Post #71: Traction for Early-Stage Blue Economy Startups

Hello there -

After recently supporting and speaking to a bunch of pre-revenue startups in the blue economy, I have started to see some prominent patterns. One area which I believe is existential for these ventures is Traction (insert dramatic music). In light of this, this week, I shall be exploring what early traction looks like in our sector, why it matters, and how founders can get better at showing it — even when they’re still deep in development mode.

Enjoy and get it!

The oceans depend on it.

Why Traction Matters and the “Valley of Death”

Revenue is possibly the strongest form of traction (especially if you're a VC;) — it shows that someone is willing to pay for what you’re building. But in the Blue Economy, where many startups are still developing hardware, conducting field trials, or navigating complex regulatory environments, revenue might not come early. That doesn’t mean you have nothing to show — far from it.

For early-stage startups in the Blue Economy, traction is your evidence of progress. It’s what builds trust — especially when you're not yet generating revenue.

Many founders will find themselves stuck in the “valley of death”, the phase between early funding (grants, competitions, bootstrapping) and becoming commercially viable. During this period, cash is tight, expectations are high, and you need to prove that you're building something that works and that people want — all without having full product-market fit yet.

Traction is how you show that.

Whether it’s users engaging with your prototype, pilots with strategic partners, regulatory milestones, or even community interest — these signals give funders, stakeholders, and collaborators confidence to come on board.

In short: traction gives your mission weight.

Examples of Traction Signals

When you’re pre-revenue, “traction” can feel like a slippery term. But traction isn’t just about sales — it’s about evidence of momentum. In the Blue Economy, where many startups are building frontier tech, operating in emerging markets, or navigating complex ecosystems, showing signs that you’re solving a real problem and building towards a solution is essential.

Here’s a breakdown of traction types you can highlight — including both standard and creative signals:

• Product & Technical Execution

  • MVPs, prototypes, and working demos — even basic versions prove you're moving.

  • Field or lab testing outcomes, especially for marine, robotics, or bio-related tech.

  • Technology Readiness Levels (TRLs) to benchmark maturity.

  • Patent filings or IP claims, if applicable.

  • Open-source contributions or GitHub activity for software/data plays.

  
  

• Strategic Partnerships

  • Collaborations with universities, marine labs, or research consortia.

  • NGO, government, or intergovernmental endorsements (e.g. UN, World Bank).

  • Access to coastal infrastructure like ports, testbeds, or pilot zones.

  • Site permits or early agreements with marine authorities or operators.

  
  

• Visibility & Market Interest

  • Selected into accelerators, incubators, or EU-funded programmes (e.g. Horizon).

  • Media coverage, even in niche trade or environmental press.

  • Thought leadership via blog posts, whitepapers, or panels.

  • Social media engagement from relevant audiences (e.g. blue finance, VCs).

  • Inbound demo requests or partnership interest.

  
  

• Funding & Execution Signals

  • Secured grants or awards (with selection rate or rationale).

  • Scrappy bootstrapping wins — e.g. MVPs or pilots built with limited capital.

  • Early pilot customers, LOIs, or soft commercial agreements.

  • Small revenue tests — e.g. consulting, data licensing, workshop delivery.

  
  

• Other High-Value Proof Points

  • Regulatory approvals in progress or early engagement with certifiers (e.g. DNV).

  • Confirmed access to test sites or ocean zones.

  • Engagement in standards groups (e.g. ocean data, MRV, carbon markets).

  • Letters of support from coastal communities or local leaders.

  • Eligibility or early discussions for blue bonds, credits, or blended finance.

  • IMPACT TRACTION - any impact traction you have to date (V important in BE).

  • Simulations or LCA (life cycle assessment) studies supporting your impact claims.

More raw traction signals worth tracking (not always deck-friendly, but investor-worthy when framed well):

• Support letters from public bodies or municipalities

• Inclusion in a Horizon Europe or EEA Grants consortium

• Quotes from potential customers validating the problem

• Inbound interest from potential hires or advisors

• Engagement from marine clusters or regional blue economy platforms

• Use of your tool/data in academic or public research

• Curriculum adoption in university programmes

• Completed carbon intensity benchmarks or cost-to-impact metrics

• Repeat demo or pilot invites from the same organisation

• “Pull” from Global South or high-impact regions

• Citizen science or community-driven data integrations

• Early interest from marine insurers or banks

• Vendor shortlist or procurement pipeline inclusion

• Invitations to draft ocean innovation frameworks or standards

Team Traction & Founder Resilience

Investors, accelerators, and even grant bodies often back teams more than ideas. They know that the first version of a product is unlikely to stick — but a strong, committed team will find a way forward.

Showing team traction means proving your founding team has what it takes to survive pivots, secure resources, and drive execution in a high-uncertainty space.

Here’s how that might show up:

• Complementary skillsets: A mix of technical, commercial, and field expertise in the founding team.

• Evidence of commitment: Full-time founders, equity splits that reflect contribution, and a timeline that shows you’ve already been building.

• Respected advisors or mentors: Not just token names, but people who are genuinely backing and guiding your journey.

• Momentum through your network: Getting invited to speak, collaborate, or lead initiatives in your space.

• Built-it muscle: Past experience launching something — even outside of ocean tech — can show you know how to move fast and execute.

In a sector where founders often come from marine science, academia, or NGO backgrounds, showcasing your ability to build and commercialise is just as critical as the mission. You don’t need to have all the answers — but you do need to show that your team can figure them out.

Closing Thoughts: Traction is Trust

Traction isn’t just about proving growth. It’s about building trust.

Trust that:

• You deeply understand the problem.

• You’re the right team to solve it.

• There’s a clear path to scale, even if it's still forming.

Startups in this space face unique hurdles: longer development cycles, regulatory challenges, and often harder access to capital. But that doesn’t mean you can’t prove you’re making progress. The smartest founders reframe traction — not as revenue or user numbers alone — but as a story of momentum across product, partnerships, validation, and team.

I’m currently working on ways to help blue economy startups more easily and effectively showcase their traction — especially those operating pre-revenue. More on that soon - get in touch for a chat on this!

In the blue economy, those who signal progress clearly are the ones who get the oxygen to keep going.

Keep going.

Warm wishes

H