Pioneering a Greener Tomorrow: Vyrd's Innovative Investment Strategies for Industry 4.0 - rural revivals, digitalization, and energy consumption in digital junkyards.

The Journey Begins: The Birth of Vyrd, Its Connection to Norway's Coast, and a Focus on Digitalization

When I first heard about Vyrd, I was intrigued by their coastal connection and bold mission statement: "We make rural regions instrumental in sustainable economic growth." As an ocean development advocate and a believer in the power of technology, I couldn't help but be drawn to their story. I had the pleasure of meeting Sindre Kvalheim, the CEO of Vyrd, at an event at the Ocean Opportunity Lab. I am grateful to him for taking the time to sit down with him to learn about their beginnings and how their connection to their locality has shaped their focus on digitalization and sustainable growth. And how that can help us all move forward together.

Sindre explained that Vyrd's primary focus lies in the digitalization of rural regions through investments in great ideas and innovative technology companies. By doing so, they aim to uplift rural communities and contribute to sustainable economic growth. One such investment is in Whereby, a digital conferencing platform that facilitates remote communication and collaboration, bridging the gap between rural and urban areas.

Their commitment to sustainability extends beyond digital solutions, with investments in projects like the Lefdal Mine data center, which focuses on creating environmentally friendly and energy-efficient data storage. This green approach to data centers reflects their dedication to minimizing the environmental impact of digitalization.

Additionally, Vyrd invests in companies developing cutting-edge solutions in various sectors. Aivero is a company that simplifies 3D machine vision-based automation with their robotics service, and Nivel helps cities regulate e-scooters and other types of mobility. This focus on sustainable transportation solutions aligns with their commitment to creating a greener future.

Momentum, another company in Vyrd's portfolio, invests in companies with sustainability at the heart of their business. Their focus is on innovative and ambitious teams in the ocean industries, agriculture, and construction/property sectors, further highlighting Vyrd's dedication to sustainable economic growth.

As our conversation unfolded, I couldn't help but feel inspired by Vyrd's commitment to sustainable investments. Supporting innovative companies and projects, they are helping create a better world for future generations, where rural areas are essential in driving sustainable economic growth.

Investing in a Greener Future: Vyrd's Dedication to Sustainable Investments

Vyrd's dedication to sustainable investments is a philosophy deeply ingrained in their mission and vision. As Sindre Kvalheim, CEO of Vyrd, explained during our conversation, their approach to investing goes beyond merely identifying companies with a focus on sustainability. They take a holistic approach, ensuring that the businesses they invest in positively impact the environment, society, and the economy.

Sindre shared some insights into Vyrd's investment process and the criteria they use to assess potential investments. They look for companies that not only have strong growth potential but also demonstrate a genuine commitment to sustainable practices. In other words, they want to support businesses that are actively working towards a greener future and creating innovative solutions to the world's most pressing environmental challenges.

One example of such a company in Vyrd's portfolio is the Lefdal Mine data center, designed to be one of the world's greenest and most energy-efficient data centers. Housed in a former underground mine, the facility boasts a unique cooling system that uses cold seawater from the nearby fjord to cool its servers. This reduces energy consumption and minimizes the data center's carbon footprint.

Data centers' energy usage is a significant concern, as they consume vast amounts of electricity to power and cool their servers. This energy consumption contributes to the growing problem of the "digital junkyard," where excessive data production and inefficient resource use can pose challenges to a sustainable society. By investing in companies like the Lefdal Mine data center, Vyrd is addressing this issue and promoting more energy-efficient solutions in the data storage industry.

Another company Vyrd has invested in is Aivero, which offers a robotics service that simplifies 3D machine vision-based automation. Their technology has the potential to revolutionize industries by automating traditionally labor-intensive and energy-consuming processes. By doing so, Aivero can help reduce waste, improve efficiency, and contribute to a more sustainable future.

Sindre emphasized that the key to their success lies in their ability to forge strong partnerships with the companies they invest in. By providing financial support and valuable guidance, resources, and expertise, they help these businesses overcome challenges, scale their operations, and ultimately achieve their sustainability goals.

Vyrd's dedication to sustainable investments is commendable, as they actively contribute to creating a greener, more prosperous future. By investing in innovative companies that share their vision of sustainability, they are helping to transform industries and create a better world for future generations.

The Power of Networks: Embracing Localities and Incubating Talent

Vyrd's success in promoting sustainable growth and innovation is not only a result of their investment strategy but also their commitment to building strong networks and nurturing the next generation of talent. In my conversation with Sindre, he emphasized the importance of embracing local connections and fostering a supportive environment for emerging entrepreneurs, which is essential for creating a more sustainable and prosperous future for all.

Sindre highlighted the significance of regional connections in global industries. He shared his belief in the power of regional networks to drive innovation and growth. By working closely with local businesses, such as the world's largest owner of fishing boats, Vyrd is helping to promote greener and more efficient practices in the ocean industries.

The Ocean Opportunity Lab and events there are examples of the importance of local collaboration in promoting innovation. Such connections benefit individual businesses and their communities and contribute to the long-term sustainability of the industry as a whole.

Incubating Ideas and Supporting Emerging Talent

Sindre is passionate about identifying and nurturing young talent. He shared insights into Vyrd's comprehensive incubation strategy that helps them discover innovative ideas, connect founders with valuable resources, and provide guidance and support throughout development.

Vyrd's approach to incubation, as Sindre explained, begins with identifying ideas that align with sustainable and equitable practices. They look for projects that have the potential to make a real impact on the environment and society and prioritize teams with diverse backgrounds and expertise.

Once they have identified promising ideas, Vyrd works closely with the founders to provide resources, partners, and pilot clients to help them bring their ideas to life. Sindre shared that they also offer technical expertise and support to ensure that the projects are feasible, scalable, and capable of making a meaningful impact.

Throughout the incubation process, Vyrd is committed to fostering an inclusive and supportive environment for founders. Sindre acknowledged the long journey entrepreneurs go through before reaching Vyrd and expressed his desire to make their experience with the company as valuable and rewarding as possible. By offering constructive feedback, guidance, and mentorship, Vyrd helps founders overcome challenges, refine their ideas, and ultimately achieve their goals.

The power of Vyrd's networks and incubation strategy is evident in the success stories Sindre shared during our conversation. From greener data centers to innovative robotics, agriculture, and construction solutions, Vyrd's investments have contributed to developing a more sustainable and equitable world.

By embracing local connections and supporting emerging talent, Vyrd is creating a robust network of change-makers who are collectively working towards a greener future. Sindre's commitment to fostering innovation and promoting sustainable practices is driving economic growth, transforming industries, and laying the foundation for a more sustainable world for generations to come.

Digitalization as a Catalyst for Sustainability

Sindre emphasized that digitalization is a powerful tool for driving sustainability and improving the efficiency of the ocean industries. By investing in companies that harness the power of technology, Vyrd aims to promote innovation and create a lasting, positive impact on the environment.

Data collection without digitalization and analytics is a waste - using available data well can help address various challenges in the maritime sector, that includes the need to improve data management, energy efficiency, and safety. By implementing advanced technologies and data-driven solutions, companies can optimize their operations, reduce energy consumption, and minimize their environmental footprint.

Collaborative Efforts for a Sustainable Future

A sustainable ocean future needs to be centered around supporting companies that develop innovative digital solutions for the ocean industries. That is a space where investment and incubator companies can play a significant role in developing an economically sound and sustainable ocean industry ecosystem by collaborating and developing interdependent companies. 

Sindre stressed that collaboration is essential for achieving a sustainable ocean future. By working with local businesses, governments, and other stakeholders, Vyrd aims to create a supportive ecosystem that fosters innovation and promotes sustainable practices.

Through digitalization and collaboration, Sindre believes the ocean industry can overcome challenges and transition toward a more sustainable future. Envisioning a world where technology drives innovation, reduces environmental impact, and creates opportunities for economic growth and social progress.

In conclusion, Vyrd's vision for a sustainable ocean future is deeply rooted in their commitment to investing in innovative digital solutions that address environmental challenges and drive positive change. By focusing on digitalization and fostering strong networks and partnerships, Vyrd aims to build a more sustainable and prosperous future for the ocean industries and the world.

Charting a Sustainable Course for the Ocean Economy: An Interview with Gina Panayiotou: Navigating Challenges, Fostering Change, and Uniting the Maritime Community

Reinventing the Ocean Industry

Now we will begin delving into the constraints facing the ocean industry; I had the pleasure of speaking with Gina Panayiotou, a maritime lawyer, industry strategist, and ESG manager at West of England. Our conversation focused on the challenges and potential solutions for the maritime sector, drawing on her extensive experience and passion for ocean sustainability. Panayiotou's insights illuminate the hurdles and necessary shifts in thinking needed to cultivate a more sustainable and resilient ocean economy.

Panayiotou's love for the ocean led her to study maritime law and become a staunch advocate for environmental, social, and governance (ESG) initiatives in the maritime sector. With the ocean covering 70% of our planet, she believes we have a responsibility to manage it sustainably.

Major Obstacles and Constraints

Panayiotou identifies two primary challenges in implementing sustainable change within the maritime industry:

A. Technical Challenges: The vast diversity of vessel types in the industry necessitates extensive exploration, innovation, and research and development to accommodate the global fleet's needs.

B. Mindset and Leadership: The conservative nature of the maritime industry and its reluctance to venture beyond its comfort zone present significant obstacles. To drive sustainable change, embracing diversity, innovation, and opportunity is essential.

The Importance of a Unified Industry Voice

Echoing Yngvil Asheim, CEO of BW LNG, Panayiotou emphasizes the need for a single, unified voice for the maritime industry. With various interest groups and industry parties across the globe, the industry must unite and define its collective goals and future direction.

Confronting Legacy Constraints and Preconceptions

Panayiotou asserts that tackling legacy constraints and preconceptions about the maritime industry is crucial in realizing a sustainable and resilient ocean economy. By recognizing the need for a different kind of leadership and establishing a straightforward narrative for the future, the industry can progress toward a more sustainable and environmentally friendly future.

Spotlight on the Ocean Industry's Positive Contributions

Gina emphasized the need to highlight the ocean industry's positive contributions, such as providing over 50% of the planet's oxygen and facilitating nearly 90% of international trade. She also mentioned that the industry's traditionally conservative and low-profile nature has contributed to a lack of awareness and a talent gap in the sector. This has further hindered sustainable initiatives and technologies from gaining traction and receiving the necessary funding and support.

We discussed various sustainable initiatives and technologies that could revolutionize ocean industries, including biofouling solutions and wind propulsion systems. Additionally, nuclear power emerged as a potential green solution despite facing political and public perception challenges.

Challenges for Businesses Adopting Sustainable Practices

When asked about the challenges faced by businesses seeking to adopt more sustainable practices, Gina advised that leadership must prioritize sustainability as a separate function and align it with the overall business strategy. Effective communication and branding strategies are essential for promoting sustainable practices and fostering a culture of environmental responsibility within the industry.

The COVID-19 Pandemic's Impact on the Ocean Industry

The COVID-19 pandemic brought, along with the many negatives, some positive changes for the ocean industry, such as increased recognition of seafarers as key workers and heightened awareness of the industry's importance in global supply chains. It also produces a container shipping boom! But it did not improve the work lives of the seafarers and, in some ways, made their lives and work extremely restrictive. Those challenges and additional restrictions remain in many world ports more than three years after the initial lockdowns.

However, it did not increase the industry profile for being one of the least emitting modes of transport per ton-mile. Even though a lot can be done to reduce emissions from ships to reduce their impact further - work remains to be done to improve the industry's reputation and promote its role in reducing carbon emissions as a shift of cargo from other logistic modalities.

A Sustainable and Resilient Ocean Industry

The ocean industry is critical in global sustainability efforts, not only in its current form but also in its improved future. By increasing awareness of its contributions, promoting sustainable practices, and attracting diverse talent, the industry can drive positive change and help protect our oceans for future generations. The ocean industry holds significant potential to become more sustainable and resilient in the coming years. To achieve this vision, there must be a shift in mindset, with leaders and businesses recognizing the importance of ESG and sustainability. The industry should take pride in the fact that it is already an environmentally friendly means of transport, but also continue to strive for improvements.

Embracing Collaboration, Innovation, and Sustainability

The future of the ocean industry should be one of collaboration, innovation, and a focus on sustainability. As Gina mentioned, the industry should seek to attract diverse talent and foster a culture of environmental responsibility. By sharing the positive stories of the industry and showcasing the innovative solutions being developed, the ocean industry can begin to reshape its narrative.

Contributing to a Sustainable Future Through My Project

I am grateful for the opportunity to contribute to this process through my project, which aims to bring people together and highlight the achievements within the ocean industry. As the project evolves, I want to learn more about industry players' challenges and pain points and help promote a more sustainable and resilient future.

Passionate Individuals Driving Change

With passionate individuals like Gina and others driving change, the ocean industry can move towards a more sustainable future and continue to play a crucial role in supporting global ESGs. Gina mentioned that the industry should be a "sea of opportunity" for attracting talent and innovation. It can become a vital part of a sustainable world with the proper focus.

Prioritizing Seafarer Well-Being and the Importance of Strong Networks and Sustainable Solutions in the Maritime Industry

The maritime industry is a complex network of stakeholders, including shipping companies, charterers, and seafarers. While all stakeholders are important, the well-being of seafarers is often overlooked. Prioritizing seafarer well-being is not only the right thing to do, but it also makes good business sense.

The Seafarers Happiness Index was founded by a former seafarer with the mission to ask seafarers how they feel about life at sea. By understanding their experiences and emotions, the Index aims to drive progress and prioritize seafarer well-being. The Index can serve as a tool for companies to benchmark themselves against the wider population and make meaningful changes. 

Innovation

Innovation and technology can play a crucial role in improving seafarer welfare. For example, virtual reality technology can provide seafarers with a way to escape the isolation and boredom of life at sea. However, more than technology is needed. Understanding seafarers' experiences and emotions is essential to develop technology that truly addresses their needs.

Networks

Building strong networks within the maritime industry has led to increased diversity and inclusion. Networks play a crucial role in promoting diversity and inclusion by providing a platform for people to connect and learn from one another. Strong networks have improved the maritime industry by creating opportunities for people to share knowledge and best practices.

Regulation

The UN law, which was supposed to be a mechanism of control and compliance for the high seas and international waters, could be better. The oceans are one of the global commons and need their voice and mechanisms for dealing with the challenges they face. Instead of focusing on regulation, we need to focus on problem-solving. By framing the problems better, we are more likely to find solutions. 

Challenges

The maritime industry faces many challenges that require sustainable solutions. While the UN law has imperfections, it is still an important mechanism for control and compliance beyond sovereign control. The oceans need their voice and representation, and we must share knowledge to find solutions together. By having the bravery to set about solutions, we can move the dial positively and significantly impact the ocean industry. 

Conclusion

Prioritizing seafarer well-being, building strong networks, and finding sustainable solutions are crucial to the success of the maritime industry. By understanding seafarers' experiences and emotions, stakeholders can make meaningful changes to improve the lives of seafarers. It is also vital to create an environment that is welcoming to all and provides a platform for people to connect and learn from one another. The oceans are one of the global commons and need their voice and mechanisms for dealing with the challenges they face. Rather than focusing on regulation, we should focus on problem-solving and sharing knowledge to find solutions.

Mapping the Ocean Industry: Understanding Its Complexity (updated)

Mapping the ocean industry is a challenging task that requires a comprehensive understanding of its different sectors, services, and stakeholders. In this article, we will take a closer look at the evolution of the map and the different segments and stakeholders that operate within the ocean industry.

The Evolution of the Map

Initially, the focus of the map was on the physical aspects of the industry, such as the different geographical locations of physical assets. However, as the mapping continued, it became apparent that the non-tangible assets and other factors that affect the industry also needed to be included. This led to an evolution of the map to include adjacent industries, sectors, visible infrastructure, invisible forces, finance, and insurance.

The Role of Research Assistants

A research assistant who is good but only sometimes factually reliable, the ChatGPT-4 model, was enlisted to enhance the map's robustness. With its help, ive made a more comprehensive list of different segments, places, and companies that operate within the industry was created. This list is available and now in the Human Centered Ocean Industry Database; contributions and feedback are welcomed.

Segments and Stakeholders in the Ocean Industry

The list compiled includes different segments and stakeholders, such as classification societies, insurance and P&I clubs, media and journals, membership organizations, regulatory and governmental authorities, and service providers. The extensive list provides a starting point for understanding the different players in the industry and can be sorted by segments, making it easier to navigate and find information.

The Complexity of Stakeholder Interconnections

As the mapping continues, it becomes evident that the interconnections between stakeholders are complex. To address each stakeholder in the maritime industry and their needs, I used a graphic tool to map the different segments and their interconnections visually. Now it is in the app format in the Human-Centered Ocean Industry Database.

Conclusion

Mapping the ocean industry's sectors, services, and stakeholders is daunting. However, it is essential for fully understanding the industry's complexity. While significant progress has been made, more work remains to be done. The compiled list of segments and stakeholders provides a good starting point, and contributions and feedback are welcomed. Ultimately, this mapping will help to provide a better understanding of the industry and its role in the world economy.