USA: New Joint Venture to Commercialize Innovative Technologies

The new business – a joint venture of the investment company Wasson Enterprise and the company Innventure – employs a strategic value creation model to repeatedly create new businesses, including those from proprietary Procter & Gamble technologies. The original Innventure had created a plastics recycling company called PureCycle Technologies.

In April, Wasson Enterprise (WE), a Chicago-based angel investment group, founded by Gregory D. Wasson, and Innventure, co-founded by Michael Otworth to commercialize innovative technologies, announced the creation of “Innventure – a Wasson Enterprise Partnership”. According to the information, the new joint venture offers a blend of the two organizations‘ collective experience and expertise as they work in partnership with Fortune 50 companies to evaluate, scale, and commercialize disruptive innovative technologies with significant market potential. Its initial partner is Procter & Gamble (P&G). The venture intends to explore similar relationships with other multinational businesses and institutions with a goal of building new, sustainable businesses and transforming markets. Wasson will serve as the chairman of the board; Otworth will assume its leadership as chief executive officer.

About Innventure

As reported, the Innventure team has more than 20 years of experience identifying disruptive technologies and creating new companies. Based on the operating model of its precursor company, XL Tech Group (XLTG), the Innventure team has experience with regard to identification of breakthrough technology solutions that address unmet needs that have sufficient economic impact to drive and sustain changed customer behaviors. In total, of the 11 new companies created over 20 years, 10 achieved late-stage funding, including six successful IPOs (Initial Public Offering). Its primary technology sourcing partner is P&G, with PureCycle Technologies, a potentially transformative offering in plastics recycling, launched in 2015. This company’s process offers a recycled polypropylene with properties equal to virgin polymer. The proprietary process removes color, odor, and other contaminants – “resulting in 100 percent virgin-like polypropylene from recycled feedstock with potentially unlimited markets”, PureCycle Technologies points out.

GR 22017, Photo: GR-Archive