Mark Woolhouse is the CEO and Co-founder of Treble Peak, a private markets ecosystem that enables investors to diversify, wealth managers to connect and funds to gro
In this week’s Founder in Five Q&A, Woolhouse discusses using technology to address climate challenges and the sluggish pace of innovation in the insurance industry.
Which company’s growth story are you most impressed with?
Imperial College university spinout Polymateria has achieved incredible success. I’ve always had a passion for this company as it touches many parts of my life that are important to me. My keen interest in science, supporting science-backed university spinouts, and solving environmental challenges, coupled with the chance to use their ‘this cup will self-destruct’ pint cups every time I visit Twickenham!
This sustainable technology company is developing biodegradable plastic alternatives. It was the first private business to certifiably biodegrade plastics without leaving microplastics. With Niall Dunne, who is also on the Global Agenda Council on Climate Change at the World Economic Forum, as CEO, Polymateria has raised two funding rounds (both of which were £15 million or above) since his appointment in 2018.
The success of Polymateria highlights the skills and talent in the UK, and how this can be harnessed to help build a more sustainable planet. It also demonstrates the investment appetite to fund businesses that address real-world challenges.
When should a founder CEO pass the baton on to a new chief executive?
The moment you can no longer generate ideas, make a difference and be an effective ambassador. It’s a difficult reality to face, but CEOs, especially founder-CEOs do have a “shelf-life”. A CEO should shape the vision of the business and drive it forward.
Without this ability, it is difficult for a company to grow and scale or adapt to any challenges it may face. The role of CEO is synonymous with being a leader. An effective leader must make informed decisions having understood and respected stakeholders, lead by example and communicate to motivate others on the journey with you, but always objectively and without delay!
In another life you’d be?
A doctor. I’ve always been interested in medicine, and what can be done to help, save and improve people’s lives by dealing with the root cause. My first university degree was in biology, and I had a place at medical school which I did not take up, but being the other “Dr Mark Woolhouse” was, at one point, a very real possibility for me!
I went on to study finance instead, where there are some surprising parallels. As co-founder of Treble Peak, I am often identifying problems and figuring out the solution to make people’s lives better – albeit in a completely different way.
Excluding your own, what’s a sector that’s ripe for disruption?
While pockets of retail insurance have developed, the broader insurance sector has lagged other industries in embracing technology. Today, too many insureds do not understand what they’re buying or find the process long, arduous and bureaucratic.
Car insurance, in particular, is ripe for disruption. We’ve seen cars advance leaps and bounds in the last five years, from the rise of electric vehicles (EVs) to the advent of autonomous vehicles, but the insurance industry has largely failed to adapt. A company that can use technology to simplify and streamline buying and claiming on retail insurance would truly be pioneering in a largely anachronistic industry.
What advice would you give to a first-time founder?
Pick your partners carefully. Entrepreneurs need to fail fast, and move on, so its crucial that your colleagues are accepting of such a culture. Similarly, with funders, they should contribute far more than the capital.
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