Launch Alaska Portfolio Impact Update
We are proud to share an impact update about Launch Alaska’s portfolio companies.
Portfolio Stats
In May 2021, we welcomed 10 new companies into our portfolio after completing our 2020-2021 Tech Deployment Track. We added 4 water companies, 4 energy companies, and 2 transportation companies. Despite continued ramifications of COVID-19 and a fully remote program, our portfolio gained significant traction and progress towards project deployment in Alaska during the first half of 2021.
It is worth noting that our companies are getting larger. They have on average 10 employees per company compared to 8 employees per company in Q3 & Q4 2020. We saw job growth across our companies with a net total of 28 jobs added in Q1 & Q2 of 2021.
Alaska Impact
Out of the 28 net jobs created in Q1 & Q2 2021, one was added in Alaska. In addition, five additional investors came into the Launch Alaska community through events or by way of introductions.
5.6% of the total revenue earned in Q1 & Q2 2021 by the portfolio companies was a result of the Launch Alaska program and 6.2% came from sales in Alaska.
Project deployment is the end goal of our Tech Deployment Track, and we are starting to see projects taking off across the state. In Q1 & Q2 2021, our portfolio companies deployed three projects in Alaska with a combined value of $534,500.
In addition to the three projects we completed in Q1 & Q2 2021, we have a robust pipeline of project commitments that are on the path to deployment. Our portfolio companies increased the associated dollar amount of project commitments in Alaska to almost 8x the amount when compared to Q3 & Q4 2020.
Economic Impact
The average “Technology Readiness Level (TRL)” of our portfolio companies is 6.9, meaning our companies are on average at the stage of a “system prototype demonstration in an operational environment”.
The average valuation of our companies grew 1.4x compared to Q3 & Q4 2020.
Our portfolio companies had twice the cash on hand at the end of Q1 & Q2 2021 compared to Q3 & Q4 2020.
Our portfolio companies earned over 3x the revenue in Q1 & Q2 2021 compared to Q3 & Q4 2020.
Our portfolio companies raised 3.5x more funding in Q1 & Q2 2021 compared to Q3 & Q4 2020 with significant funding from grants, federal funding, and venture capital.
Environmental Impact
91% of our total portfolio report that their product helps improve the environment or mitigate climate change.
Of those that report they improve the environment, 48% are currently tracking their environmental impact.
We plan to work more closely with the 52% of companies who are not currently tracking their environmental impact to figure out how to quantify their impact, and also with the 48% who are tracking their environmental impact to get it into a shareable form. Keep an eye out for our 2021 Impact Report next year for an Environmental Social Governance (ESG) update. 👀
Are you involved with impact assessment at your organization?
Wondering how to make it more meaningful?
We’d love to strategize with you on this topic.
Reach out to Frances at [email protected] to get the conversation started.
Launch Alaska receives major funding support from the U.S. Office of Naval Research (ONR) and additional support from the U.S. Department of Energy Office of Technology Transitions.
This originally appeared on the website of Launch Alaska.
