Our community boasts a vibrant group of startups, each with a unique journey and story. The Startup Spotlight series introduces their ventures, exploring their inspirations, challenges, and successes. This week we feature Mike Peasgood, CEO of Envgo, the company on a mission to create a revolutionary watercraft experience that won't pollute the environment. In this interview Mike explains his motivation for building electric boats and the company's big plans for the future.
How did you come up with the idea for the business?
I've always had a love for spending time on the water, boating, sailing, windsurfing, and now e-foiling. As an engineer and entrepreneur, I'm also a big fan of applying technology to solve real-world problems. Electrification and the development of EVs in the automotive space are a great example - I love driving with zero emissions, never having to go to the gas station, and never needing an oil change.
My first venture was as co-founder of Aeryon Labs, where we pioneered the design, development, and global deployment of some of the first commercial drones in Canada. After we sold that business to FLIR Systems, I took some time off and spent some time back at the lake in cottage country. I wanted to get our boat out on the water, and found myself facing the prospect of driving my EV to the gas station, changing the engine oil, and seeing a sheen of oil on the lake at the end of the dock.
I wanted a boat that had the same clean-tech experience as my EV, but when I went looking for one, I didn't find anything compelling. Electric boats on the market were either very slow, or had really limited range and performance. It takes about 10x as much power to push a boat through the water as it does to drive a car down the road, so just replacing the combustion engine drivetrain with an electric motor requires a massive battery to achieve reasonable performance. That means a really heavy boat, which impacts efficiency and performance.
I looked into alternatives for higher efficiency, and investigated hydrofoiling technology. It enables higher performance, and an amazing experience of flight over the water. The challenge is, it also requires a real time computerised flight controller to make it safe and easy to control. These are exactly the types of challenges we excelled at with Aeryon Labs, so we brought some of the team together to launch ENVGO and build hydrofoiling electric solutions for the boating industry.
Why does the industry need the solution you're providing?
The demand for clean, efficient, and high-performance alternatives is growing in the marine industry. However, simply replacing combustion engines with electric motors results in heavy, inefficient boats due to the massive batteries required. Hydrofoiling technology offers a breakthrough solution, significantly enhancing efficiency and performance while providing a unique experience of smooth flight over the water, instead of pounding through waves. Our hydrofoiling electric technology and designs embody the future of boating—combining cutting-edge technology with environmental sustainability.
What have you enjoyed most about starting your own company?
One of the primary reasons I started ENVGO was the opportunity to collaborate with an incredible team of talented people, who are all committed to creating a positive impact on the world. Since we have all worked together in the past, we share trust and confidence across the team, allowing us to hit the ground running. Our shared goal of leveraging our design and technology expertise to make the world a better place drives our passion and commitment. Spending time on the water connecting with customers and testing our designs is also incredibly rewarding!
What challenges did you have to overcome at the beginning of your journey?
One of the main challenges we've faced is educating the world—our potential customers, investors, and industry partners—about the benefits of hydrofoiling electric technology. The boating community can be conservative and slow to adopt new ideas. Demonstrating the performance and experience of our NV1 product is crucial to overcoming skepticism and showcasing the transformative potential of our technology.
Any bits of advice for entrepreneurs getting started in this space?
For entrepreneurs venturing into this space, my advice is to be persistent and patient. The boating industry, like many others, is resistant to change. Educate your audience, demonstrate the value of your innovation, and build strong relationships with industry stakeholders. And most importantly, surround yourself with a talented and trustworthy team who share your vision and passion. You are going to spend a huge amount of your time and energy working on the business, so make sure you're doing with amazing people!
What's the plan for the future of the business? Where do you see the company in 3-5 years?
We are committed to building a long-term sustainable business that will be a leading technology partner in the marine industry. ENVGO has an active technology roadmap that will keep us busy developing new solutions over the next 3 to 5 years. We will continue to enhance our core electric hydrofoiling technology, while developing additional capabilities to enhance safety and ease of operation on the water. We envision ENVGO as a world-class leader in delivering exhilarating, environmentally sustainable boating experiences for the marine industry.
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