Latest / Origin Matters / ORIVO's Origin Story
Transcript
- Spencer Macintyre: Hey and welcome back to the Origin Matters Podcast. Today is a special episode. I'm joined with by the two co-founders of ORIVO Svein Erik Hagamo, who is our current ⁓ and Eric Fuglseth, who's our current CTO. And we're going back to the very beginning of how two Norwegian scientists turned an idea into a company that uses science to drive transparency and trust across five different industries. So, Svein Erik. And Eric, it's great to have you here. And to kick us off, let's get started with a a bit of a background from both of you. Can you introduce where where you're from and what originally got you into science? Svein Erik Haugmo: Yes, sure. And thank you so much for being part of own podcast. This is really exciting. Yeah, normally go first. Isn't that how we do it, Erik? Erik Fuglseth: Go ahead. Svein Erik Haugmo: Yes, perfect. our background, I'm from Molde, a small town in Norway. I live here now with a family of a wife and two daughters. They are soon grown up now. Yeah, soon 50 years old. 14 of ⁓ those been very much origin. ⁓ Spencer Macintyre: what ⁓ initially led you into Like ⁓ say these young school kid ⁓ Svein Erik when you were when you were finishing school, what made you initially think that science and going down that path is gonna be good for you? Erik Fuglseth: . Svein Erik Haugmo: Yeah, that's a cool one. Well, don't know about you, Erik, but I got this chemistry set like this when I was a kid, ⁓ you can do some cool chemistry stuff, some magnesium that blew up with a big white and stuff like that if you it with a match. And that really teased my curiosity for chemistry and science. In high school, was not the typical geeky one that wanted to go ⁓ dig into science, but ⁓ I like a ⁓ soccer and wanted to have fun with friends and all that. But something there, curiosity was still there. And I thought, OK, I'm going to be the the cool scientists. So I went full like mathematics, physics, chemistry and yeah was ⁓ introduction to ⁓ field of science. Spencer Macintyre: Nice. I also remember burning magnesium at ⁓ in chemistry class at school. It was definitely the highlight. Svein Erik Haugmo: guess Eric has a slightly different approach, but maybe not. Erik Fuglseth: No, I think my motivation for chemistry, I think I've always been like nature and science, the science classes have always fascinated me, but I think the one that really pushed me in the direction of the chemistry was the lab work. think that was... What fascinated me that you could like start with two different materials, put them together and make something that ⁓ a color or different properties. that was, I think the behind my journey within Svein Erik Haugmo: quite similar though. Erik Fuglseth: Mm. Mm. Spencer Macintyre: Hmm, interesting. And ⁓ how did you guys both connect? ⁓ did you both end up working at a lab together or and at that point did you have a sense that you'd end up building a a company together? Or what was the sort of time when you guys first met and how did you guys realize that you might end up building a company one day? Erik Fuglseth: are from the same small in Norway. grown up not too far from each other, actually. But we have never went school together because of the age difference. So we've never met before. returned to our hometown after studying. ⁓ the university. ⁓ then we were connected via a common friend that both us separately. he knew that Sven-Erik was working some exciting chemistry related project. And he knew that I was a chemist looking for a project. And then he ⁓ connected us. And after that, realized that it was a good match, both personally and also in terms background and knowledge. So started building. Svein Erik Haugmo: it was quite a coincidence. I think this is a bit of a funny story because we could have met on this ⁓ event for entrepreneurs. ⁓ because the part two of that, ⁓ one was listening to some other successful entrepreneurs. Part two was a speed dating session. being the extrovert, that was I came for. Erik, being ⁓ extrovert, he went home. But then this common friend, speed dated. And ⁓ he understood that, this thing Sven Erik is about to could be something interesting for Erik. And then by coincidence, he matched us. that, yeah, it many things in life. That was ⁓ actually ⁓ a good Spencer Macintyre: Mm, that's interesting. I always just presumed that you guys because you you both went to NTNU university, correct? but just different times. I I always presumed that you guys first met then went on different paths and worked in different labs and then an idea sort of formulated. But ⁓ that's super interesting to to learn. ⁓ Svein Erik Haugmo: people can tell, you know, but Erik is four years younger than me, so that's why. Erik Fuglseth: Yeah, well, I think we were probably we were at the university, the same university at the same time, but but we have studied slightly different, different ⁓ topics. I'm, I'm an organic chemist by by training. So I did my master and ⁓ PhD different, faculty, at different institutes than Sven-Erik. Svein Erik Haugmo: Yeah, that's true. So while Erik did his PhD, I was finishing my master's degree. That was at the same time, actually, but faculties, yes. Spencer Macintyre: Understood. And it it sounds like you initially maybe came up with the spark of the idea for ORIVO ⁓ Erik but what what led you to that moment? What made you think that you want to use this type of technology and made you think that there's a challenge out there that needs to be solved? Svein Erik Haugmo: at time, 12, 13, 14 years ago, ⁓ was manager of a laboratory ⁓ company ⁓ And I wanted to do something something cool with my background. Managing laboratory company, obviously, great experience. always had this entrepreneur inside and then through the business we did in that company, I came across Omega 3 ⁓ industry and that always fancied me as a very interesting business and then this technology came along that were able to actually trace a... fish oil back to its origin. And then I thought, I want to jump on this ⁓ try to make a business out of it. obviously, in the industry was ⁓ a for it as well. it was like a drive to just take most interesting part of what I was doing as a manager in that ⁓ laboratory, ⁓ contract company, just try to a business out of Spencer Macintyre: Hm, interesting. And what was the ⁓ early l years like? ⁓ when you went from both being scientist to early stage startup? ⁓ being a being an entrepreneur is always always challenging, but I guess going from ⁓ a leader of a scientific lab into starting a a startup. Well tell me about what those days were like. Svein Erik Haugmo: Hmm. I think Erik can fill you in there because for me it was, I said, just something wanted to do. luckily I ⁓ found ⁓ guy that actually knew how to do it ⁓ in a ⁓ ⁓ Erik Fuglseth: think, yeah, it was definitely a rough, rough start. I ⁓ after finished my PhD, I ⁓ worked time the local, the university technology transfer office. So ⁓ helping ⁓ and scientists with the ideas to make them into business. ⁓ So during that I learned a lot about how to commercialize. science. And that very relevant, of course, when Svein Erik and I started. the term bootstrapping, luckily had learned that. So meaning a business basically without any money, because that was the ⁓ We didn't have income. We had a technology that was not... ready to use. needed to develop that. We needed to do more research. of this, obviously, money ⁓ we didn't money. So ⁓ we applied grants. We did carpenter to basically have some of income in the beginning with very limited limited pay. was a rough period for our wives, I think, in with long days and little income. But little by little, we managed build a foundation that we could ⁓ grow from. Svein Erik Haugmo: Yeah, I didn't really have the full plan settled because when I started a bit on my own like hybrid from this contract lab as a manager moving into fully 100 % entrepreneur of Orivo. Then Erik came along November But as Erik said, we managed and we got very, very experienced. in the bootstrapping and searching for funds and all that. So we have had salary every month. Spencer Macintyre: Awesome. Well that it's super interesting to hear about the story. And I think that until you go through a startup or a couple of startups, I think people like to idolize the journey of a a startup and they show these extreme growth curves. But it's only until you actually work in one that you realize occasionally you might need to put up a a door or do some carpentry work for someone to get some money in to to get to the next stage. But on on the next question, I guess with with all startups and and lots of businesses, there's sort of a turning point where something turns from Erik Fuglseth: Hahaha Spencer Macintyre: an idea or something that you're trying to change, especially maybe when you're using new technology and trying to get different people out there in the world to see this technology and to use it ⁓ and to become customers. but what would you say that sort of turning point was for ORIVO when you could start putting down the hammers and ⁓ getting back into the lab and really, really making something of the company? Svein Erik Haugmo: don't know Eric, would Erik Fuglseth: I think that was, me at least, quite clear. During first years, we got business with producers, salmon fish oil, early in the value But the big turning point to me was when we met the brand working out of Natural Pharmaceuticals, in 2016. they were super clear that we this service. We want to ⁓ use service to promote that are a trusted ⁓ brand to consumers. And that was something, of course, we had thought of that we could be this B2B2C tool. But we thought that that would be like in 10 years, something like that. We would have to be like a a big established well-known brand in the B2B market before we could make that step. But ⁓ ⁓ really quick. And I think after that, we realized that we could have a different business model than what earlier thought. Svein Erik Haugmo: Yeah, I would agree. That was like typical, it was like a random chat this guy from this company during a cocktail session one of the GOED meetings, think, where, yeah, I want your logo on my bottle, he said, and we just, ⁓ I don't think. Okay, we can make a logo and then from there we got Golden Omega that already were interested in this but we have said maybe this is for the future and then had a bunch of clients they introduced to us that ⁓ wanted the logo on the bottle and then it really started rolling. Erik Fuglseth: Mm. Spencer Macintyre: Mm, interesting. When you start to find that natural pull coming from yeah, honest brands that want to be able to tell that story and when it naturally starts flowing. and then the next point that I wanted to discuss is ⁓ a business is it's a big journey, it's a long journey. ⁓ And a personal level, it takes a lot of effort, a lot of extra hours that often aren't remunerated, especially at the the beginning. but what's driving each of you along the w along the way? What What keeps you guys motivated to persevere through the challenges and to continue to drive to see ORIVO continue to grow and more transparency around the world? Svein Erik Haugmo: me, think this comes down to trust. consumer has always been an important topic. And in products where the consumer can't really check if this is authentic or not. if it's a shoe or like a Lacoste t-shirt or something. Consumers basically can. They can the difference between fake products and ⁓ products. And some choose buy the fake stuff because it's cheap in ⁓ supplements. And as we work, ⁓ that is really possible. So ⁓ that gap a consumer a need for trust from consumers and the ability to prove this from the honest companies, the honest brands. That really is what drives me and Omega 3 is a small, small fraction of... examples of business areas and products where the concept can be applied. ⁓ And were really no players 10 years ago that can do this and still ⁓ a ⁓ that's evidence-based driven as ⁓ us is not really there and to be like that pioneer globally, that's definitely what drives me. Erik Fuglseth: and I would say also the scientist in I've always liked making things building things and I'm motivated by that part. But here it's to use ⁓ chemistry ⁓ do meaningful ⁓ and something is really motivating. ⁓ I've spent four years in the lab during my PhD doing a lot of chemistry, but it wasn't always that easy to see how can this be applied. And this now, is very applied. We always do these things for, it's always for a good reason, I think, and ⁓ that's Spencer Macintyre: Mm, super interesting. And looking ahead, what's the vision now? Where do you guys see ORIVO going in the next five to ten years? Svein Erik, mentioned that there's different applications or different industries that this might be applicable for? Is ⁓ is ORIVO mainly gonna continue focusing on marine products, or is there other things in the scope that we ⁓ are looking at or different areas with the marine based products that might be on our radar in the future? Svein Erik Haugmo: really unlimited ⁓ opportunities. there is still, or there are still a lot to do within the Omega 3 space, both for humans pets. We have chosen to ⁓ have a global which means that... We are just scratching the surface in China, just scratching the surface in the US, definitely scratching the surface in Europe South America. there are also areas in the world we haven't started scratching. So... Like on the medium range, definitely Omega 3 supplements for humans and pets. And then the thing, pet food. We have big But to ⁓ really consumer value. we need to be across more segments the user of service, that's the same person. But that person want to this evidence for more than ⁓ supplements. Like ham, honey, extra virgin oil, wine from this area. Napa Valley wines. It's endless of opportunities, we really just need to do in a and proper way. Spencer Macintyre: Makes sense. And what about you, Eric? Any any thoughts about the the future or Erik Fuglseth: Yeah, it's super exciting times. We're now 10 employees ⁓ yeah, in the in definitely in a growth phase. like Svein Erik says, we are focusing now on broadening the footprint in the markets where we already are. food ⁓ really exciting. There's, think there's a big both big potential and a big need for our services there. And then after that, we will have to wait and see, but there are definitely many opportunities. ⁓ ⁓ really exciting times ahead, I think. Svein Erik Haugmo: I think also the AI trend is very interesting. one way, it will help us and most companies scale faster and enter new segments faster, but ⁓ it gives consumers a lot information. ⁓ But as all know, AI is not... necessarily always the truth. also a risk AI-driven verification solutions ⁓ can give false positive feeling for consumers. So ⁓ the need for will be even bigger than ⁓ it has been, now ⁓ people actually ⁓ that evidence. Spencer Macintyre: Awesome. Well, thanks everyone for joining and listening or or watching the this episode of Origin Matters. feel free to subscribe or follow us on any of the different channels that you might listen to podcasts and stay in tune for the the next episode. Thanks. Svein Erik Haugmo: Thank you. Erik Fuglseth: Bye, thanks.