The Notebook: How life in plastic can be fantastic
Where the City’s movers and shakers have their say. Today, James Gibson, CEO of Void Technologies, takes the pen to talk entrepreneurialism, staying sane in the capital, and reducing plastic pollution
Spotting the opportunity in the void
Nearly nine years ago, some friends and I, like many entrepreneurs have before us, spotted an opportunity. As the world continued to grapple with plastic pollution and climate change, we noticed that plastic packaging needed to become more sustainable and recyclable.
So we decided to set up Void Technologies, and shortly thereafter we secured a global exclusive licence to over 300 patents from Kimberly-Clark, the Fortune 500 Company behind household brands such as Andrex and Huggies.
Our additive technologies, called VO, create microscopic air pockets in plastics to reduce their environmental footprint. VO-infused packaging uses up to 35 per cent less plastic and makes packaging easier to recycle. In short, our technology helps manufacturers use fewer resources, the most impactful sustainability strategy.
And the timing couldn’t be more urgent. Using Void’s technology is the fastest way for companies like Unilever, Kimberly-Clark, Coca-Cola, Pepsi, and Nestle have all publicly committed to reducing their plastic consumption and increasing their recycling rates by 2030, to hit those targets. The more companies that use our technology, the faster we will reduce plastic pollution and help the global transition to net zero.
Just think about how much plastic we use, and therefore Void will help save, every day: food pouches, ice cream wrappers and nappy packaging to name just a few projects we’re currently working on. Through working with some of our customers, tens of millions of packaging units will contain our technology and, more importantly, less plastic and CO2 emissions, and help reduce plastic pollution in the world.
As it is for many entrepreneurs, it’s been a long, and at times difficult, journey (without even mentioning Covid!). We started Void with a license agreement but no money, team, labs, or manufacturing. Fast forward to today, and four funding rounds later, we have a fully operational R&D lab and manufacturing facility in the US and some of the world’s best talent.
I’m excited about the future and Void’s work to help make it more sustainable.
Changes to the R&D Tax Credit scheme could stifle UK innovation
There’s been a lot of media coverage on dubious R&D Tax Credit claims and rightly so, but for many companies, the scheme is critical for funding innovation. The scheme is meant to support companies that invest in innovation by offering tax credits and cash refunds on R&D investments. However, from April this year, companies will be significantly restricted from claiming on overseas expenditure. In an increasingly global world, the change will likely end up looking short sighted, and only serve to stifle innovation from British companies.
Sustainability can be confusing
All materials have an environmental footprint. With the visible impact of plastic pollution so obvious, people may not consider the less obvious environmental costs of alternatives like paper, glass and metal. Most alternatives tend to have higher energy and water consumption as well as a higher carbon footprint. So, while plastic pollution is a serious issue, it is definitively one that can be tackled. Manufacturers need to play their part and develop and adopt recyclable packaging to enable the world’s transition to a more circular economy.
Thinking of fundraising? Start early
As many start-ups and scale-ups will know, fundraising often takes longer than expected. My advice for those looking to fundraise: start early and consider the Enterprise Investment Scheme (EIS).
We’re planning our new funding round soon, and while we’re lucky to have SABIC Ventures, Capricorn Partners, and Kimberly-Clark as supportive shareholders, the government’s Enterprise Investment Scheme (EIS) has also made a world of difference. I hope that it remains in place after this year’s election.
Keeping sane in the capital
Starting and running a business can be an emotional rollercoaster. Over the years, I’ve learned the importance of maintaining a degree of balance between work, fun, health and family.
One of my favourite ways to relax is to eat out with friends. Top of the charts right now are The Devonshire in Soho, (if I can manage to get a table), and Sagardi, a Spanish restaurant with its menu focused on Basque country (try the txuleton and thank me later)
Spending time with my young family is the best, and one of our favourite places to visit at the weekend is Beckenham Place Park. It has a huge area with a bluebell woodland, play park and even wild swimming for the brave.