Investing in the Environment:
A Conversation with Michael Selden

May 2022

Finless Foods produces plant-based and cell-cultured tuna that tastes great and protects the health of the ocean. We asked Michael Selden, the Co-founder and CEO, to address some questions about climate issues and the role investors can play in investing.

What are the greatest changes you’ve noticed in the climate movement over the course of your career?

The greatest changes I’ve seen have been around the rise of businesses getting involved in sustainability and climate. A handful of years ago … there were few corporate positions or full-on sustainability teams. There also wasn’t the scale of private-sector leadership or innovation to tackle the climate crisis, or the hackathons or accelerators or venture-backed funding for startups to take game-changing ideas and have a shot at translating them to reality.

There also wasn’t a platform for youth to translate their passion and opinions into power, thus shaping companies’ priorities to the policy stages. There are now countless coalitions and groups that enable youth to be involved in international policy. Even the UN has a youth platform.

What aspects of the climate movement are you most hopeful about?

I am most hopeful about the private sector playing an active (and better yet, leading) role in climate — from attending COP [the United Nations Climate Change Conference] to making carbon-neutral goals and innovating for new critical technologies like renewables and electric vehicles. Take Microsoft, for example. By 2025, it aims to reduce the emissions from its direct operations to “near zero” through gains in energy efficiency and using 100% renewable energy. By 2030, it has committed to reducing by at least 50% its direct emissions and those from its supply chain. It’s no longer being left solely to intergovernmental action/leadership to fund and create solutions. This “all-hands-on-deck” approach is the only way we’ll get there. I am also really hopeful about the next generation being better-informed and demanding a change in thinking and leadership.

Finless Foods is making a contribution as well. What do you think is most misunderstood about plant and cell-based seafood alternatives?

[People don’t appreciate] the full power and potential of alt seafood as an ocean climate solution. A resilient food system contributes to improved global food security. We should be looking at blue foods [derived from aquatic animals, plants or algae] not just as foods from the ocean, but as foods that have the potential to improve the ocean, as well.

So you believe there’s a place for both conventional seafood and alt seafood in our diets — it’s not just one or the other?

We’ll need a diversified and all-hands-on-deck approach to building a sustainable and resilient seafood landscape, complete with consumer choice and options.

What are the main challenges in running a climate tech startup?

I’d say trying to build a profitable-yet-impactful business. If it’s not self-sustaining and profitable, with consumer adoption, then it won’t make the intended impact. And impact is what it’s all about.

Outside of the seafood-alternative space, what other niches in the climate and sustainability sector look most promising to you?

There are many, but a few that come to mind are rethinking the end/life and circularity of batteries and electronics, reducing the need for destructive mining — especially in the face of the push for electric vehicles. Sustainable (and exploring circularity in) packaging and other single-use items — especially those made of plastic. Further scaling the transition to renewables … and increasing accessibility for adoption on a commercial and individual level.

Drought-related technologies such as other ways to produce and access fresh water, water recycling systems, and ways to reduce water usage.

What would your advice be to a climate-focused entrepreneur getting into the space right now?

My advice is to identify a forward-looking white space and go for it! Create the right team that balances impact and business prowess — which, in my opinion, are equally important objectives. Also, don’t forget to hone in on your story: the “why” and “how” that sets you apart. Build a pipeline of well-suited investors — where you fit their portfolio/skill set (how they can help you build the company) and the check size they can write and you need. And never underestimate the power of tenacity, storytelling/sales and network. The right introductions can open many doors.