Incite Post | Recaps, Reflections, and Reasons for Hope

2023 was choppy waters for people who were building. Sure, a handful of companies rode the AI investment boom, but if you were building outside of this category, boy, was it tough. High interest rates, a pullback of private capital, and a global landscape fraught with instability reminded us that entrepreneurship is about the grit and the grind, not just the glory.

But smooth seas never made skilled sailors, and many builders across the Incite community navigated these challenges with poise, creativity, and still got sh*t done. In fact, landmark, transformative progress was made across a variety of key industries. Here were some silver linings that we were grateful for in 2023:

There was important momentum in the conversation and actions surrounding all greenhouse gasses, not just carbon dioxide. We saw startups launch innovative technologies, nonprofits mobilize people and resources, and even regulators set guidelines in unprecedented ways. To start the year, Mill launched an entirely new system to keep food waste in the food system, paving the way to reduce methane emissions from households. The EPA announced the strictest regulations yet to cut methane and other harmful air pollutants from the oil and gas industry. In 2030 alone, these reductions are expected to lead to reductions equivalent to 130 million metric tons of carbon dioxide – more than what is emitted from 28 million gasoline cars. COP28 was arguably the most productive COP for non-carbon dioxide emissions ever, with Global Methane Pledge (GMP) members committing over $1 billion in new grant funding to mobilize further methane action. That’s some serious business. And with an upcoming farm bill that will fight to protect over $20B in Inflation Reduction Act funding that goes directly to family farmers’ pockets to advance climate-friendly practices that reduce nitrous oxide, methane, and carbon emissions, there is more to be done in 2024.

It was also a huge year for direct air capture (DAC), where historic progress was made on the ground and through committed capital. Heirloom unveiled the first-ever commercial Direct Air Capture facility in the United States. The team worked hand-in-hand with the city of Tracy and all levels of government to show these projects can move quickly to advance climate goals while also creating good, local jobs. Meanwhile, corporations and the federal government are joining the fight too. Private sector purchases of DAC-related carbon removal credits were up nearly 500% from last year and the US Department of Energy made the world’s largest investment in history for engineered carbon removal, further laying the foundation for the industry to help us reach net zero.

2023 was also a great year for technology working to improve human health. Novel diagnostic methods for cancer, chronic, and rare disease are enabling earlier detections with greater precision. More importantly, as the cost of DNA sequencing continues to nose dive, diagnostics like CurveBio’s blood tests and Probably Genetic’s no-cost at-home DNA test are making diagnosing disease more accessible. And while image-based methods like Prenuvo’s MRI screens have a ways to go to bring down cost, we see innovation across all modalities as the best way to increase signal to noise, and further enable life-saving detections. Overall, combining a diverse set of diagnostics with increased access to expert opinion through telehealth and the predictive possibilities of machine learning and AI, we foresee a promising future for preventive health. Big things in store for 2024.

All that to say, 2023 wasn’t easy. Amidst the chaos in the world, we’re taking time over the holidays to be grateful for what we have, give what we can, stay connected to those we love, and keep fighting the good fight. We hope you are finding some time to recharge too. See you next year.