":"And I do understand that,people do want this."},{"speaker":null,"startTime":765.304,"endTime":768.694,"body":"At the same time in the US youcan basically lose your job every"},{"speaker":null,"startTime":768.694,"endTime":770.284,"body":"day, whereas over here you can't."},{"speaker":null,"startTime":770.284,"endTime":770.554,"body":"Right."},{"speaker":null,"startTime":770.554,"endTime":775.754,"body":"So there, there are are a lot ofdifferences and I wouldn't say"},{"speaker":null,"startTime":775.754,"endTime":776.984,"body":"one is better than the other."},{"speaker":null,"startTime":777.014,"endTime":778.214,"body":"It's just different."},{"speaker":null,"startTime":778.694,"endTime":784.007,"body":"And we still believe, however, thatit's important to make something"},{"speaker":null,"startTime":784.007,"endTime":786.977,"body":"else of your science or out of yourscience than a nice publication."},{"speaker":null,"startTime":786.977,"endTime":792.797,"body":"So if you're, if you get into chemistry orbiology at university, you do it because"},{"speaker":null,"startTime":792.797,"endTime":797.597,"body":"you're curious, because you're ex excitedabout science, about technology and so on."},{"speaker":null,"startTime":798.107,"endTime":800.477,"body":"And um, I think that many people."},{"speaker":null,"startTime":801.137,"endTime":805.637,"body":"By default want to see theirscience out in the real world."},{"speaker":null,"startTime":805.637,"endTime":810.497,"body":"It's just many people do not know howto do, not know that it's possible,"},{"speaker":null,"startTime":810.497,"endTime":812.837,"body":"even they don't know how to finance it."},{"speaker":null,"startTime":812.837,"endTime":815.777,"body":"But there are investors whoare actually looking for, for"},{"speaker":null,"startTime":815.777,"endTime":817.637,"body":"smart people with great ideas."},{"speaker":null,"startTime":817.997,"endTime":822.287,"body":"Um, and there is a way now to dothis if you want to, to change the"},{"speaker":null,"startTime":822.287,"endTime":825.527,"body":"world yourself and, and not waitfor somebody else to do it for you."},{"speaker":null,"startTime":826.382,"endTime":827.012,"body":"Kevin: Yeah, definitely."},{"speaker":null,"startTime":827.012,"endTime":832.553,"body":"That's, uh, I think, I don't know if it'slike changed that much or if I just, got"},{"speaker":null,"startTime":832.553,"endTime":837.953,"body":"aware of this because, uh, now I'm morelooking into this space because of the"},{"speaker":null,"startTime":837.953,"endTime":845.528,"body":"podcast, but in my studies, I never reallyhad many, like, contact points with these"},{"speaker":null,"startTime":845.528,"endTime":852.428,"body":"startup networks, and I didn't even knowthat this was such a good possibility."},{"speaker":null,"startTime":852.428,"endTime":858.604,"body":"And I think now there are more ofthese, networks and uh, also more at"},{"speaker":null,"startTime":858.604,"endTime":863.065,"body":"the universities, more support forbringing, uh, your research to the market."},{"speaker":null,"startTime":863.814,"endTime":867.459,"body":"Stefan: Comparing it to fiveyears ago when we started with"},{"speaker":null,"startTime":867.459,"endTime":869.029,"body":"Chemstars um a lot has happened."},{"speaker":null,"startTime":869.139,"endTime":872.219,"body":"The ecosystem has really evolved in a."},{"speaker":null,"startTime":872.219,"endTime":877.039,"body":"Very good way, but there's still a lotto do and there's still, um, a lot of"},{"speaker":null,"startTime":877.399,"endTime":879.969,"body":"potential, that we did not tap into."},{"speaker":null,"startTime":880.469,"endTime":881.999,"body":"If I may frame it like this."},{"speaker":null,"startTime":882.419,"endTime":887.369,"body":"And, and what we also see is, I mean,we're, oftentimes talking about or talking"},{"speaker":null,"startTime":887.369,"endTime":891.329,"body":"to scientists if they wanna start theirown business based on their technology."},{"speaker":null,"startTime":891.839,"endTime":895.414,"body":"But there are also other ways,if you would like to engage in"},{"speaker":null,"startTime":895.414,"endTime":897.124,"body":"a startup if you're a scientist."},{"speaker":null,"startTime":897.124,"endTime":901.324,"body":"So for instance, when we are atuniversities and research institutions"},{"speaker":null,"startTime":901.324,"endTime":905.974,"body":"talking about the topic, what we have,what we experienced in the last months is"},{"speaker":null,"startTime":905.974,"endTime":911.614,"body":"that more and more scientists are reallyinterested in also job opportunities"},{"speaker":null,"startTime":911.614,"endTime":913.672,"body":"within startups because, um, also."},{"speaker":null,"startTime":914.392,"endTime":918.232,"body":"When you do your PhD, you also getthe news that chemical companies"},{"speaker":null,"startTime":918.232,"endTime":921.562,"body":"are laying off people that there arenot so many opportunities anymore."},{"speaker":null,"startTime":922.012,"endTime":923.572,"body":"And we do have a job board on."},{"speaker":null,"startTime":925.022,"endTime":930.362,"body":"At any time have at least 120 jobs withinthe startups that we have worked with that"},{"speaker":null,"startTime":930.362,"endTime":936.152,"body":"are looking for, um, qualified people intechnical roles, but also business roles."},{"speaker":null,"startTime":936.482,"endTime":942.572,"body":"And this is, from my point of view, also afantastic way to, uh, to work for smaller"},{"speaker":null,"startTime":942.572,"endTime":944.912,"body":"companies that are making an impact."},{"speaker":null,"startTime":945.332,"endTime":950.592,"body":"And yeah, you don't always have yourselfto work in a startup environment."},{"speaker":null,"startTime":950.672,"endTime":951.092,"body":"Kevin: mm-hmm."},{"speaker":null,"startTime":951.561,"endTime":951.711,"body":"Yeah."},{"speaker":null,"startTime":951.711,"endTime":955.731,"body":"This is also, I think, insuch small companies, it's."},{"speaker":null,"startTime":956.481,"endTime":960.921,"body":"If you want to, it's easier to bevery connected to the research."},{"speaker":null,"startTime":961.431,"endTime":962.361,"body":"Uh, I dunno."},{"speaker":null,"startTime":962.361,"endTime":968.901,"body":"And in big companies then, uh, when youbecome a, a lab leader or something,"},{"speaker":null,"startTime":968.901,"endTime":973.701,"body":"then you are very quickly in thisbasically a management role, but it's, uh,"},{"speaker":null,"startTime":974.781,"endTime":977.391,"body":"difficult to, to stay close to research."},{"speaker":null,"startTime":977.391,"endTime":980.511,"body":"But in startups, I think that'sstill very much possible."},{"speaker":null,"startTime":981.369,"endTime":985.659,"body":"Stefan: There are different roles onthe established industry, but also in"},{"speaker":null,"startTime":986.409,"endTime":992.529,"body":"working for startups and it's reallyimportant that if you person for."},{"speaker":null,"startTime":995.619,"endTime":995.919,"body":"Kevin: Yeah."},{"speaker":null,"startTime":996.279,"endTime":1003.089,"body":"And, um, you mentioned that, um, we havea lot of great ideas in universities in,"},{"speaker":null,"startTime":1003.479,"endTime":1007.544,"body":"um, research institutes even, um, uh."},{"speaker":null,"startTime":1008.144,"endTime":1014.354,"body":"What or why do these, uh,ideas currently not go to the"},{"speaker":null,"startTime":1014.354,"endTime":1015.974,"body":"market as much as they could?"},{"speaker":null,"startTime":1015.974,"endTime":1019.544,"body":"As you uh mentioned,the untapped potential."},{"speaker":null,"startTime":1020.08,"endTime":1024.49,"body":"Martin: yeah, I'd probably say there'sthree different challenges, uh,"},{"speaker":null,"startTime":1024.55,"endTime":1028.81,"body":"depending on where you are at what,or at what point in time you are, uh,"},{"speaker":null,"startTime":1029.351,"endTime":1031.301,"body":"looking at the entire startup journey."},{"speaker":null,"startTime":1031.301,"endTime":1037.541,"body":"So we do see that, Many scientists as oftoday are not aware of the fact that they"},{"speaker":null,"startTime":1037.541,"endTime":1039.671,"body":"can, could potentially start a company."},{"speaker":null,"startTime":1040.211,"endTime":1040.421,"body":"Right."},{"speaker":null,"startTime":1040.421,"endTime":1043.451,"body":"And if, if they're not awareof it, how, how can they do it?"},{"speaker":null,"startTime":1043.451,"endTime":1043.691,"body":"Right?"},{"speaker":null,"startTime":1044.081,"endTime":1047.291,"body":"Plus they're not being educatedin how to do it either."},{"speaker":null,"startTime":1047.291,"endTime":1050.471,"body":"So if you don't know, you can doit and you dunno how to do it."},{"speaker":null,"startTime":1050.471,"endTime":1051.261,"body":"Like what's the."},{"speaker":null,"startTime":1051.701,"endTime":1054.101,"body":"Probability of you bringingyour research to market."},{"speaker":null,"startTime":1054.101,"endTime":1058.991,"body":"So this is kind of the first, first,um, challenge that we need to overcome."},{"speaker":null,"startTime":1058.991,"endTime":1061.841,"body":"We need to inspire more scientiststo become entrepreneurs."},{"speaker":null,"startTime":1062.261,"endTime":1066.191,"body":"And the second one is that thechemical industry as it is, is."},{"speaker":null,"startTime":1066.671,"endTime":1068.861,"body":"It's highly complex, it's regulated."},{"speaker":null,"startTime":1068.861,"endTime":1073.181,"body":"It's, um, very difficult oftento navigate for outsiders."},{"speaker":null,"startTime":1073.181,"endTime":1078.071,"body":"And if you, even if you have a PhD in,in chemistry or in chemical engineering,"},{"speaker":null,"startTime":1078.471,"endTime":1083.541,"body":"you still don't understand the chemicalindustry and the way it works, right?"},{"speaker":null,"startTime":1083.541,"endTime":1086.571,"body":"So what we need or what founders need."},{"speaker":null,"startTime":1087.216,"endTime":1091.146,"body":"In the very beginning is a lotof industry specific knowhow."},{"speaker":null,"startTime":1091.776,"endTime":1094.666,"body":"They need to understand,who is my customer?"},{"speaker":null,"startTime":1094.666,"endTime":1096.946,"body":"Like, what type of problem do they have?"},{"speaker":null,"startTime":1096.946,"endTime":1097.666,"body":"How big is it?"},{"speaker":null,"startTime":1097.666,"endTime":1099.406,"body":"How, how expensive is it?"},{"speaker":null,"startTime":1099.916,"endTime":1103.486,"body":"Um, what will I, I've developeda catalyst or a process, like"},{"speaker":null,"startTime":1103.516,"endTime":1104.686,"body":"what's my business model?"},{"speaker":null,"startTime":1104.686,"endTime":1107.266,"body":"Am I selling ultimately a catalyst?"},{"speaker":null,"startTime":1107.266,"endTime":1109.096,"body":"Am I um, selling a process?"},{"speaker":null,"startTime":1109.096,"endTime":1113.536,"body":"Am I going to, um, develop, developprocesses for somebody else?"},{"speaker":null,"startTime":1114.466,"endTime":1115.021,"body":"What is smart?"},{"speaker":null,"startTime":1115.371,"endTime":1117.171,"body":"What, what am I ultimately selling?"},{"speaker":null,"startTime":1117.651,"endTime":1122.451,"body":"And to answer these questions on topof how will I scale the technology?"},{"speaker":null,"startTime":1122.691,"endTime":1127.161,"body":"How will I navigate the regulatoryframework that I'm active in?"},{"speaker":null,"startTime":1127.521,"endTime":1132.981,"body":"Um, there are so many questions you, youneed to answer where you need access to"},{"speaker":null,"startTime":1132.981,"endTime":1139.041,"body":"people who understand this space, thisindustry, and you have experience and,"},{"speaker":null,"startTime":1139.041,"endTime":1145.366,"body":"um I think that, that this is not easyor has historically not been easy to get."},{"speaker":null,"startTime":1145.366,"endTime":1149.596,"body":"So this type of expertise, the answersto these questions, which is one of the"},{"speaker":null,"startTime":1149.596,"endTime":1152.206,"body":"things that we try to help with, right?"},{"speaker":null,"startTime":1152.206,"endTime":1157.546,"body":"So when we work with startups orfounders, um, what we do is we"},{"speaker":null,"startTime":1157.546,"endTime":1160.096,"body":"offer them network and knowhow."},{"speaker":null,"startTime":1160.366,"endTime":1162.196,"body":"It's really, really that simple."},{"speaker":null,"startTime":1162.346,"endTime":1167.026,"body":"So they can make better decisions fasterto make progress faster ultimately."},{"speaker":null,"startTime":1167.566,"endTime":1168.601,"body":"And um, the third."},{"speaker":null,"startTime":1169.411,"endTime":1175.651,"body":"Sort of difficulty as to why stillvery few ideas or technologies end"},{"speaker":null,"startTime":1175.651,"endTime":1177.481,"body":"up creating impact in the real world."},{"speaker":null,"startTime":1177.481,"endTime":1177.781,"body":"Is that."},{"speaker":null,"startTime":1179.002,"endTime":1183.442,"body":"If you bring something from lab tomarket there, this takes a lot of time"},{"speaker":null,"startTime":1183.442,"endTime":1190.232,"body":"and money and often enough, we see thatit's, it can be difficult to finance"},{"speaker":null,"startTime":1190.232,"endTime":1195.842,"body":"the technical scale up of processesof, of new ideas and technologies."},{"speaker":null,"startTime":1196.172,"endTime":1200.012,"body":"So this is one of the, the, um,biggest hurdles as of today."},{"speaker":null,"startTime":1200.012,"endTime":1202.987,"body":"There's a lot of people working on it,of trying to find solutions and there's."},{"speaker":null,"startTime":1203.887,"endTime":1206.977,"body":"Always been, and there stillis a lot of capital for good"},{"speaker":null,"startTime":1207.097,"endTime":1209.017,"body":"teams with, with great ideas."},{"speaker":null,"startTime":1209.347,"endTime":1210.157,"body":"Um, but it's really that."},{"speaker":null,"startTime":1210.157,"endTime":1214.117,"body":"So how do we enable people to make thestep out of university labs is kind of the"},{"speaker":null,"startTime":1214.117,"endTime":1218.707,"body":"first, how do we then help them get accessto the right knowhow and network that they"},{"speaker":null,"startTime":1218.707,"endTime":1223.917,"body":"need to make good decisions to build solidinvestment cases that can be financed."},{"speaker":null,"startTime":1224.237,"endTime":1227.807,"body":"And ultimately, how do we financethe scale up from, let's say a"},{"speaker":null,"startTime":1227.807,"endTime":1232.427,"body":"mini planned all the way throughdemo to industrial scale facility?"},{"speaker":null,"startTime":1232.817,"endTime":1235.822,"body":"Um, and, and it's, it's getting better."},{"speaker":null,"startTime":1237.022,"endTime":1241.192,"body":"So we, we do see that there's muchmore know-how than five years ago."},{"speaker":null,"startTime":1241.372,"endTime":1245.902,"body":"We see there's much more appetite to startcompanies, much more interest in starting"},{"speaker":null,"startTime":1245.902,"endTime":1247.822,"body":"companies than there was five years ago."},{"speaker":null,"startTime":1248.032,"endTime":1252.532,"body":"We do see a lot of people workingon, um, overcoming this scale"},{"speaker":null,"startTime":1252.532,"endTime":1254.362,"body":"up financing gap and so on."},{"speaker":null,"startTime":1254.632,"endTime":1259.132,"body":"So, um, looking ahead, um,there's a lot of sort of."},{"speaker":null,"startTime":1259.672,"endTime":1264.532,"body":"Traffic lights turning from, from redto, to yellowish and maybe even green."},{"speaker":null,"startTime":1264.892,"endTime":1269.542,"body":"Um, but, but still, it, it's, if, ifyou ask about why is it the way it"},{"speaker":null,"startTime":1269.542,"endTime":1273.352,"body":"is today, then these are probably thethree, three biggest challenges or"},{"speaker":null,"startTime":1273.577,"endTime":1273.997,"body":"Kevin: Mm-hmm."},{"speaker":null,"startTime":1274.337,"endTime":1279.317,"body":"yeah, that are, uh, important pointsand I think for chemical startups"},{"speaker":null,"startTime":1279.827,"endTime":1284.117,"body":"in comparison to maybe softwarestartups or uh, something like that,"},{"speaker":null,"startTime":1284.117,"endTime":1289.638,"body":"the investment costs are much higher,and that's a bit more of a hurdle."},{"speaker":null,"startTime":1290.718,"endTime":1297.078,"body":"I think also in the mind of a PhDstudent who has thought of, oh, maybe I"},{"speaker":null,"startTime":1297.078,"endTime":1302.568,"body":"want to build a startup, but how in theworld would I get millions to build a"},{"speaker":null,"startTime":1302.568,"endTime":1304.698,"body":"chemical plant that's never gonna work?"},{"speaker":null,"startTime":1304.698,"endTime":1309.408,"body":"And then they might just ditch theidea and continue their normal,"},{"speaker":null,"startTime":1309.408,"endTime":1314.927,"body":"uh industry pathway and, uh, gofor, yeah, career in, in that way."},{"speaker":null,"startTime":1315.272,"endTime":1319.862,"body":"How can researchers get this funding?"},{"speaker":null,"startTime":1320.498,"endTime":1322.808,"body":"Stefan: I mean, the good, goodthing is that you're not from the"},{"speaker":null,"startTime":1322.808,"endTime":1327.753,"body":"start, have to raise 20 million to,develop something, but you can do"},{"speaker":null,"startTime":1328.303,"endTime":1332.803,"body":"baby steps and I think the first stepis really, if you are interested."},{"speaker":null,"startTime":1333.253,"endTime":1339.102,"body":"In pursuing the direction that you,educate yourself, that you go, that, that,"},{"speaker":null,"startTime":1339.107,"endTime":1344.257,"body":"that you have a look locally, who arethe partners that have some offers either"},{"speaker":null,"startTime":1344.257,"endTime":1348.997,"body":"at my research institute, university,or maybe something external, um, that"},{"speaker":null,"startTime":1348.997,"endTime":1352.997,"body":"you, go on events, that you meet people,that you build up your net network"},{"speaker":null,"startTime":1353.537,"endTime":1357.107,"body":"and then, also find, um, co-founders."},{"speaker":null,"startTime":1357.167,"endTime":1361.797,"body":"Um, because starting a company is very,very tough and it's not a job that"},{"speaker":null,"startTime":1361.797,"endTime":1363.267,"body":"you would be able to do on your own."},{"speaker":null,"startTime":1363.267,"endTime":1364.257,"body":"So you need a team."},{"speaker":null,"startTime":1364.787,"endTime":1368.447,"body":"Ideally, um, if you bring thetechnical expertise, you also have"},{"speaker":null,"startTime":1368.987,"endTime":1372.707,"body":"at least someone on your team whoalso has a business perspective."},{"speaker":null,"startTime":1373.427,"endTime":1376.307,"body":"And then if you have a team of fourpeople, for example, and if you're"},{"speaker":null,"startTime":1376.337,"endTime":1380.477,"body":"still at the university or a researchinstitution, our recommendation most"},{"speaker":null,"startTime":1380.477,"endTime":1384.297,"body":"of the times is exist transfer ofresearch in German, \"Exist Forschungs"},{"speaker":null,"startTime":1384.707,"endTime":1388.487,"body":"Transfer\" because that's from ourpoint of view, the best program"},{"speaker":null,"startTime":1388.487,"endTime":1389.897,"body":"that we do have here in Germany."},{"speaker":null,"startTime":1389.897,"endTime":1393.227,"body":"And it's a very unique program alsocompared to other countries in Europe."},{"speaker":null,"startTime":1393.227,"endTime":1397.472,"body":"So, um, we did not see somethingcomparable in other countries"},{"speaker":null,"startTime":1397.472,"endTime":1403.262,"body":"and if a team is granted exists,transfer of research, they have"},{"speaker":null,"startTime":1403.262,"endTime":1406.592,"body":"the opportunity to stay at theuniversity or research institution."},{"speaker":null,"startTime":1406.652,"endTime":1408.002,"body":"They're still employed there."},{"speaker":null,"startTime":1408.362,"endTime":1413.552,"body":"Um, they get two years, one and ahalf to two years time to develop"},{"speaker":null,"startTime":1413.552,"endTime":1414.707,"body":"their technology and they're."},{"speaker":null,"startTime":1415.592,"endTime":1419.612,"body":"Startup project to a stage inwhich they are confident that they"},{"speaker":null,"startTime":1419.642,"endTime":1423.422,"body":"can become successful and thatthey can spin it out afterwards."},{"speaker":null,"startTime":1423.812,"endTime":1425.432,"body":"They get a budget of around."},{"speaker":null,"startTime":1425.882,"endTime":1430.562,"body":"Um, I would say on average, Martin,correct me if I'm wrong, maybe uh, a"},{"speaker":null,"startTime":1430.562,"endTime":1434.402,"body":"million, a bit more than a million,but we also have seen bigger projects."},{"speaker":null,"startTime":1434.847,"endTime":1439.917,"body":"For Exist and you basically don'thave any risk associated with this."},{"speaker":null,"startTime":1439.917,"endTime":1445.037,"body":"So Exist transfer ofresearch is 100% equity free."},{"speaker":null,"startTime":1445.457,"endTime":1450.647,"body":"And, um, if it doesn't workyou have not your, your home."},{"speaker":null,"startTime":1450.677,"endTime":1454.457,"body":"Um, you're not bankrupt, butyou can still go into, into"},{"speaker":null,"startTime":1454.457,"endTime":1456.497,"body":"industry or pursue another career."},{"speaker":null,"startTime":1457.007,"endTime":1462.767,"body":"But if it works, it's a fantastic startingpoint to then also start talking to"},{"speaker":null,"startTime":1462.767,"endTime":1465.587,"body":"potential investors that can then see."},{"speaker":null,"startTime":1465.617,"endTime":1466.097,"body":"Okay."},{"speaker":null,"startTime":1466.667,"endTime":1469.907,"body":"The technology, um, has beendeveloped during the past"},{"speaker":null,"startTime":1469.907,"endTime":1471.227,"body":"one and a half to two years."},{"speaker":null,"startTime":1471.227,"endTime":1476.297,"body":"The team has developed their firstpotential customer that have interest."},{"speaker":null,"startTime":1477.332,"endTime":1478.922,"body":"The solution that is provided."},{"speaker":null,"startTime":1479.282,"endTime":1484.832,"body":"And this basically a de-risking for theinvestors and also for the founding team"},{"speaker":null,"startTime":1485.102,"endTime":1486.902,"body":"to be sure, okay, we wanna go that way."},{"speaker":null,"startTime":1487.052,"endTime":1491.642,"body":"We wanna invest more time and money intothat project and we really want to start a"},{"speaker":null,"startTime":1491.642,"endTime":1491.972,"body":"company."},{"speaker":null,"startTime":1492.848,"endTime":1497.378,"body":"Kevin: And, um, what's the best way toget this Exist Transfer of Research?"},{"speaker":null,"startTime":1498.773,"endTime":1502.883,"body":"Stefan: I mean, what you need is, youneed to, to, to have the university or"},{"speaker":null,"startTime":1502.883,"endTime":1507.753,"body":"research institution that is, how tosay applying or, sending in the, the"},{"speaker":null,"startTime":1508.083,"endTime":1515.373,"body":"transfer of research application, um,just from a formal oratory perspective."},{"speaker":null,"startTime":1515.913,"endTime":1520.953,"body":"And then it's obviously good, if you havealready a contacts, like for example, to"},{"speaker":null,"startTime":1520.953,"endTime":1525.393,"body":"us as Chemstars or, I mean, you talkedalready to our friends from Green and"},{"speaker":null,"startTime":1525.393,"endTime":1530.223,"body":"Berlin as well, that you look for peoplethat are able to, to help you really"},{"speaker":null,"startTime":1530.313,"endTime":1536.163,"body":"write a, a good proposal that are, thatare able to potentially make the first"},{"speaker":null,"startTime":1536.163,"endTime":1538.263,"body":"context to potential industry partners."},{"speaker":null,"startTime":1538.263,"endTime":1540.863,"body":"Because if you have LoIs."},{"speaker":null,"startTime":1540.963,"endTime":1545.108,"body":"So letters of intent, for example,of industry partners saying"},{"speaker":null,"startTime":1545.108,"endTime":1547.148,"body":"we're interested in that project."},{"speaker":null,"startTime":1547.448,"endTime":1552.938,"body":"This drastically raises the likelihoodof the, um, grant to be granted,"},{"speaker":null,"startTime":1553.148,"endTime":1557.198,"body":"because, and then also the reviewers see,okay, there's interest from, from the"},{"speaker":null,"startTime":1557.198,"endTime":1560.308,"body":"industry and, we are here to, to help."},{"speaker":null,"startTime":1560.308,"endTime":1564.008,"body":"So we have, um, supported Martin,correct me if I'm wrong eleven or"},{"speaker":null,"startTime":1564.008,"endTime":1569.311,"body":"twelve Exist Transfer of Researchapplication and except of one, I"},{"speaker":null,"startTime":1569.311,"endTime":1570.931,"body":"think all of them went through."},{"speaker":null,"startTime":1571.261,"endTime":1576.631,"body":"So, um, the quota that we dohave is quite good up to now."},{"speaker":null,"startTime":1577.141,"endTime":1581.481,"body":"And, yeah, if, if anyone out thereis looking to, to hand in Exist"},{"speaker":null,"startTime":1581.481,"endTime":1583.701,"body":"Transfer of Research, let us know."},{"speaker":null,"startTime":1583.761,"endTime":1584.991,"body":"Um, we're happy to support."},{"speaker":null,"startTime":1585.501,"endTime":1590.496,"body":"But please keep in mind that you reachout, um, not three days prior, before I"},{"speaker":null,"startTime":1590.496,"endTime":1595.826,"body":"want to hand this in, but that you planenough time to also have feedback loops in"},{"speaker":null,"startTime":1595.826,"endTime":1600.746,"body":"there and also build relationships with,for example, industry partners that might"},{"speaker":null,"startTime":1600.746,"endTime":1605.126,"body":"be interested in and not just ask forLoIs to someone that you have never met"},{"speaker":null,"startTime":1605.126,"endTime":1607.871,"body":"before, because that's not worth anything."},{"speaker":null,"startTime":1608.481,"endTime":1613.581,"body":"Kevin: Yeah, so you can help, uh, withyour network to connect those future"},{"speaker":null,"startTime":1614.031,"endTime":1619.971,"body":"startups with the industry partnersto already kind of validate this"},{"speaker":null,"startTime":1619.971,"endTime":1622.641,"body":"idea and see if this has potential."},{"speaker":null,"startTime":1622.941,"endTime":1628.581,"body":"And with letters of intents and, supportfrom bigger institutions, it's more"},{"speaker":null,"startTime":1628.581,"endTime":1631.231,"body":"likely for this, proposal to be accepted."},{"speaker":null,"startTime":1631.231,"endTime":1631.501,"body":"Right."},{"speaker":null,"startTime":1632.611,"endTime":1632.831,"body":"Stefan: Yep."},{"speaker":null,"startTime":1632.986,"endTime":1634.216,"body":"Martin: Yeah, that's true."},{"speaker":null,"startTime":1634.221,"endTime":1638.596,"body":"And, and maybe one thing to keep inmind, and Stefan touched upon this."},{"speaker":null,"startTime":1638.956,"endTime":1644.056,"body":"For your Exist application, just asmuch as for future investors, but"},{"speaker":null,"startTime":1644.056,"endTime":1646.126,"body":"also for you yourself as a founder."},{"speaker":null,"startTime":1646.366,"endTime":1649.336,"body":"It's important to make sure thatsomebody really wants your product."},{"speaker":null,"startTime":1650.311,"endTime":1656.401,"body":"And, um, the, the biggest fear thatreviewers for public funding, but also"},{"speaker":null,"startTime":1656.611,"endTime":1662.281,"body":"in this, uh, in this, um, sense, um,public funding exists, but also investors"},{"speaker":null,"startTime":1662.281,"endTime":1666.301,"body":"have, is that techies build somethingthat they find incredibly exciting,"},{"speaker":null,"startTime":1666.301,"endTime":1668.041,"body":"but nobody wants to pay money for."},{"speaker":null,"startTime":1668.341,"endTime":1673.281,"body":"So it's really about, proving tothe outside world, be it aer or be"},{"speaker":null,"startTime":1673.281,"endTime":1675.891,"body":"it an investor that somebody cares."},{"speaker":null,"startTime":1676.071,"endTime":1677.556,"body":"This is one of the most important."},{"speaker":null,"startTime":1678.096,"endTime":1680.076,"body":"Tasks you have as a founder."},{"speaker":null,"startTime":1680.496,"endTime":1685.086,"body":"And on top of that, you need to alsoprove that this makes sense economically."},{"speaker":null,"startTime":1685.326,"endTime":1689.556,"body":"So you make more money by sellingthan you spend on making a product."},{"speaker":null,"startTime":1689.616,"endTime":1691.056,"body":"It's that simple, right?"},{"speaker":null,"startTime":1691.446,"endTime":1694.656,"body":"Um, and you need to prove thatit can scale technically and"},{"speaker":null,"startTime":1694.656,"endTime":1695.796,"body":"that it can work technically."},{"speaker":null,"startTime":1695.796,"endTime":1697.086,"body":"It's really those three things."},{"speaker":null,"startTime":1697.266,"endTime":1698.406,"body":"Does anyone care?"},{"speaker":null,"startTime":1698.616,"endTime":1702.156,"body":"Um, will it make sensefinancially and is it scalable?"},{"speaker":null,"startTime":1702.156,"endTime":1704.886,"body":"And ultimately also defendableagainst competition in"},{"speaker":null,"startTime":1704.901,"endTime":1704.991,"body":"Kevin: Mm-hmm."},{"speaker":null,"startTime":1705.891,"endTime":1709.911,"body":"Do you think it's, uh, moredifficult for chemistry startups to."},{"speaker":null,"startTime":1711.141,"endTime":1713.691,"body":"Explain this and how it's relevant."},{"speaker":null,"startTime":1713.691,"endTime":1718.911,"body":"And for example, for a material science,uh, startup, when they actually have"},{"speaker":null,"startTime":1718.911,"endTime":1723.081,"body":"a product which is very close to theend user compared to something that is"},{"speaker":null,"startTime":1723.081,"endTime":1728.061,"body":"at the very base of the value chain,where no one can really grab it?"},{"speaker":null,"startTime":1729.541,"endTime":1729.831,"body":"Martin: Yeah."},{"speaker":null,"startTime":1730.471,"endTime":1733.446,"body":"I, I think you've touched upona, a very important point."},{"speaker":null,"startTime":1733.446,"endTime":1734.166,"body":"It's very true."},{"speaker":null,"startTime":1734.166,"endTime":1738.801,"body":"Yes, the closer to a consumer,the easier to explain."},{"speaker":null,"startTime":1738.861,"endTime":1745.221,"body":"Um, and we do see, and this kind of,goes back to what I said earlier in"},{"speaker":null,"startTime":1745.221,"endTime":1749.001,"body":"relation to the complexity of thechemical industry, the fact that it is"},{"speaker":null,"startTime":1749.001,"endTime":1751.431,"body":"not very easy to navigate for outsiders."},{"speaker":null,"startTime":1751.821,"endTime":1759.231,"body":"Even in the, the venture capital ecosystemin the investors, uh, ecosystem, there is."},{"speaker":null,"startTime":1761.061,"endTime":1765.271,"body":"Trying to say this nicely, thereis, maybe not enough, chemistry"},{"speaker":null,"startTime":1765.271,"endTime":1767.041,"body":"or chemical industry knowhow yet."},{"speaker":null,"startTime":1767.971,"endTime":1772.861,"body":"So it, it can be very difficult forinvestors to understand the product and"},{"speaker":null,"startTime":1772.861,"endTime":1778.161,"body":"the importance of this product in anin industrial value chain for example."},{"speaker":null,"startTime":1778.581,"endTime":1780.021,"body":"Let's say you may."},{"speaker":null,"startTime":1780.401,"endTime":1784.061,"body":"You make carbon monoxidefrom carbon dioxide, right?"},{"speaker":null,"startTime":1784.601,"endTime":1787.781,"body":"Very few investors understandthe carbon monoxide market."},{"speaker":null,"startTime":1788.321,"endTime":1793.661,"body":"But if you, if you make sustainableaviation fuels out of it, if you"},{"speaker":null,"startTime":1793.661,"endTime":1796.601,"body":"make methanol out of it, all ofa sudden it's a different story."},{"speaker":null,"startTime":1796.931,"endTime":1799.261,"body":"Um, so it, it really depends on the case."},{"speaker":null,"startTime":1799.601,"endTime":1805.156,"body":"And it also, it's probably more difficultto explain polyols to someone than"},{"speaker":null,"startTime":1805.156,"endTime":1807.466,"body":"it is to sell insulation materials."},{"speaker":null,"startTime":1807.526,"endTime":1811.186,"body":"Um, if you think aboutpolyurethanes, for example."},{"speaker":null,"startTime":1811.466,"endTime":1814.466,"body":"So yes, um, it, it isa bit more difficult."},{"speaker":null,"startTime":1814.766,"endTime":1818.576,"body":"However, there are more and moreinvestors who do understand the"},{"speaker":null,"startTime":1818.576,"endTime":1822.766,"body":"importance and the potential, thatlies in these chemistry startups"},{"speaker":null,"startTime":1822.766,"endTime":1824.416,"body":"and in the products that they make."},{"speaker":null,"startTime":1825.466,"endTime":1825.616,"body":"Kevin: Yeah."},{"speaker":null,"startTime":1825.616,"endTime":1830.656,"body":"Especially with this, uh, resiliencethat we talked about in the beginning"},{"speaker":null,"startTime":1830.656,"endTime":1837.899,"body":"is when we can built the value chainfrom recycled material or material that"},{"speaker":null,"startTime":1837.899,"endTime":1844.169,"body":"we grow here, like all these power twoX processes for example, that is also"},{"speaker":null,"startTime":1844.169,"endTime":1849.532,"body":"then a completely new, value perspectivethat maybe doesn't really exist that"},{"speaker":null,"startTime":1849.532,"endTime":1852.682,"body":"much in the current petrochemical way."},{"speaker":null,"startTime":1854.047,"endTime":1854.257,"body":"Martin: Yep."},{"speaker":null,"startTime":1854.932,"endTime":1860.321,"body":"Kevin: And, um, from your network,can you maybe bring, um example"},{"speaker":null,"startTime":1860.321,"endTime":1867.086,"body":"from how this, from proof of conceptto production scale up has worked?"},{"speaker":null,"startTime":1867.975,"endTime":1873.495,"body":"Martin: So, I mean, we've been around fiveyears and in chemistry startup world, five"},{"speaker":null,"startTime":1873.495,"endTime":1876.675,"body":"years is, um, sort of halftime, right?"},{"speaker":null,"startTime":1877.125,"endTime":1880.815,"body":"Uh, so it typically takes about10 to maybe even 12 years to bring"},{"speaker":null,"startTime":1880.815,"endTime":1885.165,"body":"research or your, your idea fromthe lab, uh, to industrial scale."},{"speaker":null,"startTime":1885.675,"endTime":1889.965,"body":"Um, so we do not as of todayhave a team or a startup that has"},{"speaker":null,"startTime":1889.965,"endTime":1892.025,"body":"ended up, in industrial scale."},{"speaker":null,"startTime":1892.445,"endTime":1894.365,"body":"Um, we do, however, see."},{"speaker":null,"startTime":1894.605,"endTime":1896.375,"body":"A bunch of startups on their way."},{"speaker":null,"startTime":1896.435,"endTime":1899.105,"body":"One example is, is Eden."},{"speaker":null,"startTime":1899.555,"endTime":1902.135,"body":"They work on recycling of textiles."},{"speaker":null,"startTime":1902.165,"endTime":1905.505,"body":"Um, they're now building ademo facility in M\u00fcnster."},{"speaker":null,"startTime":1905.915,"endTime":1910.215,"body":"Um, they came out of the lab withthe process to ultimately, recycle."},{"speaker":null,"startTime":1910.515,"endTime":1915.495,"body":"Shirts and jeans like, like oldtextiles, but also industrial textiles."},{"speaker":null,"startTime":1915.855,"endTime":1920.355,"body":"Um, and we see many other teams whoare going into a similar direction."},{"speaker":null,"startTime":1920.695,"endTime":1922.495,"body":"So recycling's a huge topic."},{"speaker":null,"startTime":1922.555,"endTime":1925.025,"body":"Um, another startupthat we love is Cyclize."},{"speaker":null,"startTime":1926.245,"endTime":1933.285,"body":"They make syngas from carbondioxide and from waste plastics."},{"speaker":null,"startTime":1933.925,"endTime":1937.135,"body":"And so they are at the verybeginning of the value chain."},{"speaker":null,"startTime":1937.645,"endTime":1941.585,"body":"And, um, they're in the process of, ofnow planning the next step from mini"},{"speaker":null,"startTime":1941.585,"endTime":1943.475,"body":"pilot to demo and so on and so on."},{"speaker":null,"startTime":1943.475,"endTime":1945.725,"body":"So many startups are on their way."},{"speaker":null,"startTime":1946.115,"endTime":1949.775,"body":"Um, but it takes a lot oftime to ultimately get to"},{"speaker":null,"startTime":1949.775,"endTime":1951.485,"body":"market and industrial scale."},{"speaker":null,"startTime":1951.785,"endTime":1956.195,"body":"Uh, we do work with digital startupsas well, and with other startups where"},{"speaker":null,"startTime":1956.195,"endTime":1960.335,"body":"it may be a little bit easier to getto sort of industrial application."},{"speaker":null,"startTime":1960.485,"endTime":1961.625,"body":"Another example."},{"speaker":null,"startTime":1962.38,"endTime":1964.63,"body":"From our portfolio is Iron Craft."},{"speaker":null,"startTime":1965.02,"endTime":1969.82,"body":"They have developed a coatingtechnology that allows you to"},{"speaker":null,"startTime":1969.82,"endTime":1974.77,"body":"replace multilayer materials with amonolayer and a very thin coating."},{"speaker":null,"startTime":1975.73,"endTime":1980.26,"body":"So you, you typically, when you packagechemicals for examples, but also other,"},{"speaker":null,"startTime":1980.71,"endTime":1984.775,"body":"other products, you have multilayerpackaging to protect the product and"},{"speaker":null,"startTime":1984.775,"endTime":1988.765,"body":"the inside and make sure that noneof your product migrates through,"},{"speaker":null,"startTime":1989.14,"endTime":1992.32,"body":"through your packaging because youdo want to avoid this at any cost."},{"speaker":null,"startTime":1992.65,"endTime":1997.54,"body":"Um, so historically differentpolymers have been glued together,"},{"speaker":null,"startTime":1997.54,"endTime":2001.86,"body":"but it's very, very difficult torecycle these multilayer systems."},{"speaker":null,"startTime":2002.25,"endTime":2009.33,"body":"Now, what Iron Craft does is that theyapply a very thin coating to a, um,"},{"speaker":null,"startTime":2009.36,"endTime":2016.16,"body":"mono material, which can be just astandard polyolefin and this creates"},{"speaker":null,"startTime":2016.22,"endTime":2020.72,"body":"the physical barrier that you would thenget through a multi-layer system, but at"},{"speaker":null,"startTime":2020.72,"endTime":2025.79,"body":"the same time, the coated mono materialis easily recyclable mechanically."},{"speaker":null,"startTime":2026.39,"endTime":2032.24,"body":"So in that sense, um, they are, they'remaking packaging recyclable that"},{"speaker":null,"startTime":2032.24,"endTime":2034.31,"body":"historically hasn't been recyclable."},{"speaker":null,"startTime":2034.91,"endTime":2038.96,"body":"And, they are already at the stagewhere they are selling their machines."},{"speaker":null,"startTime":2038.96,"endTime":2039.375,"body":"So somebody."},{"speaker":null,"startTime":2039.78,"endTime":2043.29,"body":"Can ultimately makepackaging with their coating."},{"speaker":null,"startTime":2043.4,"endTime":2047.9,"body":"Kevin: So also solving multipleproblems at the same time, like the,"},{"speaker":null,"startTime":2047.93,"endTime":2054.08,"body":"the cyclability of packaging material,while also reducing the complexity,"},{"speaker":null,"startTime":2054.2,"endTime":2059.3,"body":"which makes it probably also easierfor, uh, the applying companies"},{"speaker":null,"startTime":2059.51,"endTime":2061.4,"body":"to Yeah, produce their product."},{"speaker":null,"startTime":2062.24,"endTime":2064.64,"body":"And then, yeah, save also money, I guess."},{"speaker":null,"startTime":2065.793,"endTime":2066.473,"body":"Martin: I cannot comment."},{"speaker":null,"startTime":2067.718,"endTime":2074.918,"body":"Kevin: Do you have some, uh, tips now forif someone is interested at the university"},{"speaker":null,"startTime":2074.918,"endTime":2080.558,"body":"or research institute and thinkingabout, um, maybe my research might"},{"speaker":null,"startTime":2080.558,"endTime":2082.988,"body":"have the potential to go to a startup?"},{"speaker":null,"startTime":2083.558,"endTime":2087.038,"body":"How can they first startthis evaluation process?"},{"speaker":null,"startTime":2088.113,"endTime":2092.523,"body":"Basically get the proof of thattheir idea is actually worth"},{"speaker":null,"startTime":2092.703,"endTime":2094.438,"body":"trying to pursue in a startup."},{"speaker":null,"startTime":2095.009,"endTime":2098.369,"body":"Stefan: I think the first and mostimportant step is, um, get out of the"},{"speaker":null,"startTime":2098.369,"endTime":2102.339,"body":"lab and start talking to people, whichare not your direct coworkers and"},{"speaker":null,"startTime":2102.339,"endTime":2103.929,"body":"are also in love with the technology."},{"speaker":null,"startTime":2104.469,"endTime":2109.779,"body":"But, um, really try to find thepeople, that might be your potential"},{"speaker":null,"startTime":2109.779,"endTime":2114.009,"body":"customers, users that might havean interest and tell them about it."},{"speaker":null,"startTime":2114.339,"endTime":2117.549,"body":"You don't have to explain how thetechnology works in detail, but,"},{"speaker":null,"startTime":2117.77,"endTime":2121.82,"body":"um, give them a brief idea of whatyou wanna do and get, get feedback."},{"speaker":null,"startTime":2122.325,"endTime":2126.465,"body":"Because that feedback will ultimatelyhelp you to come to an educated decision."},{"speaker":null,"startTime":2126.555,"endTime":2128.445,"body":"Is it worthwhile pursuing or not?"},{"speaker":null,"startTime":2128.805,"endTime":2133.485,"body":"And you'll also get feedback or context,let's say, whom else you should talk."},{"speaker":null,"startTime":2133.875,"endTime":2136.845,"body":"And from that you canwork your way forward."},{"speaker":null,"startTime":2136.845,"endTime":2140.835,"body":"But like I said, really importantto to leave the environment where"},{"speaker":null,"startTime":2140.835,"endTime":2146.115,"body":"you are in, talk to people andalso feel free to approach us"},{"speaker":null,"startTime":2146.145,"endTime":2148.365,"body":"as Chemstars, um, very early on."},{"speaker":null,"startTime":2148.845,"endTime":2153.195,"body":"And we're always up for a chat tosee if we or we can help or if we"},{"speaker":null,"startTime":2153.195,"endTime":2154.785,"body":"know someone else who might help."},{"speaker":null,"startTime":2155.505,"endTime":2159.515,"body":"Um, like I said, our idea competition, the\"From lab to market challenge\" is always"},{"speaker":null,"startTime":2159.525,"endTime":2163.085,"body":"a good tool to test things like this out."},{"speaker":null,"startTime":2163.145,"endTime":2166.325,"body":"Um, the submission deadlinenow is until the 30th."},{"speaker":null,"startTime":2166.915,"endTime":2168.865,"body":"30th of March this year."},{"speaker":null,"startTime":2169.465,"endTime":2173.425,"body":"Um, but yeah, we are running thisevery year and also independent from"},{"speaker":null,"startTime":2173.425,"endTime":2179.275,"body":"the idea competition, happy to, tosupport and also to pinpoint to other"},{"speaker":null,"startTime":2179.275,"endTime":2182.905,"body":"organizations, like for example, if you'rein Berlin, definitely talk to Green Chem."},{"speaker":null,"startTime":2183.085,"endTime":2190.255,"body":"If you're in Munich, um, have a look atChem Space and if you are at the RWTH"},{"speaker":null,"startTime":2190.255,"endTime":2196.715,"body":"Aachen you can talk to Koala or Quincat sothere are organizations, um, there in very"},{"speaker":null,"startTime":2196.715,"endTime":2199.955,"body":"very early stages that do fantastic work."},{"speaker":null,"startTime":2199.995,"endTime":2201.829,"body":"Full stop."},{"speaker":null,"startTime":2203.185,"endTime":2206.935,"body":"Kevin: Yeah, we'll, uh, definitely linkall these informations in the show notes"},{"speaker":null,"startTime":2206.935,"endTime":2212.665,"body":"for you if you're interested in connectingChemstars and just talk to them if you"},{"speaker":null,"startTime":2212.695,"endTime":2215.485,"body":"think your idea might be worth pursuing."},{"speaker":null,"startTime":2216.025,"endTime":2221.976,"body":"And one other point that, uh, I wouldbe interested in is, what role does"},{"speaker":null,"startTime":2221.976,"endTime":2227.916,"body":"storytelling play in, um, this startinga startup and convincing people?"},{"speaker":null,"startTime":2227.916,"endTime":2234.332,"body":"Because in natural sciences, that's notnecessarily one, one of the main topics."},{"speaker":null,"startTime":2234.662,"endTime":2235.172,"body":"Martin: It is."},{"speaker":null,"startTime":2235.352,"endTime":2236.642,"body":"It is incredibly important."},{"speaker":null,"startTime":2237.242,"endTime":2242.792,"body":"As a founder, but I believe even as ascientist, and it stays in academia,"},{"speaker":null,"startTime":2243.332,"endTime":2248.132,"body":"it's important to be able to explainto an outsider or to somebody else,"},{"speaker":null,"startTime":2248.132,"endTime":2250.243,"body":"a third party what it is you do."},{"speaker":null,"startTime":2250.918,"endTime":2255.298,"body":"So that person understands it,independent of their technical background."},{"speaker":null,"startTime":2255.748,"endTime":2258.898,"body":"So if you leave academia and gointo industry, this is important."},{"speaker":null,"startTime":2258.898,"endTime":2260.638,"body":"If you start a company, this is important."},{"speaker":null,"startTime":2260.638,"endTime":2263.638,"body":"And I maybe much like youyourself, believe it's also"},{"speaker":null,"startTime":2263.638,"endTime":2265.078,"body":"important if you stay in academia."},{"speaker":null,"startTime":2265.468,"endTime":2270.688,"body":"Um, and yes, we work with a lotof startups on the, the way they"},{"speaker":null,"startTime":2270.688,"endTime":2272.938,"body":"pitch and present their ideas."},{"speaker":null,"startTime":2273.513,"endTime":2278.553,"body":"There is a certain structure that hasevolved, um, in this startup ecosystem"},{"speaker":null,"startTime":2278.553,"endTime":2282.183,"body":"where you typically start with the problemthat you're, you're trying to solve."},{"speaker":null,"startTime":2282.453,"endTime":2286.113,"body":"Then go on with the solution, and thenyou kind of dig deeper as to why this"},{"speaker":null,"startTime":2286.113,"endTime":2289.773,"body":"solution is better and how it's, howit works and, and why it works better"},{"speaker":null,"startTime":2289.773,"endTime":2291.603,"body":"than, than other solutions out there."},{"speaker":null,"startTime":2292.053,"endTime":2295.593,"body":"Um, but maybe one of the things thatI can share that are really, really"},{"speaker":null,"startTime":2295.593,"endTime":2300.573,"body":"important is that when you define theproblem that you're trying to solve."},{"speaker":null,"startTime":2300.81,"endTime":2304.903,"body":"Don't just think about like asocietal problem,  let's say for"},{"speaker":null,"startTime":2304.903,"endTime":2308.413,"body":"example, you work on a recyclingproject or a recycling technology."},{"speaker":null,"startTime":2308.413,"endTime":2314.863,"body":"Let's let, don't just say there's ahuge, um, amount of waste plastic that"},{"speaker":null,"startTime":2314.863,"endTime":2319.433,"body":"needs to be taken care of, but alsoalways think about who's my customer?"},{"speaker":null,"startTime":2319.483,"endTime":2323.638,"body":"Who am I selling to and whatis their specific problem?"},{"speaker":null,"startTime":2323.908,"endTime":2326.548,"body":"It's not just about the societalproblem, but it's about your"},{"speaker":null,"startTime":2326.548,"endTime":2329.993,"body":"customer's problem, um, which isvery important to keep in mind."},{"speaker":null,"startTime":2330.253,"endTime":2331.033,"body":"Kevin: yeah, definitely."},{"speaker":null,"startTime":2331.033,"endTime":2336.727,"body":"To get yourself in the perspective ofthe customer and then think of what their"},{"speaker":null,"startTime":2336.727,"endTime":2342.397,"body":"problems are and what their feelings arewith these kind of problems, and then give"},{"speaker":null,"startTime":2342.397,"endTime":2344.797,"body":"them a solution that they can understand"},{"speaker":null,"startTime":2344.971,"endTime":2349.981,"body":"Martin: And one of the things I've noticedis that if you find a way to excite people"},{"speaker":null,"startTime":2349.981,"endTime":2354.421,"body":"enough about the problem, it's not thatyour solution doesn't matter, but it's"},{"speaker":null,"startTime":2354.476,"endTime":2359.611,"body":"that it's much easier to then get somebodyelse excited about your solution as well."},{"speaker":null,"startTime":2359.611,"endTime":2364.771,"body":"So make people care about what it isyou do and they will much, they're"},{"speaker":null,"startTime":2364.771,"endTime":2367.681,"body":"much more likely to then engagewith you and, and try to help you."},{"speaker":null,"startTime":2367.966,"endTime":2368.256,"body":"Kevin: Yeah."},{"speaker":null,"startTime":2368.49,"endTime":2373.83,"body":"Stefan: And also, um, try to think ofwhom is on the other side of the table."},{"speaker":null,"startTime":2373.98,"endTime":2375.09,"body":"Whom do you talk to?"},{"speaker":null,"startTime":2375.52,"endTime":2378.37,"body":"Is that someone who hasa technical background?"},{"speaker":null,"startTime":2378.61,"endTime":2382.94,"body":"Is that someone who has a commercialbackground and also adjust the"},{"speaker":null,"startTime":2382.94,"endTime":2387.53,"body":"story that you tell accordingto the recipient of the story."},{"speaker":null,"startTime":2387.98,"endTime":2393.62,"body":"Um, because as I do not have a technicalbackground, for example, the teams can"},{"speaker":null,"startTime":2393.62,"endTime":2396.47,"body":"tell me about their amazing new molecules."},{"speaker":null,"startTime":2396.55,"endTime":2397.47,"body":"I'll will never get it."},{"speaker":null,"startTime":2398.03,"endTime":2402.1,"body":"Um, and there is also what martinmentioned about Iron Craft, for example."},{"speaker":null,"startTime":2402.1,"endTime":2404.98,"body":"That's something that even I,with no technical background can"},{"speaker":null,"startTime":2404.98,"endTime":2407.71,"body":"easily understand because that'ssomething I can feel and touch."},{"speaker":null,"startTime":2408.35,"endTime":2411.47,"body":"But yeah, what's really important ismake the complex tech that you are"},{"speaker":null,"startTime":2411.47,"endTime":2417.77,"body":"working on easy to understand for meor even your grandmother, grandfather,"},{"speaker":null,"startTime":2418.01,"endTime":2420.98,"body":"that they understand what you'reworking on and that they are excited."},{"speaker":null,"startTime":2421.815,"endTime":2424.755,"body":"Kevin: I imagine that especiallyin those pitches, which are usually"},{"speaker":null,"startTime":2424.755,"endTime":2430.365,"body":"not that long, it's really importantto know who your audience is and"},{"speaker":null,"startTime":2430.365,"endTime":2432.55,"body":"then tailor whatever you're saying."},{"speaker":null,"startTime":2433.215,"endTime":2438.855,"body":"To what you think their perspective isand then you can target them differently"},{"speaker":null,"startTime":2438.855,"endTime":2443.895,"body":"than, for example, when you talk tosome other tech people who really want"},{"speaker":null,"startTime":2443.895,"endTime":2449.355,"body":"to know every detail about the processand differently to when you talk to,"},{"speaker":null,"startTime":2449.715,"endTime":2455.26,"body":"um, economists who just cares abouthow the numbers in terms of money are."},{"speaker":null,"startTime":2455.541,"endTime":2457.971,"body":"And that's, uh, very important for these."},{"speaker":null,"startTime":2458.421,"endTime":2460.23,"body":"Very short pitches,  I think."},{"speaker":null,"startTime":2460.62,"endTime":2465.435,"body":"Martin: Yeah, and don't worry aboutappearing not as smart as you really are."},{"speaker":null,"startTime":2465.825,"endTime":2469.515,"body":"Uh, I sometimes feel that scientistslike complexity because it"},{"speaker":null,"startTime":2469.515,"endTime":2472.53,"body":"portrays some sort of intelligence."},{"speaker":null,"startTime":2472.53,"endTime":2477.48,"body":"Uh, but I believe that, that itmay even be the other way around."},{"speaker":null,"startTime":2477.48,"endTime":2482.16,"body":"So if you're able to simplifythings without getting off track"},{"speaker":null,"startTime":2482.16,"endTime":2486.55,"body":"and without leaving important partsout, that's a much better approach."},{"speaker":null,"startTime":2487.036,"endTime":2493.786,"body":"Kevin: the most important part is to getthe key points over in the most precise"},{"speaker":null,"startTime":2493.786,"endTime":2496.786,"body":"and short, uh, manner as possible."},{"speaker":null,"startTime":2496.967,"endTime":2497.457,"body":"Martin: exactly."},{"speaker":null,"startTime":2497.666,"endTime":2502.485,"body":"Kevin: Are there anything that we havenot talked about in this discussion"},{"speaker":null,"startTime":2502.485,"endTime":2503.91,"body":"yet that you would like to address?"},{"speaker":null,"startTime":2504.699,"endTime":2508.119,"body":"Stefan: What I would like to mentionis that, um, and I mentioned our idea"},{"speaker":null,"startTime":2508.119,"endTime":2512.559,"body":"competitions a few times, so, um, wedo have an award event at this Idea"},{"speaker":null,"startTime":2512.559,"endTime":2517.289,"body":"competition, which is a public eventwhere we expect around 150 guests"},{"speaker":null,"startTime":2517.389,"endTime":2521.969,"body":"in Leverkusen and, um, everyonewho's interested in entrepreneurship"},{"speaker":null,"startTime":2521.969,"endTime":2523.649,"body":"and startup in the chemical space."},{"speaker":null,"startTime":2524.039,"endTime":2527.429,"body":"Um, feel free to registerfor this event and join us."},{"speaker":null,"startTime":2527.549,"endTime":2530.669,"body":"Registration is not yet possible,but you'll find if you follow us"},{"speaker":null,"startTime":2530.669,"endTime":2535.019,"body":"on LinkedIn or on our website, willpretty soon, uh, find the opportunity"},{"speaker":null,"startTime":2535.019,"endTime":2539.239,"body":"to register and, I would be happyto get in touch with a few, of you"},{"speaker":null,"startTime":2539.239,"endTime":2542.699,"body":"listeners and um talk how we can support"},{"speaker":null,"startTime":2542.749,"endTime":2548.269,"body":"Or, um, answer questions and feelfree to approach us at any time."},{"speaker":null,"startTime":2549.029,"endTime":2549.299,"body":"Kevin: Yeah."},{"speaker":null,"startTime":2549.539,"endTime":2550.549,"body":"Thank you for that point."},{"speaker":null,"startTime":2550.549,"endTime":2555.889,"body":"That's, uh, always a good place for ifyou have a contact point also in person"},{"speaker":null,"startTime":2555.889,"endTime":2560.709,"body":"I think is a different way of just,doing all these, uh, online meetings."},{"speaker":null,"startTime":2561.409,"endTime":2566.259,"body":"Thank you very much for, telling meabout how to overcome these hurdles of"},{"speaker":null,"startTime":2566.469,"endTime":2572.269,"body":"startups and, uh, hopefully we, inspiredsome people to start their own and, uh."},{"speaker":null,"startTime":2572.829,"endTime":2576.789,"body":"Yeah, feel free to contactChemstars and uh, thank you"},{"speaker":null,"startTime":2576.789,"endTime":2579.159,"body":"Martin and Stefan for joining me."},{"speaker":null,"startTime":2579.445,"endTime":2580.015,"body":"Martin: Thank you, Kevin."},{"speaker":null,"startTime":2580.365,"endTime":2581.805,"body":"Stefan: Thank you verymuch for the invitation."},{"speaker":null,"startTime":2582.45,"endTime":2586.68,"body":"Kevin: If you got interested nowin startups, Check out the links"},{"speaker":null,"startTime":2586.68,"endTime":2590.31,"body":"in the show notes to Chemstarsand feel free to contact them."},{"speaker":null,"startTime":2590.905,"endTime":2593.455,"body":"Don't forget to follow onwherever you are listening."},{"speaker":null,"startTime":2593.455,"endTime":2599.26,"body":"This really helps the show and me toget new guests on to continue contact me"},{"speaker":null,"startTime":2599.26,"endTime":2604.15,"body":"if you want to talk about your researchor your startup in the chemical space."},{"speaker":null,"startTime":2604.287,"endTime":2606.307,"body":"Just send me an email tocontact@innovateandreact.com"},{"speaker":null,"startTime":2608.277,"endTime":2609.507,"body":"or connect with me on LinkedIn."},{"speaker":null,"startTime":2610.227,"endTime":2612.897,"body":"Thank you so much for listening,and until next time, keep"},{"speaker":null,"startTime":2612.897,"endTime":2614.487,"body":"innovating and stay curious."}]}