Banning dirty commodities to save the forests
Eliminating deforestation in supply chains 🌳; the solutions that will reduce the most emissions by 2030 📉; and 4 hot tips for healthtech success 🌶️.
“Destroying rainforest for economic gain is like burning a Renaissance painting to cook a meal.”
– E.O. Wilson
Kick start
🚫 Bans to fight deforestation. In another example of the EU leading the way on climate, the European Parliament has banned imports into the EU of ‘dirty commodities’ including coffee, beef, soy and palm oil that are linked to deforestation. The recently passed law requires companies selling goods into the EU to produce a due diligence statement and “verifiable” information proving their goods were not cultivated on land deforested after 2020. This is a significant move, as deforestation is responsible for about 10% of global GHG emissions and is a major contributor to biodiversity loss.
This has seen outcry from Indonesia and Malaysia, the world’s largest palm oil exporters, who claim that the EU’s trade policies are discriminatory against palm oil. The EU law still needs formal approval from its 24 member states before it enters into force, but this is usually a quick process for pre-approved laws. We hope to see more countries follow suit in taking action to eliminate deforestation from supply chains.
📊 A hidden gem from the latest IPCC report. This chart, dug up by Chief Impact Officer of NorthStar Impact Michael van Niekerk, reveals the solutions that will really move the dial on reducing emissions by 2030. The most effort and dollars should be channelled into solar, wind and energy efficiency, as well as reducing deforestation and methane emissions. In contrast, carbon capture and nuclear each have a mere 10% of the emissions reduction capacity of wind and solar, at a far higher cost.
Access the full IPCC Sixth Assessment Report here.
🏥 Tips for healthtech success. A new study from Bessemer Venture Partners in the US analysed over 100 venture-backed healthcare companies to find the best strategies to scale your healthtech startup to $100m ARR. The four top lessons are:
Remember that it takes the median healthtech startup about a decade to reach $100m ARR;
Know your margins;
Prioritise customer relationships; and
Never forget the importance of efficiency.
Read the article for the details and some very nice graphs.
New paths
🧠 Seer Medical is hiring a Regulatory Affairs Specialist and a Senior Accounts Payable Officer in Melbourne.
🐛 Goterra is on the lookout for a Human Resources Officer.
✈️ Swoop Aero is seeking a Paint Technician in Melbourne.
📓 LUNA. is hiring a Tax Accountant - Startups in Melbourne.
🔥 Also, check out our Giant Leap Fund jobs board for over 80+ available positions or fill out our expression of interest form. There’s even more jobs at ethical companies on the global B-Work job board.
Giant leaps
🎉 Congratulations to Mindset Health on announcing its oversubscribed $17.8m Series A round! The raise will help the team deliver its app-delivered hypnotherapy solutions for IBS, smoking cessation and menopausal hot flushes to even more users.
🙌 Seer Medical co-founder and Chief Medical Officer, Professor Mark Cook, has been appointed an Officer of the Order of Australia. Professor Cook was recognised for his distinguished service to neurological medicine and research through contributions to the treatment of epilepsy.
🏆 Seer Medical’s Dr Pip Karoly has also won one of the 2022 Prime Minister's Prizes for New Innovators, receiving national recognition for her breakthrough scientific discoveries in forecasting epileptic seizure risk. Congratulations!
👩🏻 Giant Leap’s Investment Associate Katarina Throssell was featured in the OnImpact impact profile of the week.
For the road
🚗 A massive milestone for EV adoption. For the first time, EV sales of medium-sized cars in Australia overtook those of their petrol counterparts! This comes as the Federal Government releases its strategy for broader EV adoption, focused on improving supply and affordability.
🤖 Do you mind if the AI listens in? Microsoft and its subsidiary Nuance Communications have announced their new GPT-4 and ambient AI medical transcription solution, Dragon Ambient eXperience (DAX) Express. DAX Express aims to reduce the administrative burden for doctors by listening in and generating clinical notes from an appointment within seconds. Of course, this has triggered a debate around the privacy and protection of sensitive medical information.
🍀 A gentle nudge to pay it forward. Check out this episode of The Startup Podcast where hosts Chris Saad and Yaniv Bernstein dive into why paying it forward helps you find luck, and why an abundance mindset is the lifeblood of Silicon Valley.
🐘 Endangered animals may be key to mitigating climate change. A new study from the Nature Climate Change Journal has quantified and validated the impact of rewilding - the process of reintroducing and repopulating an endangered species. It suggests that reintegrating just nine wildlife species or species groups would contribute more than 95% of the annual requirement to achieve the global target of extracting 500 billion metric tons of carbon dioxide from the atmosphere by 2100.
🎙️ From refugee to venture. Listen to the latest episode of The High Flyers Podcast to hear Vidit Agarwal interview Peter Huynh about his amazing journey from refugee to venture capital. Peter is the Chief Strategy Officer at Harrison AI and previously spent over a decade as a VC investor in Asia, the UK and Australia.
✅ Nature positive. Xylo Systems has launched a new podcast, The Nature Positive Network, where biodiversity, business and tech collaborate for nature positivity. Check out their latest episode on protecting biodiversity through Biological Diversity Units with Heath Evans of Wilderlands.
🎟️ It’s digital health time. The Digital Health Festival is coming up in Melbourne on 6 and 7 June 2023! Bringing together the entire health ecosystem, grab a ticket now to be part of the conversation on the future of healthtech.
🌍 Carbon accountant: the job of the future? As the “compost hits the turbine”, there unfortunately won’t be one big fix for the giant problem (and countless complex sub-problems) of the climate crisis. Bloomberg’s Paul Ford thinks the greatest job security in the climate transition therefore might just be for the people who know all the green tax rebates and climate standards as companies scramble to find solutions. Consultants, it looks like you’ll still be in a job for a while yet.