Meet Neill Ricketts, co-founder of Versarien
In this interview we caught up with Neill Ricketts, CEO and co-founder at Versarien.
Tell us about the founder behind the brand?
I’ve worked in manufacturing and engineering for over 30 years, after completing a bachelor's degree in it at university. I have always been interested in the materials that form the products we see every day and the technology powering them. That’s why I saw the massive opportunity with graphene- its potential across every industry is immense and can change how we view products and manufacturing. Over the course of my career, I have worked for many advanced materials companies, seeing the future of every industry inspired me to launch my own company. My first venture wasn’t as successful, however, it taught me a lot about entrepreneurship and how to run a business that deals with the materials of the future. I waited a few years to learn more about the business side before we launched Versarien. Our vision was to use the best technology to help solve some of the biggest issues the world faces. Outside of the office, I enjoy watching and playing rugby and spending time with my family.
There’s always a lightbulb moment before the beginning of a new venture. What was that moment for you?
Versarien’s first graphene product was a wristwatch which launched in 2014. The watch was the culmination of 30 years in the industry. Seeing the years of research and development come to life in a tangible object was incredible. This is what sparked my heightened interest in the potential for graphene across every sector. If we could lace graphene into a watch, what else could we integrate it into? We started looking into this and found that graphene had use-cases in nearly every industry and had the capability to drive change everywhere we look- from concrete to clothing and cars. It was an endless fountain of imagination and ideas that could change the lives of people around the globe.
As a CEO, you have a vision for the company and where you see it going during your tenure in charge that others cannot see. You can see what the future has in store for the business, and you take the company and its people with you to realise that vision and harness the technology to become what you envisioned.
What inspired you to launch your business and what is the end goal?
After working with leaders in the manufacturing space, it was clear to me where the opportunities lie for other leading technologies. I wanted to work with advanced materials and Graphene seemed like an untapped source of potential, so myself and the co-founder of Versarien began working on the various use cases for graphene. Within 4 years we had gone from two men in a Garage to a business turning over c£8m, with 100 employees. Looking to the future, our goal is to be the leading provider of graphene technology and help graphene to drive the 4th industrial revolution.
What are your responsibilities as a business owner?
As the Chief Executive I have many responsibilities and many bosses. My primary responsibilities are to the shareholders, customers and employees. It is not a job for those looking for a quiet life or those looking for an easy ride. I have responsibility for overall control working with my colleagues on finance, operations and technology. I have to create and deliver the strategy for the business and then I am measured against that by the board.
What is your day-to-day role with the company?
Day to day I have to try to be the master of lots of roles, so having a good understanding of all aspects of the business is crucial. However, my key role at this time is in the commercial aspects of the business, working with the customers to push applications for graphene. I also have to get the best from people, it is impossible to run a company like Versarien without a great team. A lot of our work is highly collaborative, so we spend a lot of time listening and adapting to the needs of the stakeholders and employees. I have to also make sure that the company is working together on the shared vision and not deviating from the plan.
How do you set yourself apart from other businesses in your industry?
We have worked hard to ensure we have very firm foundations to build from, with our key relationships including University of Manchester, Cambridge University, and the UK government. We have also spent a lot of time independently testing our materials and the applications. We try to be as open and transparent as possible but to also look to disrupt in all aspects of our business.
What plans do you have for Versarien over the next two years?
We have a clear strategy to penetrate the concrete and textile industries. Both industries have tons of potential for the use of graphene and the benefits to customers are huge.
We want to revolutionise the way concrete is used in buildings. Concrete is the second most popular artificial substance on earth but is responsible for 8% of global CO2 emissions. When graphene is introduced, 30% less cement is needed in production, making the concrete production process more energy-efficient but maintaining its strength. As less product is needed, construction prices will decrease. Some of these costs can be passed onto the customer and alleviate one of the biggest barriers to getting on the housing ladder. This is what graphene can do. Not only does it benefit manufacturers, but it also can impact end customers in so many ways.
Textiles is also a key priority for us. With the fast fashion industry having such a detrimental impact on the planet, we wanted to create a solution from graphene to help solve this. We worked out a way to integrate graphene into clothing for strength, durability and longevity to create sustainable clothing. With many consumers beginning to choose brands based on ethical and sustainable factors, graphene will become second nature to brands looking to prolong the life of their products.
Any new product launches we should know about?
We are about to launch a UK-first 3D printer designed for concrete. This development could change the construction industry as we know it. The future of housing is something society must address to ensure our children can live comfortably and producing graphene-laced concrete via a 3D printer has never been done before. But this isn’t just about developed countries; this innovation can change the lives of so many in impoverished countries that may not have a roof over their heads. This machine could build villages and give hope to many who have never had a home before.
Why do you think your business has had such a positive impact across your industry?
The way graphene has impacted every industry has set it apart from other technologies and given people hope for its future. From concrete to textiles, it has created manual and cost efficiencies that many didn’t expect to see for at least another 5-10 years. It also has environmental benefits, as its strength reduces the volume of raw materials needed to make different products. This is especially pertinent for the technology industry that typically has such a negative impact on the environment. If big global entities realise the possibilities of graphene, the sky is the limit for its adoption.
What advice would you give to early-stage founders wanting to harness the power of technology to create a positive impact?
Back yourself, persevere and believe in your business. You’re far more capable and resilient than you think you are, and failure is far better than regret. You are the only thing stopping you from getting where you want to go. I took my time to have the confidence to pursue the opportunities I wanted, and I regret not taking the chance sooner.
I would also emphasise the importance of giving back to others. Versarien works with schools and universities across the country to talk to students about their goals and plans in the hope of learning what motivates the next generation of business leaders.
Describe your business in three words.
Dynamic, ground-breaking, necessary.
