March 29, 2022

We Are Minc - The Ontology Way

We Are Minc - The Ontology Way


Their mission is to help companies lower their climate footprints. Their goal is to make an impact on a global scale. To achieve this, The Ontology Way is developing a state of the art digital twin platform and the mastermind behind all this is Tove Nilstun.

”I’ve spent 25 years in the tech industry and 15 of those working with digital twins. That technology applied to climate data can realize unprecedented advantages that will help businesses transition to net zero emissions faster”.

THE HISTORY OF THE ONTOLOGY WAY

The journey started back in 2020. At that time, Tove had a well paid job as Head of Platform Development at Ortelius. It was when she attended Breakit’s Scaleup Week and listened to Kaj Török, the Chief Sustainability Officer at MAX Burgers, that she due to his engagement and energy got inspired. Suddenly, everything seemed to fall into place.

”Kaj talked about the importance of adapting to sustainable business models and how the choices we make today decide our, and our childrens, future. It had a profound impact on me and in that moment I realized what I wanted to use my knowledge for.”

She quit her job and founded The Ontology Way. What she had realized was that her knowledge of digital twins and developing complex IT systems could not only be used in calculating climate footprints, but also to figure out how to reduce them.

”The key is to work proactively with lowering emissions. When I found out that 62% of companies use spreadsheets for their climate data and that it takes an entire year to collect and verify it, I almost felt an obligation to step in.”

THE JOURNEY AT MINC

Together with Max Burgers, they developed a prototype with simulation capabilities. It allowed for experimenting with ingredients and how different choices affected the carbon footprint differently. After initially building the company from home, she joined Minc in August 2021. At the same time Per Wendel joined as Tech lead.

Since then, things have been moving quickly. In January 2022 Tove pitched for Fast Track Capital III. The 15 minute long presentation was followed by a 45 minute Q&A where excited and curious investors took turns asking questions. Last week the decision was made and The Ontology Way will receive an investment to build a pilot.

”Of course I was nervous, but somehow I knew they would invest. That sounds arrogant, which is so not me”, she says laughing and continues: “But seriously, we help solve one of the most pressing issues of our time. Our approach is unique and our backgrounds are solid. Who wouldn’t want to invest in that?”

AN EXCITING FUTURE AHEAD

The next step is to gather climate experts and experienced designers and start building an MVP (Minimal Viable Product) together with a few forward thinking customers.

”Our goal with the MVP is to attract more customers and ultimately the right investor. We could choose to grow organically, but time is of the essence. The right long term investor can help us take our first steps and also to accelerate and grow internationally.”

The Ontology Way is getting traction and well known companies have already stated their interest in the product. The climate expert company they are working with has also shown interest in becoming co-founders. Tove is noticeably excited.

”I’m so happy! Together, we’re the perfect match. We have the same values and high ambitions. This is exactly what we need to develop a product that makes a difference on the market.”

It’s in the company's vision that suppliers are evaluated not only on quality and price, but also on their emissions. Ultimately, they strive towards that consumers should be able to compare and choose products based on their carbon footprint. For this to happen, the footprint calculations need to be made the same way. It’s complex and not something The Ontology Way can do alone, but thet want to help by creating standardised algorithms.

The goal for this year is to have a first version of their product out on the market. To achieve that, they’re looking to close a round of investments in Q3 to grow the team and develop the product.

”We need at least one backend and one frontend developer, a UX designer and someone responsible for our commercial capabilities”, she says.



TOP THREE MINC EXPERIENCES

  • The coaches, definitely. The specialized coaches as well as our designated coach are super valuable and have helped us a lot along the way!
  • The network of investors, and the contacts in that world.
  • To work in an environment with other people making the same journey. There’s so much experience and knowledge under one roof. It’s so inspiring to see all the other cool ideas taking form in the same building.

We are so happy to have Tove and the team as part of our Minc Community and we just can't wait to follow the journey ahead!

Do you also strive to make a change for something bigger than yourself?
Read more or apply to
the Incubator program or to Startup Labs.


About Minc

At Minc, we believe in creating something bigger than yourself. We offer everything an entrepreneur needs to go from concept to market in-house. Our international network of advisors and award-winning programs will help your startup scale faster and smarter. Welcome to the startup house of Malmö.

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