01
Client context
The fund was developing an investment thesis for climate technology.
02
Business challenge
The space was broad, with segments at very different stages of maturity.
03
Research objective & questions
Screen segments on market potential, maturity and fit, and recommend priority themes.
- Which segments have the largest addressable opportunity?
- Which are commercially ready versus early stage?
- Where are the policy tailwinds?
- Which segments fit the fund's stage and expertise?
04
Methodology & approach
- Segment screening
- Market, maturity and policy assessment.
- Expert interviews
- Founders, operators and investors.
- Deal flow mapping
- Startups and funding activity.
- Thesis workshop
- Partner alignment.
05
Sample & geography
- ~12 segments screened
- ~20 expert interviews
- Geography — India and Southeast Asia
06
Key findings
- Commercial and industrial energy efficiency showed the clearest near-term demand.
- Battery recycling had strong policy tailwinds.
- Some segments were too capital-intensive for the fund's stage.
- Startups with enterprise customers showed faster revenue traction.
07
Business implications
- Prioritise three investment themes.
- Avoid capital-intensive segments at current fund size.
- Build sourcing networks in priority themes.
08
Outcome
The fund received a segment map, thesis recommendations and a target startup list.
Example engagement — Shows how Hoog approaches this type of question. Not a specific client project. Findings are directional.