How George Chen CEO And Co-Founder Of Ecoinno Raised $6M To Provide Alternatives To Single-Use Plastics?

George Chen was born in Hong Kong and educated in Canada York University with a BBA Degree.
He is an entrepreneur and industrialist for over 30 years. Over the last 12 years, he is committed to fully searching for a solution to replace single-use plastic. He was introduced to Prof Alexander Bismarck of Imperial College London, the world-renowned green material scientist who became one of my company’s co-founders. They discovered the disruptive new patented material of Green Composite Material™ (GCM™) derived from plant fibers.

Ecoinno is a Hong Kong green tech start-up cofounded by CEO George D.R. Chen and COO Vivian Chang and boosted by HK$50 mil Alibaba cash injection to take on single-use plastic. They developed the patented high-performance Green Composite Material (GCM) based on 100% Natural Plant fibers.
GCM coffee capsules can replace the harmful effects of traditional aluminum and plastic coffee capsules. The existing air carrier inflight meal set could also be replaced by GCM™ meal sets, with 30% cost saving, 50% lighter in weight, conducive to composting. It is also an ideal material for industrial packaging.

In an exclusive interview with AsiaTechDaily ,George says:

Stock up a reusable mask, prepare oneself for the unknown.

Ecoinno creates a 100% disruptive, advanced renewable material, and an ecosystem to replace single-use plastic.

We build a vertically integrated production system stemming from raw material to customized market-ready products for various applications.

Read on to know more about George Chen and his journey.

What is your current main product, and can you share any previous product pivot story to the current product?

George Chen: We started our journey applying GCM™ for the replacement of plastic and aluminum coffee capsules 10 years ago.

We eventually successfully developed the world’s first 100% paper-based coffee capsule that makes an excellent cup of espresso! 

Our current main products are air carrier inflight meal sets, food packaging, industrial packaging, and hospital disposables.

How much money have you raised in total so far? When was the recent funding round? 

George Chen: The Round A1 funding was completed in April 2020, raised $6M funded by Alibaba Entrepreneurs Funds of Hong Kong and Taiwan.

What were the internal decision processes in determining when to begin fund-raising, and what were the logistics for this? And how many investors have you met so far, and how did you meet these investors and which channels worked best for you?

The internal decision process to commence funding in 2019 was initiated by the Founders (myself as the CEO, and COO, Vivian Chang). Through our connections with business associates and the introduction of Hong Kong Science and Technology Park. Within a two-month period, we met with more than 40 venture capitals or private equity funds. During our first round of funding, we focused on the potential of synergy and the size of the investment, which will be our strategy for subsequent funding rounds. 

Prior to the Round A1 funding, we also received government backing to the tune of HK$ 22 million.

We are the winner of the Alibaba Entrepreneurs Fund JUMPSTARTER 2020 Global Competition, which participated by 2000 startup companies worldwide in February 2020. 

What are the biggest challenges and obstacles that you have faced in the process of fund-raising? If you had to start over, what would you do differently?

George Chen: Our biggest challenge is to select one willing investor among 40. 

What are your milestones for the next round? And what are your goals for the future?

George Chen: To expand our production and R&D capacities, locally and globally.

How have you attracted users, and with what strategy have you grown your company from the start to now?

George Chen: Ecoinno creates a 100% disruptive, advanced renewable material, and an ecosystem to replace single-use plastic.

We build a vertically integrated production system stemming from raw material to customized market-ready products for various applications.

Which has been the best marketing software tool for the growth of your startup, and why? 

George Chen: At this stage of our startup operation, we offer unique, sustainable products to addressable industrial leaders. 

How do you plan to expand globally?

George Chen: We plan to expand globally through collaboration in the form of a JV partnership with key industry leaders in different countries.

How do you handle this COVID-19 outbreak situation for your company’s survival in the future?

George Chen: COVID-19 outbreak aroused the awareness of the wellbeing of our nature. This, in turn, reinforces our commitment towards a greener environment without plastic.

What are the most common mistakes founders make when they start a company? 

George Chen: They dream too much, do too little.

What’s the best advice you’ve ever received? And What advice do you have for someone who is interested in doing similar things like yours or in a similar direction?

George Chen: Focus, focus, and focus.

What are the top-three books or movies (TV series) that changed your life and why?

George Chen: The book and movie that changed my life is the book of living at the present moment. 

How do you keep yourself motivated every day?

George Chen:  Food, food, and food. 🙂

What are the one or two things that you would do differently to improve your life if you could go back to 10 years ago? 

George Chen: Stock up a reusable mask, prepare oneself for the unknown. 

What would you like to be remembered for?

George Chen: Mr. Nobody.

You can follow George Chen here.

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