WHY THE OCEAN IMPACT PITCHFEST 2021 IS SO IMPORTANT TO THE OCEAN AND CLIMATE

11th August 2021: It’s easy to feel a sense of overwhelm as we digest the latest insights into the devastating toll humankind is having on Planet Ocean. 

From the latest IPCC Report labelling humanity at a “code red” on climate; marine ‘heatwaves’ killing over one billion aquatic creatures in the Pacific Northwest; plastic pollution increasing during the global pandemic and hard-hitting documentaries like Seaspiracy revealing the devastating toll of industrial scale fishing on the fragile world beneath the waves.

But thankfully, a new generation of innovators and entrepreneurs are taking the great ocean challenges into their own hands and showing that making a positive impact on our ‘blue’ planet can also make a big, positive impact on the ‘blue’ economy, the climate, and beyond. 

Ocean Impact Organisation (OIO) this week launched The Ocean Impact Pitchfest 2021, a six week global initiative to find, support and accelerate innovative solutions that can transform the health of the ocean. Applications are open until 28 September 2021 with the Winners announced on 4 November 2021.

The Ocean Impact Pitchfest presented by Bank Australia and HP Australia is open for applications until 21 September 2021.

With $150,000 in cash prizes and $150,000 of additional products and support from OIO and their partners, startups and entrepreneurs are encouraged to apply for the chance to accelerate their ocean impact and help to improve the health of Planet Ocean. This year also sees the debut of the HP Generation Impact Incubator, a new program for young (35 and under) innovators residing in Australia with an idea to transform ocean health.

Founded by entrepreneur Nick Chiarelli and environmentalist Tim Silverwood (ex-CEO of Take 3 for the Sea), OIO’s mission is to support and accelerate ocean impact businesses. For the Founders of OIO there is “no time to waste” in radically accelerating new innovations, investment and collaboration to help transform ocean health.

“We developed OIO to help people start, grow and invest in businesses that positively impact the ocean,” says Chiarelli who has worked with startups for most of his career. “I’d seen all manner of startup accelerators and incubators emerge for specific areas like FinTech, MedTech, RegTech etc but nothing existed for the ocean.” Chiarelli says of the origins of OIO. “Given how fundamentally important a healthy ocean is of our own survival, there was a gaping hole and a huge opportunity for Australia to become a global leader in accelerating scalable ocean solutions.”

Now in its second year, The Ocean Impact Pitchfest is proving that abundant solutions are out there and investor appetite to support ocean impact is increasing.

Last year's inaugural Winner of The Ocean Impact Pitchfest was Planet Protector Packaging, an innovative Australian company using waste wool to create ‘Woolpack’, an alternative to expanded polystyrene packaging (EPS) that has so far prevented 7 million EPS boxes from entering landfill or the ocean. 

Joanne Howarth, founder and CEO of Planet Protector says, “Since winning OIO’s inaugural Pitchfest we have had enormous support, not only from the OIO team, but also from their very expansive network of passionate sponsors and investors.” 

Joanne continues, “It has been a game changing partnership and we feel so fortunate to have the opportunity to work with such passionate entrepreneurs who are shaping the state of the ocean. The startup ecosystem needs the likes of OIO to support and open doors for them. If every country in the world had an Ocean Impact Organisation, we wouldn’t have an ocean crisis!”

Having recently raised $1.25m through an equity crowdfunding campaign on Australian tech platform Birchal, Howarth is glowing of the growing interest from the public (and investors) of ocean impact innovation.

This is a trend that Alan Crabbe, Founder of Birchal, has witnessed first hand with a number of successful crowd-funding projects focused on the ocean reaching their investment goals in the past 12 months. 

“Consumer and investor interest in impactful businesses has surged on our platform in the past 18 months” says Alan Crabbe. “I think it’s a sign that both entrepreneurs, investors and consumers really do want to make a positive impact.”

The proof is in the pudding, with Birchal’s ocean-related startups attracting 5929 investors and raising over $66million AUD in the past 18 months. This includes almost $3m AUD raised by plastic pollution innovation Seabin Project, with 2784 investors contributing to date. 

OIO Co-founder Tim Silverwood, said of the organisation’s results to date, “We’re thrilled to see so many passionate entrepreneurs and innovators across the world applying to our programs to help accelerate their solutions and in doing so, help to transform ocean health. Our goal at OIO is to accelerate 100 ocean startups in 5 years and play our part in an emerging global ecosystem to accelerate 1000 ocean startups in 10 years.”

The initiative to scale 1000 Ocean Startups in 10 years received a big boost in May with global leaders including Sir Richard Branson and Prime Minister of Norway Erna Solberg joining the call for collaborative support to expedite investment in ocean innovation. 

“We need to unleash the power of entrepreneurship in this effort, working together to invest in our common future.” said Sir Richard Branson. “Across the globe companies, entrepreneurs and investors are stepping up to address the challenges facing the ocean and increasingly realising that what is good for the ocean is good for business.” 

OIO is part of the global 1000 Ocean Startups Coalition

At first glance, the rising figures of Australia’s blue economy suggest a burgeoning sector, capitalising on the growing opportunities of ‘innovation for a sustainable ocean’. But a deeper dive into the numbers reveals an age-old scenario where Australia’s thirst for extracting and selling fossil fuels is underpinning economic output. 

The latest AIMS Index of Marine Industry report, released in July 2021, celebrates a 28% increase in the total value of Australia’s marine industry, rising to $81.2bn between 2016-18. A 79% increase in offshore natural gas production fuels this growth followed by a 57% increase in shipbuilding and repair. Over $35bn of the total $81.2bn Australian blue economy is supported by offshore petroleum projects. 

2020 Index of Marine Industry economic output. Source: aims.gov.au

With the latest IPCC report ringing in the ears of world leaders as they ready for the upcoming COP26 Summit in Glasgow, demands to reach net zero and diversify industries away from fossil fuels and towards renewable and regenerative industries, will only get louder. 

The ocean, previously a source of prosperity and pollution, should quickly become a playground for opportunities to reduce fossil fuel dependence and commence the enormous task of drawing down atmospheric carbon pollution. 

Whilst Prime Minister Scott Morrison recently announced $100m in funding to protect ocean ecosystems and enhance blue carbon projects, it is a drop in the ocean in the context of the enormous challenges facing Planet Ocean. 

For Sam Elsom, co-founder and CEO of seaweed startup Sea Forest, the ocean off the coast of Tasmania is an abundant source of opportunity to not only reduce atmospheric carbon pollution but to create local jobs and help make Australia’s blue economy a lot more ‘green’.

Sea Forest, established in 2017, recently raised $34m AUD to expand their operations to harvest an endemic seaweed called Asparagopsis near Triabunna on Tasmanias’s East Coast. The asparagopsis variety they cultivate, when added in small amounts to livestock feed, can have the remarkable impact of reducing methane emissions by 98%. 

Elsom, a former pioneer of sustainable fashion, discovered the super powers of asparagopsis when researching seaweed solutions to sequester carbon from sea water. “When I realised that asparagopsis could not only clean and remove carbon from the ocean but could also have this multiplier impact on livestock emissions I was just blown away,” said Elsom. “To realise that this inconspicuous seaweed could have such a profound impact yet no one was doing it - I just had to dive right in.”

Another innovator using the southern shores of Australia to perfect their scalable ocean solution is Tom Denniss, Co-founder and CEO of Wave Swell Energy, the first Runner Up in The Ocean Impact Pitchfest 2020. 

Dr. Denniss, who developed Wave Swell Energy’s innovative, blowhole inspired ‘oscillating water column’ (OWC) technology that powers their UniWave200 system has his eyes set firmly on the ocean, not just for the abundant energy available but also for the financial returns if it can be harvested sustainably. 

“It is truly remarkable how much energy is being ‘wasted’ in the ocean every single minute of every single day. We are in the midst of a crisis where everything needs to be done to reduce our dependence on fossil fuels yet the ocean is often overlooked.” said Dr Denniss. “We’re proud to have our first unit installed at King Island and we’re keen to scale rapidly across the world to help make renewable ocean energy available to many.”

The Ocean Impact Pitchfest 2021, presented by Bank Australia and HP, will offer a $150,000 total cash prize pool with $150,000 of additional products and in-kind support to help accelerate the Winners and Finalists from Australia and around the world.

Fiona Nixon, Head of Strategy and Communications at Bank Australia and a member of the Pitchfest judging panel said, “We’re thrilled to be backing OIO again this year in their quest to discover solutions that will save our oceans and help address the climate crisis. Seeing the incredible ideas from innovators and entrepreneurs that Pitchfest 2020 uncovered was really inspiring and should give us a great sense of hope for the future.”

HP Australia joins Bank Australia as Major Partners of Ocean Impact Organisation and Presenting Partners of Pitchfest 2021. HP are the sole supporters of the Generation Impact Incubator and become OIO’s Major Technology Partner. 

Mike Boyle, Managing Director, HP Australia and New Zealand said of the new partnership with OIO and the new Generation Impact Incubator “At HP, we want to make life better for all and we’ve set an ambitious agenda to tackle some of the most urgent issues facing our planet, including saving our oceans. And while we’re making strong strides, we know that real, lasting impact is achieved through partnership, and at scale. We’re thrilled to partner with Ocean Impact Organisation on The Ocean Impact Pitchfest 2021, and through Generation Impact to bring together the brightest minds of Australia’s next generation to transform simple ideas and thoughts into groundbreaking solutions that can benefit the ocean.”

Three additional ‘Spotlight Awards’ will be provided in Pitchfest 2021 to innovative solutions tackling key ocean challenges including: Plastic Pollution Spotlight Award presented by Zip Water; Sustainable Ocean Harvesting Spotlight Award presented by Austral Fisheries and the Climate Spotlight Award sponsored by members of OIO’s philanthropic community. Each Spotlight Award Winner will receive a $10,000 cash prize and have their innovative solution shared widely across OIO’s network.

Pitchfest 2021 is accepting applications from the 10th August, with applications closing on September 21st 2021 and the Winners announced on November 4th.

For more information or to apply for Pitchfest 2021, please visit www.oceanimpact.org/pitchfest2021.