Tom Ward: CEO at Epoch Boats in Philadelphia
This is the seventh in our #EVOLve Series with one of our @posi2ive community members. Tom has been active in our weekly *VC Impact* community roundtables on Twitter Spaces [each Friday 3:30pm PT]. In this self-paced and self-authored interview series, we ask impact Founders / Investors what they are doing to change the world, and why they’re motivated to focus on their area of impact. Hope you all enjoy!
Anyone that loves the outdoors has to be a conservationist. If we ruin our local natural world in the short term, then we won’t be able to enjoy it in the short term during our lifespans.
Twitter: @TomFnWard
The Interview
Top Sustainable Development Goals (SDG):
7: Affordable / Clean Energy
9: Industry / Innovation / Infrastructure
13: Climate Action
Impact verticals your venture focuses on:
CleanTech & ClimateTech
Please share what you’re building, your professional background, and what inspired this venture.
I initially declared electrical engineering as my major with a goal of entering the alternative energy sector. There was no clear path to do so at my university and I ultimately switched to biomedical engineering with a focus on genomics and proteomics.
Never used my degree professionally and dove right into electromechanical product development for companies in medical device, OEM electronics, and the recreational marine industry.
After a successful career in corporate America rising from intern to executive director, the desire to do better for the climate, that never really left way back when I switched majors, took over. I left corporate America to start Epoch Boats, a climate tech company that builds really cool boats. In retrospect, Epoch was nearly inevitable.
It combines my love of all things related to the water, focus on environmentalism to clean up a really dirty industry and activity, and industry experience and connections in the recreational marine space.
What’s the impact focus of your venture? And how do you plan to measure impact?
We’re targeting two layers of environmental impact.
The first is a reduction in direct emissions from the vehicles, which can be approximated by comparing onboard diagnostic data regarding hours of usage and distance traveled and against equivalent ICE models. Marine ICE engines are exempt from catalytic converter requirements. This means that they are able to emit 132x more CO and 164x more NOx and HC (NMOG equivalent) emissions per gallon of fuel used than modern on road vehicles. Additionally routine maintenance like oil changes and winterization utilize hydrocarbons and create waste streams.
The second is increased battery utilization with both modular battery packs supplanting small portable generators and permanently installed packs being used for grid leveling. Impact through direct reduction in generator emissions + leveraging peak vs off-peak power generation. We are still working on models to analyze the impact that electric boats can have related to supplanting ICE generators and how their use as grid leveling devices can reduce peak demand and improve power plant emissions/help the transition to renewables.
What’s driving your impact focus?
The main driver is a sense of right and wrong and a duty to do better for future generations. This is especially important being a parent. The thought of leaving my children and all other future generations a decaying ecosystem doesn’t sit right. I think the saying, “we do not inherit the Earth from our ancestors, we borrow it from our children,” elegantly sums up my drive.
Additionally there is drive to have direct immediate impact. Anyone that loves the outdoors has to be a conservationist. If we ruin our local natural world in the short term, then we won’t be able to enjoy it in the short term during our lifespans. Seeing 2-stroke outboards blast smog across lakes, dealing with engine noise pollution, thinking twice about jumping into a waterway because there’s a rainbow oil slick emanating from a boat all directly impact us today. Focusing on fixing these immediate problems not only helps the future but helps everyone, right now.
What are some obstacles standing in the way of the impact you have planned?
Institutional wealth trying to maintain the status quo is probably the biggest obstacle. Dubious science, marketing campaigns, oil subsidies, and greenwashing have slowed the adoption of renewables and EVs in a time when we should be accelerating their use. While the public is waking up to the truth, it’s happening too slowly, which is a real obstacle.
How do you stay motivated?
I’ve been incredibly fortunate to have had a wildly successful private life and career. Both have been punctuated with many amazing moments including finding love, having children, launching successful products and businesses. They have also been punctuated with profound lows and failures. Illnesses, failed projects, global recessions and pandemics, lost loved ones, terrorist attacks. I simply remember that every great moment, every Everest climbed, every impossible win, was predicated by pain and darkness at some point. And I kept pushing until the win happened. Whenever something has me down, I know that if I keep pushing, the win will come.
Tell us about your market, customers, and team.
Our market is fun. It’s hard to not have a smile on your face when you’re working with boats, on or near the water, and experiencing nature. It’s a mature industry, which means that it’s ripe for innovation. Many of the technologies and practices used have only had incremental improvements over the past 30–40 years. With how much science and technology have advanced since then, the market is ripe for first principle thinking. Also, something happened after the ’08 recession. Many manufacturers realized that they could generate the same cashflow building fewer boats if they focused on luxury and the high end of the market. This has created an entry level demand that we are excited to service.
The traditional customers are focused on speed and utility. The speed part is good because our technology will make a boat go 30%-50% faster. The utility aspect is more problematic, mostly due to range anxiety. That said, we are looking to focus on new customers. Millennials and GenZ currently purchase 10% of all new boats. By 2030 they will represent 39% of all new purchases. We look to meet these customers as they entire the market with fun, eco-friendly, electric boats and grow with them.
Our team is amazing. 21 years of combined professional industry experience. Representing GenZ, millenials, and GenX. We’ve all worked together previously and have experience ranging from startups to multi-billion dollar corporations. We have deep industry connections and a broad skillset.
How do you keep yourself healthy — e.g., mentally, physically, emotionally?
I try to stay healthy mentally by learning every day. Mostly through reading. Today is Jan 9th and I have 3 books on my desk. One read since the year started, one in process, and one on deck. I like to alternate between non-fiction directly related to my career and lighter fare for fun. I also read a lot online. I think that the 24-hour cable news cycle and clickbait are some of the worst things for one’s mental health. Arming myself with knowledge to better understand what is going on and not get downtrodden by “breaking news” has helped in this regard.
Physical health is all about staying active and eating healthy. I work out every day and like to jog. Since getting to the gym is hard, I focus on things that I can do at home. Pushups, sit-ups, pull-ups, squats, etc. I also get up and stretch regularly to keep myself from sitting at the computer for too long. I watch what I eat and generally count calories to avoid excess. My wife and I both enjoy cooking, so we are able to ensure that there are good options on the table both from a taste and health perspective.
Emotional health for me is driven my two main things: being with my family and being in nature. We try to sit down at the table for a family meal (remember that love of cooking!) every night. No screens, no distractions, just the meal and company. We are also lucky to live in a great semi-rural area directly adjacent to a beautiful state park with trails and a lake. Whether boating, biking, or hiking with the dogs, we get great outside time.
Also sometimes to serve all three I cut loose. As Oscar Wilde said, “everything in moderation, including moderation.”
What are you currently educating yourself on?
I’m currently taking a deep dive into hydrodynamics. While we are putting together our MVP, I know that we will need to refine it in the future. The WIP book on my desk right now is a hydrodynamics textbook. I’m also spending a fair amount of time learning about climate technologies that are outside of my areas of expertise. DAC, kelp farming, modular reactors, artificial reefs, flow batteries, vertical farming, and composting have all gotten recent attention.
What books, podcasts, or newsletters should our community read — to better understand your area of impact?
Newsletters:
Volts by David Roberts, Climate Tech VC by Kim Zou and Sophie Purdom, ClimateRaise, Weekly Planet by Robinson Meyer, Electric Boat News by Plugboats
Podcasts: MCJ by Jason Jacobs, Carbon Copy by Canary Media, Anchors Aweigh by Matt O’Hara.
What do you do outside of work, that you like to brag about?
Volunteering with young people to provide guidance and feedback. I work with STEM focused high schools and universities to answer questions that students may have about their future and what I’ve experienced.
How can the @posi2ive community support your efforts? (*Not public solicitation, nor securities offerings)
The main thing is to engage with and challenge us. We recognize the importance of relationships and community through our years of experience in the recreational marine industry. Now that we are entering into the startup and climate tech communities we want to experience the same by providing value where we can and getting feedback and insight from the community.
Copyright 2022, all rights reserved. If you’re a Founder / Investor focused on VC Impact, we’d love to invite you to share your story here (#EVOLve) with the posi2ive community. If you’re an LP or GP in venture, we’d also love to have you apply to our private VC Impact Capital Community.
