Then and Now: 120 Bioeconomy Pioneers look at yesterday, today, inspirations and challenges

Babette Pettersen

Then:  In July 2007, I was VP New Business Development for the Performance Materials Business at DSM. My group (new)was tasked with developing a portfolio of new business opportunities across & beyond the current business units; Engineering Plastics; Resins and Dyneema. I had just joined the company after a 22 year career in the chemical industry, at Dow Corning, and it was a whole new world! Dutch versus American, and industrial biotechnology as well as chemistry… DSM gave me my first view of the potential of bio-based chemistry, as they had a unique combination of competences; both materials sciences (chemistry), and life sciences (industrial biotechnology), built trhough acquisition over the last 100 years, when they started as the Dutch State Mines! Their strategy of driving profitable growth through science-based, sustainable solutions, and their leadership in the DJSI,led me into bio-based chemistry, with my group developing the seeds of what is DSM Bio-Based Products & Solutions

Now:  Today I am Chief Business Development Officer for Capricorn Venture Partners, a European Asset Manager of venture capital and quoted equities. I joined Capricorn a year ago to help them raise a new fund; the Capricorn Sustainable Chemsitry Fund, which enables me to see the bioeconomy from the financial perspective, and to continue contributing to building the bioeconomy through raising funds to invest in early stage technologies, companies and entrapreneurs in the field. As significant funding has been, is and will continue to be required to grow the many new businesses that will make up the bioeconomy, I hope to contribute to the the field for years to come, and to continue to participate in the incredible journey we are on as the path, while still rocky, and with tortuous twists and turns,  starts broadening outwidens, is less steep in places, and offers an increasingly clear (blue?) horizon.

Inspirations: I have been fortunate in having the opportunity to build a career in chemicals,into a field that enables me to continue to work with bright people; brilliant scientists, technology and innovation, with the potential to change the world (even if only one chemical at a time) to a better place. With the broadening of the field, from biofuels and biochemicals, into sustainable Ag, Ag Tech, and Advanced Nutrition, and with exciting new tools becoming available, the potential for change is expanding exponentially, and the pace of change is accelerating; sustainability has come into the economy, and it is no longer just about technology; its a system change,thats driving’purpose’ being central to companies, and it is not just about making money, but also about satisfying a fundamental need to improve society and the environment in which we live. There has been good progress, but a lot remains to be done to make the world a better place for generations to come.

Challenges:  The most challenging aspects of the change that is being brought about by the advanced bioeconomy is the resistance to change and the impact of incumbency. Resistance to change is behavioural, and takes time to influence; incumbency is like a dead weight. Think of it as a great ocean liner plowing forward, with a lot of small speedboats in its wake, speeding in, out and around its course. It takes time for a large ocean liner to change course. It happens slowly, and needs to be planned and well executed-with purpose. A lot of factors contribute to this change in course; the wind and weather, the speed of the currents,etc., but ultimately, it is the destination that drives the change, and as per the above, while many challenges remain, the destination is becoming increasingly compelling and clear, even to incumbents, who are slowly, but surely changing course, even if only a step at a time. We need to make sure that the speedboats stay on course, to safely reach their destition