THE
LEADING
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CHIEF INNOVATION OFFICER DEC 2015 | #7
start up spotlight edition We take a look at some of the world’s most innovative startups
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Vice: Still the Teen Bible? | 6 The new ‘teen bible’ is currently valued at $4 billion. Yet with Vice’s CEO, Shane Smith, reportedly stating that he’s finding the company’s day-to-day management ‘hard’, should we expect change?
The Honest Company | 8 Can the Honest Company make non-toxic consumer products more mainstream?
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ISSUE 7
EDITOR’S LETTER Welcome to the 7h Edition of the Chief Innovation Officer Magazine Silicon Valley is technology’s Mecca. It’s home to Apple, Google and eBay, as well as some of the world’s most promising startups, including healthy eating enthusiasts ‘Sprig’ and Amanda Bradford’s ‘The League’ - heralded as ‘Tinder for elites’ by TechInsider. Although Silicon Valley is still the dominant force, startup communities have been sprouting up all over the world. Due to the scene’s international presence, today’s startups vary in culture and purpose, and in this edition of CINO we will be examining eight of the most promising. Barring Pavegen, each of the companies featured in this Startup Spotlight edition have reached Unicorn status. Some are potentially worth a lot more than a billion, with Shane Smith claiming that the company he cofounded, Vice, could be worth as much as $30 billion if it went public.
An entrepreneurial renaissance is good news. Companies with less than 50 employees are the lifeblood of the American economy, with organizations less than a year old creating an average of 1.5 million jobs per year. Not only that, the startup community is responsible for some of tech’s most important breakthroughs. Buoyed by the Sharing Economy, many companies have looked to remove the middle man - allowing people to use their own resources more efficiently. The startup scene’s scope goes beyond the Sharing Economy. 3D Printing is set to create new industries, lower manufacturing costs and rebalance export and import countries. Yet the technology’s been stuck, unable to move past MakerBot - a 3D printer with a 2D foundation. Carbon3D is looking to change this. It’s CLIP technology quickens the process and improves the quality of prints. Their CEO - Joseph DeSimone - recently spoke at a TED event, explaining what 3D Printing could be like if it were 100 times faster.
The beauty of the startup community is also its willingness to tackle mundane tasks. Thumbtack is transforming the way people hire service professionals, by simplifying how they quote for tasks. After finding it difficult to attract funding, they are now worth $1.25 billion. Another example of how a simple idea can be turned into a billion dollar business. As well as discussing these companies, we will also feature: The Honest Company, Ele.me, Pavegen, 23andMe and ZocDoc. As always, if you have any comment on the magazine or submit an article, please contact me at sbarton@theiegroup.com
Simon Barton Managing Editor
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contents 6 | VICE
15 | ELE.ME
Next year could be a time of change at Vice. In this article we ask whether the media company's founder, Shane Smith, wants to change his focus.
Now the third largest startup in China by valuation, Ele.me is currently taking over the country’s takeaway market. We examine what their future holds. 19| CARBON3D
8 | THE HONEST COMPANY
Jessica Alba in not just a successful actress, she is also the founding member of ‘The Honest Company’ - a non-toxic consumer goods brand. Despite its $1.7 billion dollar valuation, the company has recently been hit with a PR debacle. 10 | ZOCDOC
‘White coat syndrome’ causes a patient’s blood pressure to rise when they enter a clinical setting. We see whether ZocDoc could alleviate some of this anxiety. 15 | THUMBTACK
The startup’s aim to transform local commerce, but is it possible that Amazon and Google could stop it from growing?
managing editor simon barton
The 3D printing market needs a facelift. In this article we discover how Carbon 3D’s CLIP technology is taking the market a step further, and how Ford are already using it to improve their manufacturing process. 21 | 23 AND ME
The startup has set its sights on becoming the Google of personalized healthcare. Despite being controversial, 23andMe is quickly amassing the data required to become an industry leader. 23 | PAVEGEN
Cleantech was once an avoid-at-all-costs area for investors, but as pressure mounts on governments to tackle global warming, Pavegen is attracting attention.
| assistant editor james ovenden | creative director charlotte weyer
contributors asad daud, rebecca thomson, andy taylor, richard angus, lin duan, shiv pattni chief innovation officer
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A Case Study In 2011 British newspaper The Independent called Vice magazine ‘the new teen bible’. The media company’s website is now its main content hub, where it combines serious content with satire. Simon Barton Managing Editor, Chief Innovation Officer Magazine
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The colloquial nature of some of the site’s articles allow its features to standout in sharper contrast, a balance which has made the company even more influential in terms of its cultural reach. It was, however, the Vice magazine which the company initially became known for. It became notorious for covering topics others wouldn’t touch. And for a publication dependent on advertisers, it frequently risked losing funding by carrying articles
about controversial stories including ‘Skinheads Against White People’. The magazine’s elusiveness - it was only stocked in a very limited amount of locations - caused its popularity to rise even further. This distribution strategy, coupled with its in-your-face articles, gave it a unique brand position. They don't go to the reader, they expects the reader to come to them.
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What separates Vice from many other Unicorns - startups valued at over $1 billion - is that they haven’t experienced success over night. The strategy has worked. Not only does Vice magazine have an extensive readership of over a million, most are Millennials, this has meant that brands have been falling over each other to get their products in the magazine. Some of which hasn’t gone unnoticed by venture capitalists. The company has raised $570 million so far, with $250 million added in September 2014. This money has been used to diversify the company’s portfolio. In 2013, Vice News - a current affairs brand covering topical issues which normally go unreported- was launched. Shane Smith, Vice’s CEO and Founder, presents many of the documentaries, the most famous being ’The Vice Guide to North Korea’. In it, Smith, accompanied by armed guards, takes a tour of the country’s main attractions. It depicted a grey, joyless state where the government was always watching, but ultimately acted as a springboard for other Vice video content. Much of the investment has also been used to improve digital capabilities across less traditional channels. A Vice spokesperson said that the funding will be used to ‘develop a world-class slate of digital products and distribution capabilities,’ which improve user experience across any ‘device, screen, social network or digital platform.
The media company is currently valued at $4 billion. What separates Vice from many another Unicorns startups valued at over $1 billion is that they haven’t experienced success over night. Vice has been around since 1994 and has had time to develop its products. The company’s future, however, remains up in the air. When interviewed by the Financial Times, Shane Smith mentioned that if the company didn’t remain private, it had two options; either go public or get eaten up by another larger media organization. Smith stated: ‘There hasn’t been a media company like this to go public in 15 years,’ and that ‘the markets would love it.’ At $4 billion, Vice would require a very large company to take it over. PoliticoMedia reported that Smith might look at the CNN/Time Warner model as guidance if the company were to go down that route. As a hands on CEO - who apparently still edits all the content that Vice releases - a sell-on seems unlikely. But with Smith recently saying that he found day-to-day business management ‘hard’, he could be looking for someone to take on these responsibilities so that he can concentrate on content. The FT reported that Vice would explore an IPO ‘if market conditions remain favorable.’ Whatever the case, next year could still be a time of change for the company.
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Shivanee Pattni Head of Marketing, Innovation
In 2011, actress Jessica Alba founded the Honest Company. She was inspired to create a non-toxic consumer goods company after a clothes detergent caused her child to break out in welts. Four years on, the startup’s now worth an estimated $1.7 billion, and for the most part it has been positively received for its charitable mission and the quality of its products. Since day one, the company’s been battling with the misconception that ‘natural’ products are less effective than those which use chemicals. An article in Fast Company stated that despite the effectiveness of the company’s baby wipes, people were put off by their appearance and feel, as they were thinner and more transparent than the chemical-laden alternatives.
A Case Study chief innovation officer
To counteract this, the Honest Company has made their products as aesthetically similar to that of
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Since day one, the company’s been battling with the misconception that ‘natural’ products are less effective than those which use chemicals
their rivals as possible. The Honest Company’s co-founder, Sean Kane, stated that: ‘Even though the wipe was extremely well received, we went back and revised’ and that the baby wipes are now ’probably the thickest, most effective wipe on the market today.’ Despite the company’s valuation, it hasn’t all been plain sailing. When Jessica Alba and Sean King named their first venture ‘The Honesty Company’ they must have known that they would be opening themselves up for ridicule they were accused of doing anything dishonest. That’s exactly what happened this September, with a lawsuit demanding damages of $5 million after the plaintiff felt that the company was misleading its customers by calling their products completely natural. According to legal documents attained by People, a number of the company’s products contain ‘unnatural’ and ‘synthetic’ ingredients and that its sunscreen is ‘ineffective’. Jessica Alba’s already addressed the allegations, blasting them as ‘baseless and without merit.’ But there have been a number of complaints about their ‘SPF 30 sunscreen’ which, according to a number of consumers, failed to protect them from the sun. These allegations are central to the current court case, and are particularly damming for startup’s reputation.
Founder Jessica Alba
Even if the case goes against the Honest Company, it’s unlikely to constitute much more than a small hurdle. The company’s product line has expanded to 120 items, and Alba was recently on the cover of Forbes magazine’s ‘America’s Richest Self-Made Women’ edition. They also recently raised another $100 million of funding, which will go into both their marketing efforts, and improving their current products.
While selling sunscreen that fails to protect its customers from harmful UV rays is clearly a prosecutable offence, the FDA doesn’t actually regulate the use of the word ‘natural’. This will strengthen the Honest Company’s position in the case, that is unless they’ve actually been labelling their products with the wrong ingredients.
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A Case Study
Rebecca Thompson International Events Director Innovation Enterprise
You finally pluck up the courage to phone the doctor’s surgery, and then the receptionist asks you the dreaded question: ‘What’s wrong with you?’ Then, with the wind well and truly knocked from you, you retreat, making out that you’ve suddenly come into an area of poor reception. This fear surrounding medical visits isn’t hard to understand. In fact, ‘white coat syndrome' where someone’s blood pressure rises when they enter a clinical setting - is a bonafide medical condition.
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However being anxious about going to see a doctor can be fatal, as serious illnesses can be only be prevented if a patient actively seeks medical advice. While ZocDoc isn’t a way of bypassing the doctor’s surgery, it does get you through their door without anyone else knowing your symptoms. The online healthcare service was initially released in 2007, after the company’s founder couldn’t book a doctor’s appointment after bursting his eardrum.
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Like Uber and AirBnb, ZocDoc’s success has been built on its ability to bring people what they want faster and cheaper.
According to their website: ‘He [the company's founder] was left wondering: If we could buy everything from hand soap to airfare with a swipe of the phone, why was healthcare so different?’ The service is effectively a way of streamlining the waiting list procedure. ZocDoc users can see available doctors’ appointment times allowing them to reserve slots immediately. While they can’t guarantee that you’ll be able to see you favourite doctor straightaway, there are no more phone calls, and a much higher chance of seeing a doctor quickly.
Like Uber and AirBnb, ZocDoc’s success has been built on its ability to bring people what they want faster and cheaper. And with an international expansion seemingly on the horizon, there’s no reason why ZocDoc’s valuation won’t quietly creep towards those attained by the sharing economy's most valuable companies.
ZocDoc’s review system also makes doctors more accountable for their actions. In the UK, the General Medical Council has given advice to 62 doctors after patients had complained that they had been ’rude’, although not through the ZocDoc app. A BrightLocal report outlines that 88% of consumers trust reviews as much as personal recommendations, so this will give patients more confidence when they see a doctor who they have never met before. Since its inception, the company has grown to become one of New York’s most valuable startups. A recent round of funding saw ZocDoc’s valuation rise to $1.8 billion - well within Unicorn status. Two investors were from the United Kingdom, prompting many to wonder whether the company is on the verge of expanding overseas. In an article in the Wall Street Journal, Cyrus Massoumi - the company’s CEO - hinted that an international expansion could be on the cards soon.
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A Case Study
Asad Duad Global Events Director
Thumbtack’s cofounders - Marco Zappacosta and Jonathan Swanson know the difficulties of getting funding more than most. After being turned down by more than forty VC firms, their persistence was finally rewarded with a $4.5 million round of funding, which allowed them to avoid administration in 2012. Fast-forward three years, and Thumbtack is the latest startup to reach ‘Unicorn’ status - a meteoric rise indicative of the current marketplace. The company’s aim is to transform local commerce by simplifying how people hire service professionals. Users post a job and wait for the professionals to quote for a task. The model has proven to be scalable too. According to Forbes, Thumbtack now has 200,000 paying customers, compared to 70,000 last year.
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Attracting venture capital was just the first hurdle for Thumbtack. The home services market isn’t just home to companies like Angie’s List and Yelp, but is increasingly being targeted by superpowers like Google and Amazon. While their presence validates the perceived opportunity within the market, they are hardly competitors many would
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Last year, the company was worth $750 million, but the recent round - headed up by Baillie Gifford - saw the company’s valuation rise to $1.25 billion.
relish coming up against, and this was reflected in an interview with Zappacosta in Fortune. Zappacosta was clearly wary of the two companies but did point out that despite their relative financial muscle, Amazon and Google didn’t necessarily have an advantage over them. And his confidence is probably as a result of the $1 billion the company have reportedly made for its service people since inception. Last year, the company was worth $750 million, but the recent round - headed up by Baillie Gifford - saw the company’s valuation rise to $1.25 billion. The recent injection, according to the New York Times, will be used to implement a new invoicing, payment and scheduling system. Zappacosta stated: ‘We want to be able to help with a project’s entire lifecycle’ in a company blog. This is unlikely to be a new avenue for revenue, but a way for Thumbtack to make its system
easier to use. As things stand, there’s also no IPO on the horizon, something which most companies would at least be considering once they reach Thumbtack’s current valuation. This, perhaps, demonstrates that both Zappacosta and Swanson feel that the company’s product has some ironing out to do before it’s ready for the next stage. And with the current market already fraught with competitors - not to mention the impending arrival of Amazon and Google - that’s probably a wise move.
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A Case Study
In the space of five years Ele.me has grown from an idea to a platform covering 200,000 restaurants across China. Along with Meituan - its closest competitor - it’s taken over the takeaway market by allowing its users to buy food the same way they would if ordering a cab on Uber.
The fast food provider is a beneficiary to the online-to-offline (020) trend in China, where e-commerce still only accounts for 5% of retail sales.
Like Just Eat in the UK and Grubhub in the U.S, China’s Ele.me is dominant in its domestic market. Having raised $630 million in another funding round, the company has set its sights on building its own delivery network, and expanding into the few remaining Chinese cities it doesn’t operate in.
cash at an unsustainable rate.’ And that: ‘its peers are all spending heavily to provide user coupons and dole out incentives to their delivery staff.’ Baidu experienced similar concerns when it revealed its own aggressive investment plans, which caused its share price to drop considerably.
Now the third largest startup in China by valuation, Ele.me isn’t quite in the same bracket as Didi and Xiaomi - the country’s two highest valued startups at $15 and $45 billion respectively - but at $3 billion, it represents excellent progress for the Shanghai-based service.
It seems that investors continue to share the beliefs of Ele.me’s senior management that the company has a sustained period of success in front of it. Since 2009, $1.1 billion has been raised from a diverse range of VC firms. The company is going to need every penny, and probably more. Serious challenges - which include improving service capabilities and the quality of the restaurants they work in partnership with - won’t be going away. Not to the mention finding a way to grow with more control.
The fast food provider is a beneficiary to the online-tooffline (020) trend in China, where e-commerce still only accounts for 5% of retail sales. In 2014, for example, three of the nation’s most successful companies - Wanda, Baidu and Tencent - formed their own O2O joint venture, estimated to be worth $1 billion. According to Venture Beat, Ele.me already has 40% of the 020 food ordering market. Ele.me’s appetite for investment, however, is cause for concern. In a similar vein to Amazon, the company reinvests almost every dollar it makes. Forbes contributor, Yue Wang states: ‘[Ele.me] is facing mounting concerns that it is burning
The company’s CEO, Zhang Xuhao, remains confident. The Global Times reported that he expects takeaway services to account for 30% of the total food and beverage market soon - it’s currently at 10%. If Ele.me can take that extra 20%, the company will be worth all the money’s that’s been invested in it.
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A Case Study
Richard Angus Head of Innovation Innovation Enterprise
Not only were these products durable, they were also produced in a fraction of the time it would have taken using previous methods.
In March 2015, a five-year-old girl was given a few days to live. The girl in question - Mia Gonzalez - was suffering from a rare heart condition, which doctors at the time believed was inoperable. Fast forward to the present, and she’s thankfully made a complete recovery. This wasn’t a case of misdiagnosis, but a shining example of how impactful 3D printing can be to medical science. The surgeon operating on Mia was able to replicate her heart with a 3D model, and locate where the problem lay. This allowed the surgeon to repair the issue, and ultimately save her life. When stories like this emerge, it only goes to further highlight the impact that 3D printing is going to have on society. But for 3D printing to truly fulfill its potential, it needs to move away from its 2D foundation.
MakerBot - which Wired magazine describes as ‘an inkjet printer that spits out plastic instead of ink’ - has proven a worthy interim solution, but Carbon3D is set to take the industry a step further. The company promises to bring a ‘fresh perspective’ to the challenges facing 3D printing, and believes that its technology - Continuous Liquid Interface Production (CLIP) - can both quicken and improve the quality of prints. As Carbon 3D state on their website: ‘current 3D printing technology is really just 2D printing, over and over again’. CLIP technology ‘grows parts instead of printing them on layer by layer’ and has been used by a Hollywood special effects company and Ford to improve their manufacturing processes.
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MakerBot which Wired magazine describes as ‘an inkjet printer that spits out plastic instead of ink’ - has proven a worthy interim solution, but Carbon3D is set to take the industry a step further.
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American automotive company, Ford, has labs dedicated to manufacturing. 3D printing is central to the research that goes on there, but key challenges - including the fact that the products created by traditional printers are not isotropic and therefore not durable enough for their vehicles - continue to rear their head. Ford’s cars must also be designed to withstand varying temperatures, and the prints produced by MakerBot’s just aren’t capable of meeting these demands. In 2014, Ford switched to CLIP technology, and they’ve already used it to produce a elastomer grommet - a component designed to protect the wiring on the inside of a car door when it opens and closes - and a damping bumper. Not only were these products durable, they were also produced in a fraction of the time it would have taken using previous methods. Ellen Lee - a team leader at Ford’s manufacturing lab - stated: ‘Carbon3D’s CLIP technology is allowing our engineers
to shorten their design iteration time and reach a final-part more quickly, which is exciting because it means higher quality and more cost effective products for our customers,’ CLIP technology can also print a number of materials that a typical 3D printer cannot. And with a new round of funding bringing in $100 million in August, it is expected that Carbon3D will be in a position to use their product’s versatility in a number of different industries. According to Forbes, this means that the company is now worth approximately $1 billion. Carbon3D’s technology represents a step forward for 3D printing. However with current technology already capable of saving a child’s life, the implications of an update could be far reaching.
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A Case Study Simon Barton Managing Editor, Chief Innovation Officer Magazine
In July 2015, Genetics analytics company, 23andMe, hit Unicorn status. The company - which launched its ‘personal genetics kit’ in the United Kingdom last year has been around in the US since 2006. The Google-backed venture screens user DNA and reports back with health traits relating to family ancestry. The test looks for genes linked to serious illnesses - such as Sickle Cell Anaemia and Parkinson’s - and more trivial things like eye color and whether someone is more inclined to blush after drinking alcohol. Yet despite raising a reported $150 million in Series E venture capital, the company’s position in the US has been under scrutiny since 2013. Its relationship with the Food and Drug Administration [FDA], for example, is poor, with 23andMe ordered to stop marketing its personalized testing kits which advised people on their future health. Under US law, anything considered a ‘medical device’ has to be approved by the FDA - the kit isn’t.
According to the Scientific American - whose article on 23andMe starts with the line ‘If there’s a gene for hubris, the 23andMe crew has certainly got it’ - the company cut off contact with the FDA after a barrage of communications, giving the government agency no choice but to officially reprimand it. The FDA only stopped 23andMe from ‘marketing’ the product, meaning that users can still request a kit if they wish. Additionally, the FDA recently gave the company the green light to sell kits which test for Bloom Syndrome - a disease which carries no symptoms but is linked to Cancer - maybe a sign that 23andMe and the FDA are starting to read from the same page. The company’s conflicts with the FDA, however, have done little to dampen its spirits. The FDA’s concern that 23andMe’s results would mislead, have actually allowed it to redefine its strategy, focusing on international markets and different ways to generate capital. The most important of these is the announcement in March that it would start developing its own drugs, something made possible by the data they have continued to collect from the kits.
23andMe’s aggressive dealings with the FDA might be explained by their future ambitions. Patrick Chung - a 23andMe board member, stated that ‘the long game here is not to make money selling kits, although the kits are essential to get the base level data.’ - this led Charles Seife to state: ‘What the search engine is to Google, the Personal Genome Service is to 23andMe.’ The company wants to become the Google of personalized healthcare, and their personalized kits give them the data to do just that. It’s this ambition which has kept investors interested, as any hint of disapproval from the FDA would normally have been enough to scare people off. However, with a growing presence internationally, 23andMe could become a world-leading company in the future.
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A Case Study
Andy Taylor Innovation Writer
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Although politicians are encouraging investors to buy green, you can understand why they are wary. In Japan, for example, solar developers were tasked with spreading the energy source throughout the country. With the considerable pressure to meet the shortfall in electrical supply after the Fukushima disaster, the alternative energy source was touted as a way to help solve the situation. The project failed, however, costing the Japanese government an estimated $3.5 billion annually.
Yet the situation isn’t as dire as it seems. Recently, Pavegen - a UK based clean-tech startup which wants to harness the kinetic energy produced by pedestrians when they walk - successfully reached its funding target of £750,000 on Crowdcube. Having done it in 48 hours, it’s now the fastest grossing clean-tech company ever to get funding on the crowdfunding site. Having already surpassed its original target, the company is looking for more, and with 535 investors - a record number on Crowdcube it’s clear that Pavengen’s caught the eye of many in the industry.
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Although politicians are encouraging investors to buy green, you can understand why they are wary.
Unfortunately, the speed and level of investment says little as to whether the startup can be a success. Many who have invested in similar companies in the past may well have been reluctant to chance their arm again due to the vulnerability and high-risk nature of the companies. Nevertheless, it proves that cleantech, despite its expensive past, can be an attractive venture. Pavegen’s idea has been put into practice too. In London’s Canary Wharf, their technology was tested on ten pavement tiles, successfully powering two streetlights. Of course, this is a drop in the ocean if the cleantech company wants to reduce fossil fuel levels, but it shows that the technology works, albeit on a small scale. According to the company’s CEO, Laurence Kemball-Cook, it’s been deployed in 30 countries in total. TechCrunch reported that Pavegen’s tech is best suited to areas close to transport hubs, where thousands of people pass everyday. In partnership with Shell, Pavegen installed 200 tiles into a football pitch in a favela called Mineira, just outside of Rio de Janero. It has become the first ‘people-powered’ pitch, working day and night
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