Context 

Our client, a major player in the construction industry, established an intrapreneurship program that led to the creation of a startup gaining traction both internally and externally. The company, that developed a platform for ordering low-carbon concrete, required additional funding to expand further. We mentored the intrapreneur in developing multiple comprehensive business plans and diverse funding scenarios.

Mission

In this context, we supported our client to:

• Team, Market, and Growth Analysis: Evaluate the team’s expertise, commercial robustness, and growth prospects
• Financials: Review the company’s financial health and performance to date, as well as future projections
• Business Plan: Craft a strategic business plan that outlines the company’s vision, objectives, and actionable steps for growth
• Funding Requirements: Assess the amount of funding needed for expansion and how it aligns with the business plan
• Funding Scenarios: Build scenarios to explore different funding options and their potential impact on the company’s future

Key figures

Context 

In the charging point operator (CPO) field, there are four main types of players: construction companies, energy companies, OEMs and startups. We worked with a leading construction player to help speed up the deployment of their EV charger network by assisting with funding.

Mission

• Market and Competitor Research: Conducted in-depth analysis to understand the landscape and identify key competitors.
• Customer Interviews: Engaged with current customers to gather insights and feedback on their experiences and needs.
• Financial Model: Developed a comprehensive business plan with a 20-year horizon to ensure sustainable growth.
• Pitch Deck Creation: Designed a compelling pitch deck from scratch to effectively communicate the project’s value proposition to potential investors.

Key figures

Effectuation is a concept in entrepreneurship that emphasizes transforming uncertainty into opportunity by leveraging existing resources rather than relying on predictive planning. Developed by Professor Saras Sarasvathy at the University of Virginia in the late 1990s, effectuation arose from her studies of expert entrepreneurs who navigate unpredictable environments through a unique decision-making framework.

What is Effectuation?

Effectuation is defined as a decision-making process where entrepreneurs start with the resources they currently possess and derive goals from those resources, rather than beginning with a specific goal and acquiring the necessary resources to achieve it. This approach contrasts with traditional causal reasoning, which is linear and goal-oriented.

The Fridge Analogy

A common analogy used to illustrate effectuation is that of planning a dinner party. Instead of creating a detailed menu and shopping for specific ingredients, one assesses what is already available in the fridge and pantry. This encourages creativity and adaptability, allowing for the combination of existing ingredients to create a meal, similar to how entrepreneurs can utilize their current assets—skills, relationships, and knowledge—to innovate.

Applicability to Corporate Innovators

Effectuation is particularly relevant for corporate innovators operating in fast-paced and uncertain environments. By adopting effectuation principles, these innovators can effectively utilize their existing resources for innovation while managing limited budgets. This approach allows organizations to experiment and innovate without overextending their financial resources.

The Six Pillars of Effectuation

1. Bird in Hand Principle: This principle emphasizes starting with the resources you already possess, which can be categorized into three groups: who you are (your traits, tastes, and abilities), what you know (your education, training, expertise, and experience), and who you know (your social and professional networks).
   Example: 3M leveraging its existing adhesive technology to create Post-it Notes.

2. Affordable Loss Principle: Focus on what you can afford to lose rather than potential gains.
   Example: Google exemplifies this through its 20% time policy, where employees dedicate one day per week to personal projects, effectively “losing” productive time. This calculated risk has led to breakthrough innovations like Gmail, demonstrating how a controlled, affordable loss can generate significant value.

3. Lemonade Principle: When life gives you lemons, make lemonade. Embrace surprises and use them as opportunities.
   Example: During the COVID-19 pandemic, General Motors (GM) pivoted its manufacturing capabilities to produce personal protective equipment (PPE) for healthcare workers.

4. Crazy Quilt Principle: Just as a multilayer fabric consists of several layers woven together, the crazy quilt principle involves weaving together partnerships with various stakeholders.
   Example: Siemens collaborates with various stakeholders, including local governments and technology partners, to develop smart city solutions.

5. Pilot-in-the-Plane Principle: Focus on activities within your control.
   Example: Tesla exemplifies this principle by actively shaping its market through innovations in electric vehicle technology and battery production.

6. Non-Predictive Control: Shape the future rather than trying to predict it.
   Example: Toyota’s Just-In-Time (JIT) manufacturing system exemplifies non-predictive control

Aster Capital’s Experience and Toolkit

We have developed a series of workshops aimed at educating corporate innovators on intrapreneurship and essential entrepreneurial tools. Our intrapreneurship toolkit equips project managers with the skills to de-risk their initiatives and foster innovation within their organizations.

Ready to empower your team? Book a meeting with us today to explore how our tools can guide your innovation managers in a structured way.

Want to Go Further? Discover Our Recent Webinar on Effectuation with Michelin, SNCF & EDF

We recently conducted a webinar that explored nine key lessons drawn from over 20 years of experience in the intrapreneurship space. If you’re interested in discussing how to structure a program leveraging effectuation principles, check out our summary and YouTube replay here.

123Fab #102

1 topic, 2 key figures, 3 startups to draw inspiration from

The circular economy redefines traditional economic models and contrasts with the “take-make-waste” linear approach. In the latter, resources are extracted to create products that later become waste, with very limited uses or value recovery. Circular economy, on the other hand, emphasizes sustainability, keeping materials in use for as long as possible while minimizing waste and resource consumption.

Key frameworks such as the Value Hill and the Butterfly Diagram shed light on how this system works: the Value Hill describes how to maintain and regain value at every stage in a product’s life, while the Butterfly Diagram helps to visualize infinite cycles of reuse and regeneration within an economy. (For more information, read those articles on the Value Hill and Butterfly Diagram.)

At its core, the circular economy is guided by seven pillars, each offering actionable strategies to reduce waste, optimize resource use, and foster innovation. Let’s delve into these principles and their potential for transformative change in driving sustainability.

The 7 Pillars of the Circular Economy (as defined by l’ADEME)

1. Sustainable procurement: This involves considering the environmental and social impacts of resource extraction and usage, with the aim of minimizing waste and greenhouse gas emissions. The goal is to prioritize sustainable resources by choosing suppliers based on ethical and environmental standards, aligning with the overall circular model.
2. Eco-design: This involves considering the entire life cycle of a product or service, from the design stage onwards, to limit its impact on the environment. A very good example is the Renault Scenic E-Tech Electric, with its high rate of recycled materials in the manufacture of the car. Many parts are designed to be recyclable at the end of their life to reduce its ecological impact as much as possible.
3. Industrial and territorial ecology (or industrial symbiosis): This pillar connects various economic actors to optimize the use of local resources such as water, energy, materials, waste, equipment, and expertise. By sharing resources, one company’s waste becomes another’s resource. The most representative example of industrial symbiosis is the one in Kalundborg, Denmark, where companies like Novo Nordisk (pharmaceuticals), Ørsted (energy), and Kalundborg Municipality collaborate to share resources such as steam, water, and industrial by-products. This innovative collaboration not only optimizes resource use but also drives significant cost savings and reduces the overall carbon footprint.
4. Service economy: In this model, usage is prioritized over ownership. It emphasizes offering services connected to products rather than selling the products themselves, which extends their lifespan without consuming more material resources or energy, creating jobs, and encouraging sharing. A notable example is Michelin‘s “Tyre as a Service” model, where the company retains ownership of the tires and manages their entire lifecycle—maintenance, retreading, and recycling. Thus, customers are charged based on usage: per kilometer for trucks and per landing for airplanes.
5. Responsible consumption: Consumers, whether individuals or organizations, must consider the environmental and social impacts of products at every stage of their life cycle. This means choosing sustainable products and adopting eco-conscious consumption habits. Key questions include: Do I really need this? Is the product recyclable? What materials were used? How was it made?
6. Extending product lifespan: Consumers should opt for repairing, reusing, or donating unused or broken items to give them a second life. This not only benefits the environment but also supports circular business models and offers financial savings. For example, Back Market, a French platform specializing in refurbishing electronic products, collects smartphones, computers, and other devices nearing the end of their life, repairs them, and resells them, reducing e-waste and offering affordable products.
7. Recycling: This is the final phase of the circular economy whereby existing materials are converted to other new forms. The process is to recover and reduce the amount of waste by recycling into raw materials. This closes the cycle as recycled materials start being used for procurement. For instance, ROSI provides an innovative solution for recycling and valorization of raw material in the photovoltaic industry. Their technology can recycle all valuable raw materials in waste solar panels, including silicon.

How can companies benefit from the circular economy?

Businesses can significantly benefit from the adoption of circular economy principles through new profit opportunities, cost reductions from lower reliance on volatile raw materials and increased use of recycled inputs. New business models, such as rentals or leasing, also create stronger, long-term customer relationships by increasing touchpoints throughout a product’s lifecycle.

2 Key Figures

70%

Material extraction and use amount to 70 percent of global greenhouse gas (GHG) emissions.

7.2%

 Only 7.2 percent of used materials are cycled back into our economies after use.

3 startups to draw inspiration from

Hubcycle

A French startup that specializes in upcycling food industry by-products into valuable ingredients. By sourcing vegetal by-products from industrial food processes before they are discarded, Hubcycle transforms them into ingredients for the food, pet food, cosmetics, and homecare sectors. This approach eliminates the need for new raw materials, reducing environmental impact and significantly lowering the carbon footprint for both suppliers and customers.

GreyParrot

A UK startup, leading the way in AI-driven waste analytics for the circular economy. GreyParrot aims to increase transparency and automation in waste management, unlocking the hidden financial value of waste. With its advanced AI-powered computer vision systems deployed globally in sorting facilities, the platform can monitor, analyze, and sort waste at scale. GreyParrot’s insights will help waste managers, producers, and regulators increase recycling rates.

Faircado

Berlin-based, Faircado has created a browser extension designed to promote the circular economy. The idea is simple: thanks to artificial intelligence, the extension uses a combination of image and text matching to suggest second-hand alternatives when you search for a product on the Internet. Faircado supports 1,600 sites, including Amazon, Zalando, Patagonia and Apple. These recommendations come from over 50 partners, including eBay, Back Market, Grailed, Rebuy, Vestiaire Collective…

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What is Intrapreneurship?

“Intrapreneurship is a dynamic approach where employees, in collaboration with their organizations, initiate innovative and value-creating activities”. This practice is a vital aspect of modern organizations, enabling employees to innovate and drive change within their companies.

During a recent webinar, we gained insights from experts who have successfully led intrapreneurial programs: Marc Evangelista (Michelin, Author of “Effectuons l’Intrapreneuriat”), Valentine Boitelle (SNCF), and Vincent Vidal (EDF). Their experiences highlighted the challenges and successes of fostering intrapreneurial initiatives, such as the Michelin Innovation Lab, SNCF’s La Ruche, and EDF’s incubation program. You can watch the entire webinar here.

Here are nine unexpected lessons derived from our discussions.

Lesson 1: Immediate ROI is a Mirage

Valentine Boitelle (SNCF) cautioned that expecting immediate returns on investment (ROI) from intrapreneurial initiatives can lead to disappointment. While businesses often seek quick results, significant ROI is typically a long-term endeavor. This pressure for instant results can hinder innovation, underscoring the need for patience and a focus on sustainable growth. For SNCF’s Ruche program, the most substantial impact lies in cultural transformation rather than immediate financial returns.

Lesson 2: The Importance of Structured Methodologies

Marc Evangelista (Michelin) emphasized the need for structured methodologies in intrapreneurship, proposing a three-pronged approach.

1. Hypothesis-Driven Methodology: Assessing desirability, feasibility, and viability through statements like “I believe I can…”
2. Effectuation Principles: Drawing inspiration from entrepreneurship principles by leveraging existing resources—skills, knowledge, and networks—rather than waiting for ideal conditions. This approach focuses on “affordable loss,” allowing intrapreneurs to determine what they can risk rather than fixating on potential returns, fostering creativity and adaptability.
3. “Crazy Patchwork”: Engaging external stakeholders for insights while maintaining ethical standards.

Lesson 3: Strategic Disconnection Leads to Failure

Vincent Vidal (EDF) emphasized that alignment of the intrapreneurship program with the company’s strategic priorities is crucial for success. For EDF, the goal is to create new businesses, not to create new offerings. A prime example of this approach is the establishment of Urbanomy, a company focused on decarbonization, and Hynamics, which operates within the hydrogen production value chain. While these initiatives may initially appear disconnected from current operations, they are strategically aligned with EDF’s vision for the next 5 to 10 years. This alignment not only strengthens the overall group strategy but also facilitates the identification of sponsors, which can significantly accelerate project visibility and support.

Lesson 4: Open Innovation is an Underutilized Lever

Valentine (SNCF) discussed how  open innovation can enhance intrapreneurship through collaboration with external partners. Evolving from the La Ruche intrapreneurship program to the Rail Open Lab—an open innovation department with multiple corporates—she aims to create synergies by accelerating intrapreneurship projects within defined sprints. This collaboration not only enriches the projects but also exposes intrapreneurs to the external environment, broadening their perspectives and enhancing their capabilities.

Lesson 5: Impact and KPIs Matter

For Marc (Michelin), there is no magical recipe for establishing KPIs. The most crucial aspect is to align these KPIs with the company’s objectives to effectively monitor progress. Additionally, it is important to focus on the human element of the program. Designed to develop talent, the intrapreneurship initiative should also measure participants’ exposure to innovation tools and methodologies.

To achieve quality outcomes in the intrapreneurship program, it is essential to start with a robust pipeline of projects—essentially creating a funnel for idea generation.

Lesson 6: Intrapreneurs are Not Superheroes, but collaborators

For Vincent (EDF) if intrapreneur views themselves as a superhero, it can lead to detrimental outcomes for both themselves and their colleagues. Intrapreneurs must be open to their ecosystem and build strong teams; they cannot succeed as solo entrepreneurs. He noted that there have been multiple instances where teams fell apart after the incubation period due to a lack of collaboration.

It is crucial for intrapreneurs to engage with their organization and leverage support functions such as marketing, legal, and finance. By actively seeking feedback and fostering collaboration, intrapreneurs can enhance project outcomes and ensure alignment with company goals.

Lesson 7: Budget Ownership Encourages Responsibility

Valentine (SNCF) emphasized that empowering stakeholders with budget ownership for intrapreneurial programs is crucial for their viability. This approach prevents the innovation unit from being viewed merely as an internal “bank” and facilitates the industrialization of new ideas. She also noted that engaging multiple internal sponsors increases project advocates, encouraging them to take a proactive role in advancing initiatives.

At EDF, the budget is managed by the incubator directly. In contrast, Michelin employs a seed funding model that includes salaries, which limits project time and requires finding an internal buyer afterward.

Lesson 8: Ideal Company Profile for Intrapreneurship

Marc (Michelin) emphasized that while there may not be an ideal company for fostering intrapreneurship, several key ingredients are necessary.

First and foremost is the unwavering support from top management throughout the year. Then, the program should be well-structured, with coaches and mentors to help projects progress quickly, which may involve adapting purchasing procedures for a supportive environment. Additionally, it’s important to mobilize competencies that intrapreneurs may lack.

Marc noted that smaller companies often struggle with intrapreneurship programs, as they find it more challenging to accept losses due to the financial investments required.

Lesson 9: The Importance of Dedicated Governance

At EDF, there’s a multi-layered governance which is independent from the rest of the organization. There’s a decision-making layers for the go/no stages, and there’s the mentoring layers. In addition, it’s important for Vincent (EDF) to implicate high-level people to make people move things faster and activate their network.

Conclusion

Intrapreneurship is more than just a trend; it has the potential to create a significant positive impact within companies when structured effectively. By fostering an environment that encourages innovation and collaboration, organizations can harness the creativity of their employees to drive meaningful change and long-term growth.

At Aster Fab, we are keen to help organizations assess their intrapreneurial capabilities. If you’re interested in a 30-minute diagnostic session, please reach out to us at hmaxwell@aster.com. Together, we can unlock the full potential of intrapreneurship within your organization.

For more insights on intrapreneurship, check out the entire webinar here.

Context 

In the energy industry, allocating topics between innovation and R&D teams is not always straightforward, as it involves navigating complex challenges and competing priorities. Key considerations in this allocation process include time horizon focus (short, medium, or long term), business proximity (core, adjacent, or new markets), and the Technology Readiness Level (TRL) scale, among others.

Mission

We aimed to illuminate how leading organizations allocate topics within their teams. This exploration covered:

• Key considerations when allocating topics
• Educational content on five key frameworks
• Insights from interviews with nine leading energy companies—TotalEnergies, Ørsted, Iberdrola, EDF, Engie, Saipem, Enedis, Enel, and Galp—highlighting their unique approaches to balancing innovation and research efforts in a rapidly evolving energy landscape.

Key figures

123Fab #101

1 topic, 2 key figures, 3 startups to draw inspiration from

Catalysts are substances that increase the rate of a chemical reaction without being consumed in the process. They are the unsung heroes of the industrial world and have become indispensable in a wide range of industries: chemical, pharmaceutical, petrochemical, automotive, etc. One of the best-known applications is the catalytic converter in motor vehicles, which transforms toxic gases into less harmful pollutants.

Today, they play an important role in decarbonization, with a wide range of applications, including the following:

• Production of renewable fuels: Catalysts enable the conversion of renewable raw materials, such as vegetable oils or organic waste, into sustainable fuels such as biodiesel or bioethanol.
• Green hydrogen: Catalysts are at the heart of green hydrogen production through water electrolysis. Until today, the most applied catalysts in the production of green hydrogen are noble metals such as platinum and iridium, but research is in process to find cheaper and more sustainable alternatives
• Biomass conversion: Biomass can be valorized into useful chemicals and fuels via catalysts, hence reducing further the dependance on fossil feedstock and lowering the carbon footprint of the chemical industry.
• Plastic recycling: Catalysts play an important role in chemical plastic recycling. They offer a way for the depolymerization of the polymer into its basic monomers, which can then be reused to manufacture new plastics. A good example is the enzymatic process for the recycling of PET developed by the French company Carbios.
• CO₂ conversion and utilization: Advanced catalytic processes are being developed to convert CO₂ into valuable products like fuels, polymers, and chemicals. These innovative reactions could turn carbon emissions into a raw material, and then close the carbon use loop.

However, while catalysts provide considerable environmental benefits in use, many have resource-intensive and polluting manufacturing processes. As an example, mining and processing precious metals, widely used in catalytic converters, like platinum or palladium, are often associated with ecological damage, including habitat destruction and water contamination. It is therefore crucial to find and develop new, more sustainable alternatives.

Emergence of new catalysts with lower environmental impact

To meet sustainability requirements, companies in the chemical industry are actively seeking catalytic solutions with lower environmental impact. For instance, BASF has established a Catalysts Innovations Platform dedicated to identifying more sustainable catalysts. In this context, various approaches and types of catalysts are emerging, each offering specific advantages to help achieve the industry’s sustainability goals:

• Biocatalysts, sometimes referred to as “nature’s catalysts “or enzymes are intrinsically sustainable. Their use allows to produce organic molecules in a milder manner compared to traditional chemical methods. For instance, Novozymes offers biocatalysts for biofuel production. Additionally, Solvay utilizes biocatalysts in the manufacturing of some of its polymers.
• Nanocatalysts offer several benefits compared to their traditional counterparts: the nanometric dimension offers a much better structure-performance ratio, which increases their catalytic activity and selectivity, and reduces energy consumption and the cost of chemical processes. Gen-Hy is a start-up developing catalysts based on nickel nanoparticles.
• Catalysts with abundant metals: Research is moving towards the use of more abundant and less expensive metals, such as iron, to replace precious metals like platinum. Gen-Hy, for instance, develops high-performance catalysts based on nickel nanoparticles, an abundant and inexpensive metal, to replace platinum and iridium in certain applications.
• Photocatalysts are catalysts that accelerate chemical reactions by absorbing light. This technique can be applied in interesting ways in the context of energy transition, particularly for the chemical trapping of CO₂. Researchers from the Institut lumière matière in Lyon and the Institut des sciences chimiques de Rennes are working on molybdenum aggregates, an abundant and inexpensive metal, as an alternative to noble metal-based photocatalysts.
• Ecocatalysts are quite new in sustainable chemistry. They are derived from plants that have naturally accumulated metals present in their environment during the phytoremediation process. Bioinspir has developed, for instance, ecocatalysts derived from plants for the responsible synthesis of cosmetic and perfumery ingredients.

2 Key Figures

6%

The chemical sector is responsible for approximately 6% of global CO2-equivalent emissions

$22.30 billion

The global industrial catalyst market size was nearly $22.30 billion in 2023

3 startups to draw inspiration from

Gen-Hy

A French start-up specializing in green hydrogen production has developed high-performance catalysts free of noble metals. Using an innovative formulation based on nickel nanoparticles—an abundant and affordable metal—it offers a new path toward more sustainable and cost-effective hydrogen production.

Entalpic

Founded in 2024, Entalpic is a French startup at the forefront of generative AI technology for the chemical industry. The company’s advanced AI platform designs catalysts to optimize chemical processes in areas like energy storage, fertilizer production, and pollution control, blending open and proprietary research.

Cascade Biocatalysts

Denver-based startup Cascade, specializing in enzyme-based processes, uses its Body Armor for Enzymes™ technology to drive greener, cost-effective chemical reactions that reduce greenhouse gas emissions. Its projects encompass diverse areas, including CO₂ capture, fragrance production, and wastewater treatment, highlighting the broad commercial potential of biocatalysts.

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Context 

Our client has developed a strong innovation activity to fuel its transformation. In this context, our client asked us to explore market demand for a new offering in dismantling and extracting valuable components from lithium-ion batteries.

Mission

We carried out a study to define the go-to-market strategy:

• Map of the second-life battery value chain, from manufacturing to end-of-life
• Segmentation of second-life component buyers
• Real-world applications of second-life components
• Interviews with 8 potential customers on interest and technical needs
• List of existing technical standards for selling second-life battery cells
• Review of the EU battery regulation compliance
• Recommendations on the go-to-market strategy and prioritization of potential customers to address first

Key figures