Business Worldwide Magazine - Issue #4, 2023 by Business Worldwide Magazine

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Editor's Notes ISSUE #4, 2023

Global growth is set to decline by 0.5 percent in 2023, as reported by the International Monetary Fund (IMF), with a further projected drop to 2.9 percent the following year. Emerging and developing economies are the hardest hit, while advanced economies, including those affected by the pandemic and the Ukraine war, anticipate a decrease from 2.6 percent in 2022 to 1.5 percent this year, with an additional 0.1 percent decline in 2024.

Editor’s Notes

SMALL STEPS ‘IN THE RIGHT DIRECTION’ FOR MOST NATIONS

Despite challenges, the US has shown improvement, unlike the European Union. Positive news also comes in the form of decreasing inflation, forecasted to drop from 8.7 percent in 2022 to 6.9 percent this year, expected to return to pre-pandemic levels by 2025. Additionally, the euro area's unemployment rate has returned to its record low of 6.4 percent this summer. In specific economies, China faces challenges due to its housing crisis, potentially impacting global markets through commodity export issues. However, East Asia and the Pacific anticipate robust growth of five percent this year, according to the World Bank. Europe and Central Asia's emerging market and developing economies (EMDEs) are projected at 2.4 percent for the year. The Middle East and North Africa (MENA) expect a decline in gross domestic product from six percent last year to 1.9 percent in 2023, influenced by oil production losses and lower prices. South Asia boasts the most promising economic outlook for a developing region in 2023, with growth expected at 5.8 percent. While the UK avoids a recession, KPMG analysts caution that challenges persist, projecting GDP growth at 0.4 percent this year and 0.3 percent in 2024. Uncertainty surrounding the general election adds to concerns, with inflation not expected to reach its target until the latter half of next year. In the United States, GDP recovery is nearly back to pre-pandemic levels, and inflation has reduced faster than in other advanced economies. The US and Canada avoided the energy price hikes experienced by Europe due to the Ukraine war. Despite ongoing auto strikes, the US celebrates a low unemployment rate of just 3.8 percent. Policy makers and economic analysts foresee 2025 as the year when most developed countries return to pre-pandemic levels. This optimistic outlook is just over a year away, offering hope for the future, even though 2024 may pose challenges for many nations. ALAN GOLDMAN EDITOR

EDITOR Alan Goldman EDITORIAL Jill Stevenson Sam Harrington

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ISSUE #4, 2023| 5

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Inside

OPINION The Attention Economy Goes to Court

ISSUE #4, 2023

Lower Transaction Costs for Greater Innovation 16 New Frontiers in Low-Cost Clean Tech

COVER STORY Cardiac Hero Pocket-sized Innovation Saving Lives from Sudden Cardiac Arrest CardioThrive

FEATURES The AI Revolution: Big Tech's Economic Transformation NEWS GLOBAL BUSINESS A round up of the big business stories hitting the headlines 6 | ISSUE #4, 2023

Crude Awakening: The Surprising Resurgence of Oil & Gas M&A in 2023 52

34 40 44 52

BUSINESS INSIGHT

DEAL DIARY

TECHNOLOGY

Reporting on the latest transactional deals from across global industry

Steering NPC SYSTEM's Satellite Success Guy Ferraro

BOOK REVIEW

How Innovation Works: And Why it Flourishes in Freedom

Transforming Education in the Digital Era Frogames Formación

by Matt Ridley

20 MOST INNOVATIVE COMPANIES TO WATCH AWARDS 2023 2023's Top Innovators: Meet Our Award-Winning Companies

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SYNDEO Medical

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News ISSUE #4, 2023

Private lawsuit attempt to reverse T-Mobile, Sprint Merger A federal court judge has approved a lawsuit aiming to force T-Mobile to split from Sprint three years after their $26 billion merger. A lawsuit from AT&T and Verizon customers filed in a Chicago court claims that the deal hurt competition and caused an unchecked increase in the cost of wireless services. The plaintiffs linked the increase in data costs, worth billions of dollars, to the merger. The class action suit is being filed on behalf of tens of millions of AT&T and Verizon customers. Their lawyer, Brendan Glackin, called the merger "one of the most anti-competitive acquisitions in history." Besides a range of penalties, the plaintiffs are also seeking the dismantling of the acquisition. This will be the second major court case over the acquisition. When the deal was initially proposed in 2018, 13 states sued to stop it from happening, claiming it would hurt competition. At the time, T-Mobile was the third largest wireless carrier in the US, while Sprint was the fourth. T-Mobile remained the third biggest carrier after the merger, behind AT&T, which has a market share of about 46.9 per cent, and Verizon. While there are two other carriers, they account for less than 5% of users combined. Like the previous occasion, the U.S. Justice Department is not involved with this lawsuit. So far, no state has joined the lawsuit. T-Mobile called the accusation “speculative.” "If plaintiffs are

OMV, Abu Dhabi ready to conclude $30 billion merger Austrian petrochemical company OMV is close to concluding a merger with Abu Dhabi National Oil Company (Adnoc) to form a chemical company valued at over $30 billion. The deal has been in the works since July 2023 and the details should be finalised before December 2023. State-run Adnoc owns a 25% stake in OMV, which has a stake in Borealis, which then has a stake in Borouge. OMV and Adnoc aim to merger Borealis and Borouge, with each getting a 47% stake. The new company will be listed in Abu Dhabi.

unhappy with Verizon and AT&T, there is a remedy available in the highly competitive market that wireless consumers enjoy today — they should switch to T-Mobile, not sue it," said the attorneys for T-Mobile. If successful, this would be one of the biggest forced dissolutions in US corporate history. However, the odds are slim.

Chinese eRetailer Shein acquires Britain’s Missguided from Frasers Chinese e-fashion retailer Shein has announced the purchase of the British fashion brand Missguided from Frasers. Frasers, formerly Sports Direct, announced that Shein will purchase Missguided’s intellectual property and trademarks but not its real estate holdings and employees. Frasers bought Missguided out of administration for £20 million ($24.2 million) but it has not disclosed the value of the current deal. Shein has 150 million online customers and its partnership with Frasers could lead to it opening physical stores in the UK. Shein is also weighing an IPO in the U.S.

ISSUE #4, 2023| 9

News ISSUE #4, 2023

European oil companies not interested in M&A

Analysts pan Roche’s $7.1 billion Telavant Acquisition

Despite the unprecedented blockbuster oil and gas acquisitions made by their American peers, European oil supermajors are happy to sit out the current dealmaking wave. Exxon Mobil’s $59.5 billion acquisition of Pioneer Natural Resources and Chevron’s $53 billion offer for Hess are the largest deals announced in 2023. Investors hoped these deals would light a spark in the quiet oil and gas industry, which has not seen deals of this magnitude outside the Middle East in nearly a decade. The last was Shell’s acquisition of British rival BG Group for $70 billion in 2013. Shell’s CEO Wael Sawan said in July that M&A was not on his mind for the next few years, though he is open to bolt-on deals. BP’s acting CEO, Murray Auchincloss, chimed a similar note after the American megamergers were announced. While BP has ruled out mergers, it is actively seeking a joint venture, according to sources close to the company. BP is rumoured to be exploring avenues to expand its U.S. onshore natural gas production. The UK supermajor is looking for partners in the Haynesville shale gas basin and the Eagle Ford basin. A deal in the Permian Basin is also an option, though it hasn’t been broached yet. The reality for the European oil companies is that even if they wanted to pursue a megamerger, they might not have the funds for it. Shell is valued at $220 billion, TotalEnergies at $160 billion and BP at $110 billion. The Exxon and Chevron acquisitions were all-stock deals, which is an option the European companies don’t have due to their much smaller valuations. However, one deal that could work for Shell would be a play for Occidental Petroleum, which is currently valued at $54 billion.

Swiss pharmaceutical giant Roche announced an agreement to purchase Telavant Holdings from Pfizer and Roivant Sciences for $7.1 billion. While Roche praised the deal, others were not as enthusiastic. Telavant is working on a “promising new therapy” for people suffering from ulcerative colitis and Crohn's disease in the U.S. and Japan. “Based on the very promising data, we strongly believe in the first-in-class and best-in-disease potential of this late-stage antibody to treat people living with IBD,” Roche Pharmaceuticals CEO Teresa Graham wrote in a statement emailed to CNBC. “We are eager to develop this antibody further and bring it to market and patients in the US and Japan as soon as possible.” Analysts at JP Morgan predict that U.S. sales for the drug, labelled RVT-3101, could reach $2.7 billion, but it would take nine years after its launch to get there. Other analysts quickly pointed out that Roche is paying too much for a drug yet to enter Phase 3 clinical trials. Besides the inflated price tag, Roche has to deal with competition from Merck, which made a similar move earlier in the year. The U.S. pharma company paid $10.8 billion for Prometheus Biosciences, which is also developing treatments for inflammatory bowel disease. As part of the deal, Roche has the option to collaborate with Pfizer on another new inflammatory bowel disease drug. While this acquisition will help Roche improve its pipeline, analysts expected something bigger. Last year, Roche’s new dementia drug delivered disappointing test results. Credit Suisse had estimated that the dementia drug, known as Gantenerumab, could have had annual sales of up to $10 billion and would have increased Roche’s value by nearly $40 billion. Roche shares have declined by over 20% since then.

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News ISSUE #4, 2023

Morgan Stanley welcomes new leaders with $20 million awards

Following months of deliberations, Morgan Stanley has announced Edward (Ted) Pick as its new CEO. Pick won a three-man-race against Andy Saperstein and Dan Simkowitz. Saperstein and Simkowitz will assume new leadership positions, and all three of them have been offered $20 million in stock awards. Each award is a combination of 60% performance stock units and restricted-stock units that will convert into shares four years after they begin their tenure. Pick is currently the head of institutional securities and co-head of corporate strategy and will replace longtime CEO James Gorman on January 1, 2024. Saperstein will become the head of wealth and investment management,

while Simkowitz will be co-president of the firm and the head of Institutional Securities. “The Board has unanimously determined that Ted Pick is the right person to lead Morgan Stanley and build on the success the Firm has achieved under James Gorman’s exceptional leadership. Ted is a strategic leader with a strong track record of building and growing our client franchise, developing and retaining talent, allocating capital with sound risk management, and carrying forward our culture and values,” said Tom Glocer, Lead Director of the Board. Pick, 54, has steadily climbed the ranks at Morgan Stanley, having been with the firm since 1990. Pick said he has no plans to change the strategy implemented by Gorman. Gorman took the helm in 2010 and helped rebuild Morgan Stanley after the 2008 crisis. “Morgan Stanley is a storied institution, and I am deeply honored to have been chosen to lead it. We have a global diversified business with a leading client franchise. Thanks to James’ excellent leadership, our Firm is now well-positioned to succeed across market cycles, and I’m excited about the opportunities for future growth,” said Pick.

European regulators set February deadline for Adobe, Figma acquisition review The UK’s Competition and Markets Authority (CMA) has extended its deadline to complete its probe into Adobe’s $20 billion acquisition of cloud-based designer platform Figma. The CMA launched an in-depth probe in July after Adobe refused to make any concessions for the deal. The review was meant to conclude by December 27 but has now been extended to February 25. Similarly, the European Commission has also given a new deadline of February 5 to conclude its investigation. If approved, this would be the biggest purchase of a privatelyowned software startup.

Ex-Goldman Sachs banker sentenced to jail for insider trading A former Goldman Sachs investment banker in Manhattan has been sentenced to three years in prison for insider trading. Brijesh Goel was found guilty of sharing information about mergers the firm was working on. The former Goldman vice president tipped his friend Akshay Niranjan about a minimum of six potential transactions between 2017-2018, including T-Mobile’s acquisition of Sprint. The tips, gotten from internal emails, resulted in profits of about $280,000. Niranjan testified for the prosecution and won’t face any prison time. Goel will be deported to India after his sentence. ISSUE #4, 2023| 11

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News ISSUE #4, 2023

Canadian parliament aims to block RBC, HSBC unit deal Members of the Canadian parliament have called on the government to reject the Royal Bank of Canada’s acquisition of HSBC’s local unit. The finance committee of the House of Commons lower chamber said in a report that the C$13.5 billion merger would hurt competition in an already challenging financial system. While the Competition Bureau approved the deal, several politicians have increasingly opposed the merger since it was announced in November 2022. Canada’s Department of Finance and the Office of the Superintendent of Financial Institutions (OSFI) have the final say on the deal. If approved, this would be one of the largest financial deals in the country’s history. "Removing competition in the financial sector could raise banking fees for Canadians who already pay more for financial services due to an already uncompetitive financial sector," the committee said in the report. "There already are very few financial institutions in the Canadian banking sector representing a lack of competition." Canada’s Conservative Party leader also called on the government to reject the deal. The last time RBC attempted a deal of this magnitude it was also blocked. RBC tried to merge with the Bank of Montreal in 1998, but the deal was halted by the Canadian Minister of Finance because the merger was not "in the best interests of Canadians." Canada’s banking sector is highly concentrated, with six banks controlling 80% of banking assets. A spokesperson for RBC responded by saying, "We strongly believe that RBC's proposed acquisition offers HSBC’s Canadian clients the best possibility for continuity and stability while providing them with innovative made-inCanada international banking solutions and advanced digital capabilities." HSBC has been scaling back its international retail units and is determined to sell a 100% stake in its Canadian operations.

Investment bankers have high expectations for M&A activity in 2024 2023 was meant to be a better year for M&A than 2022, but instead, it has been much worse. However, investment bankers at the Reuters NEXT conference were confident of a turnaround in a few months. Their optimism has been buoyed by the two mega oil mergers announced in October. Before then, the market had been dismal. In the first eight months of the year, there had been 21,500 global M&A deals worth $1.18 trillion. This represented a 14% decline in deal volume compared to the same period last year and a 41% decrease in value, making it the worst year since 2013 and the toughest stretch (going back to mid-2022) since the 2008 crisis. In their M&A report, the Boston Consulting Group (BCG) also voiced confidence in a turnaround. "We're relatively optimistic about the outlook for 2024, as deal activity shows promising signs of recovery," said Jens Kengelbach, BCG's global head of M&A. "That said, challenges for dealmakers remain—in particular, a higher cost of capital, which will push companies to consider large or transformational deals with an even higher level of scrutiny. This could mean pursuing acquisitions, divestitures, and sometimes a combination of the two in order to bolster growth and reshape businesses." While most investment firms are confident of a positive change, some warn that it won’t recover over night. "CEOs and corporate boards do not need to have a very clear picture of what the future will look like, but they need a degree of stability," said Stephan Feldgoise, global M&A co-head at Goldman Sachs Group Inc at a Reuters NEXT conference panel. "I'm reasonably bullish that this will return, but obviously it will be in fits and starts." ISSUE #4, 2023| 13

Opinion THE ATTENTION ECONOMY GOES TO COURT

The Attention Economy Goes to Court How does human attention work, and who should have the right to capture it, direct it, and harvest it for the sake of profit or future investments in value-generating innovations? The Google antitrust trial has brought such questions to the fore, showing that they are both long overdue and a long way from being answered. BERKELEY – The Google antitrust trial has finally shown just how much the world’s dominant search engine is willing – and able – to pay to be the default on smartphones and other devices: $26 billion in 2021 alone, $18 billion of which went to another tech giant, Apple. While Google has long tried to guard this number, it was always known to be large – and so it is. What is Google paying for? When you set up a new iPhone, Apple could prompt you on which search engine to use as the default in its Safari web browser. But it doesn’t; it simply selects Google automatically. Of course, one can go into “Settings” and change the default with a few taps of the screen (other options include Yahoo, Bing, DuckDuckGo, and Ecosia). But almost nobody will bother with that. So, Google transfers billions of dollars to Apple every year to minimize the chances 14 | ISSUE #4, 2023

that iPhone search-engine advertising revenue will flow to any company other than Google. There are several different positions one could take on this issue. You could say that Google is the malefactor. But you also could say that Apple is. After all, instead of requiring users to choose, it gives Google an unfair advantage in exchange for a hefty fee. Perhaps Google is really the victim. Since it has the best search engine, companies that want to maximize the value for their customers ought to choose it anyway. But rather than making Google the default for free, Apple is extorting it with the threat of selling that status to a higher bidder. It is arguably leveraging its single-buyer power to restrain trade and distort competition. Or, you could say that this is just business-as-usual in the attention economy. By making enormous investments and displaying unmatched

creativity and ingenuity, Apple has emerged as the premier supplier of hardware and software value chains. Thanks to its efforts, we now have the iOS platform, a powerful engine of human liberation that has furnished us with extraordinarily valuable access to information, communication, and entertainment technologies. Not only should such ingenuity be rewarded financially; but such rewards should serve a larger purpose, by incentivizing other current and future innovators to focus on creating products and services that are genuinely useful, rather than on pursuing socially damaging activities such as cryptocurrency grifts. The iPhone is one product that Apple can sell. But it can also sell iPhone users’ attention to companies that are willing to pay for it. Why shouldn’t Apple charge what it wants for providing that service?

Finally, one could argue for users to be prompted with a choice, in the interest of ensuring a level playing field among search engines. If Google has the best search engine, it might end up with a 60% share, whereas each of the other four might secure 10%. But what if users who are not fully informed or really paying attention opt for an inferior service unwittingly? The overall real-world user experience will have been

Opinion THE ATTENTION ECONOMY GOES TO COURT

degraded in the interest of an abstract “level playing field.” Each of these positions can be plausibly argued, and high-priced lawyers and economists have already been paid large sums of money to hone those arguments and provide supporting evidence. When it comes to determining which opinion is most faithful to the facts or logically compelling, the devil is in the details. After all, the issue is complex. How does human attention work, exactly, and

who should have the right to capture it, direct it, or harvest it for data? In early-modern Poland, nobles had the right to control their serfs and harvest the wealth generated from their labor in the fields. When serfs tried to run away, Cossacks would hunt them down and bring them back for a small fee. It is not surprising to see some commentators referring to our current era as a dawning age of “techno-feudalism.”

Still, this does not strike me as the right term, and I worry that it will lead us to adopt the wrong analogies in trying to understand precisely how the attention-information econ-

omy works. My problem is that I cannot think of a better metaphor. Devising one may be the first step toward accurately assessing the world we have wrought.

J. BRADFORD DELONG PROFESSOR OF ECONOMICS AT THE UNIVERSITY OF CALIFORNIA, BERKELEY, IS A RESEARCH ASSOCIATE AT THE NATIONAL BUREAU OF ECONOMIC RESEARCH SOURCE: WWW.PROJECT-SYNDICATE.ORG

ISSUE #4, 2023| 15

Opinion LOWER TRANSACTION COSTS FOR GREATER INNOVATION

Lower Transaction Costs for Greater Innovation China’s special economic and cooperation zones bring together diverse economic actors to reduce transaction costs, attract talent, and foster entrepreneurship and innovation. But if they are to reach their full potential, access to global markets – and a stable world economy – are essential. HONG KONG – A century ago, prevailing microeconomic theories defined economies as a continuous flow of spot transactions between individual buyers and sellers. But in practice, Nobel laureate economist Ronald H. Coase observed in the 1930s, market economies are organized into firms, which consist of individuals coming together to conduct economic activities according to plans and priorities set by management. The reason, he concluded, is that market transactions are not costless, and firms are better equipped than individuals to minimize those costs. As any multinational well knows, the reduction of transaction costs not only leads to higher profits; it also facilitates greater investment back into the firm. Many companies – especially technology giants, such as Apple and Huawei – direct a significant share of such investments toward research and devel16 | ISSUE #4, 2023

opment in order to produce more profitable innovations. In 2022, Apple’s R&D spending amounted to $26.25 billion – 7% of its total revenue, 57% of which came from overseas markets. Similarly, Huawei spent $21.95 billion – 25% of its total revenue, of which 37% came from overseas – on R&D. The benefits are enormous: according to Boston Consulting Group, the return on equity (ROE) for the world’s 50 most innovative companies surpasses that of the broader market by 3.3% per year. At the country level, the United States accounts for the highest share of global R&D spending (according to 2020 data) – 31% of the total. But this figure, which stood at 69% in 1960, has declined significantly in recent decades. The decline can be at least partly attributed to the surge in R&D investment by other countries, especially China, which is now the world’s sec-

ond-largest investor in this area. In 2022, total Chinese R&D spending surpassed CN¥3 trillion ($410 billion), an increase of more than 10% from the previous year. This surge can be largely attributed to private firms, which accounted for over 76% of such spending over the last decade. But Chinese firms are encountering limitations in investment. While China’s investment as a share of GDP stands at 42%, roughly twice the global average of 21%, it has remained stagnant since 2008. Moreover, the median return on invested capital for urban investment platforms has dropped from 3.1% in 2011 to 1.3% in 2020. This decline in returns, together with China’s high savings rate, explains why Chinese firms have been looking to overseas markets for investment opportunities. The Belt and Road Initiative serves as a prime example. Unfortunate-

ly, there are also constraints on the global front, beginning with weak global growth. According to the World Bank, the global economy’s “speed limit” – the highest long-term rate at which it can grow without triggering inflation – is projected to fall to a 30-year low by 2030. By hampering corporate profits, this trend threatens to undermine R&D investment, with implications for everything from ROE to productivity growth. In Western markets, the challenge is compounded by American and European sanctions targeting Chinese industry giants such as Huawei, BYD, and Midea. Small and medium-size enterprises (SMEs), which account for more than 90% of China’s 48 million firms,

Opinion LOWER TRANSACTION COSTS FOR GREATER INNOVATION

might be able to circumvent some of these barriers. Not only are SMEs less likely to be sanctioned, but as the German Mittelstand model showed, they are also well suited to compete in niche markets. With this in mind, China’s government has sought to cultivate its own “hidden champions” – “specialized, fine, unique, and innovative” medium-size enterprises with the potential to expand into overseas markets. Meeting that potential is no easy feat. According to an e-works Research Institute report, the biggest challenges lie in localization, risk management and compliance, team building and staff training, strategic planning, and organizational and institutional integration. But Chinese SMEs also have an important stra-

tegic advantage: they can use Hong Kong, an international financial and logistics hub, as a springboard for their overseas expansion. Hong Kong’s common law-based regulatory framework is aligned with global standards. Its internationally connected banking system provides trade credit and commercial insurance. Moreover, its internationally recognized accounting and legal services can act as important resources for Chinese SMEs seeking to enter overseas markets, as well as foreign SMEs moving into China. Moreover, the Greater Bay Area – which encompasses Hong Kong, Macao, and nine cities in the Guangdong province, including Shenzhen – is rapidly evolving into a major global innovation

and supply-chain hub, providing a platform for SMEs seeking to leverage China’s manufacturing advantages on global markets. With the Hetao Cooperation Zone for

Science and Technology Innovation – recently approved by the State Council – China’s government is working to enhance the Greater Bay Area’s dynamism even further. The small but important Hetao Cooperation Zone is set to integrate two industrial parks – a 300-hectare park in Shenzhen and an 87-hectare park in Hong Kong – located on either side of the Shenzhen River. This will facilitate cross-border flows of talent, capital, logistics, and data, while making the most of each side’s strengths: manufacturing and technological skill on Shenzhen’s side; an internationally connected, low-tax business environment, and world-class universities on Hong Kong’s side. Such cooperation zones take Coase’s theory of the firm to the next level, bringing together a wider and more diverse array of economic actors to reduce transaction costs, attract talent, and foster entrepreneurship and innovation. But if they are to reach their full potential and facilitate innovation that benefits all, access to global markets – and a stable world economy – are essential.

XIAO GENG CHAIRMAN THE HONG KONG INSTITUTION FOR INTERNATIONAL FINANCE

ANDREW SHENG A DISTINGUISHED FELLOW AT THE ASIA GLOBAL INSTITUTE AT THE UNIVERSITY OF HONG KONG. SOURCE: WWW.PROJECT-SYNDICATE.ORG

ISSUE #4, 2023| 17

Opinion NEW FRONTIERS IN LOW-COST CLEAN TECH

New Frontiers in Low-Cost Clean Tech To accelerate the uptake of renewables, leaders from all quarters must collaborate to make clean energy more affordable. Working together to expand access to – and lower the costs of – battery energy storage systems, for example, could ignite demand, stimulate innovation, and trigger a market transformation. BANGALORE – The leaders’ declaration that emerged from the recent G20 summit in New Delhi highlighted the urgent need for collective action on climate change and sustainable finance. Central to the group’s Green Development Pact is the recognition that the energy transition must be cost-effective to accelerate progress. To reach this tipping point in affordability, we must remove the barriers – like insufficient and expensive energy storage – currently preventing the growth of renewables. To be sure, there is a lot of ground to cover. According to the International Energy Agency’s World Energy Outlook 2022, the energy sector needs to triple renewable energy capacity by 2030 to achieve net-zero emissions by 2050. There is also the question of funding. As part of the declaration, G20 leaders reaffirmed the commitment made by 18 | ISSUE #4, 2023

developed countries to mobilize $100 billion per year in climate finance to support the developing world’s mitigation and adaptation efforts. In a speech before the summit, European Council President Charles Michel claimed that this goal would be met for the first time in 2023. While this represents a significant step forward, it falls far short of the $4.5 trillion in annual clean-energy investments required by 2030 to limit global warming to 1.5° Celsius above pre-industrial levels. A massive shift in our approach to climate finance is clearly necessary. Multilateral development banks and philanthropies should play a vital role in facilitating affordable financing and mitigating risk to encourage private-sector investment, as well as establishing low-cost funds to ease the transition from fossil fuels to renewables. The goal is not only to decrease dramatically the price of clean-energy tech-

nologies, but also to lower the costs for research and development, facilitate reaching mass-market scale, and develop financial linkages. But progress on affordability requires a concerted effort from all quarters. By collaborating to drive down the costs of renewables, we can ignite demand, stimulate innovation, and trigger a market transformation that paves the way to a more sustainable and resilient future for us all. Much depends on solving the problem of energy storage. Solar and wind power will almost certainly account for most renewable-electricity generation, owing to their affordability and widespread availability. But these sources are abundant only some of the time: countries around the equator receive about 12 hours of sunlight each day, while wind is inconsistent. Battery energy storage systems (BESS) are emerging as a potential solution to this

inherent variability – especially as they approach a critical cost-efficiency threshold. The Global Leadership Council, which was established by the Global Energy Alliance for People and Planet (of which I am chairman), has made BESS one of its signature initiatives. At the upcoming United Nations Climate Change Conference (COP28) in Dubai, the council will launch the BESS Consortium, a multi-stakeholder partnership of leading development-finance institutions that will support the deployment of first-wave BESS projects across developing countries in Africa, Asia, Latin America, and the Caribbean. The aim

Opinion NEW FRONTIERS IN LOW-COST CLEAN TECH

is to mobilize five gigawatts of BESS by the end of 2024, secure more than $4 billion in grant, concessional, and commercial finance, and, by 2030, unlock 90 gigawatts of BESS to enable 400 gigawatts of renewable energy. India, in particular, has huge potential for BESS, given its plan to increase renewable-energy capacity to 600 gigawatts (65% of total installed capacity) by 2032. To achieve this ambitious goal, distribution companies must be able to procure and accommodate large volumes of renewables in a sustainable manner. At the distribution end, BESS can provide grid balancing, ramping support, and other critical

services to reduce the total cost of power procurement. In New Delhi, a 40-megawatt-hours BESS project aims to build a scalable pathway for one gigawatt of storage by 2026, creating 10,000 jobs. The pilot project, when scaled up, could advance the technology and encourage more widespread renewable use. This would enhance the stability and dependability of the power grid, allowing for greater integration of clean-energy sources. Eventually, the project could cut carbon dioxide emissions and ensure a cost-effective and reliable supply of renewables.

These technologies have immense potential to promote economic diversification, strengthen energy security, and foster job opportunities. Collaborating to advance them and establish a global landscape where sustainable energy underpins prosperity is the focus of this week’s Energy Transition Dialogues in India.

The race to make renewables affordable offers an unparalleled opportunity to generate sustainable and inclusive growth while reducing CO2 emissions. But we can get there only if the private sector, governments, and civil society act together to lower the price of – and increase access to – clean tech.

RAVI VENKATESAN CHAIRMAN THE GLOBAL ENERGY ALLIANCE FOR PEOPLE AND PLANET SOURCE: WWW.PROJECT-SYNDICATE.ORG

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Cover Story CARDIAC HERO

CARDIOTHRIVE:

MAKING SUDDEN CARDIAC ARREST SURVIVABLE Founder and CEO of CardioThrive, Shelley Savage has dedicated her career to saving lives. Her patented PocketDefib™, has the potential to dramatically reduce the number of deaths caused by Sudden cardiac arrest (SCA) all over the world. Every day, over 1,000 people die of SCA in the United States alone, and all over the world it remains one of the leading causes of sudden death. Shelley Savage, founder and CEO of CardioThrive, is on a mission to make portable defibrillators so ubiquitous that SCA will become a routinely survivable event. The prolific inventor and innovator has now been named by Business Worldwide Magazine as 'Healthcare Technology CEO of the Year - USA' and 'Visionary CEO of the Year - USA' in the 2023 Global Corporate Excellence Awards.

What is Sudden Cardiac Arrest? SCA is the abrupt loss of heart function in a person who may or may not have been previously diagnosed with cardiovascular disease. Because it’s often completely unexpected, SCA often results 20 | ISSUE #4, 2023

in death if victims are not immediately given a therapeutic shock delivered by a defibrillator.

For those at risk of SCA, there is currently no ultraportable personal device available to save lives With over seven million people dying of SCA every year, doctors want Automated External Defibrillators (AEDs) to be available everywhere. But even with a rise in defibs in public spaces all over the world, survival rates outside of hospitals remain alarmingly low — just 1% of people who have heart attacks in public make it. But it’s not just down to a lack of equipment. Untrained bystanders hesitate to use public defibrillators due to a combination of lack of training, low confidence and fear of hurting the patient.

Many of those who want to help panic with the severity of the situation, freezing like rabbits in the headlights and wasting precious time as they try to work out what to do next, or wait for someone else to call an ambulance. It’s clear that no matter how much life-saving equipment is available, it’s

Cover Story CARDIAC HERO

virtually usually useless if the average person doesn’t know how to use it or lacks confidence under pressure. Shelley Savage has made it her life’s work to develop a user-friendly, portable handheld device that can be easily deployed, delivering a full-strength lifesaving shock at 140 joules of energy in under 20 seconds.

Removing barriers and saving lives CardioThrive’s PocketDefib™ AED requires no assembly and is so easy and intuitive that it can be used by virtually anyone, with no prior training. Shelley was also keen to remove the cost barrier to consumers, so anyone who wants to

carry one will be able to do so affordably, vastly increasing the number of AEDs in circulation and dramatically improving survival statistics. In the United States, there are approximately 2.6 million wall mounted AEDs in public spaces, but the actual need is closer to 29 million. By empowering members of the public ISSUE #4, 2023| 21

Cover Story CARDIAC HERO

to carry their own defibrillators around Creative problem solving with them, all the panic and uncertainty in the wake of COVID associated with using complex medical This impact of COVID on businesses machinery in a life-or-death situation has the potential to be completely eliminat- like CardioThrive is even more pertinent because the pandemic also led to more ed. Measuring only 5”X 3”X 1 ½”, (slightly instances of Sudden Cardiac Arrest and thicker than 2 iPhones stacked together) an increase in associated deaths. During the device is small and easy to carry. All users have to do is unwrap the packaging, pull SHELLEY SAVAGE the paddles apart, and FOUNDER & CEO apply them firmly to CARDIOTHRIVE the victim’s chest. The machine senses the arrhythmia and delivers therapeutic shocks in regular intervals until it recognises that the heart has returned to normal sinus rhythm.

A groundbreaking, one-of-a-kind device There is no other AED on the market that has been made in this way; easily deployed by anyone, anywhere, at any time. This is a piece of equipment that clearly has the potential to change the world, but since the advent of the COVID pandemic, Shelley and her team at CardioThrive struggled to secure the funding necessary to bring the PocketDefib™ to market. Despite many investors expressing their interest, finalising a close of escrow on funding was a huge challenge. Because these potential investors had already funded other companies months before, they felt that available funds should be used to keep their previous investments afloat rather than bringing new investments to their portfolios. Early development stage companies similar to CardioThrive were struggling to stay alive when the world shut down. The impact was severe and most did not survive. 22 | ISSUE #4, 2023

lockdown, overall SCA rates were consistently higher, survival outcomes were consistently lower, with exaggerated effects during COVID infection peaks. As the world continued to fall apart and without sufficient funding to continue forward, CardioThrive also faced extinction. At this point, Shelley had to get

creative. All that was needed at the time was enough funding to complete the fully operational working prototypes needed to submit CardioThrive’s life-saving device to the American and European Regulatory bodies for approval. At the last phase before commercialization, with non-existent funding, it was time to think out of the box and find a different solution. Having invested so much time, energy and dedication to the project Shelley was not about to give up, so she found a way to complete the work without money. It took a few months, but she found a very talented engineering firm who were excited about the project and willing to do the work in exchange for equity in the Company. By staying focused on the goal — saving millions of lives all over the world — they found a solution that worked for everyone. This new partnership and gear change enabled Shelley and her team to keep advancing the development of the device and accomplish the tasks necessary to move towards regulatory approval and commercialisation. Shelley’s dedication is clear, as is her creative approach to problem solving: “It proves that if your focus, passion and commitment is there, things will manifest right on time and you will always find a way to make things work.”

To follow CardioThrive’s journey and be among the first to hear about the progress of the PocketDefib™ AED , visit the company’s website at https://cardiothrive.com/.

Accelerating medical technology to improve patient lives.

OUR FOCUS We help Developing MedTech companies who are focused in medical device, diagnostic, digital health, and health IT. We are geographically agnostic, with our clients and audience across the globe.

WHAT WE DO! ADVISORY Provide support and guidance to developing MedTech companies that are facing business challenges, often serving as advisors, board members, or an on-call resource. Topics discussed include organizational development, OKR advancement, leadership principles, and other advising.

CONSULTING Provide fractional multi-disciplinary expertise needed to align with successful outcomes at every step of the MedTech’s journey. Our tailored and flexible approach take into careful consideration each MedTech company’s unique circumstances, while remaining firmly in alignment with our ultimate goal of creating value every step of the way. Our process begins with evaluate & plan, continues with build & optimize, and then grow & adapt. We roll-up our sleeves as an extension of the companies team performing the following services: Strategic Finance, Investment Strategy, Supply Chain & Manufacturing Consulting, Milestone Development & Management, and Go-to-Market Strategy.

EVENTS A Gathering of MedTech Minds: Key-Opinion-Leaders, Investors, Developing Companies, and Service Providers. Filled with time for networking and topics focused on building a successful MedTech company. Stay up-to-date on our upcoming events via our website!

PODCASTS Currently, the World’s #1 MedTech-focused podcast platform. Our podcasts, Project Medtech & Medtech Money, serve the industry by sharing content in two areas: learning from MedTech experts’ successes, pitfalls, & industry trends and demystifying raising & investing capital for Developing MedTech companies.

REFERRAL NETWORK Far-reaching network with expert groups in Accounting & Taxes, Intellectual Property (IP), Legal, Insurance, Quality, Regulatory, Product Design, Contract Manufacturing, Pre-Clinical, and Clinical who can provide additional assistance, if needed.

Heading SUBHEADING

THE AI REVOLUTION: Big Tech's Economic Transformation Tough economic conditions nearly brought big tech companies to their knees in 2022. Now, they are riding high on the AI wave and they hope it will never come down. By Elaine Williams

24 | ISSUE #4, 2023

ISSUE #4, 2023| 25

FEATURE BIG TECH'S ECONOMIC TRANSFORMATION

o call 2022 a bad year for tech would be a gross understatement. High interest rates, the war in Ukraine and fears of a global recession pummeled tech stocks more severely than most industries. While the S&P 500 was down about 20%, the Dow Jones U.S. Technology Index fell by more than 35%. Amazon, Tesla and Meta, in particular, were hit hard, dropping by 49%, 60% and 64%, respectively. Tech companies tried to minimise losses by laying off thousands of workers, but many still feared that 2023 would be another bad year for tech. Then ChatGPT happened, and Big Tech is smiling to the bank once more.

AI helps tech companies defy expectations A well-established investing rule is always to expect tech stocks to fall when interest rates are high. Even though interest rates are still high, some tech stocks are higher than ever. That is the power of AI, and that is why Big Tech can seem to do no wrong at the moment. Despite Meta’s outrageous losses on the metaverse project, Facebook’s parent company is still enjoying one of its strongest years ever. In its last earnings report, Zuckerberg shared that Meta had lost $46.5 billion on the metaverse since 2019. The war in the Middle East has also impacted ad revenue and will continue for the rest of the year. Despite these challenges, Meta stock is up 152% year to date. Another tech company defying the odds is Alphabet. Facing the EU’s hefty $2.7 billion antitrust fine and the U.S. Justice Department’s accusations of monopolistic behaviour, Google’s parent company is riding high on the AI wave. Alphabet Class A stock is up 44% year to date, thanks partly to strong ad revenue, which has been bolstered by artificial intelligence, of course. "AI is helping advertisers find as many people as possible and their ideal audience for the lowest possible price," said Philipp Schindler, chief business officer at Alphabet's Google. The limitless applications of AI have led many tech companies to brandish it as a golden ticket. Even when investors (or perhaps even the companies themselves) don’t know how AI would impact their bottom line, they are still willing to give tech companies the benefit of the doubt. “It is important to remain cautious – or perhaps realistic,” said Hyun Ho Sohn, portfolio manager of Fidelity’s global technology fund. “Every technology company seems to be pitching an AI angle.” While many tech companies are yet to identify the link between AI and profit, those who have are reaping the rewards. 26 | ISSUE #4, 2023

HARD HITTING DROPS

AMAZON, TESLA AND META, IN PARTICULAR, WERE HIT HARD, DROPPING BY 49%, 60% AND 64%, RESPECTIVELY.

AI PITCHES

“EVERY TECHNOLOGY COMPANY SEEMS TO BE PITCHING AN AI ANGLE.” HYUN HO SOHN, PORTFOLIO MANAGER OF FIDELITY’S GLOBAL TECHNOLOGY FUND.

BIGGEST DEVELOPMENT AI IS THE BIGGEST TECHNOLOGY DEVELOPMENT SINCE THE INTERNET. (DAN IVES) ISSUE #4, 2023| 27

FEATURE BIG TECH'S ECONOMIC TRANSFORMATION

Two companies stand head and shoulders above the pack in this regard.

NVIDIA and Microsoft lead the AI revolution One company that has profited immensely from the AI wave is Nvidia. The California-based company makes the chips that power the modules for generative AI, and its products have been in high demand since ChatGPT made its big splash. “A new computing era has begun. Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI,” said Jensen Huang, founder and CEO of NVIDIA. “NVIDIA GPUs connected by our Mellanox networking and switch technologies and running our CUDA AI software stack make up the computing infrastructure of generative AI.” In the past few months, NVIDIA has struck lucrative deals to build large-scale AI infrastructure for tech companies worldwide. As a result, the company is enjoying its best year ever. The chip maker’s stock price is up by over 200% year to date, and it is now worth over $1 trillion. A fellow member of the trillion-dollar club is also having a banner year due largely to the AI revolution. At the start of the year, Microsoft CEO Satya Nadella announced the company’s $10 billion investment into Open AI. The investment has helped Microsoft stay ahead of its competitors in the consumer-facing tech segment, with Amazon, Meta and Alphabet left to play catch up. While Alphabet and Microsoft both have their own ChatGPT competitors with Bard AI and Bing ChatGPT, respectively, the latter has deployed more AI solutions and with better results. Microsoft’s cloud unit continues to grow at an impressive rate, putting Google’s cloud business to shame. Nadella said 3% of 28 | ISSUE #4, 2023

the growth in the Azure cloud division could be attributed to AI and this was before the release of its latest AI offering - Copilots. The AI tool for Office could generate $10 billion in annual revenue by 2026. "With copilots, we are making the age of AI real for people and businesses everywhere," Nadella said in a statement. "We are rapidly infusing AI across every layer of the tech stack and for every role and business process to drive productivity gains for our customers.” Every big tech company has released at least one AI product this year. While most of them have been cloud-based, Apple has managed to impute them directly into their products with strong results. While tech companies outside the US haven’t all rebounded, perhaps it is only a matter of time until they do.

2024 looking good for tech “(AI) is the biggest transformational tech trend, which is why I believe we’re in the early stages of the next tech bull market,” said Dan Ives, managing director at Wedbush Securities. Ives believes AI is the biggest technology development since the internet. Given how quickly users embraced generative AI tools, it would be difficult to argue otherwise. Ives is not the only one who is confident of AI’s positive impact on tech stocks in the near future. Based on data going as far back as 1986, Nasdaq is convinced that 2024 will be another good year for tech stocks. Ives also predicts the boom will impact Chinese tech companies like Baidu, JD and Tencent. Of course, tech companies still have to contend with high interest rates, geopolitical tensions and even AI regulation. However, given the global fascination with AI, there is a strong chance that 2024 will be another stellar year for Big Tech, and that should make investors very happy.

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Business Insight TECHNOLOGY

NPC SYSTEM:

PIONEERING SATELLITE TRACKING WITH VISIONARY LEADERSHIP In the realm of satellite technology, it takes exceptional leadership to bridge the gap between a rich legacy and future demands. With more than 20 years’ industry experience, Guy Ferraro drives NPC SYSTEM's journey into the next era of innovation. Guy Ferraro’s journey with NPC SYSTEM began with a significant achievement – leading the management buy out of General Electric's STM (Satellite Thermal and Marine) business. With unwavering determination, he not only successfully negotiated this crucial transition but also secured financing from banks and private investors. His vision took form in the creation of NPC SYSTEM in 2018, whilst still being an employee of GE. Here, Business Worldwide Magazine talks to award-winning Guy Ferraro, CEO of Montbonnot-Saint-Martin, France based NPC SYSTEM, delving into the historical roots of NPC SYSTEM, its unique approach in the satellite tracking industry, and its plans for the future.

Guy, could you briefly summarise the history of the NEYRPIC brand, its acquisition by Alstom, and how this rich legacy has driven NPC SYSTEM forward? NEYRPIC, with a history dating back to the 1960s, began as part of a French 30 | ISSUE #4, 2023

industrial group specialising in hydro power plants. It played a vital role in early satellite communication, participating in the TELSTAR project, which marked the first transatlantic satellite communication. Alstom Group acquired NEYRPIC in 1967 and managed the satellite tracking business for over 45 years. In 2015, when General Electric acquired Alstom's energy division, an opportunity arose for a management buy out. This historical legacy laid the foundation for NPC SYSTEM's journey.

NPC SYSTEM is described as ‘developers who work closely with end-users rather than integrators.’ Why is this approach successful and what advantages does it bring to your technology? This approach does offer several advantages, but in the main it enables us to maintain a deep connection with our customers, who provide invaluable qualitative feedback. This feedback is critical for improving our products and ensur-

ing they align perfectly with our clients' operational needs.

Can you share some qualitative feedback from your customers about NPC SYSTEM's technology and services? Customer feedback has been instrumental in our continuous improvement. Our clients praise the versatility and adaptability of our systems, which can accommodate various antenna models, sizes, frequencies, and applications. Reliability in various tracking situations, including GEO and LEO satellite tracking for critical missions, is also a notable highlight.

What sets NPC SYSTEM apart from its competitors in the satellite tracking industry? It’s a combination of three key elements: our products, our expertise, and our company size and operation. Products: Rooted in the 1960s, our products have been rigorously tested and refined in collaboration with

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Business Insight TECHNOLOGY

renowned satellite operators such as Thales Alenia Space, Airbus Defense and Space, Eutelsat, Yahsat, and Arabsat. Our presence with such high-performance operators has established our credibility and reliability. Expertise: The NEYRPIC technology, developed in the 1970s, represents our most significant asset. We possess five decades of expertise in satellite tracking systems and this substantial value proposition distinguishes us from competitors. Company Size and Operation: In terms of both company size and operational approach, we maintain a unique position. Unlike many competitors with multiple layers and hierarchies, our streamlined decision-making channels ensure speed and accessibility from project initiation to after-sales service. Our customers directly engage with our team members, fostering a deep understanding of their needs. These three pillars collectively provide us with an advantage which we are dedicated to maintain. Our wealth of ex-

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pertise continually informs the enhancement of our products and drives the development of our company. We also benefit from a unique advantage that our American competitors cannot replicate – our ability to upgrade systems installed on antennas from any brand. In contrast, these American competitors typically offer complete ground station packages, encompassing not only the antenna but also the tracking system, ground station management software, and more. Their comprehensive product portfolio often secures them contracts for the installation of multiple ground stations, which we cannot directly compete for due to the absence of an all-encompassing system proposal. However, when these systems require renovation, the satellite operators who own these stations have two primary options: they can either turn to the original manufacturer or enlist the services of NPC SYSTEM. Notably, manufacturer B cannot claim the capacity to renovate a tracking system installed on an antenna from manufacturer A. Each full-system

manufacturer can only renovate systems of their own brand. Herein lies our unique strength: we can upgrade systems from all manufacturers by installing our integrated NEYRPIC product solution, tailored for any type of application. This flexibility positions us as a dependable choice for satellite operators seeking to revitalise their ground stations. We eagerly anticipate each announcement of substantial contracts awarded to our competitors for the installation of multiple ground stations because, in the long term, it provides us with the opportunity to compete with the original manufacturers when it comes to system renovations.

What can we expect from NPC SYSTEM in the future, and how do you plan to continue evolving in the satellite tracking industry? NPC SYSTEM plans to set new standards for innovation and service in the satellite tracking industry while continuing its legacy of excellence. We're expanding our reach by collaborating with local uniISSUE #4, 2023| 31

Business Insight TECHNOLOGY

nent clients such as Eutelsat, Globecast, Orange, Altice, Telespazio, and Telenor. We have had contacts with the United Arab Emirates, which we have turned into projects. We have several system rehabilitations underway with Yahsat in Abu Dhabi. With Arabsat, we already have systems installed in Tunisia and Saudi Arabia, remaining in contact for future upgrades. We are preparing a mission in Japan, a country which is concerned about high-end system performances and have also been approached by clients in South Korea. We would like to participate in tenders in India, where we already have systems installed in Bangladesh. We have some systems installed in South America, and are currently working with an American company to install an additional TT&C system in Mexico. And of course, Africa is a continent where NEYRPIC has installed many antennas in the past, and has strong potential.

GUY FERRARO CEO NPC SYSTEM

How do you propose to attract talent for the future? We are fortunate to work in a very promising and current industry, and our products utilise high-end and complex technologies, both in hardware and software. In addition, NPC SYSTEM operates in a high-tech environment but far from the inherent processes of multinational corporations. Our decision-making channels are rapid. This combination of strategic stakes in the space industry and the use of high technology makes NPC SYSTEM a highly attractive company for young talent.

As NPC SYSTEM charts its course into the future, it stands as a beacon of innovation, expertise, and customercentric values in the satellite tracking industry. With a legacy dating back to the 1960s and a commitment to excellence, this company is poised to continue its journey of success for decades to come. versities to develop ground stations for nanosatellites and continuously enhancing our systems. There are approximately 27,000 antennas installed worldwide, with a significant portion dedicated to critical missions. While our focus is on these 32 | ISSUE #4, 2023

critical systems, there is also a substantial market which has been established over many decades. Our future development is territorial, identifying critical systems which could benefit from our solutions. We have a strong presence in Europe with promi-

For further information on NPC SYSTEM’s products, up to date global case studies and missions together with an impressive array of clients and partners, please visit the company website - https://npcsystem.com/

COMPLETE TRACKING SOLUTION

• MONOPULSE TT&C- LEOP • STEPTRACK • EPHEMERIS (norad TLE, Intelsat, CNES) • Predictive Tracking (IPOP) • New and refurbishment system • Design, manufacture, and on site installation • Training • System audit, RF performance testing

Business Insight TECHNOLOGY

MASTERING THE DIGITAL CLASSROOM: JUAN GABRIEL'S ODYSSEY In a world driven by technology, the thirst for knowledge is unquenchable. Juan Gabriel Gomila Salas, the visionary founder of Frogames Formación, satisfies that thirst, leading a remarkable journey of transformation and inspiration. Award winning Juan Gabriel Gomila Salas is a visionary and driven mathematician who has made a significant impact in the fields of education and technology. With a background in both Mathematics and Education, he possesses a strong academic foundation that he has leveraged to transform the way people learn. Juan’s journey reflects his determination and entrepreneurial spirit, venturing into the world of video game companies before transitioning to become an online educator. His mission has been to share knowledge and provide opportunities for learners worldwide. As co-founder and influential instructor of online education provider, Frogames Formación, Juan has played a pivotal role in empowering over half a million Spanish-speaking students. 34 | ISSUE #4, 2023

Juan, to begin with, could you tell us a little about your background, and how you made the bold decision to transition into online teaching. What was your motivation for the career move and what opportunities did you see for yourself and others? I started out working in the commercial field as a game producer, planning, co-ordinating and supervising the mobile game development cycle from the conception stage through to finalisation for international markets. I gained valuable skills, knowledge and experience during this time and other opportunities beckoned. From here I spent seven years lecturing as a Professor of Mathematics at the University of Balearic Islands where I real-

ised there was a real gap in the higher education system. Not only were curricula outdated, but educators often became frustrated with their students instead of offering them guidance and support. As a result graduates required substantial additional training upon entering the workforce. Alongside my academic role, I chose to transition into online teaching to provide others with the same opportunities I had experienced. My focus was on teaching mathematics, programming, and game development in Spanish to cater to individuals who lacked access to English-language learning resources. I initiated this venture on Udemy, an English-centric platform, in 2015. Following my initial success, I generously distributed my courses in order to

Business Insight TECHNOLOGY

gain reviews and establish a reputation for myself. This attracted the attention of Udemy, who enquired about my decision to teach in my native language. Subsequently, Udemy made the strategic move to translate the platform into multiple languages, including Spanish. Additionally, other e-learning platforms, such as Platzi in Latin America, approached me to create courses. I also became a Unity Certified Instructor, delivering training sessions to prominent video game companies worldwide. Universities from Latin America and Europe extended invitations for me to conduct conferences, training sessions, and motivational speeches during this period. In response, I expanded my initial courses into more than 12 distinct learning paths, encompassing subjects such

as mathematics, artificial intelligence, machine learning, blockchain, and app development, among others. This pivot propelled me to the pinnacle of the Udemy platform, where I reached and impacted over 500,000 students worldwide, primarily in Spanish-speaking regions.

Collaborating with other instructors was important for your career journey. How did this impact the growth of your platform? Collaboration with instructors from various parts of the world was pivotal as it enabled us to coach and support one another. We witnessed a significant increase in students after the pandemic in 2022, and we expanded into new areas of teaching, including Kotlin, Java, Power BI, and Tableau. Some English instruc-

tors even shared their courses with us for translation into Spanish, furthering our mission to spread knowledge.

You co-founded Frogames in 2020 with your partner, María Santos. Can you tell us about your collaboration and how that has shaped your platform's technical and support aspects? Frogames was founded as a collaborative venture in 2020 with my partner, María Santos, who now leads the technical aspects and supports Q&A for our students. Maria, initially my student, was drawn to my teaching style, which stood in stark contrast to the uninspiring education she had experienced. She created her first course at just 20 years old ISSUE #4, 2023| 35

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and has been launching new courses year after year.

In 2022 you embarked on a more personal project, Frogames Formación. Could you elaborate on this venture and how it differs from your previous work?

JUAN GABRIEL GOMILA SALAS CEO FROGAMES FORMACIÓN

Yes, in 2022 I established Frogames Formación. This platform allows us to charge a fair price for our work, incorporating a social network for students, organising courses by topic and difficulty, and even offering blockchain certificates upon course completion.

How has Frogames Formación evolved, and what are your plans for the future? Frogames Formación has matured into a versatile platform with multiple business models, including individual course purchases and subscription-based learning paths. Our goal is to become a reference in the Spanish learning market and reach the top, and we are also exploring expansion into other languages in the future. Our aim is to make the learning adventure as enjoyable as possible, fun and updated with exercises and examples from real life, and easy to understand. Our courses are suitable for all ages – parents can take courses to help their children, and older people can update their mathematical skills to use with new technology, AI or machine learning, for example.

In your experience, do you think universities and schools are now keeping up with technology in their curricula and / or teaching methods? Unfortunately, universities do often lag behind in updating their course content. The process can take years, leaving students learning outdated technologies. The key to success in today's tech landscape is staying current, and universities need to adapt to meet this challenge. While schools may make efforts to incorporate technology, they may lack guidance on how to use it effectively. We've seen schools successfully use our courses to teach maths and programming, providing interactive content that engages students more effectively than traditional textbooks and PDFs. 36 | ISSUE #4, 2023

How does Frogames Formación face many competitors in the market, and how does it differentiate itself? While there are global marketplaces and local platforms offering similar courses, we differentiate ourselves by focusing on quality and outcomes. We issue blockchain certifications through our partner Accredible and provide ongoing support to our students, including monthly live sessions to address their needs. Our courses may be more expensive, but we offer a high-quality learning experience akin to enjoying a fine steak compared to a fast-food meal!

And finally, on a personal level, Juan, how does it feel to be in control of your own future as an entrepreneur? Working for oneself offers a sense of freedom and motivation that a 9-to-5 job will never provide. The ability to set one's schedule, choose projects, and witness

the impact on people's lives is immensely gratifying. Entrepreneurship empowers us to create meaningful change. Juan Gabriel Gomila Salas and Frogames Formación have emerged as trailblazers in the world of online education, driven by a commitment to offering high-quality, accessible learning experiences. From empowering students to helping professionals upskill, this innovative online learning platform bears testament to the transformative power of education in the digital age. The future holds even greater promise as this platform continues to expand its reach and impact, bringing the world closer to the limitless possibilities of learning and growth.

For further information on the full range of specialist online courses available, please visit the company website: https:// cursos.frogamesformacion.com/

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Top Innovators 2023 Meet Our Award-Winning Companies These days, in order to grab attention, a company has to be innovative. Whether that’s in terms of the products or services it’s offering, or the way it deals with its customers, there’s no difference as far as the Business Worldwide Magazine (BWM) ‘20 Most Innovative Companies to Watch Award, 2023’ is concerned. It may also be, for instance, that the innovative leaning is in terms of the company’s marketing strategy or even delivery process. The main point being that the particular point which has brought the company to our attention is that it hasn’t been trialled before, it is smart, and it’s viewed as a gamechanger in the industry in which that company operates.

BWM Innovation Awards in its 5th year This is the fifth year of these awards and the standard is as high as ever – if not more so. Over the pages in this magazine we list the winning companies. As you’ll note they hail from a range of industries, sectors and geographical areas worldwide. In congratulating the winners of the BWM Innovation Awards 2023, the magazine’s spokesman Robert Weinberg said he never ceased to be amazed by the new nominations coming through to the magazine every year. “To say I’m impressed by this year’s candidates is an understatement,” he said. “I’m actually flabbergasted as to what many of these business brains have managed to come up with. And it is one reason why it is always such a privilege to be covering these awards for Business Worldwide Magazine.”

Winners across a range of sectors As you might expect, there are representatives from Technology, Life Sciences and Renewables but we also received winning applicants from the more traditional industries of Healthcare, Real Estate and Banking. And it’s not just commercial companies that are reaping the benefits of innovation – public sector and charities are showing they too can be disruptors when it means benefitting their customers and making budgets last. So, where do these companies hail from? Well, Europe certainly had its fair share of entrants, as did the United States. But the Middle East were high in this category too, as was Australia and Scandinavia. Meanwhile, it is hoped that the status of winning a BWM Innovative Award drives these companies forward to even further success in the future. Entrants for these awards were in the form of nominations from colleagues, employees, peers, customers and even impressed competitors.

38 | ISSUE #4, 2023

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"20 MOST INNOVATIVE COMPANIES TO WATCH, 2023" WINNERS AGS Therapeutics ANTENNEX Applied Autonomy BIGELIUS SKINCARE Celeste CE-CON GmbH CIS Asset Management (Deutschland) GmbH EnginX ForSURE GeaCom, Inc. GUSTAF WESTMAN Ocean Ventus Manning Global AG MatchMyFlat MyCural Therapeutics NovoBiome PARK-SOLAR GmbH SYNDEO Medical Ucaneo Vezeeta

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20 Most Innovative Companies to Watch 2023 PARK-SOLAR

PARK-SOLAR: REVOLUTIONIZING BUILDING INTEGRATED PV Traditional parking areas waste space and lack sustainability, leaving vehicles exposed to the elements. Stuttgart based PARK-SOLAR provides sustainable hubs, offering shade and clean energy, as well as solar facades and retrofits for a greener, more efficient future. In response to Germany's dynamic legislative landscape promoting renewable energy, and the European Green Deal, Stuttgart-based PARK-SOLAR has emerged as a beacon of innovation, reshaping how solar power is harnessed. Established in March 2022, the inception of this innovative young company was fuelled by founder, Jassen Mihaylov’s, vision to contribute to the country's ambitious energy transition goals whilst addressing evolving regulations. A critical focus on lightweight structures has now propelled the PARK-SOLAR team to pioneer affordable and elegant solutions for businesses eager to participate in the green revolution not only within Germany, but across Europe too. At the heart of PARK-SOLAR's offerings lies the ingenious concept of repurposing already sealed surfaces, such as 40 | ISSUE #4, 2023

commercial building roofing, to generate clean energy. This dual-purpose approach not only provides shade and rain protection for parked vehicles but also produces CO2-free electricity. It's a winwin situation for businesses, enabling them to align with the energy transition without compromising their budget. PARK-SOLAR's standout feature is its lightweight construction, drawing inspiration from the engineering marvels of suspension bridges. This approach ensures not only efficiency but also affordability. The system requires only a fraction of the contact area and construction volume compared to conventional systems, resulting in a visually appealing, resilient structure that significantly reduces the use of raw materials.

FACADES AND RETROFITS Expanding beyond parking areas, PARK-SOLAR proudly introduces solar facades, extending its innovation to existing buildings. Its facades enable power generation from vertical surfaces, utilising existing areas as solar power generators. The strategic use of solar technology transforms buildings from mere energy consumers into confident energy producers. South and southwest-facing facade surfaces, and even east and west-facing PV facades, can be transformed into integral parts of architecture, lowering midday peaks and optimising energy production. The PV retrofit of façades is a visible demonstration of the owner's or investor's commitment to sustainability. Successful integration into existing build-

20 Most Innovative Companies to Watch 2023 PARK-SOLAR

ings, such as the 50-metre high PV facade in the WÜRTH high-bay warehouse, showcases a dedication to preserving structures while preparing them for solar systems. The evaluation considers aesthetic, resource-saving, and economic aspects, allowing for the choice of different colours and textures of the modules. Recognising the uniqueness of every business, PARK-SOLAR solutions are tailor made and cover planning, production, delivery, installation, and ongoing maintenance – (cleaning, technical updates, etc). This comprehensive service package ensures a seamless operation, and also gives clients flexibility to choose from various operating models. As an alternative to classic forms of operation, PARK-SOLAR additionally offers clients contracting solutions where they only lease the space. Within this sys-

tem, clients are supplied with low cost electricity, and can give their employees and customers a full e-mobility service within a contractually fixed period. As an innovative or flexible player in the solar industry, PARK-SOLAR collaborates with strategic partners to cover essential elements, from Energy Storages, charging systems to Energy management consultancy, thus offering holistic solutions that transcend mere solar installations.

ECONOMIC ADVANTAGES OF SOLAR INTEGRATION One of the benefits of integrating solar panels into industrial and commercial roofs and walls is the potential for cheaper energy, independent of external suppliers: energy self-sufficiency. By harnessing the power of the sun, busi-

nesses can generate their own electricity, thereby reducing reliance on traditional energy sources. This shift not only leads to lower electricity bills but also provides an opportunity for businesses to participate in feed-in tariff programmes, further enhancing cost-effectiveness. Beyond economic benefits, the integration of solar panels aligns with corporate responsibility initiatives and environmental sustainability goals. PARK-SOLAR's lightweight and eco-friendly approach resonates with businesses aiming to make a positive impact on the planet.

INCREASED PROPERTY VALUE AND GOVERNMENT INCENTIVES Moreover, commercial properties equipped with solar panels often experience an increase in overall property ISSUE #4, 2023| 41

20 Most Innovative Companies to Watch 2023 PARK-SOLAR

value. The installation of solar infrastructure enhances the marketability of the building, appealing to environmentally conscious tenants and buyers. Additionally, governments and local authorities frequently offer incentives, tax credits, or grants to businesses adopting solar technology, further sweetening the deal for commercial enterprises. Solar integration into commercial roofing also enhances operational resilience. Businesses equipped with solar panels gain a degree of energy independence, especially during peak demand periods or in the event of power outages. This resilience is critical for maintaining uninterrupted operations and mitigating the impact of energy price fluctuations.

JASSEN MIHAYLOV CEO PARK-SOLAR

NAVIGATING CHALLENGES, SEIZING OPPORTUNITIES Acknowledging challenges in regulatory landscapes and energy pricing policies, PARK-SOLAR views these as opportunities for growth. Their commitment remains steadfast in empowering businesses to take charge of their energy needs and make a positive impact on the environment. Looking ahead, the marriage of cutting-edge solar technology with traditional structures signifies a paradigm shift in how energy consumption is approached. PARK-SOLAR's commitment to overcoming challenges and embracing opportunities reflects a broader trend where businesses are not just adapting to change but actively shaping a future where clean energy, economic efficiency, and environmental responsibility coexist harmoniously. As the world moves towards a more sustainable future, PARK-SOLAR stands poised to play a pivotal role in driving this transformative journey toward a greener, more resilient tomorrow.

Stuttgart based PARK-SOLAR photovoltaic systems above parking spaces generate clean electricity from solar energy whilst providing roofing for cars parked below. Generated electricity can be used directly for individual needs, and charging stations for electric cars attracts customers and motivate employees for their e-mobility solutions. In depth descriptions and further information on the advantages of installing PARKSOLAR photovoltaic systems as roofing solutions as well as facades and retrofit structures can be found on the company website – https://park-solar.com/ 42 | ISSUE #4, 2023

Solar Parking

Solar Facade

Long Span Solar Roofs

Solar Parking

Solar Facade

www.park-solar.com

20 Most Innovative Companies to Watch 2023 SYNDEO MEDICAL

SYNDEO MEDICAL: A RETURN TO CUSTOMERDRIVEN INNOVATIONS Based in Belgium, leading medical device design company SYNDEO Medical is on a mission to re-imagine the way healthcare providers access tools they need, by bridging the gap between past and future. Healthcare teams all over the world are dealing with a complex set of challenges that threaten their sustainability and patient outcomes. Limited funding, regulation changes and supply chain issues have left physicians, surgeons, and nurses struggling to easily access the tools they need to perform essential procedures, at best wasting valuable time and resources, and at worst negatively impacting on patient outcomes. At the heart of every interventional or surgical theatre lies a combination of essential tools and materials needed to save and improve lives. Everything from basic surgical gloves to gowns, scalpels and intricate medical devices are brought together for every specific procedure, and for decades these were all conveniently provided in customised, sterile packs. This tailor-made approach was what worked for medical teams, and it’s what they came to expect, but over the 44 | ISSUE #4, 2023

past five to seven years custom packs have become less procedurally valuable and more standard. Because they tended to be a lower-margin product, often with high production complexity, most companies stopped producing them, leaving healthcare providers with often substandard standard packs instead, often not providing the solutions required. This “off the peg” approach was initially sold as saving time and money, but this is an industry in which one size definitely doesn’t fit all. The message has changed from “custom packs give you choice and flexibility, based on your individual and procedural requirements” to “a standard pack will meet most of your needs”. But having “most” of their needs met is not what customers want nor what patients need. On average, every pack contains about 30-40 different components, which means those involved in hospital pro-

curement are having to buy a large number of those products independently, fly them, manage the purchase orders, and deliver. The complexity of producing an additional 10-15 purchase orders with the associated contracts and sales representatives puts a huge strain on patient care, finances and overall efficiency. With doctors and nurses spending hours shopping for specific items of equipment when they want to be focusing on patient care, it’s become clear that another solution is needed.

The best of both worlds SYNDEO Medical ventures down a third path - instead of doing away with customised packs, it’s reinventing the approach by combining the best of both worlds. CEO and founder Justin Lampropoulos’ background has been a major contributing factor to this return to “custom-

20 Most Innovative Companies to Watch 2023 SYNDEO MEDICAL

medical environments and gaining a deep understanding of their procedures, from initial set up to end of day routines. By gaining first-hand experience of daily challenges, they can create products that are aligned with their own unique set of needs.

A customised approach that saves time and money

er-first” thinking. Starting his career with Merit Medical Systems, a leading global manufacturer of diagnostic and interventional devices, Lampropoulos brings over a decade of executive leadership to the table and has witnessed the evolution of interventional procedure packs. Over the years he saw stock unit reduction, margin enhancements and standardisation being prioritised over individual customer needs — and the frustration that went with it. He decided to create SYNDEO with one guiding principle — giving customers what they need, when they need it, regardless of scale. This dedication to enhancing customer relationships and improving care outcomes sets SYNDEO head and shoulders above its competition. Focusing on radiology and cardiology, SYNDEOPack© combines all the time-saving advantages of standardised packs with a tailored selection based on

specific interventional healthcare needs and more. The company has partnered with healthcare professionals to create customised procedural solutions that are both efficient and improve patient outcomes, whilst bringing additional device content to procedure packs that would normally be found stand-alone; a costly and often inefficient procurement solution. The manufacturers of many medical device packs tend not to concern themselves too much with the therapeutic properties of each piece of equipment, but SYNDEO challenges this view. Instead of limiting itself to simply making, assembling and marketing bits of kit, the company pays great attention to what healthcare providers need each tool to do. This relies on strong relationships and asking the right questions, so every new job starts with team members and partners spending time in their clients’

Any product that prioritises customisation may be met with some resistance about what it means in terms of cost. After all, customised packs have slowly become less custom because they were regarded as a less affordable option than their standardised successors. But the SYNDEO approach also saves money, thanks to a transparent pricing model. Medical devices typically follow a pricing order that’s greatly influenced by market trends, competition and customer demand — as demand rises, the prices quickly follow. SYNDEO’s cost plus pricing model instead takes into account the cost of producing each device and adds a mark-up based on the real value of the pack, taking into account important factors like convenience and innovation. By considering actual value and avoiding market-driven inflation (even during the COVID-19 pandemic) customers not only have more visibility and certainty over what they’re spending, but often find themselves paying as much as 50% less for devices when included inside SYNDEOPack versus purchased standalone.

One vendor, one order, one delivery Approximately 80% of the components are vertically manufactured and assembled in direct collaboration with SYNDEO’s strategic partners. This gives the company complete control of the entire process, enabling the team to maintain consistently high standards and manage supply chain speeds, establishing SYNDEO as a company that challenges the status quo. Instead of navigating complex supply chains and all the red tape that goes with them, SYNDEO has the experience and resources necessary to pull all the various different partnerships together. The team is able to work fast — initially market testing only took two weeks — and they’re filling a huge void in the marketplace. ISSUE #4, 2023| 45

20 Most Innovative Companies to Watch 2023 SYNDEO MEDICAL

dure, what we can do is provide all the right tools, all conveniently packaged up, in a way that nobody else is doing.” By learning from the past, the company has created a solution that works for everyone.

Supporting healthcare’s green agenda SYNDEOPack also helps healthcare departments reduce waste. Because the tools needed for one surgery may be completely different to the next, many packs contain unused items which end up in landfill. The customised approach means that medical departments only get the tools they need. Whilst some components still have to be flown in to assemble a completed product, having the vast majority assembled in-house reduces logistics and packaging waste by an estimated 30-40%. The company also offers a new line of green and sustainable eco products, all with an innovative biodegradability profile which represents a significant improvement on current industry standards. Traditionally, a challenge of producing green surgical tools is that it has always been at the expense of product performance. Through strategic partnerships, SYNDEO have been able to deliver the exact same products that customers expect, but with a unique biofilm that allows them to break down organic material up to 50% faster. The company is always looking for innovative devices that haven’t been incorporated into the procedure pack realm. Customers are delighted to see the return of much-loved devices and the option to make informed choices once again, often giving feedback like “We didn't know this was possible anymore!”

JUSTIN LAMPROPOULOS CEO & FOUNDER SYNDEO MEDICAL

What’s past is prologue This attention to detail and commitment to building strong relationships with customers is one of the things that surgical teams have missed the most. SYNDEO is going back to what physicians and nurses 1) are accustomed to and 2) need and expect, in order to deliver the right outcomes. Lampropoulos ex46 | ISSUE #4, 2023

plained, “This was really how this business started in the 1970s - simplifying the supply chain for our customers and for the physicians. Interventional physicians have better things to do than shop for different tools, and we help them get back to what they do best, which isn't buying a £4 angiographic needle. Whilst we can’t change the outcome of a specific proce-

With a presence in over 30 countries and more than 100 different product configurations, it’s clear that the SYNDEO Medical’s procedural innovations are what healthcare providers are accustomed to, need, and will have. Find out more at https://www.syndeomedical.be/

20 Most Innovative Companies to Watch 2023 ENGINX

ENGINX: REDEFINING THE POSSIBILITIES OF ENGINEERING Netherlands-based tech company EnginX has developed groundbreaking software to power a new generation of engineering. Here we learn how the platform is helping engineers all over the world work smarter, innovate faster and share their wisdom. Engineers are the cornerstones of manufacturing and energy businesses all over the world, but outdated methods of working are reducing their input and limiting their ability to innovate. Tied to large outdated Excel sheets full of complex calculations, paper catalogues and various data sources, the working processes of engineers are slow, error prone and locked in the past. They’re also usually the only employee with expert knowledge in their areas, which creates additional challenges when they go on leave, perform handovers or retire. Another major challenge for engineers is that of the energy transition. Using conventional approaches makes rapid modelling extremely difficult, leaving businesses grappling with designing the transition without the appropriate tools, knowledge or focus. For example, a company that manufactures machines 48 | ISSUE #4, 2023

that are currently powered by gas knows they have to go green and wants to make the switch, but they don’t know where to start or understand the implications for their existing set-up. Netherlands-based tech company EnginX has created a groundbreaking new ecosystem that’s helping engineers all over the world solve all of these problems, as well as embrace Industry 4.0, redefine the way they work and share their knowledge. EnginX’s state of the art software focuses on early phase engineering, notably in the food manufacturing and energy sectors. Developed by a team of engineers with a profound understanding of physics, calculations and engineering components, the system combines its creators’ extensive knowledge and experience with elements of AI to completely transform engineering as we know it.

The platform features a powerful API and a vast database using smart calculations, giving engineers access to a rich treasure trove of tools and parts from numerous manufacturers and data sources. This revolutionary way of working allows them to save huge amounts of time, streamline processes and spend more time on intellectually rewarding ideas that drive innovation. CEO Saskia Eijkelhof may have only been in her role since June 2023, but she’s already made a huge impact. The accomplished Lean Six Sigma Green Belt, business coach and mentor has an impressive B2B background in marketing and business development with big names like DHL, Panasonic and IDEX, along with an innate ability to spot new opportunities. Saskia met Thomas Bronzwaer, one of the founders of EnginX, in early 2022 and was quickly offered the position of CCO.

20 Most Innovative Companies to Watch 2023 ENGINX

different from the outside, but when you look under the bonnet it’s all very similar. There are routine tasks that need to be performed in all kinds of businesses, particularly when it comes to food and energy. For example, the manufacturers of machines that process potatoes all have machinery that can clean, chop and package — and that all requires similar processes and calculations. Our experience has enabled us to develop a system which can be adapted to suit a huge range of businesses, even if they look totally different on the outside.” EnginX is the perfect solution for organisations that want to move into the new technological era, but don’t know where to start or who to ask. “Companies know they need to embrace new technologies, but they’re not sure how. Instead of having to hire new tech teams or pay consultancy fees, we’ve developed something which is highly scalable and adaptable, so they can move forward without the barriers” Saskia explained.

Valuing experience

As accomplished engineers, Thomas and his team had developed their product based on extensive experience and industry knowledge, but they needed someone to take responsibility for pushing the brand forward. Saskia’s enthusiasm and marketing acumen made her the perfect choice, and just over a year later she had taken the role of CEO. The company is moving fast and bringing in new people across multiple sites with a strategic HR plan, alongside extensive plans to develop new software and incorporate more AI into the offering.

engineering systems to ensure the right components are chosen first time, significantly reducing time, costs and stress. They can transition to more green energy sources with the right know-how and tools, as well as being given the opportunity to capture important aspects of their knowledge and share their wealth of experience with future generations of engineers. And with everything stored in one place, they can take leave and retire without having to worry about what their absence means for the rest of the business.

An ally for innovation

One platform, countless opportunities

With EnginX by their side, engineers are able to find the parts they need 10x faster by entering their technical requirements into a data ecosystem that includes thousands of different parts. They can seamlessly design, simulate and build

The EnginX product has been developed so it can be effortlessly deployed across a huge variety of different companies, all with their own individual needs. As Saskia explains, “Like cars, our software and our customers may look

The platform’s focus on giving engineers the opportunity to share their knowledge has also played an important part in changing attitudes. Instead of making them feel pushed out and threatened by advancing technologies, EnginX recognises engineers as experts, which in turn makes them more open minded and willing to adapt. Users are able to see the benefits the software offers for their businesses and their own roles within them, recognising that it’s less about taking people’s jobs away and more about making them more enjoyable and rewarding. Even those who may have been initially fearful that their roles are being phased out by robots and computers are happy to share their ideas and provide information needed to feed the algorithm. As Saskia said, “A computer can’t ever completely replace the role of a human, but it can eliminate the more mundane and time consuming tasks, giving a broader perspective and letting machines do the things they’re good at, while humans get to be more human.” Indeed, humanity is a key element of the EnginX culture. It’s a non-hierarchical, horizontal structure where everyone has a voice and is celebrated for their own unique skills and experiences. The diverse team, which is spread over four ISSUE #4, 2023| 49

20 Most Innovative Companies to Watch 2023 ENGINX

LEFT TO RIGHT: CISKA KORFF MARKETING SPECIALIST ENGINX SASKIA EIJKELHOF CEO ENGINX

continents, proudly includes members of the LGBTQ+ community and neurodiverse employees, not to mention an uncharacteristically positive gender balance for the tech industry. The fact that the company is led by a woman is no mean feat in such a white male dominated sector, but what’s even more impressive is its attitudes towards family and flexible working. When Saskia was interviewed for her CCO role she was pregnant, which would have been a considerable barrier in many organisations — even those that claim to be progressive. Instead, the board, who were keen to express their interest in her mind and experience rather than her personal circumstances, were unphased by the impending new arrival. Now a year 50 | ISSUE #4, 2023

old, Saskia’s daughter regularly joins her at work and is seen as a welcome addition to the EnginX family. It’s refreshing in any industry, but particularly in IT. As Saskia says, “The changes we make are not just about technology, but about people and how we support them.”

A gateway to unimagined possibilities EnginX brings the manufacturing, software and science worlds together to deliver scientifically sound solutions in a changing world. The fact that the company is based on the Radboud University campus, and a spin-off of the University itself, is testament to its reputation and adds kudos. EnginX is fast becoming a well respected thought leader, and the

world can expect to hear much more of the EnginX name as industries continue to evolve and adopt new technologies. Speaking of EnginX’s inclusion in the Business Worldwide Top 20 Most Innovative Companies to Watch list, Saskia said, “We are extremely grateful to be nominated. There’s a big change coming and we are at the forefront. Within the next decade IoT and AI will be prevalent, and we are helping businesses embrace change, not fear it. The fact that we have made the list shows the world is ready, and so are we. EnginX is your partner for the future of food and energy!”

To find out more about EnginX and how the platform works, visit the company website: https://enginx.io/

Heading SUBHEADING

CRUDE AWAKENING: The Surprising Resurgence of Oil & Gas M&A in 2023 Following a disappointing 2022 for oil and gas M&A, the traditional energy sector rebounded strongly in October 2023. But was it a fluke, or is there more to come? By Kevin Smith 52 | ISSUE #4, 2023

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FEATURE CRUDE AWAKENING

climate change and ESG continue to be at the forefront of investment decisions, very few people expected significant mergers and acquisitions in the oil and gas industry. However, not only did oil and gas M&A overdeliver, but it also came at the perfect time. Blockbuster crude oil deals turn back the clock Over the past few years, crude oil companies have made several promises to cut carbon emissions and diversify into renewable energies. As a result, many had accepted that the glory days of oil and gas M&A were long gone. While there had been rumours of a potential blockbuster deal last year with Occidental Petroleum being floated as a target, nothing materialised. Instead, 2022 recorded the lowest volume of crude oil M&A deals in the past two decades. Then October 2023 came along, and Exxon Mobil made a huge splash with its proposal to acquire Pioneer Natural Resources for roughly $60 billion. Barely two weeks later, Chevron announced its own blockbuster purchase of Hess Corporation’s outstanding shares for $53 billion. Both deals are all-stock deals. The Exxon deal values Pioneer at $59.5 billion, while Hess is valued at $60 billion, including debt. This is Exxon’s largest deal since it purchased Mobil 25 years ago for $81 billion, while this is the largest deal in Chevron’s history. The only deal that came close was when it acquired Texaco for $38.7 billion in 2021. These are also the largest crude oil deals since Occidental Petroleum acquired Anadarko Petroleum in 2019 for $38 billion. 54 | ISSUE #4, 2023

LARGEST DEAL FOR 25 YEARS THIS (THE PIONEER ACQUISITION) IS EXXON’S LARGEST DEAL SINCE IT PURCHASED MOBIL 25 YEARS AGO FOR $81 BILLION.

ONEOK’s $18.8 billion purchase of Magellan Midstream Partners had been the largest crude oil deal this year. Regarding the entire M&A market in 2023, only Broadcom’s $69 billion acquisition of VMware is larger than the two oil deals. This has made oil & gas the most relevant M&A sector once again, and the timing couldn’t have been better. The mega deals coincided with a precarious season in the energy industry, with demand for renewable energies falling below expectations. One of the major motivators for diversification away from crude oil is the global shift towards electric vehicles (EV). That shift, for now, has been tempered by disappointing news from the EV industry.

Clean energy’s loss is crude oil’s gain Right about the time Chevron and Exxon announced their respective deals, Tesla released its Q3 result, and it was troubling. Not only did the world’s second-largest EV producer reveal that it had missed its earning and revenue expectations, but it was also concerned about future sales. Tesla CEO Elon Musk shared that expectations for the Cybertruck and their other car sales were in danger due to the global economic situation. “I’m worried about the high interest rate environment we’re in,” Musk said. “If interest rates remain high or if they go even higher, it’s that much harder for people to buy the car.” While Tesla wasn’t the first company to sound an alarm over slowing demand for EVs, their announcement had a dampening effect on the global industry. Shares in Hong Kong-listed EV

MOST RELEVANT SECTOR ...ONLY BROADCOM’S $69 BILLION ACQUISITION OF VMWARE IS LARGER THAN THE TWO OIL DEALS. THIS HAS MADE OIL & GAS THE MOST RELEVANT M&A SECTOR ONCE AGAIN…

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FEATUREHeading CRUDE AWAKENING SUBHEADING

makers fell, including BYD, the world’s largest EV maker. Besides the stock market dips, other car makers have downgraded their EV production schedules. General Motors abandoned plans to produce 400,000 EVs by mid-2024, proposing instead to match production with demand. In July, Ford announced it no longer expected to make 600,000 EVs by the end of the year, but would most likely hit that target in 2024. Confidence in the profitability of other renewable energies has also waned. Shares in some of Europe’s largest clean companies have tanked this year, with Denmark’s wind company, Orsted, trading at an all-time low and at a quarter of its 2021 high. While oil majors have promised to shift toward renewables, crude oil remains the most predictable and, for now, the most profitable. Despite strengthening their fossil fuel positions, Chevron and Exxon are committed to their carbon-neutral goals. “This combination positions Chevron to strengthen our longterm performance and further enhance our advantaged portfolio by adding world-class assets,” said Chevron Chairman

BEST-PRACTICES & PIONEER'S PLANS “... AS WE LOOK TO COMBINE OUR COMPANIES, WE BRING TOGETHER ENVIRONMENTAL BEST-PRACTICES THAT WILL LOWER OUR ENVIRONMENTAL FOOTPRINT AND PLAN TO ACCELERATE PIONEER’S NET-ZERO PLAN FROM 2050 TO 2035.” 56 | ISSUE #4, 2023

and CEO Mike Wirth. “Importantly, our two companies have similar values and cultures, with a focus on operating safely and with integrity, attracting and developing the best people, making positive contributions to our communities and delivering higher returns and lower carbon.” Wirth’s comments were similar to those of Exxon Mobil’s CEO Darren Woods. “The combined capabilities of our two companies will provide long-term value creation well in excess of what either company is capable of doing on a standalone basis,” Woods said in a statement. “As importantly, as we look to combine our companies, we bring together environmental best-practices that will lower our environmental footprint and plan to accelerate Pioneer’s net-zero plan from 2050 to 2035.” Given the excitement generated by these deals, one can only speculate about what other surprises might be on the horizon. If there are, those deals seem unlikely to come out of Europe.

European Oil & Gas majors opt-out of M&A Months before the blockbuster deals, Shell’s CEO Wael Sawan said M&A was not a priority. BP’s interim CEO Murray Auchincloss recently ruled out a merger, shutting down rumours that the British energy company was looking for a joint venture partner to broaden its access to US shale assets. TotalEnergies is also disinterested. Europe’s largest energy companies prefer to continue diversifying away from fossil fuels. However, if they decide to change tactics, one company that has returned as a potential target is Occidental Petroleum. At a $56 billion valuation, the US company is affordable for Shell. Occidental has also invested heavily in carbon capture technology, making it an easier sell for ESG-focused investors. Perhaps it is best to take the European energy companies at their word and assume they are not interested in fossil fuel M&As. But one thing is certain - other companies are, and crude oil’s M&A comeback isn’t over. Not by a long shot.

CMY

20 Most Innovative Companies to Watch 2023 UCANEO

UCANEO: A BREATH OF FRESH AIR IN THE CLIMATE FIGHT In the urgent quest to combat climate change, Berlin-based company Ucaneo provides a groundbreaking solution with its innovative Direct Air Capture technology – mimicking the human lung Ucaneo effectively removes CO2 from the atmosphere to pave the way for a sustainable future. In the global mission to meet the challenging 1.5-degree Celsius temperature reduction target with the need to remove billions of tons of CO2 from the atmosphere, a groundbreaking solution has emerged - Direct Air Capture (DAC). This technology is pivotal in actively removing legacy CO2 from ambient air and enabling the offset of emissions in hard-to-abate industries. In this feature, Business Worldwide Magazine investigates the pioneering work of award winning Berlin-based start up Ucaneo, which has earned international acclaim for its pioneering work in developing an efficient and scalable DAC system.

Ucaneo's Innovative Mission Founded in 2022, Ucaneo has a bold mission: Removing 500 million tons of global CO2 emissions from the air by 2035. Their approach is to build a pioneering biomimetic Direct Air Capture 58 | ISSUE #4, 2023

(DAC) technology, utilising the latest cutting edge technolgies in electrochemistry, material science and (bio)catalysis. This innovative technology combines the best of nature and engineering for scalable and sustainable CO2 removal. Ucaneo's DAC system is liquid-based and combines an innovative solvent with electrochemical membranes, which differs from conventional DAC methods that work similar to chemical sponges. Binding and breaking CO2 to this chemical sponges in batches requires high temperatures of up to 900°C leading to high cost and energy needs. Their technology is not only more cost and energy-effective, running at room temperature continously, but also more modular and thus allowing better deployablity as well as cost and performance control.

Expertise and Passion The team behind Ucaneo is driven by a strong scientific and mission-orient-

ed mindset. Carla Glassl the co-founder and CTO, has extensive background in molecular biology and startups, while Florian Tiller, co-founder and CEO, has built several ventures during his time at McKinsey & Company. In total the combined Ucaneo team comprises more than 20 years of research experience in electrochemistry, material science and catalyst development from leading universities worldwide, as well as over 10 years’ of start up experience in electrochemistry, hardware and biotech. It is currently backed by renowned investors in the climate tech space sector. With such a remarkable blend of expertise and experience, Ucaneo are uniquely positioned to lead the way in pioneering carbon capture technology, and poised to make

20 Most Innovative Companies to Watch 2023 UCANEO

designed its technology to be modular, allowing for efficient scaling. This means that as the demand for CO2 removal increases to tackle the climate crisis, Ucaneo can seamlessly expand its operations without compromising on efficiency. But what is the value proposition of Ucaneo's innovative DAC technology? There are several aspects that make it stand out: Energy Efficiency: Ucaneo's method significantly reduces energy consumption, making it more sustainable and cost-effective. Scalability: With a modular design, Ucaneo can adapt to changing demands and grow alongside the increasing need for carbon capture solutions. Innovative Solvents and Catalysts: The combination of unique solvents and (bio)catalytic properties sets Ucaneo's technology apart, enabling efficient CO2 removal. Proprietary Components: Ucaneo has developed key components like the liquid air contractor and cell stacks, which are integral to the company’s success and scalability. Ucaneo's DAC technology offers a breath of fresh air in the fight against climate change. By mimicking natural processes, optimising energy efficiency, and adopting a scalable approach, they're paving the way for a more sustainable future. As the world grapples with the urgent need for CO2 reduction, Ucaneo's innovation is a ray of hope on the

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a lasting impact in the rapidly evolving climate tech landscape.

The Mechanics of DAC Technology Ucaneo’s DAC technology is inspired by the human respiratory system. But how does it work? Ucaneo's approach is simply said a fusion of cooling towers and desalination plants, interlinked by groundbreaking solvents and catalysts. The magic happens through a synergy of (bio)catalysts and electrochemistry, similar to the intricate processes that occur in our lungs. In essence, Ucaneo captures CO2 as bicarbonates, which are weakly charged ions, within an innovative solvent in its proprietary liquid-air contactor. It is then seperated by an own desgined electrochemical cell. The output of the continous flow process is concentrat-

ed CO2 gas and clean air. The air goes back into the athmosphere, while the CO2 can be used as feedstock to produce carbon neutral products like synthetic fuels or stored long-term underground issuing carbon credits. Ucaneo's innovation and unique combination is a game-changer in the world of DAC technology as it drastically reduces the energy demands compared to traditional systems that rely on heat for their regeneration step. By avoiding the high-temperature processes, Ucaneo's method stands out as an environmentally friendly and cost-effective alternative.

Scalability for a Sustainable Tomorrow Scalability is another key factor in Ucaneo's approach. The company has

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20 Most Innovative Companies to Watch 2023 UCANEO

Sustainability Leadership: Our •commitment to environmental respon-

UCANEO FOUNDING TEAM (LEFT TO RIGHT)

sibility resonates with organizations that aim to demonstrate a strong commitment to sustainability, enabling those to reach their net-zero emissions targets. Market Growth: The carbon capture market is rapidly expanding, and Ucaneo's scalable solutions align perfectly with market trends. Partner organisations benefit by being at the forefront of a growing industry. Flexible Collaboration: We believe in tailoring partnerships to meet the unique goals and objectives of each collaborator. Partnerships with Ucaneo can be customised to maximise the benefits specific to your organisation. Positive Public Perception: Collaborating with a forward-thinking organisation like Ucaneo can enhance public image, showcasing a commitment to environmental stewardship and innovation. Mutual Growth: As Ucaneo continues to scale up and progress, partnerships can also expand with us, thus creating opportunities for mutual growth and shared success. Investing or partering in a sustainable future with Ucaneo is more than merely a financial opportunity. It is a real chance to be a part of a movement that is set to transform our world for the better. As Ucaneo leads the charge in the fight against climate change, the future looks brighter, greener, and more promising for all.

FLORIAN TILLER CO-FOUNDER & CEO CARLA GLASS CO-FOUNDER & CTO

• • • •

horizon, delivering a greener and more promising tomorrow enabling companies to offset their emissions or decarbonizing their supply chains.

Investing in a Sustainable Future Investors who share the Ucaneo vision for a sustainable future have a unique opportunity to be at the forefront of an industry that is set to reshape the global climate tech landscape and contribute to the preservation of our planet for gener60 | ISSUE #4, 2023

ations to come. Collaborating with Ucaneo means playing a crucial role in the fight against climate change, leveraging cutting-edge technology, and contributing to a greener, more sustainable world. Ucaneo are always eager to establish partnerships with organisations committed to creating a positive environmental impact. Partnering with Ucaneo offers a host of compelling benefits that extend far beyond the realm of carbon capture. Key advantages include:

Berlin based Ucaneo has developed a pioneering Direct Air Capture technology which mimics the human lung in order to remove carbon dioxide from the air. For up to date news on this ambitious start up company, please see https://www. linkedin.com/company/ucaneo/. Reach out to Ucaneo at hello@ ucaneo.com. Further contact details can also be found on the Ucaneo website - https://www.ucaneo.com/

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DEAL DIARY Each issue, Business Worldwide Magazine will report on the latest transactional VC intervention, M&As, buyouts, refinancing and privatisations deals from across the globe to keep you fully informed.

Deal Diary ISSUE #4, 2023

ADMETOS ACQUIRES MAHLE’S THERMOSTAT BUSINESS Tricon Law advised Bavarian investment firm Admetos on its acquisition of Mahle’s thermostat business. Baker Tilly also advised Admetos, while Mahle was advised by Jones Day. Mahle’s primary business is in selling components for combustion engines in vehicles, with more than €12 billion in revenue recorded in 2022. Its thermostat division in particular boasts 600 employees across six countries, all of whom will continue in their roles under the newly merged company. Admetos is an owner-managed industrial and investment holding company specialising in carve-outs for medium-sized companies. The firm has revealed plans to further expand Mahle’s thermostat business post-acquisition. The transaction, which remains subject to regulatory approval, is expected to include in early 2024. Tricon advised Admetos with a team led by partner Hartmut Wollstadt.

LEGAL ADVISOR TO ADMETOS:

TAX ADVISOR TO ADMETOS:

LEGAL ADVISOR TO MAHLE:

LERG’S ACQUISITION OF A MAJORITY STAKE IN WEBUTEX Ferox Legal advised the shareholders of WeButex Kunststoffbearbeitung GmbH on its sale of a majority share in its business to LERG S.A. GÖRG advised LERG on the acquisition. WeButex, a German company founded in 2008, is a leading manufacturer of thermoset laminates with more than 120 employees. Since its establishment in Roding as a start-up, the company has risen to become an international leader in its field, with products sold to clients across Europe and Asia. LERG Group is one of Poland’s largest resin manufacturers, whose activities include developing and manufacturing phenolic and epoxy resins for use in the production of technical laminates and chemical products. In 2020, LERG also acquired IZO-ERG, a long-time partner of WeButex and one of Europe’s best-known technical laminate companies. This most recent transaction has seen LERG acquire 76% of WeButex. Ferox Legal advised WeButex’s shareholders with a team led by partner Dr Johannes Weisser, LL.M.

64 | ISSUE #4, 2023

LEGAL ADVISOR TO WEBUTEX:

Deal Diary ISSUE #4, 2023

REGGIO CALABRIA’S RESTART FROM THE SERIE D FOOTBALL CHAMPIONSHIP Libra Legal Partners: Leading Reggina’s Resurgence in Italian Football Libra Legal Partners played a crucial role as legal advisors to a consortium of Italian entrepreneurs in the acquisition of Reggio Calabria’s football team. This significant transaction marked the beginning of a new era for the team, with Libra Legal Partners at the forefront. Under La Fenice Amaranto’s (LFA) banner, the consortium successfully secured the franchise to compete in the Italian Serie D. This transaction paved the way for a fresh start as the team embraced its new identity under the LFA management. The legal intricacies were skillfully navigated, and the franchise was promptly registered with the Italian National Football Federation (FIGC), ensuring its participation in the 2023/2024 LND League. At the helm of this remarkable journey was Libra’s managing partner, Ferruccio M. Sbarbaro, leading a dedicated team including Saverio Bellocchio and Claudio Caldara. Their expertise and dedication were integral to the successful completion of this transformative venture.

ADVISOR ON THE TRANSACTION:

PRIMARY CARE PHYSIO LTD HAS SECURED AN £8.25 MILLION INVESTMENT FROM BGF Tax Advisory Partnership advised venture capital firm BGF on its issuing of an £8.25 million investment to Leeds-based healthcare specialist Primary Care Physio Ltd (PCP) in order to enact its growth strategy. Walker Morris also advised BGF, while Hill Dickinson advised PCP. PCP provides physiotherapists and podiatrists to primary care networks, which frees up GP capacity in the primary care sector. The firm was founded in 2020 and now employs more than 300 clinicians. By securing the investment from BGF, PCP will further its growth plans and help to alleviate some of the most pressing challenges facing the primary healthcare market, such as GP shortages, a backlog of musculoskeletal issues and a growing emphasis on community-focused care. The investment will see former Connect Health CEO Jon Lowe join the business as non-executive chair. Dean Barber will also join as chief financial officer. Tax Advisory Partnership advised BGF on tax matters with a team led by partner Russ Cahill and corporate tax senior manager Toyan Williams.

ADVISORS TO BGF:

ADVISOR TO PCP:

ISSUE #4, 2023| 65

Book Review HOW INNOVATION WORKS: AND WHY IT FLOURISHES IN FREEDOM

Book Review How Innovation Works: And Why It Flourishes in Freedom by Matt Ridley

After reading just the Introduction to How Innovation Works, I felt the same thrill I had over 30 years ago upon reading the first chapter of Richard Dawkins’ The Selfish Gene. Dawkins’ chapter showed how our genes control us to help them replicate; the Introduction of How Innovation Works shows how innovation is evolution with thermodynamics at its foundation. Very different books opening with comparably fresh, unconventional perspectives. From that dramatic departure, How Innovation Works ascends. The first seven chapters captivate with stories of innovations in energy, transport, health care, and more. Ridley unearths gripping details of even such familiar innovations as the airplane and vaccine. The writing, unlike that of many science writers, is masterful, urbane and polished. These chapters will be a treasure trove for anyone teaching or researching innovation. The last five chapters crystallize from those case studies principles and implications for enabling innovation. The climax for me was Chapter 8, which distills principles such as incrementalism, serendipity, trial and error, recombination, and most importantly, freedom as essentials of innovation. The remaining chapters elaborate on these principles, covering, for example, FCC regulations that hampered the use of mobile telephony, and the EU’s regulatory obstacles to widespread use of GMOs. Unlike The Selfish Gene, Dawkins’ groundbreaking first book, How Innovation Works is the mature culmination of 66 | ISSUE #4, 2023

Ridley’s books so far. It builds on, integrates, and extends his books on genes (Genome, Nature via Nurture), evolution (The Red Queen, The Evolution of Everything), and economics (The Rational Optimist: How Prosperity Evolves). How Innovation Works thus exemplifies the very path-dependent, evolutionary process that innovation follows. Indeed, only Ridley, having forged that path, could have written this deeply insightful book. REVIEWED BY PETER GORDAN

MATT RIDLEY AUTHOR HOW INNOVATION WORKS: AND WHY IT FLOURISHES IN FREEDOM

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