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Innventure, a Wasson Enterprise Partnership, Launches PureCycle Technologies, The First Company Able to Restore Polypropylene to ‘Virgin-Like’ Quality

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http://www.prnewswire.com/news-releases/purecycle-technologies-and-pg-introduce-technology-that-enables-recycled-plastic-to-be-nearly-new-quality-300491368.html

PureCycle Technologies and P&G introduce technology that enables recycled plastic to be nearly-new quality

PureCycle hosts ribbon-cutting for Ohio plant that will use P&G’s breakthrough recycling method to remove odor, contaminants, and color from one of the world’s most common plastics.  

CHICAGO – July 20, 2017 – PureCycle Technologies, in partnership with consumer goods company P&G, today hosted the ribbon-cutting for a plant that will restore used polypropylene (PP) plastic to ‘virgin-like’ quality with a recycling method that is one of a kind. The new plant will enable consumers to purchase more products made from recycled plastic. The patented technology was born in P&G labs as one of many innovations with meaningful sustainability benefits. P&G licensed the technology to PureCycle, a portfolio company of Innventure, a Wasson Enterprise Partnership that commercializes disruptive technologies.

Founded in 2015, PureCycle is opening the feedstock evaluation unit in Lawrence County, Ohio where they will calibrate the PP recycling process. The feedstock evaluation unit will begin operating in January 2018 and continue operations after the full-scale plant opens in 2020.

“This is a case where a hundred-billion-dollar industry required new technology to meet a compelling, unmet need,” said Mike Otworth, CEO of PureCycle Technologies. “Both manufacturers and consumers have signaled a strong preference for recycling plastics, which otherwise pollute oceans, landfills, and other natural places. Until now, recycled PP had limited applications. We’re single-handedly removing those limitations and giving companies the choice to use more sustainable, recycled resins.”

At present, PureCycle has the only technology able to meet that demand. The global PP market is valued at more than $80 billion, according to Transparency Market research, and is on track to reach $133.3 billion by 2023. PP is used in automobile interiors, food and beverage packaging, consumer good packaging, electronics, construction materials, home furnishings, and many other products.

“Our approach to innovation not only includes products and packaging, but technologies that allow us and others to have a positive impact on our environment. This technology, which can remove virtually all contaminants and colors from used plastic, has the capacity to revolutionize the plastics recycling industry by enabling P&G and companies around the world to tap into sources of recycled plastics that deliver nearly identical performance and properties as virgin materials in a broad range of applications,” said Kathy Fish, P&G’s Chief Technology Officer.  

“In the U.S. alone, the demand for virgin-quality recycled PP is immense. The Association of Plastics Recyclers (APR) has identified 1 billion pounds of recycled PP demand in North American alone. 720 million pounds of that demand is for ‘high-quality’ recycled PP,” said Steve Alexander, CEO of the APR.

While this is a P&G-developed technology, the recycled PP will be widely available for purchase across industries. This technology demonstrates P&G’s commitment to sustainability and helps in achieving P&G’s 2020 recycling goals (doubling use of recycled resin in plastic packaging and ensuring 90 percent of product packaging is either recyclable or programs are in place to create the ability to recycle it). PureCycle technology supports P&G’s vision of using 100 percent recycled or renewable materials and having zero consumer waste go to landfills.

 

About Procter & Gamble

P&G serves consumers around the world with one of the strongest portfolios of trusted, quality, leadership brands, including Always®, Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Fairy®, Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®, Pampers®, Pantene®, SK-II®, Tide®, Vicks®, and Whisper®. The P&G community includes operations in approximately 70 countries worldwide. Please visit http://www.pg.com for the latest news and information about P&G and its brands.

 

About PureCycle Technologies

PureCycle Technologies offers the only recycled polypropylene with properties equal to virgin polymer. Our proprietary process removes color, odor, and other contaminants from recycled feedstock resulting in virgin-like polypropylene suitable for any PP market. PureCycle Technologies licenses technology from Procter & Gamble and is operated by Innventure, a Wasson Enterprise Partnership. To learn more, visit purecycletech.com.

 

About Innventure

Innventure, a Wasson Enterprise Partnership, has more than 20 years of experience identifying disruptive technologies and creating successful new companies. The group combines the expertise of Wasson Enterprise (WE), a family-based investment firm led by former Walgreens Boots Alliance CEO Greg Wasson, and XL Tech Group (XLTG), Innventure’s precursor company. The team has a long history of identifying breakthrough technology solutions that address unmet needs and have sufficient economic impact to drive and sustain changed customer behaviors. Of the 11 new companies the Innventure founders created over 20 years, 10 achieved late-stage funding, including six successful IPOs. Innventure’s initial technology partner is Procter & Gamble. Learn more at innventure.com.

Wasson Enterprise and Innventure Form New Joint Venture to Commercialize Innovative Technologies

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New joint venture employs a strategic value creation model to repeatedly create new businesses, including those from proprietary P&G technologies

CHICAGO, Ill. – April 6, 2017 – Wasson Enterprise (WE), a Chicago-based angel investment group, founded by Gregory D. Wasson, former CEO of Walgreens Boots Alliance (WBA), and Innventure, co-founded by Michael Otworth to commercialize innovative technologies, announce the creation of Innventure – a Wasson Enterprise Partnership. The new joint venture offers a unique blend of the two organizations’ collective experience and expertise as they work in partnership with Fortune 50 companies to evaluate, scale, and commercialize disruptive innovative technologies with significant market potential. Its initial partner is Procter & Gamble (P&G) (NYSE: PG). The venture will explore similar relationships with other multinational businesses and institutions with a goal of building new, sustainable businesses and transforming markets. Wasson will serve as the joint venture’s chairman of the board; Otworth will assume its leadership as chief executive officer.

“By partnering with each other in this new joint venture,” said Wasson, “our two companies are looking forward to accelerating and increasing opportunities with P&G—as well as with other multinationals—to build companies that transform markets. Our systematic value creation would minimize many of the inherent risks common in most startups. Our team has a demonstrated history of innovative entrepreneurship and expertise built on a mission to create transformational companies that can stand the test of time.”

Together, the two organizations offer complementary expertise focused on systematic, repeatable value creation. According to Otworth, “Part of what makes us unique is that we have developed a highly efficient and proven commercialization model in which we can repeatedly create new companies. This allows us to not only create value, but to transform markets through these disruptive technologies.” Otworth, along with John Scott, founder of XL Tech Group (XLTG), created 11 new companies over 20 years, with 10 achieving late-stage funding, including six successful IPOs.

“We welcome the formation of Innventure – a Wasson Enterprise Partnership, and the compliment it represents to P&G’s research and innovation efforts,” said Neil Jordan, Vice President of Corporate R&D and P&G Ventures. “Their collective experience positions them well to serve as an important strategic partner to help us scale disruptive technologies and generate shareholder value.”

Background
Wasson and Otworth bring considerable and varied experience to their new venture.

Before founding WE, Wasson capped a 35-year career with Walgreens, one of the nation’s largest pharmacy chains, when he was named CEO in 2009 until his retirement in 2015 as CEO of WBA. With an eye to the limitless possibilities of deploying innovative technologies to transform how people live and to build and maintain a sustainable environment, Wasson Enterprise has focused its investments on early-stage companies in three distinct sectors: clean and efficient energy innovation, innovative customer and shopping solutions, and health tech.

Otworth has significant experience in creating new technology companies and seeing them through to their launches, including developing go-to-market strategies for businesses built on technology-enabled medical products. With his experience from XL Tech Group in 1996 and Green Ocean Innovation in 2008, Otworth has specialized in business development based on disruptive technologies with Fortune 50 companies that include P&G, Kraft, Unilever, and Lilly, as well as health organizations that include Mayo Clinic and Vanderbilt Medical Center. He’s been involved in start-ups now worth more than $1 billion in market value.

About Wasson Enterprise
Wasson Enterprise (WE) (www.wassonenterprise.com) is a family-based investment group founded and led by Gregory D. Wasson, former CEO of Walgreens Boots Alliance, Inc. WE helps entrepreneurs build sustainable businesses and creates value through angel investing and operating businesses. Wasson Enterprise Angel invests in three strategic sectors with the goal of connecting, mentoring, and assisting startups in commercializing dreams into sustainable businesses. Its investment pillars are clean and efficient energy innovation, innovative customer and shopping solutions, and health tech.

About Innventure
The Innventure team has more than 20 years of experience identifying disruptive technologies and creating successful new companies. Its proven disruptive innovation model successfully identifies emerging technologies and accelerates the path to scale and in-market success. Based on the operating model of its precursor company, XL Tech Group (XLTG), the Innventure team has a long history of identifying breakthrough technology solutions that address unmet needs that have sufficient economic impact to drive and sustain changed customer behaviors. In total, of the 11 new companies created over 20 years, 10 achieved late-stage funding, including six successful IPOs. Its primary technology sourcing partner is P&G, with the first NewCo, Pure Cycle Technologies, a potentially transformative offering in plastics recycling, launched in Q4 2015.

Contact
Stacy Silver
SSPR
847.415.9305
innventure@sspr.com
www.innventure.com

Portfolio Spotlight: Foxtrot

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“Foxtrot is the next-generation corner store. We curate our menu to fill our digital and retail shelves with the best craft beer, wine and spirits, plus lots of great fresh food, desserts and sundries – and strive to provide not only a better shopping experience, but a place to encounter and discover your new favorite brands and products,” said Foxtrot CEO and Co-Founder Mike LaVitola.

Foxtrot is a mobile app, online store, and brick and mortar, all rolled into one amazing experience – and changing your expectations of your local corner store.

What expectations are they changing?

For one, you can go online or through their app, order what you need, and it will be delivered within one hour. Then you have the stores – they provide a highly curated experience with quality products, great music, and even a coffee shop. “Our store is meant to be both a showcase of the brands and a great place to hang out and grab a cup of coffee,” said LaVitola.

It was founded in 2013 by co-founders Mike LaVitola and Taylor Bloom. Mike is the CEO and received his MBA from Chicago Booth, while Taylor is the Lead Developer and has a Masters in Computer Science from University of Texas at Austin. Together they make a great team with a vision to continue expanding the company and making their customers’ lives easier.

 

Look out for Foxtrot on your next trip to the West Loop or Lincoln Park. They recently opened a store on Armitage Avenue, which features a Jeni’s Ice Cream shop. According to LaVitola, “We started the company with the mission to create the best menu of these items in Chicago and make getting these items to people as easy as possible.”

 

Check out the stores and download their app!

Future of Healthcare – Increase Shared Decision Making

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Increasing shared decision making between patients and healthcare providers is one of the key components of the recent focus on patient-centered healthcare. Greater patient engagement benefits all parties involved – why you might ask?

First, the patient feels more empowered with information about their health conditions and possible treatment options and are more likely to follow through on their decisions. At the same time, healthcare providers can improve their quality metrics, as measured by patient outcomes and satisfaction, which can result in cost savings with more desirable reimbursement.

Advancements in technology are facilitating this engagement in the decision making process. For example, data from health trackers for diabetes patients is being integrated into electronic health records, which increases patient accountability, self-management, and allows providers to provide more personalized recommendations.

Additionally, online platforms are being introduced that integrate patient education, outreach, and instructions to improve patient adherence.

The key to better outcomes in the future is enhanced patient access and empowerment.

At Wasson Enterprise, we are always searching for innovative players in this space and the broader health tech arena.

 

References:

  1. https://www.healthit.gov/sites/default/files/nlc_shared_decision_making_fact_sheet.pdf
  2. http://medcitynews.com/2017/03/kind-digital-health-tools-will-improve-patient-engagement/
  3. http://www.healthcareitnews.com/news/stanford-integrates-apple-healthkit-epic-ehr-and-dexcom-device-improve-diabetic-care-between
  4. https://clindiabetesendo.biomedcentral.com/articles/10.1186/s40842-015-0016-2
  5. http://searchhealthit.techtarget.com/opinion/Patient-interest-better-tech-will-lead-to-shared-decision-making

Three key beliefs for the future of brick and mortar

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This week we wanted to talk about retail – one of our favorite subjects.

Wasson Enterprise invests in retail businesses that have found the sweet spot between ecommerce and brick and mortar – we think this is the perfect space for retail to live.

In October, our founder Greg Wasson, spoke at the Brand Loyalty Congress about the importance of retail. And spoiler – Brick and Mortar played a big role!

Here are our three key beliefs that are critical for the future of brick and mortar:

Humans are social beings, so as a retailer you need to give them great (social) experiences through design, content, selection and services.

You must have unique products and services. The ability to begin to carry exclusive items will help drive traffic. But most importantly, for brick and mortar it is imperative to provide services to your customers. Added services can draw in foot traffic but also can increase brand awareness.

You must be where your customer is. An omni channel solution is not a nice to have, it is a need to have. As, you have seen we are very passionate about the role brick and mortar plays, but we are not naive. You need to be where your customers are – and your customers will come through mobile, through social channels and through ecommerce platforms. You need to be there for them.