Building a Climate-Driven Startup Scaling sustainability and navigating challenges in carbon reduction technology
By Entrepreneur UK Staff Edited by Patricia Cullen
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Buffy Price, co-founder and COO of Carbon Re, launched the company to address the urgent need for climate action through innovative artificial intelligence (AI) solutions. In this Entrepreneur UK interview, she shares her motivations, key strategies for scaling a sustainable startup, and practical advice for future founders passionate about making a meaningful impact on the environment.
What inspired you to start your business?
I was driven to co-found Carbon Re in late 2020 due to a deep sense of dread about the climate emergency and frustration by the lack of leadership and action from global governments in meeting their Paris Agreement commitments. I have been really lucky to have great co-founders and colleagues who are all motivated to make Carbon Re profitable, a great place to work and reduce industrial carbon emissions on the gigatonne scale.
What are the key factors that contribute to successfully scaling a sustainable startup?
Start with a fantastic business idea! Carbon Re has built a unique AI-powered software product that enables cement producers to save on fuel costs and carbon emissions today - which is essential if we are going to hit our 2030 emissions reductions targets.
Hire great people. The advantage of building a mission-driven company is that we have been able to attract incredible talent. Move with urgency and work hard. This often means really long days in the office and working weekends. Be willing to roll up your sleeves and don't be above doing anything
Always look for ways to improve. At Carbon Re, we really value a positive and constructive feedback culture to help us achieve this. Have fun and be kind. We built this company to extend earth's life but ours is still limited. We want to enjoy it.
How did you secure your initial funding?
Our academic credibility was key to our success in securing our initial funding and Carbon Re is a joint spin out of Cambridge University and UCL. My co-founder Dr Daniel Summerbell completed his PhD at the Institute for Manufacturing at Cambridge University and it was his research which underpins our approach to carbon reduction in cement production, and another co-founder, Dr Aidan O'Sullivan, is an Associate Professor of AI and Energy Systems at UCL.
How do you handle failure or setbacks?
Failure and setbacks are part of the journey and you can't be successful without learning how to move past them. Keeping a focus on the company mission has been essential motivation for getting through the difficult times. We have also built an incredible team and culture at Carbon Re and when things get tough it helps to be surrounded by hardworking and motivated people who lift each other up. We are all in this together.
What advice would you give to someone starting their own sustainable business?
Find people who you trust and can build the company with. It's really helped me to have an understanding and forgiving partner at home too!
Share your tips for achieving success…
Carbon Re is still early in our journey so we remain humble about our success so far, but we have reduced kilotonnes of carbon emissions already. My best tip would be: if you've got a great idea, don't give up. It will inevitably take much more time and energy than you can anticipate to succeed, and there will be low points but, whatever happens to your business long-term, it will be an experience like no other and totally worth it.
