Minimum is a leading carbon accounting software platform for enterprise companies. And Minimum enables large complex businesses to surface, calculate, and disclose their carbon footprints seamlessly. Pulse 2.0 interviewed Minimum co-founder Freddie Evans to learn more.
Freddie Evans’ Background
Evans graduated from the University of Oxford with a Classics degree. And Evans said:
“I guess a little surprising, given my professional background has been focused on tech. However, this humanities background equipped me with problem-solving and critical thinking skills, as well as a versatility that has been incredibly valuable to my career in the tech industry.”
“I started my professional career at the Boston Consulting Group (BCG) in 2016, where I spent two years learning the ropes of strategy consulting. This actually played a pivotal role in creating and shaping Minimum later down the line, as I’ve taken lessons I learned during my BCG experience and applied them to running the business.”
“In 2018, I joined Augmentum Fintech, where I was a Fintech Venture Capital Investor for two years, after which I went on to co-found Minimum with the brilliant Freddie Green and Chris Winchurch.”
Formation Of Minimum
How did the idea for Minimum come together? Evans shared:
“I met Freddie Green at university and Chris Winchurch during my time at BCG. In the years I spent working in fintech, corporate emissions (and the climate crisis more generally) were quickly becoming topics of growing concern. Governments and industry bodies were beginning to roll out disclosure and reporting standards to hold businesses more accountable for their emissions.”
“This legislative action will continue to accelerate, with disclosure requirements being rolled out across Europe, North America, and the rest of the world. In a few years from now, the corporate emissions disclosure landscape will be unrecognizable. The ability for companies to seamlessly track and disclose emissions in their data will increasingly become a necessity for survival – all corporations need to be prepared.”
“It was clear to the three of us that companies needed new tooling to seamlessly disclose their emissions. In other words, an emissions data platform was required. Existing tooling was simply not fit to deal with the complexity of global supply chains, inter-dependent internal data systems, and the myriad of new disclosure and reporting requirements.”
“We wanted to create a platform that gave businesses the ability to surface, calculate and report their data, facilitating compliance with regulatory and reporting standards, enabling business leaders to make data-driven decisions.”
“Our platform tracks carbon emissions throughout the companies and their supply chains, as well as identifying ‘problem areas’ of carbon footprints which then can be targeted and reduced.”
“Freddie (Green), who also has a background in strategy consulting, left Newton to join the venture, and Chris dropped out of Harvard Business School to do the same. The three of us dove headfirst into developing Minimum and have been working together ever since to provide companies with granular, robust, and auditable emissions data.”
Favorite Memory
What has been Evans’ favorite memory working for Minimum so far? Evans reflected:
“Without a doubt, it’s been the experience of building a team of world-class carbon accounting specialists and technologists. It’s been inspiring to witness the collaboration and camaraderie among our teams as they come together to tackle some of the most pressing data challenges facing our clients and the world at large.”
“It’s also inspiring to see the dedication, expertise, and passion of our in-house experts, who previously worked at organizations such as The Carbon Trust and South Pole. I’m grateful to be part of a fantastic team working towards a common goal, as well as expanding Minimum.”
Challenges Faced
What challenges has Evan faced in building the company, and has the current macroeconomic climate affected the company? Evans acknowledged:
“In the current economic climate, companies can be tempted to cut corners when it comes to compliance. As a growing enterprise, good budgeting is critically important, and in the current macroeconomic climate, it’s easy for ‘ESG’ to take a backseat.”
“However, companies do not have the luxury to cut corners when it comes to emissions; it’s absolutely critical that business leaders have complete control of their emissions data. We’re some way away from the peak of the storm, but in order to stay ahead of the curve, companies need to understand just how complicated carbon accounting can be and why automated tools like ours are essential.”
“We are reaching a point in the regulatory landscape where spreadsheets and guesswork simply won’t cut the mustard. Software like ours is already indispensable in running an enterprise company.”
Core Products
What are Minimum’s core products and features? Evans explained:
“Minimum’s software provides businesses with a highly adaptable and fully audible data infrastructure that empowers them to surface, analyze, and disclose their emissions data effortlessly. It enables companies to gather, calculate, and store their granular emissions data in a bespoke system of record that serves as a ‘digital twin’ of the company’s emissions profile. We perform the same function for companies in the financial services sector and firms that have investments and interests in other companies, enabling them to monitor the associated ‘financed emissions’.”
“This data enables companies to seamlessly disclose their emissions data, ensuring full compliance with government, industry bodies, and buyers, as well as identifying the highest impact areas and opportunities for emissions reduction.”
“Our software is deployed and delivered by our team of in-house sustainability experts, who provide the white-glove service our enterprise clients expect.”
Evolution Of Minimum’s Technology
How has Minimum’s technology evolved since launching? Evans noted:
“Since launching, Minimum’s technology has passed a number of critical milestones, including the automation of emissions calculations. Automated calculation capability has been a crucial aspect of our platform’s growth, particularly in its ability to serve clients conducting full Scope 3 supply chain engagement.”
“We’re continuing to invest heavily in our technology to remain at the forefront of carbon accounting, enabling clients to gain deeper, more granular insights into their carbon footprint to consistently improve their business intelligence.”
Significant Milestones
What have been some of Minimum’s most significant milestones? Evans cited the following:
“Securing our first enterprise-grade client was a pivotal moment for us. It demonstrated our capability to cater to the needs of the world’s largest and most complex businesses and set the stage for future growth.”
“Since then, we’ve grown our enterprise client base considerably, with the majority of our clientele having global footprints and over $1 billion in annual turnover. We recently announced a partnership with Nasdaq, and we are providing its ESG Advisory clients with comprehensive visibility into their carbon footprints through our software.”
Customer Success Stories
Upon asking Evans about customer success stories, he highlighted:
“Our work with Matterport (NASDAQ: MTTR) is a good example of the value our platform delivers. The team at Matterport needed a way to calculate their full Scope 1, 2, and 3 carbon footprint, including detailed insights into the emissions profile of their supply chain, and an understanding of individual product footprints.”
“One of the most exciting areas of work we conducted for Matterport was in developing a Scope 4 emissions model that showed how emissions can be saved for different use purposes. We then mapped out the full picture of Matterport’s organization and supply chain, creating a digital twin that showed emissions around the production line and by suppliers. In Particular, we delved into Matterport’s product and broke down their materials into specific components, which we then compared with updated emissions factors.”
“We’ve also been fortunate to work with the Octopus Group. After a deep dive into their business model, we calculated their granular carbon footprint and were able to pinpoint the critical areas that required attention. As a certified B Corp, Octopus Group is using our data to plan an emissions reduction solution in line with their commitment to reaching net zero by 2030. It was great to play such a crucial role in this initiative.”
Total Addressable Market
What total addressable market (TAM) size is Minimum pursuing? Evans assessed:
“Our total addressable market (TAM) is the global carbon accounting software market. Today, this stands at $15.31 billion, forecasted to expand to $64.39 billion in 2030. Our technology will enable us to scale with the market and give us the opportunity to more leading companies.”
Differentiation From The Competition
What differentiates Minimum from its competition? Evans affirmed:
“Minimum is unique in delivering clients best-in-class carbon accounting technology through the hands of many of the world’s leading carbon consultants. In this way, we’re able to deliver efficiency, speed, and cost-effectiveness alongside a bespoke and personalized human-centric approach.”
Future Company Goals
What are some of Minimum’s future company goals? Evans concluded:
“We’re laser-focused on solving the emissions data challenge facing enterprise companies. We understand this challenge applies to companies that are just starting to track their emissions, as much as it does to those who have set ambitious carbon reduction targets, or even set net-zero targets.”
“All companies need an infrastructure that enables them to surface, calculate, and disclose their decisions data. This is especially pertinent to enterprise companies that have complex, global supply chains, and financial services businesses with complex portfolios of financed emissions.”
“Our goal is to make sure that all the ‘ostriches’ – those companies burying their heads in the sand and refusing to address their emissions data challenge – are able to raise their heads again!”
