Steve Kloos - Thinking Right to Left

In 2015, we still used those table speakers for conference calls. Remember those? Kind of looked like a spaceship. I had just started at Imagine H2O, and the first external call I had on my second day was with someone who was very highly regarded by my colleague Ivy Nguyen, who is now a BIV IC member. Hi, Ivy! That someone was Steve Kloos, partner at True North Venture Partners, previously at GE Water and Osmonics. And Ivy was really right. Over the following eight years, Steve became a friend, mentor, colleague, and through an annual seminar for IH2O companies that he ran, probably the single biggest influence on how I and the team thought about the science of early stage company creation and entrepreneurship. I was so grateful for his support through the formation of BIV Fund I, and it was a wonderful moment when we saw the possibility of working together. Along with Christine joining, BIV has now entered a new phase, and one that sets us up excellently for the long term. We have a three-person partnership of complementary skills and backgrounds, and it's tremendously exciting to have Steve join us. He's an exceptionally smart, kind person with a hell of a resume and is one of the highest integrity individuals I've had the pleasure of working with. Subscribe to The Fundamental Molecule here: https://www.burntislandventures.com/the-fundamental-moleculeFor the full show notes, transcript, and links to mentioned content, check out the episode page here: https://podcasts.apple.com/us/podcast/the-fundamental-molecule/id1714287205-----------Steve Kloos’ career in the water field, his expertise in membrane technology, and his significant contributions at Osmonics, GE, and partner at True North Venture Partners is explored. He and Tom discuss the critical roles of mentorship, strategic thinking, and the dynamics of corporate integration and venture capital in fostering innovation. Key themes discussed are the power of water treatment technologies, the importance of understanding value chains, strategies for startup success and sustainability, and the need for continuous learning and adaptability in addressing climate change and advancing water technology.Episode Highlights:0:00 Start0:49 Introduction2:23 Steve’s journey with water4:45 Membranes and their importance5:49 GE’s acquisition of Osmonics8:04 Steve’s progression within GE9:59 GE’s vulnerabilities12:28 Transitioning from focusing on business internally to externally16:11 GE Ventures18:05 True North and startup theory22:35 Coaching startups27:20 Risk retirement and registers30:15 Lessons learned as AquaHydrex CEO31:56 A unique tool in acquiring funding34:16 Hydrogen and water’s intersection with climate and climate risk39:27 Current42:09 What excites him about BIV46:10 Steve’s advice for prospective water entrepreneursLinks:Burnt Island Ventures: https://www.burntislandventures.com/Current: https://currentwater.org/“Onion Theory of Risk”: https://www.youtube.com/watch?v=xy9cAANwMeQuotes:"The true north of any company lies in understanding its customers and working backwards from there.""Innovation is not just about having a groundbreaking idea; it’s about making it sustainable and scalable.""Water is not just a resource; it’s a critical player in our collective response to climate change.""Being a learner is more than a mindset; it’s the most crucial skill for any entrepreneur."