Climate Change – what are businesses doing / where does FloodFlash fit in?

How does FloodFlash fit in?

Climate change requires a fundamental and united shift to a more sustainable economy. While government leaders debate policies and agreements at COPs, businesses also have a significant role to play. As well as existing companies becoming more sustainable, the number of new companies in the climate space is increasing rapidly. In fact, climate tech is Europe’s fastest-growing startup segment, with Europe seeing 10x growth over the last four years.

Climate tech companies come in many forms. LocalGlobe, one of FloodFlash’s investors, outline the different categories in their article ‘The Climate Equation‘. The equation has four key components:

  • The damage we’ve done and can’t change
  • The damage we’ll still do and need to limit
  • The damage we’ll reverse through removal and restoration
  • The residual damage that we need to prepare for

Climate techs can fit into one or multiple of the final three areas of the equation. FloodFlash fit into the final area – dealing with the residual damage of climate change. According to Business in the Community, 40% of businesses fail to reopen after a flood. While many of these businesses lack flood insurance due to their high risk, a worrying number close despite having insurance. A large reason for this is the months that many businesses have to wait until they receive a payout from their insurer.

Following a disaster, 90% of smaller companies fail within a year unless they can reusme operations within 5 days

FEMA – the US Federal Emergency Management Agency