Butter Bridge is a technology consulting firm with deep experience in extractive metallurgical processes. The company has developed a plan to process tailings containing Critical Raw Materials (CRMs) in the Netherlands, producing raw materials such as copper, cobalt, nickel and vanadium. Butter Bridge participated in the Investor Readiness Program (IRP), and Steef Steeneker shares his experiences.
Can you briefly introduce Butter Bridge and where you were at the beginning of the IRP?
Butter Bridge wants to use green energy to recover critical materials from industrial residues that the Netherlands normally exports to countries like India and Vietnam. We had just acquired an electric Proof of Concept oven, so we were ready to get started. But it proved quite difficult to attract external funding.
What was the main reason for participating in the IRP?
When a techie has an idea and starts a company, you think you are so right that it must work. But in the search for financiers, we enthusiastically ran into a wall. So we wanted to learn more about the other side of the story: the investment side. We wanted to learn to understand the language of investors. We didn't need to become financial experts, but we wanted to know what it's all about and how investors think.
What did you learn concretely during the IRP?
That you don't have to reinvent the wheel. Our problems were not unique, it soon became clear. Other founders have the same challenges. But also: you have to remain open to feedback and input from others. You don't have to do it alone.
Did the IRP help you tell your story better to investors?
Absolutely. A pitch deck, of course, is a never-ending story. You are constantly working on it. During the IRP we learned to focus, to say more with fewer words and above all not to get bogged down in all kinds of technical details. Our story to investors has changed dramatically since the program.
Have you been able to apply what you learned?
We plan a lot more time for organizational matters instead of focusing mainly on technology. We have not yet had any real negotiations with investors. We first wait until a requested RVO subsidy is finally granted. But our whole approach to investors has changed dramatically.
Are there any tips you would like to give other founders?
As mentioned earlier: be open to feedback and input from others.
Would you recommend the IRP? And if so, for what type of startup-founder?
Yes, I would recommend it to all startup founders. The program gives you a clear picture of what is going on with investors. Especially founders who are not open to it need to be pulled out of their comfort zone. Just use the opportunities offered. It's enormously valuable. Everyone needs it.
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