Business Insights for Coral x Climate Tech from Coral Friends Make-a-Thon
On November 22, 2023 Coral Friends hosted a Make-a-Thon. I used the time to work with AI. I used Midjourney to dream up underwater sculptures of coral, and I used ChatGPT to synthesize all my notes of what I’ve learned about the future of coral and climate tech.
I’ve attended various conferences on coral reefs like Reefology at Frost Science and South Florida Climate Compact in Miami Beach, learned directly from talking to experts like like Colin Foord of Coral Morphologic, Alannah Vellacott of Coral Vita, and Dr. Shireen Rahimi of Lightpalace Productions. I have also read several books and watched various documentaries about coral. My research notes from these sources is what the AI used.
Below is my collaboration with ChatGPT. I asked it to summarize the insights and assess them for business potential.. I hope it is helpful, insightful, and inspiring for other folks exploring the future of coral x climate tech.
Key Insights:
Coral ecosystems are at risk of disappearing by 2034 due to heat waves, posing a significant threat to ocean ecosystems and community economies.
Coral gardening, seed banks, and the development of biotech heat-resistant coral and probiotic cocktails are crucial for adaptation.
Reversing climate change tipping points with green and blue tech, along with cleaning the water that nourishes ecosystems, is a big solution.
Coral planting has been a go-to approach, but projects, especially underwater art, require maintenance and long-term stewardship.
Indoor facilities are lacking, and aquarium technology is a vanguard, but protective permits limit Caribbean coral access.
Business opportunities include coral apps for identification and education, pharmaceutical use, storm resilience infrastructure, fish ecosystem restoration, snorkeling tourism, aquarium trade, and electric vessels.
Proposed Project Ideas:
Community Coral Aquariums:
Establish community coral aquariums similar to community gardens, fostering local engagement and education.
Eco-Tourism Coral Planting:
Develop eco-tourism experiences focused on coral planting instead of traditional snorkeling, promoting environmental awareness.
Aquarium App for Coral Identification:
Create a mobile app for coral identification and education to empower users to understand and appreciate coral diversity.
Coral-Related Pharmaceuticals:
Investigate the potential of coral harvesting for pharmaceutical purposes, such as cancer research, Chinese medicine, and supplements.
Storm Resilience Infrastructure:
Develop hybrid reefs, sea walls, and loams using clean, heat-resistant concrete to enhance storm resilience infrastructure.
Underwater Art Parks:
Establish underwater art parks featuring sculptures and shipwrecks, combining art with coral restoration efforts.
Aquarium Trade Innovation:
Innovate in the aquarium trade by offering temperature and lighting systems synchronized with computer technologies.
Electric Vessels for Coral Research:
Introduce electric research vessels, forming a membership club for enthusiasts interested in coral restoration and marine research.
Crosscutting Considerations:
Underwater Engineering for Coral Gardens:
Explore underwater engineering techniques, including terraforming, to optimize the growth and sustainability of coral gardens.
Dive Shop Partnerships:
Collaborate with dive shops to provide necessary equipment and certifications for individuals involved in coral restoration efforts.
Climate Tech Collaboration:
Establish collaborations with climate tech organizations focused on coral restoration, leveraging their expertise and resources.
Research and Development for Heat-Resistant Coral:
Identify and support organizations working on heat-resistant coral and probiotic cocktails for enhancing coral resilience.
Address Blind Spots:
Investigate gaps in knowledge, such as who is working on heat-resistant coral and probiotic cocktails, to ensure comprehensive efforts.
Overcome Regulatory Challenges:
Advocate for changes in protective laws and permits to facilitate coral restoration activities and aquarium trade while ensuring sustainability.
Water Quality Solutions:
Develop innovative solutions to address water quality issues, a critical factor in the success of coral restoration projects.
These project ideas aim to integrate technology, community engagement, and sustainability to address the challenges and opportunities in coral restoration.
BUSINESS POTENTIAL
Determining the most profitable idea among the proposed projects depends on various factors, including market demand, scalability, and the ability to generate revenue. Here's an assessment of potential profitability for each idea:
Coral-Related Pharmaceuticals:
Potential for high profitability, especially if there is a demand for pharmaceuticals derived from coral. However, it may face ethical and environmental challenges.
Storm Resilience Infrastructure:
Profitability depends on partnerships with governments and private entities interested in enhancing storm resilience. Long-term contracts and government funding could contribute to profitability.
Underwater Art Parks:
Profitability may come from tourism, entrance fees, and partnerships with artists and sponsors. It could also attract attention and funding from the art and tourism industries.
Aquarium Trade Innovation:
Profitability can come from selling advanced aquarium technology to enthusiasts and businesses. Continuous innovation and meeting the demands of the aquarium market are crucial.
Electric Vessels for Coral Research:
Profitability may be derived from membership fees, research collaborations, and eco-friendly branding. It depends on the exclusivity and appeal of the membership club.
Community Coral Aquariums:
Profitability can be generated through memberships, educational programs, and community events. Success relies on community engagement and ongoing support.
Eco-Tourism Coral Planting:
Profitability depends on attracting eco-tourists, offering educational programs, and forming partnerships with travel agencies. Positive environmental impact could enhance market appeal.
Aquarium App for Coral Identification:
Profitability may come from app sales, advertisements, and partnerships with educational institutions. Continuous updates and accuracy are essential for sustained success.
It's important to conduct thorough market research, assess competition, and consider the long-term sustainability of each project. Additionally, combining multiple aspects, such as eco-tourism with underwater art parks or incorporating advanced technology into community coral aquariums, could create synergies and increase overall profitability.
