One of Scotlands foremost BioEconomy and Circular Economy companies is CuanTec Ltd which has been assisted by SSC from idea through to completion of SEED funding and arrival of a new CEO.
CuanTec opened its lab on 9th Jan 2017 with a set-up funds from investors and grant support from SMART Scotland to begin its journey of developing innovative products from raw materials provided by the ocean. The process of moving from a concept, an ambition, to a detailed scientific development and commercial plan with appropriate evidence is not swift. Ideas develop, EU regulations and directives change (in this case for the benefit of the business) and it takes dedication and determination to get to a final point where there is an investable, supportable proposition.
For CuanTec this process of idea to commencement of operations took 2 ½ years, and resulted in the launch of a biopolymer manufacturing company researching innovative methods of biological extraction of chitin from the shells of langoustines and from that creating a chitosan based biodegradable, compostable, antimicrobial food packing initially aimed at the fresh seafood market.
SSC continued involvement with the company, providing CEO (Cait Murray-Green) and Head of Marketing (Andrew King) through the first 4 years of operations. This enabled further grant funding to be obtained, successful research projects to be completed, providing value inflection points for the company and a successful SEED funding round securing interest of Sky Ocean Ventures as leading investor alongside Scottish Investment Bank (part of Scottish Enterprise). Cait and Andrew provided all the PR for CuanTec themselves and this included success in competitions including Scottish EDGE, HIGGS EDGE winner (150k, June 2017) RSPB Nature in Scotland Awards and Pitching events at the RSC in London, and JLAB an innovation program which brought them to the attention of Waitrose and John Lewis.
Now with the confirmation of a new CEO coming into post, CuanTec will go forward as a fully formed company capable of taking on the world.
#business opportunity #market research #business plan #business strategy #funding #grant funding #investors #training #commercialisation awareness #team development